Tough construction sector in the UK weighs on Speedy revenues October 17, 2013 CONSTRUCTION tools provider Speedy Hire yesterday blamed a challenging housing market for falling revenues in the UK and Ireland, yet pointed to rising profits abroad. Revenue dropped by 2.1 per cent in the firm’s first half in the UK and Ireland – 2.6 per cent in the first quarter and 1.6 per cent in the [...]
Samsung offers to end tech wars October 17, 2013 Samsung has offered to defuse ongoing patent disputes between tech companies in Europe by refraining from further litigation for five years. The offer could help the technology company to avert a possible £11.3bn fine that Samsung could face after the European Commission said last year that its patent lawsuits broke EU antitrust rules. Samsung and [...]
Bunzl quarterly revenues up 12pc October 17, 2013 Outsourcing firm Bunzl yesterday said revenue in the third quarter increased by 12 per cent, boosted by “the positive impact from acquisitions”. The firm also said yesterday it has bought Pro Epta, a catering equipment distributor in Mexico. “Bunzl’s strong cash flow and balance sheet, together with a promising acquisition pipeline, should continue to give [...]
Renishaw hit by China slowdown October 17, 2013 FTSE 250 manufacturing group Renishaw yesterday posted a fall in quarterly revenue, due to a slowdown in growth in the Far East, specifically China, which is its largest region. Pre-tax profits fell by more than half to £10.6m. However, the firm experienced “good growth” of 18 per cent in the Americas and six per cent [...]
Cairn Energy’s shares jump on buyback plans October 17, 2013 CASH-RICH oil explorer Cairn Energy’s stock surged yesterday after it unveiled plans to buy back up to $300m (£186m) of shares in the firm. The shares will be repurchased through Cairn’s brokers Morgan Stanley and Jefferies and reviewed by the board on a quarterly basis. “We believe that [the share buyback] would be around 12p [...]
Fresnillo’s silver output in third quarter beats analyst forecasts October 17, 2013 SILVER shone for FTSE 100 miner Fresnillo in the last quarter, with production beating analysts’ estimates and putting the firm on track for its full-year silver target. Quarterly silver output rose 7.6 per cent year on year, which was 10 per cent higher than Deutsche Bank’s forecast. However, all that glitters was not gold for [...]
Polymetal gold output rises 30pc October 17, 2013 FTSE 250 miner Polymetal International yesterday posted a 30 per cent increase in gold production in the third quarter. The firm is on track to meet its full-year gold production guidance of 1.2m ounces. “This achievement has paved the way for significant free cash flow generation and is expected to allow us to maintain our [...]
Strong sales growth at Ferrexpo October 17, 2013 Iron ore miner Ferrexpo yesterday said that sales for the first nine months of the year had hit 7.6m tonnes, an increase of nine per cent on the previous year. The FTSE 250 firm is looking to develop a new concentrator and has approved an additional $40m (£24.8m) capex for infrastructure. “The company’s costs look [...]
Weak markets hit Severstal sales October 17, 2013 Russian steel miner Severstal yesterday said that third-quarter crude steel production was in line with the previous quarter, but sales had decreased by four per cent due to “slightly weaker domestic and export markets”. Prices for steel products decreased by between one per cent and 18 per cent in the third quarter, the company said. [...]
City Moves for 18 October 2013 | Who’s switching jobs October 17, 2013 EdisonThe investment intelligence firm has announced the hire of Angus McPhail as an equities analyst in its oil and gas team. He specialises in mid-cap exploration companies. McPhail has previously worked as an analyst at Investec, Alliance Trust, ING, and WH Ireland. BNY Mellon Asset ManagementThe investment management company has appointed Heneg Parthenay as chief operating officer [...]
