Flybe returns to the capital with new City routes April 23, 2014 FLYBE is returning to London with domestic routes aimed at business travellers, which it said it hopes will tempt time-poor passengers away from road and rail. The regional airline will launch five UK services from London City Airport in October, just over a year after it left Gatwick during its restructuring. “We give a direct [...]
Porta Communications snapping up media agency Redleaf Polhill April 23, 2014 PORTA Communications yesterday bought a majority stake in smaller rival agency Redleaf Polhill as part of its effort to expand further. Aim-listed Porta, which this week announced a new office in Doha, said it will pay £1.8m for a 51 per cent holding in Redleaf, with an option to buy the rest over the next [...]
Paper distributor Connect jumps as plan to diversify stays on track April 23, 2014 NEWSPAPER and magazine wholesaler Connect Group, formerly known as Smith News, yesterday reported a 20 per cent rise in pre-tax profits as acquisitions and cost cutting helped offset a slide in revenues. The company reported £898.7m in revenue in the six months to the end of February, down 0.7 per cent from a year ago, [...]
Kentz secures £75m deal in Kuwait April 23, 2014 Kentz, the FTSE 250 engineering and construction firm, yesterday said it has been awarded a $125m (£74.5m) by Fluor Kuwait Company. Under the five-year deal, Kentz will supply technical and supervisory staff to meet Fluor’s requirements on a contract for Kuwait Oil Company. “We are very pleased to have been awarded this major contract that [...]
Petra rises on sparkling results April 23, 2014 Petra Diamonds’ share price climbed over three per cent yesterday, after the diamond miner reported a 55 per cent increase in third-quarter revenue to $163.9m (£97m). The FTSE 250 company said it is “firmly on track” to meet its full-year production target of around three million carats. Revenue will be weighted towards the second half [...]
Rolls-Royce wins new contracts April 23, 2014 Aerospace giant Rolls-Royce yesterday said that it has secured a $400m (£238m) engine service support agreement from a new client, Azul Brazilian Airlines. The Brazilian budget carrier has also agreed to operate 11 Airbus aircraft, powered with Rolls-Royce’s Trent engines. The FTSE 100 firm separately unveiled a $39m contract to support engines for aircraft operated [...]
City Moves for 24 April 2014 | Who’s switching jobs April 23, 2014 Bircham Dyson Bell Harriet Morgan has been appointed partner in the law firm’s private wealth team. She joins from Reed Smith, where she has been a tax partner since 2006. Morgan has particular experience in tax issues involving banking and asset finance, private equity and real estate. AMP Capital The specialist investment manager has appointed [...]
Best of the Brokers for 24 April 2014 April 23, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com PREMIER FOODS Jefferies has restarted coverage on the food maker with a “buy” rating and 90p target. The broker thinks fears of a grocery price war are overdone and believes the company can weather the pressure to deliver on its 2014 forecasts. THOMAS [...]
London Report: Takeover hope and US expansion keep FTSE 100 on a high April 23, 2014 US expansion plans for Associated British Foods and expectations of consolidation in the drugs sector kept Britain’s top share index near a two-week high yesterday. Clothing and food conglomerate AB Foods surged 8.8 per cent, its best one-day percentage gain for 14 years, after saying its fast-growing clothing chain Primark is to set up in [...]
New York Report: Wall St breaks winning run April 23, 2014 US stocks dipped yesterday to snap a six-session winning streak as gains in Boeing and Gilead were offset by slides in AT&T and the wider biotech sector. The Dow Jones industrial average fell 12.72 points or 0.08 per cent, to end at 16,501.65. The S&P 500 lost 4.16 points or 0.22 per cent, to 1,875.39. [...]
