Revamp drives Moss Bros lift May 24, 2012 MOSS BROS shares rose two per cent yesterday after the menswear brand said revamped stores helped drive like-for-likes sales up by 8.9 per cent. The suits specialist said total sales for the first 16 weeks to 19 May rose 7.9 per cent compared to last year, despite tougher market conditions. It recently reopened its Regent [...]
Booker bullish as beats slump May 24, 2012 BOOKER Group, Britain’s biggest cash and carry wholesaler, said it remains on course to meet its expectations for the year despite a challenging economy as it posted a 27 per cent rise in full-year profit. The company, which has over 170 branches that supply convenience stores, restaurants, pubs, schools and prisons, said pre-tax profits increased [...]
Early exit for Carrefour boss May 24, 2012 France’s Carrefour sped up its transition to new management yesterday, saying that Lars Olofsson had retired at a board meeting, paving the way for Georges Plassat to take over as chief executive immediately. The retail veteran, who joined Carrefour on 2 April as chief operating officer, is tasked with reviving the struggling retailer. He was [...]
Swiss Re insures against longevity May 24, 2012 Dutch paint firm Akzo Nobel has signed a £1.4bn deal with insurer Swiss Re to cover the risk of increased pension costs if its UK employees live longer than expected. The agreement covers 17,000 individuals in a defined benefit pension plan that promises a fixed sum for every year the holder remains alive.
Qinetiq warns of US election delays May 24, 2012 British defence technology company Qinetiq yesterday posted a three per cent rise in full-year profit, helped by the benefits of a restructuring programme, but said the current year could be hit by contract delays caused by the US Presidential elections. The firm posted an underlying pre-tax profit of £118.3m for the year to the end [...]
Traders put the fizz into great City A.M. event May 24, 2012 THE mood was sparkling last night at the champagne reception rounding off Active Trader 2012 – City A.M.’s first trading and investment conference. The one-day event saw 700 delegates fill the rooms at the Grange Hotel Tower Bridge to hear from a unique slate of speakers. City gurus Gary Baker of Bank of America Merrill [...]
Asian demand for beer boosts SABMiller profit May 24, 2012 KEEN drinkers in emerging markets have boosted the world’s second-largest brewer SABMiller’s profits by 75 per cent to $4.2bn (£2.68bn). The annual results, which include a one-off gain from the sale of SABMiller’s Russian and Ukrainian operations, saw revenues grow by 11 per cent to $31.38bn and pre-tax profits climb 55 per cent to $5.6bn. [...]
Geronimo acquisition helps revenue growth at Young’s May 24, 2012 PUB chain Young’s yesterday posted revenue growth of 25 per cent following the integration of Geronimo, the inns group it bought in late 2010. Revenues surged to £179m, boosting adjusted operating profit by a fifth to £26.2m and driving adjusted pre-tax profits up by 17.4 per cent to £21.3m. But Young’s fell to a £7.5m [...]
Ireland drives down Britvic May 24, 2012 BRITISH soft drinks maker and distributor Britvic’s half-year profit fell more than 10 per cent, hurt by a drop in sales and average realised price in Ireland. Pre-tax profit for the 28 weeks to 15 April fell to £24.8m from £27.7m a year ago. Revenues climbed 1.7 per cent to £641.1m, but sales in Ireland [...]
Milk charges pull Dairy Crest into the red May 24, 2012 A STRONG performance from Dairy Crest’s cheese and spread brands Cathedral City and St Hubert helped smooth out a rough year for the company’s milk business. Dairy Crest reported its first annual loss as a listed company, taking an impairment charge of £81.7m for the writedown of the value of its dairies business and the [...]
