Rolls Royce wins $100m contract April 9, 2014 Aerospace and defence giant Rolls Royce has been awarded a $100m (£59.7m) contract by the US Department of Defence. The FTSE 100 company will provide support for the F405 (Adour) engines that power the US Navy’s T-45 training aircraft. Rolls Royce will provide maintenance and logistics support for over 200 engines. The one-year contract builds [...]
Shell paid less UK tax last year April 9, 2014 FTSE 100-listed oil major Royal Dutch Shell’s income tax payments in the UK fell to $93m in 2013 from $815m in 2012, due to lower production from the North Sea. But the company paid the UK government a total of $15.28bn last year, second only to Germany, according to a new payments report published yesterday. [...]
DH-Hell: Courier reveals firms’ awful exports April 9, 2014 EXPORTS might be at a three-and-a-half-year low according to the Office for National Statistics, but no one could accuse British businesses of not having imagination when it comes to their exporting exploits. DHL has revealed some of the oddest things its clients have tried to export (only to be knocked back by the German courier [...]
Blur’s Alex James plays King of the farmyard in Canary Wharf April 9, 2014 KING may be in its post-IPO quiet period but the games-maker made a pretty loud statement in Canary Wharf yesterday. In a bid to push its latest game, Farm Heroes Saga (think Candy Crush but um, on a farm) King’s marketing whizzes set up a farm pop-up outside the station. It came with all of [...]
Seplat launches £301m London and Lagos float April 9, 2014 NIGERIAN oil and gas explorer Seplat yesterday said it has raised £300.9m in its initial public offering in London and Lagos, valuing the company at around £1.14bn. The deal is London’s biggest oil industry flotation in years and will provide a significant boost for Nigeria’s energy sector, which has seen an exodus of international players [...]
City Moves for 10 April 2014 | Who’s switching jobs April 9, 2014 Baker Tilly The law firm has announced the appointment of Adam King as head of tax in its Milton Keynes office. He joined in 1999, and specialises in exit and succession planning, profit extraction, capital allowances, and R&D tax credits. KPMG The professional services firm has made two appointments. John Cox joins as a partner in [...]
Evraz climbs as dividend plan offsets losses April 9, 2014 RUSSIAN steel-maker Evraz saw its share price soar over seven per cent in early trading yesterday, after a surprise promise of a dividend and cost cuts offset wider losses in its full-year results. The FTSE 250-quoted company reported losses of $572m (£342m), a 34.6 per cent increase from 2012, while revenue fell 2.1 per cent [...]
Analyst Views: Why was the market so pleased with Evraz’s full-year results? April 9, 2014 DINNUR GALIKHANOV | ATONNobody cares about the losses, everyone’s used to them and they’re reflective of the general condition of the industry. They’re paper losses anyway, they’re not affecting the cash generation of the business. IRYNA TRYGUB-KAINZ | RAIFFEISEN CENTROBANKThe dividend announcement was a real surprise and pushed the share price up today, although they [...]
Prezzo fires up its profits after launching chicken and rib brand April 9, 2014 PREZZO yesterday announced a 15 per cent increase in revenue for the year to December 2013, thanks to the launch of its new Cleaver branded restaurants. The company said growth had been boosted by the launch of its new open-grill chicken and ribs chain. Prezzo has so far launched four new Cleaver restaurants in Surrey [...]
CVC has a taste for Spain with offer for olive oil group Deoleo April 9, 2014 OLIVE oil giant Deoleo, owner of Bertolli and Hojiblanca, looks set to be bought by Formula One owner CVC as the private equity firm targets Spanish opportunities. British group CVC emerged as the frontrunner in an auction that included offers from the Italian government’s strategic fund and American and French private equity firms. Four Spanish [...]
