Analyst Views: What was your reaction to Greggs’ results and new strategy? August 6, 2013 SAHILL SHAN | N+1 SINGERAs anticipated first half results are weak but we take comfort from an improved like-for-like sales trend over the second quarter. Crucially the new CEO has outlined firm strategic changes to revive growth. Whilst there is no quick fix, the new initiatives are all positive moves to improve the fundamental proposition. [...]
Address on the mall primed for £140m home August 6, 2013 THE CROWN Estate has exchanged contracts to sell a Grade II listed property less than a mile away from Buckingham Palace for £65m. Evans Randall and Mike Spink, a developer best known for selling Britain’s priciest home, have bought 3 Carlton Gardens with plans to convert the office building back into a residential home worth [...]
Esure investors feeling unsure as shares slump to below IPO price August 6, 2013 ESURE yesterday saw more than £20m wiped off its stock market value after the insurer’s maiden results failed to meet expectations due to falling motor premiums. The company, which owns the female-focused Sheila’s Wheels brand, energised the market when it went public in a high-profile £1.2bn IPO in March. But yesterday it warned premium growth would slow [...]
Costa Concordia recovery set to leave insurers with £700m bill August 6, 2013 THE INSURANCE industry is facing a $1.1bn (£715m) bill for the recovery of the Costa Concordia cruise ship, Munich Re said yesterday. The world’s biggest reinsurer said the entire $500m cost of the ship had already been covered but the rescue process continued to swallow funds. Munich Re said its final share of the bill for the ship, [...]
Legal & General hikes dividend after profit rise August 6, 2013 INSURER Legal & General (L&G) yesterday upped its dividend by more than a fifth after a bumper set of half-year profits. L&G’s board, led by chairman John Stewart, said it would push up the payment due to the group’s ongoing financial strength. It will increase 22 per cent to 2.4p a share, representing a £142m [...]
Bottom Line: More good news on the horizon and for UK infrastructure as well August 6, 2013 AFTER profits before tax of £592m for the first half of the year, up 13 per cent compared to the same period last year, it might be tempting to ask if such a pace can be sustained. But the positive market reaction to Legal & General’s results yesterday suggests the answer is yes. After the [...]
Canary Wharf move for KPMG August 6, 2013 MORE than a thousand KPMG staff are moving from the City to Canary Wharf under the accountancy firm’s plan to bring its London staff together. The firm will vacate its Salisbury Square office when the lease expires in 2015 and shift its City workers to eight floors in 30 North Colonnade, close to its existing [...]
Disney’s 2013 films fall short August 6, 2013 WALT Disney posted slightly higher quarterly profit yesterday, despite less successful summer films. Overall, net income rose one per cent to $1.85bn (£1.2bn) in the quarter that ended in June. Adjusted earnings-per-share reached $1.03, beating the $1.01 average forecast from analysts. Investors had expected a disappointment after 2013 films the Lone Ranger, Iron Man 3 [...]
Oaktree Capital prospers again August 6, 2013 ASSET manager Oaktree Capital yesterday said its giant 2008 debt fund continued to propel profits at the firm, after a 63 per cent rise in second quarter revenue. The company, led by chairman Howard Marks, said incentive income – the main driver of revenues – rose to $338m (£220m) for the second quarter, with 80 [...]
Canaccord flips back to black August 6, 2013 CANACCORD Financial, the parent company behind City broker Canaccord Genuity, yesterday said it reversed into profit last quarter. The Canadian firm said first quarter profits were C$7.9m (£5m), reversing a net loss of C$20.6m for the same period last year. “This was a record quarter for our US division and another solid performance by our [...]
