Gazprom profit up five per cent as rebates drop September 3, 2013 RUSSIAN energy giant Gazprom posted a five per cent rise in first-quarter net profit yesterday as higher exports and lower rebates to customers helped it top forecasts. Gazprom said its net profit attributable to shareholders over the January to March period rose to 381bn roubles (£7.3bn) from 361bn roubles a year earlier. The result topped [...]
Genus’ share price plunges as full-year results miss forecasts September 3, 2013 BULL and pig sperm specialist Genus saw its share price plummet over nine per cent yesterday, after full-year results missed analysts’ expectations. The FTSE 250-listed firm’s revenue edged up one per cent to £345.3m and pre-tax profit rose two per cent to £47.2m. Earnings per share rose three per cent to 55p. Profits in the [...]
Glaxo’s China woes deepen September 3, 2013 GLAXOSMITHKLINE’S troubles in China deepened yesterday as state media in the country reported claims by authorities that the firm coordinated a programme of bribing medical staff. The UK-based pharmaceuticals giant has said that any wrongdoing was committed by individual execs going against company policy. But yesterday’s report by Xinhua said: “It is becoming clear that [...]
Packaging firm DS Smith upbeat despite European environment September 3, 2013 DS SMITH, the FTSE 250 company that packages McVities Hobnobs among other popular brands, insisted yesterday that tough economic conditions in Europe are not hindering its performance. In an interim management statement for the three months to 31 July, the Maidenhead-based firm said the current year is in line with expectations and that the outlook [...]
Western retail business looks to Russian capital for new markets September 3, 2013 EUROPEAN retailers are increasingly shifting their focus eastwards, as Moscow becomes a top destination for shoppers and consumer spending. Mark Faithfull, the editor of Retail Property Analyst, said: “Moscow is the obvious starting point for international retailers looking to expand”. He added that while luxury products were the first to find the market, familiar brands [...]
Anglo American hires Judy Dlamini September 3, 2013 FTSE 100-listed miner Anglo American yesterday said it has appointed Judy Dlamini as a non-executive director, effective from 1 January 2014. Dlamini is currently chairman of Aspen Pharmacare, a multinational pharmaceutical business, and founder and chairman of Mbekani Group, a South African healthcare investment company. She has been a non-executive director of South Africa’s Northam [...]
Pirc hits out at SuperGroup pay September 3, 2013 Investors in fashion brand SuperGroup should vote against the firm’s executive pay plans and its auditor, according to investor advisory group Pirc. The group is unhappy with SuperGroup’s conditions on variable pay for top staff, which Pirc argues lead to “excessive payouts even in normal conditions”. Pirc also claims that auditor PwC’s other advisory work [...]
Goals Soccer profits hit the bar September 3, 2013 Earnings at five-a-side football pitch operator Goals Soccer Centres fell seven per cent to £4.1m in the three months to the end of June, despite a one per cent rise in like-for-like sales. Boss Keith Rogers said the stalled profit figures were caused by the firm’s “year of consolidation” following rapid expansion to take the [...]
City Moves for 04 September 2013 | Who’s switching jobs September 3, 2013 SJ Berwin The law firm has appointed Paul Stothard as a partner in its litigation practice. He was most recently at Dentons, where he was a partner in its litigation and dispute resolution group. Prior to that, he was an associate at Denton Wilde Sapte, and Allen & Overy. Quadrant Estates James Bidwell has joined the property [...]
Best of the brokers for 04 September 2013 September 3, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com ASSOCIATED BRITISH FOODS BNP Paribas has raised its rating on the conglomerate that owns Primark from “underperform” to “outperform” and pushed its target price from 1,728p to 2,400p. The broker believes that AB Foods’ sugar business is poised to benefit from changing market [...]
