Rolls-Royce to cut costs while profits rise 34pc July 25, 2013 ENGINEERING firm Rolls-Royce unveiled a strong set of first-half results yesterday, with pre-tax profits up 34 per cent to £840m, thanks to booming demand for aircraft engines. The FTSE 100-listed firm’s order book grew 15 per cent to £69.2bn and revenues grew 27 per cent to £7.3bn. Chief executive John Rishton said that while the [...]
Capita disappoints investors as first-half operating margin falls July 25, 2013 OUTSOURCING firm Capita’s shares slipped almost four per cent yesterday, despite reporting a 10 per cent increase in pre-tax profits to £205.2m for the first half of the year. The FTSE 100-listed company posted a 13 per cent increase in revenues to £1.8bn and secured £2bn-worth of contracts over the period, up from £1.1bn year-on-year. [...]
Owners of Lion King venue the Lyceum weigh up an exit plan July 25, 2013 THE LYCEUM Theatre, current home of West End smash The Lion King, could be in line for new owners after its private equity backers started exploring plans to exit the theatre business. Exponent Private Equity, the UK mid-market buyout shop, is thought to have appointed UBS to explore options for its stake in portfolio company [...]
Temp jobs up at City firms July 25, 2013 FINANCIAL firms are taking on more short term workers, in an encouraging sign for jobs activity in the sector, according to the boss of the world’s second-biggest recruiter. “Activity in the City is not for permanent placements, but there are a lot of projects going on. We usually see that over time resulting in permanent [...]
Protesters stop Cuadrilla plans July 25, 2013 ANTI-FRACKING protesters in West Sussex have blocked the entrance to the site where shale gas explorer Cuadrilla plans to start drilling on Monday. The firm has also repaired a lorry after its air brakes were cut. It is understood that Cuadrilla is talking with police to resolve the situation and is unsure whether it will [...]
SSE slams government policy for holding up investment July 25, 2013 BIG SIX energy supplier SSE yesterday criticised government reforms for being delayed and vague, warning they would slow down investment decisions. Although the coalition outlined its energy market reform programme last month to address a shortage in capacity, the plans will not be implemented until 2018-19. SSE said the changes would “not address the risk [...]
SFO’s tip-off service nets no investigations July 25, 2013 THE SERIOUS Fraud Office has had its hands full in the last year. From Libor to ENRC to GSK, a dizzying array of acronyms has built up in its in-tray. So it’s laudable that the SFO took the time this week to email in about a story City A.M. ran in March on the organisation’s [...]
Canary Wharf gets gleeful for Random Acts dance festival July 25, 2013 BALLET, contemporary, Irish and African dance and jazz performers have added a touch of glee to the gangways of Canary Wharf this week. The “Random Acts” are not an impromptu expression of joy at the market’s recent rallies, but part of the City of London Festival, which was spurred on by enthusiasm for cultural activity inspired [...]
Britvic and AG Barr drinks fly off the shelves July 25, 2013 SOFT drink makers AG Barr and Britvic reported sparkling sales yesterday thanks to their marketing campaigns and hotter weather boosting demand. Britvic, which this month walked away from merger talks with its smaller Scottish rival AG Barr despite an improved offer, said third quarter revenues rose four per cent to £316.3m. Simon Litherland, who took [...]
Wet European spring dampens SABMiller July 25, 2013 SABMILLER, the world’s second-largest beer maker, suffered a decline in lager sales during April to June, blaming Europe’s cold and damp spring earlier in the period and a cooler build-up to summer in the United States. The company, which derives two-thirds of its sales from emerging markets, said its lager volumes declined by one per [...]
