Morrisons to cut new space as it focuses online September 12, 2013 WM MORRISON joined rivals yesterday in calling an end to the space race, as it prepares for its launch online next year and invests in its convenience M Local stores amid falling sales. Chief executive Dalton Philips announced plans to limit growth to 350,000 sq ft – about half of the average rate of the [...]
Analyst Views: What was your reaction to Morrisons’ half year update? September 12, 2013 KEITH BOWMAN | HARGREAVES LANSDOWN “Morrisons has moved to reposition its strategy in line with its major rivals. With the rollout of convenience stores ongoing and its push online now supported by Ocado, management now appear to view its armoury as complete, with group capital expenditure to be reduced. JONATHAN PRITCHARD | ORIEL SECURITIES “Morrisons’ [...]
Real Good Food plans sugar rush September 12, 2013 The Real Good Food Company yesterday said its performance in the first half of the year has been in line with the board’s expectations and that it is ploughing ahead with the building of a new sugar handling hub near Grimsby that will launch in the next three months. Chairman Pieter Totte said it continued [...]
Darty says French recovery on track September 12, 2013 European electricals retailer Darty yesterday said sales at its core French business picked up in the first quarter, as its turnaround plan started to pay off. Darty France, which makes up 70 per cent of group revenue, said sales fell by 0.4 per cent – an improvement from a 2.7 per cent decline in the [...]
Dunelm pays out £51m to investors September 12, 2013 Shareholders in the home furnishings retailer Dunelm Mill are to receive a £50.7m payout thanks to strong trading that has seen sales and profits soar. The out-of-town specialist has proposed a special dividend of 25p per share, on top of a 16p full-year dividend. The news came as it posted a 12.3 per cent rise [...]
Inside Track: Banker Ian Hannam is back in the fray – not before time September 12, 2013 IAN HANNAM’S announcement last week that he is financially backing Heathrow Hub, a scheme to boost the airport’s capacity, was also a reminder to the financial world at large that he is back in business. Hannam, who left his senior job at JP Morgan after being fined £450,000 by the City regulator for alleged market [...]
HR Owen shares jump 15pc as Berjaya Philippines ups its bid September 12, 2013 HR OWEN has told investors to keep the brakes on after Berjaya Philippines made an improved takeover offer for the car dealership. Berjaya, which took a 29.8 per cent stake in the upmarket motoring firm in June, yesterday raised its offer from the 130p per share it tabled in July to 170p per share, valuing [...]
Kentz plunges as Amec pulls takeover offer September 12, 2013 FTSE 100-listed engineering firm Amec yesterday said it would not make a takeover offer for smaller peer Kentz, quashing hopes of a deal ahead of Monday’s put-up-or-shut-up deadline. Amec made an approach last month of 565p to 580p per share, equating to £680m, but Kentz rejected the offer claiming it undervalued the company. Amec said [...]
Risky loans are back as house market booms September 12, 2013 MORTGAGE lending is up by almost one-third on the year, according to industry data out yesterday, as borrowers gain confidence and the market gathers pace. And the belief that a boom could be underway was backed up again by figures from surveyors group e.surv showing a rise in high loan to value mortgages. In July [...]
Vodafone UK chief leaving for top job at Canadian network September 12, 2013 VODAFONE UK chief executive, Guy Laurence, stood down yesterday with immediate effect to become chief executive of Rogers Communications, Canada’s largest mobile network. Laurence – who has held Vodafone UK’s top job since 2008 – will be succeeded by Jeroen Hoencamp, former chief executive of Vodafone Ireland. In a note to staff earlier today, Vodafone [...]
