IMI chief looks to US shale for future growth August 22, 2013 FTSE 100-listed IMI soared to the top of the index yesterday morning after posting solid first-half results which its chief executive said were boosted by the US shale gas revolution. The engineering firm, which specialises in fluid control systems such as valves, reported a four per cent rise in pre-tax profits to £150.1m and increased [...]
Costain’s order book jumps by 20 per cent to a record £2.9bn August 22, 2013 ENGINEERING group Costain yesterday said it secured over £900m of new contracts in the first half of the year, while its forward order book grew by 20 per cent to a record £2.9bn. New contracts included a £450m programme for Thames Water, a £300m contract with Crossrail and a highways framework deal with Transport for [...]
Premier profits grow to £138m August 22, 2013 FTSE 250-listed energy explorer Premier Oil yesterday posted half-year profits of $214.6m (£137.8m), up from $194.6m the previous year. The firm said it had addressed initial production issues relating to a gas-venting failure at its North Sea Huntington oil field. It set a full-year output target of 63,000 barrels of oil per day, up from [...]
London Mining back in black August 22, 2013 SIERRA Leone-focused iron ore miner London Mining has moved into the black for the first time since starting production, posting half-year operating profits of $10.2m (£6.6m) compared to losses of $5.6m in 2012. “We plan to ramp up production to five million tonnes this year, building revenue and bringing costs down,” chief executive Graham Hossie [...]
Kazakhmys hit by ENRC stake sale in first half August 22, 2013 COPPER miner Kazakhmys yesterday said it had taken a $823m (£528m) hit from the sale of its 26 per cent stake in peer ENRC, as it posted a first-half loss of $962m. The FTSE 250-listed firm plunged into the red from a $122m profit in the same period last year and announced that it had [...]
Travel firm Kuoni helped by its move away from central Europe August 22, 2013 UPMARKET travel group Kuoni narrowed its losses in the first half of the year as it said bon voyage to its continental Europe tour operations. Swiss-listed Kuoni, which has been expanding its British presence this year, posted a net loss of SFr47.4m (£32.8m), from SFr51.2m a year ago. Turnover was flat at SFr2.6bn, which the [...]
Analyst Views | What did you make of Kazakhmys’ results? August 22, 2013 LOUISE COLLINGE INVESTEC“The ENRC impairment looks unflattering but should have been expected. The lack of interim dividend is the right decision by the company for cash conservation but may disappoint the market. While costs came in below expectations for the first half, they look set to rise in the second half. PETER MALLIN-JONES CANACCORD GENUITY“The [...]
Carillion plots new contracts in Middle East August 22, 2013 SUPPORT services and construction firm Carillion yesterday unveiled half-year results which were in line with management’s expectations, as it eyes growth in the Middle East to offset a decline in the UK market. Underlying pre-tax profits rose by two per cent to £73.5m, but revenue dropped nine per cent to £1.96bn, mainly due to the [...]
Whitman eyes acquisitions and says HP’s turnaround is on track August 22, 2013 HEWLETT-PACKARD sees acquisitions as part of the world’s largest PC maker’s future and could do deals up to $1.5bn (£961.8m), chief executive Meg Whitman told US cable network CNBC yesterday. “We have our eye on a number of areas,” the executive said, also noting that the company could do deals in the $100m to $300m [...]
Cost cuts help Ahold to beat expectations August 22, 2013 DUTCH international retailer Ahold said yesterday that its second quarter earnings have beaten estimates, as sales rose three per cent at constant exchange rates to €7.8bn (£6.7bn). Ahold said a series of cost-cutting processes and gains in market shares have helped it post operating profits of €338m, five per cent ahead of its original profit [...]
