Punch Taverns waiver agreed April 30, 2014 Owners of Punch Taverns’ bonds yesterday agreed to waive a looming covenant deadline, allowing restructuring talks to continue without the imminent threat of default on the debts. The waiver depends on Punch starting its overhaul by 30 June. The pub firm is grappling with debts of £2.3bn, and had an earlier proposal for restructuring turned [...]
CSR revenue fall knocks shares April 30, 2014 Shares in chipmaker CSR fell more than 10 per cent yesterday as the firm reported first-quarter revenue of $180.8m (£107.5m), down 24 per cent but in line with its own forecast, as it shifted its mix towards products for higher-margin markets like music, audio and cars. Underlying operating profits fell from $19.1m to $11.5m, as [...]
Tobacco giant BAT’s revenue drops by 12pc April 30, 2014 BRITISH American Tobacco saw its declining sales ease off during the first quarter, but revenues were hit by unfavourable foreign exchange rates. The world’s second largest cigarette maker yesterday reported tobacco volumes, which measures total quantities sold, fell one per cent to 158bn sticks during the three months to the end of March – an [...]
Tullow sells off $75m stake in North Sea gas fields to Faroe April 30, 2014 ENERGY explorer Tullow Oil yesterday revealed it had sold most of its stakes in two North Sea gas fields to Faroe Petroleum for $75.6m (£44.8m). Under the deal, Faroe will take over running the Ketch and Schooner assets while Tullow will keep a minority stake for the time being. The firm said it continues to [...]
Just Eat moving to main market April 30, 2014 Just Eat yesterday unveiled plans to move its shares to the premium listing segment of the London Stock Exchange, just a month after becoming the first company to float on the LSE’s High Growth Segment. The £1.5bn firm passed the 25 per cent free float requirement for a main market listing almost immediately after its [...]
Ultra expects US defence cash April 30, 2014 Defence contractor Ultra Electronics Holdings said yesterday its defence orders and revenue in the second half would be higher than usual. The company, which makes gunshot detection equipment and sonars for submarines, said it expected improvement after US defence priorities become clearer.
Cambian says trading is on track April 30, 2014 Cambian, the care home operator that floated at the lower end of its range last month, said yesterday that trading is on track. Turnover at the firm rose eight per cent in the first three months of 2014, Cambian said, while acquisitions and higher occupancy are expected to boost figures in the second half.
Unite ready to build more halls April 30, 2014 Student housing specialist Unite has said its investment plans for the next two years are on track and that 73 per cent of its rooms are already let for the next academic year. “With the business performing strongly and a supportive market environment, we believe this is the right time to invest in our brand [...]
US power firm Exelon bids for rival April 30, 2014 Exelon plans to buy Pepco for $6.83bn (£4.05bn), helping it overtake Duke Energy as the biggest power distribution company in the United States. Pepco’s shares rose as much as 18 per cent yesterday but remained below the offer price of $27.25.
City Moves for 01 May 2014 | Who’s switching jobs April 30, 2014 MHA Macintyre Hudson The accountancy firm has announced the appointment of Matt Coward as a tax partner in its London City office. Coward is a chartered tax adviser and member of the Society of Trust and Estate Practitioners. He joins from Price Bailey, where he was a private client tax partner. DAC Beachcroft The law [...]
