FirstGroup puts the brakes on new dividends May 21, 2014 TRANSPORT firm FirstGroup has swung back to profit in the past year, but the board has delayed a return to dividend payments while it builds up its finances. The company, which raised £584m in a rights issue last year to defend its credit rating, said it had made “satisfactory” progress in spite of tough winter [...]
Slimmer Stobart Group swings to a loss after selling its lorries May 21, 2014 STOBART Group, which sold most of its iconic lorry business in April, yesterday posted a loss for last year but said the disposal has set it up for growth in aviation and biofuel. Revenue from Stobart’s slimmed-down ongoing operations rose 29.2 per cent to £99.2m in the year to the end of February, while the [...]
Britvic ramps up US expansion as sales fizz higher May 21, 2014 BRITVIC said yesterday kids in all US states can now access its Fruit Shoot brand after completing a nationwide distribution deal, as the Robinsons squash-maker reported a 21 per cent jump in first half profits. The company signed a 15-year bottling deal in November with PepsiCo Americas Beverages to expand Fruit Shoot to 41 states [...]
Great Portland seals record rents as demand in West End heats up May 21, 2014 WEST End landlord Great Portland Estates posted a 27.6 per cent rise in net asset value (NAV) last year as the heart of the capital continues to experience hot demand and short supply of new office space. Great Portland, whose schemes include its 200,000 square feet Hanover Square site above Bond Street’s Crossrail station, said [...]
City Moves for 22 May 2014 | Who’s switching jobs May 21, 2014 Marsh The insurance company has appointed David Bramall as head of placement in its national corporate practice. He joined in 2008 as a casualty broker from Willis, where he was also a casualty broker. Lloyds Bank The bank has announced the appointment of Nigel Brady as a director for sterling financials trading in its commercial [...]
Netflix prepares to launch in six more countries May 21, 2014 ONLINE video streaming service Netflix will expand across Europe this year as it plans to launch in six more countries in late 2014. Netflix said the service would launch in Germany, Austria, Switzerland, France, Belgium and Luxembourg, but did not disclose details on the programming or pricing for each country. Netflix, which already operates in [...]
Best of the Brokers for 22 May 2014 May 21, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com MORRISONS Deutsche Bank has cut the supermarket to a “sell” rating and lowered its target from 200p to 190p, following the stock’s rally in recent weeks. The broker expects no improvement for now in Morrisons’ dwindling like-for-like sales and does not expect imminent takeover [...]
London Report: Glimmer of light for pharma deal brightens FTSE May 21, 2014 BRITAIN’S top share index edged up yesterday as shares in drug-maker Astrazeneca rebounded on the view that what appeared to have been an unsuccessful £69bn bid for the company may still have a chance of going through. Pharma giant Astrazeneca rose 2.6 per cent, adding the most points to the blue-chip FTSE 100 index, which [...]
New York Report: Fed gives Dow a boost to best day in a month May 21, 2014 US STOCKS rose yesterday, rebounding from the previous day’s broad selloff, after minutes of the Federal Reserve’s last meeting showed central bankers have discussed the eventual tightening of monetary policy but made no decisions on which tools to use. The Dow Jones rose one per cent, its biggest daily jump since mid-April. Goldman Sachs was [...]
The fluid society: SMEs can grow by tearing down walls May 21, 2014 Flexible working and “flat” firms are thriving thanks to the growth of collaborative technology Developments in communication technologies are transforming modern businesses, leading to more fluid, less hierarchical workplaces. The archetypal office of the 20th century was filled with long, straight rows of desks and meeting rooms. As John McRae of ORMS Architecture Design writes, [...]
