Set-top box maker Pace on track April 24, 2014 SET-TOP box maker Pace yesterday announced that it is on target to reach its forecasted $2.7bn (£1.61bn) in revenue and 8.5 per cent operating margin by the end of this year. Chairman Allan Leighton, who is also the former chief executive of Asda, said that first quarter revenues were lower than in 2013 due to [...]
Currency headwinds hit Croda April 24, 2014 FTSE 100-listed chemicals manufacturer Croda International yesterday posted a slight increase in pre-tax profits to £65.2m for the first quarter, up from £65.1m. Revenue rose 2.9 per cent on a constant currency basis, but adverse foreign currency changes meant that reported sales fell 3.2 per cent to £274m. The firm said second-quarter performance is likely [...]
Cobham expects return to growth April 24, 2014 Shares in defence contractor Cobham rose over two per cent yesterday, after it predicted a return to revenue growth next year. The FTSE 250 firm said trading in the first quarter was in line with expectations, although currency headwinds impacted reported earnings. It expects revenue to decline by low-to-mid single digits in 2014. The company [...]
Computacenter revenues rise April 24, 2014 Computacenter, the provider of IT infrastructure services, has reported an eight per cent rise in first-quarter revenue, helped by growth in the UK and France. The company, which also supplies IT equipment and advises customers on IT strategy, said revenue rose to £745.1m from £691.9m a year earlier. Revenue from the group’s supply chain division [...]
City Moves for 25 April 2014 | Who’s switching jobs April 24, 2014 Mayfair Capital The investment management company has hired Gill Roantree as chief operating officer. She joins from Schroder Property, where she was head of investment support. Towers Watson The professional services business has appointed Scott Robinson as UK head of its life insurance practice. He joined in 1997, and was most recently head of its Manchester [...]
Best of the Brokers for 25 April 2014 April 24, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com HAMMERSON HSBC has lowered its rating on the property firm to “neutral” from “overweight” with a target of 630p, up from 600p, to reflect a recent strong run for the stock. The broker is still impressed by Hammerson’s improving retail outlets and thinks [...]
London Report: FTSE rises to 7-week high as pharma deal hopes lift sentiment April 24, 2014 THE UK’S top share index hit a seven-week closing high yesterday, bolstered by expectations of deal-making in the healthcare sector, though renewed tension in Ukraine dented the market’s gains. Smith & Nephew, Europe’s largest maker of artificial hips and knees, led the blue-chip gains by rising 3.4 per cent after medical device maker Zimmer Holdings [...]
New York Report: Nasdaq lifted by Apple sales April 24, 2014 THE NASDAQ rose modestly in a choppy session yesterday, lifted by a rally in Apple shares a day after the iPad maker’s strong results, though tensions in Ukraine held the broader market in check. Shares of Apple, the most valuable US company by market capitalisation, jumped 8.2 per cent to $567.77, the biggest gain since [...]
Letters to the Editor – 25/04 – Transport capacity, Western decline, Best of Twitter April 24, 2014 Transport capacity [Re: Just three reforms would transform UK recovery into sustainable boom, yesterday] Rolling back the green belt around London by one mile is a sensible suggestion. But how would the inhabitants of the 1m new houses, all within travelling distance of London, travel into the city? Certainly not on the overcrowded trains and [...]
Getting property back in business April 24, 2014 As residential prices soar, developers are turning commercial spaces into homes THE DARK dark satanic mills of William Blake’s Jerusalem were once a dominant fixture in the bustling life of industrial London. It wasn’t that long ago that the city produced condiments like sugar, honey, jam and vinegar, while warehouses stored valuable goods that were [...]
