Centrica slides after surprise profit warning May 8, 2014 CENTRICA’S share price dropped yesterday, after the energy giant issued its second profit morning in six months. The FTSE 100 firm, which owns big six supplier British Gas, said lower energy consumption due to mild winter weather in the UK and losses from its UK gas-fired power stations had caused the company to lower its [...]
Glencore Xstrata confirms ex-BP boss Tony Hayward as chairman May 8, 2014 GLENCORE Xstrata yesterday named Tony Hayward as its permanent chairman, meaning the miner trader remains the only FTSE 100 firm with an all-male board. The Local Authority Pension Fund Forum, which represents 60 pension funds in the UK, said it is advocating an oppose vote to Hayward’s re-election at May’s annual meeting on the grounds [...]
Randgold posts earnings boost but debt looms May 8, 2014 RANDGOLD Resources yesterday reaffirmed its position as a top performer in the gold mining sector, with a 14 per cent rise in first-quarter profit on higher production. The FTSE 100-quoted west African miner said profit from mining activity for the quarter ended 31 March rose to $171m (£100.8m) from $150.4m a year earlier. Production rose to [...]
Hester seeks to rebalance RSA as business falls May 8, 2014 RSA revealed first quarter results broadly in line with analyst expectations yesterday, in what bosses are describing as a foundation year for the group after heavy losses last year. Chief executive Stephen Hester welcomed support from shareholders as he seeks to turn the insurer around, revealing that underlying net written premiums were down four per [...]
Sage boss heads for the exit as group nears his revenue targets May 8, 2014 SHARES in business software group Sage fell 5.3 per cent yesterday after the firm revealed that chief executive Guy Berruyer is retiring within the next year. Berruyer, who has led Sage for four years and worked at the firm for 17, said “life is about making choices, and at 63 years old I still have [...]
Pret a manger sales hit £500m for first time May 8, 2014 PRET A Manger’s sales topped £500m for the first time last year after the sandwich chain grew its footprint in Hong Kong, France and the US as well as Britain. The private-equity owned group said revenues rose 15 per cent to £510m in the year to 2 January while earnings were up nine per cent [...]
Prudential offsets annuities hit with bulk pension scheme deals May 8, 2014 PRUDENTIAL posted a strong set of first quarter results yesterday, revealing it has offset the impact of changes to the individual annuities market by seeking new business from bulk annuity sales to corporate pension schemes. The insurer revealed 29 per cent growth in new business in the first three months of the year, at £529m, [...]
High Court rules on Charterhouse exec share case May 8, 2014 THE HIGH Court yesterday dismissed claims by a former executive at private equity firm Charterhouse against the firm’s other bosses over the value of his stake in the firm. Geoffrey Arbuthnott, a director of the company, claimed other directors tried to “expropriate” his stake by undervaluing his shares. Arbuthnott owned 8.91 per cent when he retired. [...]
Heathrow chooses development boss as its new chief executive May 8, 2014 HEATHROW Airport confirmed yesterday that John Holland-Kaye, its development director, will take over from Colin Matthews as chief executive in July. Europe’s busiest airport said Holland-Kaye, who has worked for Heathrow since 2009, oversaw the redevelopment at Terminal 2 and helped plan for a third runway. Matthews announced in April that he was leaving after [...]
Profits rise for Yorkshire Bank May 8, 2014 The Yorkshire and Clydesdale Banks reported a strong rise in profits yesterday as the pair continued their post-crash turnaround. Underlying profits increased 6.9 per cent to £144m in the six months to 31 March. It cut its provisions for bad debts by 39.6 per cent to £55m. Shares in its parent, National Australia Bank, rose [...]
