Morrisons share price forecast: Supermarket warns of long recovery as profit slumps September 11, 2015 Morrisons chief executive David Potts warned yesterday that it will take “years not months” to turn the ailing chain around as first-half profit plunged by a third to its lowest level in nine years. Unveiling his plan for the business, the former Tesco director who took over in March said his main focus was on [...]
John Lewis profit dented by £60m pension charge September 11, 2015 John Lewis warned yesterday that full-year profits could be as much as 21 per cent lower on the back of pension charges and tough competition on the high street and in the grocery market. The partnership, which includes John Lewis department stores and Waitrose supermarkets, said pre-tax profits in the six months to 1 [...]
Greece registers 30th straight month of deflation conditions September 11, 2015 The Greek economy remained in deflation conditions in August, with the consumer price index falling by 1.5 per cent after a 2.2 per cent decline in July and a 0.3 per cent drop in August 2014, Hellenic Statistical Authority said yesterday. Greek consumer prices fell by an average of 1.3 per cent in 2014 compared [...]
Primark opens first US store in central Boston September 11, 2015 Retail giant Primark has taken its first step into the US market, with plans to launch a total of eight stores in the region over coming months. The group opened its flagship store in Boston yesterday, having previously opened a distribution centre in Pennsylvania last week. “We have chosen the ideal location for our north [...]
Market volatility hits Lloyd’s and other insurers September 11, 2015 LLOYD’S of London insurance market posted a 28 per cent drop in half-year profit yesterday and said volatility and low interest rates were driving down returns. Pre-tax profits slid to £1.19bn, and combined ratios which were up to 89.5 per cent from 87.5 per cent this time last year. The measure is of an insurer’s [...]
Passenger numbers take off as Heathrow airport clocked up its busiest ever August September 11, 2015 Heathrow airport clocked up its busiest ever August, with 7.33m passengers passing through its gates, up four per cent on the same month in 2014. The airport said 2 August was its busiest day on record, where it helped to process more than 257,000 travellers. The trend towards larger aircraft and airlines, fighting on price [...]
CLS holdings selling six UK properties for £7.4m September 11, 2015 Property company CLS Holdings yesterday said it has exchanged contracts on the sale of properties in the UK worth £7.4m. FTSE 250-listed CLS said the sale is £1.6m above the external valuation of the properties as of 31 December 2014, but in line with the valuation of the sites on 30 June this year. The [...]
Morrisons share price fall drags FTSE 100 index down after closure statement – London Report September 11, 2015 London’s leading shares fell yesterday, with supermarket Morrisons among the biggest fallers. At the end of the day, the benchmark FTSE 100 index was down by 1.18 per cent, or 73.2 points, at 6,155.81. Morrisons shares fell 2.8 per cent after the supermarket said it was closing M Local stores amid falling sales and profits. [...]
Best of the Brokers for 11 September 2015 September 11, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com BARRATT DEVELOPMENTS Shore Capital reiterated its “hold” rating on the house builder after its preliminary 2015 results. “Performance is still very positive with the bulk of the improvement in profits still driven by recovering margins, strong support for new homes via help-to-buy and [...]
The art of risk aversion: How to know when to swim against the tide September 11, 2015 I got caught in a rip tide on the Portuguese coast last week. The current was aggressive and, despite fighting it, I was pulled away from the shore. As I was struggling in the water, random thoughts came to mind. For example, who is more incompetent: the finance team in my old job, or [...]
