British Gas owner Centrica wins Ofgem appeal over energy price cap November 13, 2019 The High Court ruled in favour of British Gas owner Centrica’s appeal against the way that Ofgem calculated part of its energy price cap today. The decision means that Ofgem will have to make adjustments to the price cap. Read more: British gas owner Centrica shares fall to 20 year low as it warns over [...]
De Beers diamond sales improve despite market challenges November 13, 2019 Anglo American announced this morning that sales at diamond specialists De Beers had hit their highest level since June, but remained lower than normal for this time of year. De Beers sold $390m (£303.8m) of rough diamonds in November, a considerable jump on its previous sale of $297m, but less than the $442 achieved at [...]
Biffa profit rises as division reorganisation pays off November 13, 2019 Waste managers Biffa confirmed its full year guidance this morning on the back of a “strong performance” in the first half of the year. Read more: Biffa profit almost halves on onerous contracts and debt payments The figures Statutory profit before tax rose to £25.6m, up from £23.7m for the same period last year. Revenue [...]
SSE profit rises as it calls for political action on renewables November 13, 2019 Big Six energy supplier SSE swung back into profit in this morning’s half-year results, as its chief executive called on the next government to put renewable power at the front and centre of their climate change plans. Read more: Competition watchdog to examine £500m Ovo Energy SSE deal The figures Reported profit rose to £128.9m [...]
Speedy Hire striding forward as profit and revenue grow November 13, 2019 Speedy Hire, the UK’s leading tools and equipment rental company, posted strong interim results this morning, with profit and revenue up 20 and six per cent respectively. Read more: Speedy Hire profits jacked up as small business strategy pays off The figures Profit before tax reached £16.4m, up from £13.5m for the same period in [...]
Tullow Oil shares plummet as Ghana fields run into problems November 13, 2019 Shares in Tullow Oil fell over 27 per cent today as the London-listed firm reduced its production guidance for 2019 after problems with its Ghana drilling operations. Read more: Tullow Oil sees great start to Guyana drilling campaign The figures The Africa-focused firm said that total oil production for 2019 would now be 87,000 barrels [...]
No end in sight for US shale boom November 13, 2019 The US shale boom is set to continue, according to the International Energy Agency’s (IEA) World Energy Outlook 2019, with output set to stay higher for longer than previously predicted. Although the rate of production will slip from the rapid expansion of recent years, the report predicts that the US will account for 85 per [...]
Meggitt boosts 2019 guidance after strong defence performance but warns 737 Max ban will squeeze margins November 12, 2019 Aerospace engineers Meggitt raised their full year guidance on the back of the company’s third quarter results, which saw overall revenue growth of 11 per cent. The results, which the group described as “stronger than previously expected”, have prompted the Bournemouth-based company to raise guidance to six to seven per cent, up from four to [...]
SDX Energy begins gas production at Egyptian site November 12, 2019 UK oil and gas exploratory firm SDX Energy announced this morning that production had started at the company’s South Disouq concession in Egypt. Each of the site’s four discovery wells have been tested and gas has been flowing since the 7 November. Read more: E.on and RWE Renewables agree clean power deal All gas production [...]
Support services group DCC post strong profit growth for first half of 2019 November 12, 2019 International marketing and support services group DCC have reported a 15 per cent growth in profit for the first half of 2019, with strong performances across its four divisions. The FTSE 100 company said the rise to £162.6m from £141.9m in 2018 was in line with expectations. Read more: Mr Kipling owner Premier Foods increases [...]
