Raven Russia says warehouses full to the brim as demand soars August 27, 2013 A LONDON-listed property firm that supplies warehouse space for big blue-chip companies in Russia has seen earnings almost double in the last six months on the back of booming demand from fast-growing consumer firms. Raven Russia, which owns around 12 huge warehouses around Moscow and St Petersburg yesterday reported a 97 per cent jump in [...]
JLIF seeks £123m in share placing August 27, 2013 John Laing Infrastructure Fund yesterday announced plans to raise £123m through a share placing to refinance a bank loan. The company struck a deal on Friday to buy a portfolio of 11 assets from Investors in the Community, the fund’s biggest deal since its 2010 float, for £123m drawn from the bank facility. The share [...]
Plus500 kick off with profit boost August 27, 2013 Plus500, the newly listed spread betting firm, yesterday posted surging revenues and profits in its maiden results. The Israeli-based company, which listed on the junior stock market last month, said revenues were up 47 per cent and net profits 59 per cent versus a year earlier for the six months ending June. Chief executive Gal [...]
Antitrust body in Ryanair ruling August 27, 2013 Ryanair boss Michael O’Leary is set for disappointment this morning when the Competition Commission tells the airline how much of its near-30 per cent stake in Aer Lingus it must sell off. The CC said in May that the holding “could reduce competition on routes between Great Britain and the Republic of Ireland”. Ryanair has [...]
Sentances keep musical talent in the family August 27, 2013 EARLIER in the year The Capitalist invited readers to send word of any business-related songs they had come across in the workplace. The request led not only to the door of economist-slash-rocker Andrew Sentance, but also ex-MBA tutor – and friend of Sentance – Peter Cook. Now The Capitalist hears that the musical pair treated [...]
Omnishambles and bitcoin make it into Oxford Dictionaries online August 27, 2013 WORDSMITHS in the Square Mile will be pleased today, as Oxford University Press (OUP) has announced the latest additions to its online dictionaries. The Capitalist enjoys seeing City lingo making it into everyday lexicon – and the new round of entries includes plenty of financial vernacular. OUP’s 2012 Word of the Year omnishambles – “a situation that [...]
Kentz posts rise in profits as bid battle continues August 27, 2013 ENGINEERING and construction firm Kentz’s takeover approach from Amec reached a stalemate yesterday, after its first-half results failed to impress the larger rival’s management or shareholders, City A.M. understands. The FTSE 250-listed firm posted a two per cent rise in revenue to $775.2m (£498.8m) and a 2.9 per cent increase in pre-tax profit to [...]
Bottom Line: Takeover chatter won’t go away so Brown is right to aim high August 27, 2013 KENTZ boss Christian Brown made it clear yesterday that the firm was not ready to compromise on price in its ongoing takeover battle with various suitors. Yesterday’s results, including new orders valued at $979m (£630m) and a $2.8bn backlog, should certainly give the industry veteran some breathing room – especially if what he’s really after is [...]
Bunzl chief executive eyes more acquisitions as its revenues climb August 27, 2013 DISTRIBUTION firm Bunzl yesterday unveiled solid first-half results and two new acquisitions, and hinted more potential deals are on the horizon. The FTSE 100-listed group reported a 13 per cent increase in revenue to £2.96bn and a 12 per cent rise in pre-tax profits to £167.7m. It increased its dividend by 14 per cent to [...]
Stricken Aussie surfer blown out water after brand valued at zero August 27, 2013 TROUBLED Australian surfwear maker Billabong yesterday said its flagship brand is now completely worthless. The Australian listed company, which fell to a loss of A$859.5m (£496.6m) for the year ending June, wrote down the carrying value of the famous Billabong brand label from A$252m to zero. It also said its Von Zipper, Palmers and Element [...]
