Kazakhmys is hit by rising output costs March 1, 2012 COPPER miner Kazakhmys posted a flat core profit for 2011 as stronger metal prices were offset by an 18 per cent rise in production costs, including soaring wages for skilled workers in Kazakhstan, home to its core operations. The FTSE 100 miner announced a higher-than-expected 27 per cent dividend hike but warned it was unlikely [...]
Oil firms see slump in market value March 1, 2012 INDEPENDENT oil explorers saw their market value hit last year, a new league table compiled by Deloitte has revealed. The market capitalisation of the UK’s 25 biggest companies in the sector fell from £32.2bn in 2010 to £27.8bn. The fall came as investors shied away from projects viewed as risky amid volatile world markets. However [...]
Bombardier suffers dip in plane deliveries this year March 1, 2012 BOMBARDIER expects a drop in aircraft deliveries and related profit margins in 2012, but the world’s third-biggest commercial plane maker said yesterday it is well positioned for any recovery in the aerospace sector, thanks to a growing number of customers for its new C-Series planes. The company said its net profit was $214m (£134m) for [...]
Chevron in move to tap into Russia’s Arctic oil March 1, 2012 US oil major Chevron has held talks with a Russian government official in a bid to exploit some of the country’s Arctic oil reserves. The reserves are currently off limits for non-state corporations, but Russia’s Ministry of Natural Resources said the situation is under review. The statement came a day after Russian Prime Minister Vladimir [...]
Weir renews Ludowici offer March 1, 2012 Engineer Weir Group yesterday renewed its $10 a share bid for Ludowici, as it tries to beat rival FLSmidth to a deal. The board of Ludowici, said yesterday it continued to recommend the FLSmidth bid to shareholders in the absence of a higher offer. However Weir has appealed against a decision by the Australian takeovers [...]
Chemring has record order book March 1, 2012 Defence contractor Chemring said yesterday it has a record order book of £997m. Revenue during the first three months was £137m, in line with the board’s expectations but sales have been flat while the company, which makes ejector seats and pyrotechnic decoys for military aircraft, reported delays with contracts.
Howden restores its dividend March 1, 2012 British kitchen supplier Howden Joinery said yesterday that it would pay its first dividend for four years as it met forecasts with a nine per cent rise in 2011 profit. The firm, which emerged from the old MFI Furniture business, said yesterday that after ending the year with net cash of £57.1m it would pay [...]
Enegi Oil boosted by update March 1, 2012 Shares in AIM-listed oil and gas group Enegi Oil soared by up to 14 per cent after it confirmed positive preliminary analysis results at its operations in Garden Hill South, Western Newfoundland. The company says the well will now be flowed to bring it back online at controlled rates over the following days.
CITY MOVES | WHO’S SWITCHING JOBS March 1, 2012 Hanson Green The board level search firm has appointed two new directors. Graham Jones and Abdul Bhanji are founder members of The Inzito Partnership, an executive search firm founded in 2009 by partners from Blackwood Group, PwC and Whitehead Mann. Before moving into recruitment, Jones worked at IBM and PwC, where he specialised in technology, [...]
BEST OF THE BROKERS March 1, 2012 RESTAURANT GROUP Citigroup has maintained its “buy” rating on the Frankie & Benny’s owner but upped its target price from £3.65 to £4 following a good set of full year results earlier in the week. The broker has updated its estimates and says that a premium is deserved given the estimated 10-year earnings per share [...]
