Go Outdoors secures £33m loan October 7, 2013 Outdoor retailer Go Outdoors has secured a £33m refinancing deal with Barclays to accelerate its growth plans. The group, which reported a 19 per cent jump in sales last year to £171m, said the investment will be used to open more stores, grow its online operations and revamp existing stores. It has signed a three-year [...]
Fusionex confident in its results October 7, 2013 Software firm Fusionex said it expects revenue and profits for the year to September will be in line with forecasts when it announces them on 31 January. “Management remains confident that the group’s strong market traction within the Asia Pacific region and on-going investment in sales will generate exciting growth in the medium and long [...]
Kofax earnings down during 2013 October 7, 2013 Business software maker Kofax reported its profits slumped 33 per cent to $18m (£11.3m) in the year ending 30 June, as the London-listed company gears up for a US offering on the Nasdaq, which it first announced on Friday. The Californian firm, which specialises in software for the so-called first mile of consumer interactions, saw [...]
Monte Dei Paschi approves restructure plan October 7, 2013 HISTORIC Italian bank Monte Dei Paschi’s board yesterday voted through a restructuring plan as part of the bailout given earlier this year. The lender is cutting 8,000 staff and is planning to raise more than €2.5bn (£2.1bn) in capital. It was given €4.1bn by the authorities earlier this year after huge losses on derivatives contracts [...]
SocGen buys VTB’s Rosbank stake in Russia turnaround October 7, 2013 FRANCE’S Societe Generale is raising its stake in Russia’s Rosbank to above 90 per cent, betting it can turn around the troubled Russian banking unit even as rivals have quit a country where they could not compete. While players such as Citi and Austria’s Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: [...]
Greece predicts budget surplus for next year October 7, 2013 THE GREEK government has forecast that it will finally achieve a primary budget surplus this year, for the first time since it joined the Eurozone in 2001. Yesterday morning, Greek deputy finance minister Christos Staikouras unveiled the draft budget for 2014, which predicts a surplus before debt interest payments this year. Staikouras also suggested that [...]
Catlin tops list of best known underwriters October 7, 2013 CATLIN is the best known underwriter among London insurance brokers, according to research released yesterday. The poll of 450 brokers by consultancy firm Gracechurch also found that being a member of the Lloyd’s of London market is now less important when it comes to insurers engaging with brokers. Insurers that operate outside the Lloyd’s system [...]
Cala to double in size after its cash injection October 7, 2013 HOUSING group Cala set out ambitious plans yesterday to double in size over the next four years by snapping up land in the south of England and increasing its presence in its Scottish heartland. The firm, which develops upmarket properties in Scotland, the Midlands and south east England, was taken over in March by Legal [...]
Cranswick sausage sales sizzle but pig prices weigh on profits October 7, 2013 THRIFTY shoppers in search of cheaper meats such as pork and bacon helped boost Cranswick’s sales in the first half of the year. The Yorkshire-based company, which supplies retailers such as Marks & Spencer with pies and sausages, said total sales rose 15 per cent in the six months to 29 September. However it warned [...]
Analyst Views: Is Cranswick well placed to handle rising prices? October 7, 2013 DAMIAN MCNEELA PANMURE GORDON Cranswick delivered an acceleration in second quarter sales growth…But continued high pig prices during the period has weighed on margins…We would expect the company to make good progress in recovering the inflation in the second half. NICOLA MALLARD INVESTEC The two things to note are that the top line growth in [...]
