Reed Elsevier triples 2013 share buyback July 25, 2013 PUBLISHING and events group Reed Elsevier beat forecasts for first-half earnings yesterday and reiterated its full-year outlook, saying it expected further revenue and profit growth this year. The group reported underlying sales growth of five per cent. In Europe, underlying sales were down 0.8 per cent. The Anglo-Dutch publisher said underlying adjusted operating profit grew [...]
General Motors tops forecasts July 25, 2013 GENERAL Motors posted a higher-than-expected quarterly profit yesterday as the US carmaker narrowed its losses in Europe on aggressive cost-cutting and raised prices in North America. Net income in the second quarter fell to $1.2bn from $1.5bn a year earlier, hurt by higher costs related to the rollout of redesigned trucks and losses in Asia [...]
Shire’s stock at record high as revenue rebound ups growth July 25, 2013 BRITISH drugmaker Shire has raised its earnings outlook after product sales rebounded in the second quarter, marking the success of its efforts to reap profits from its specialist drug portfolio. Having missed market sales forecasts in May, Shire has returned to higher growth and now expects earnings to increase by a double-digit rate in 2013. [...]
Analyst Views | How are AG Barr and Britvic faring now that merger talks are off? July 25, 2013 NICOLA MALLARD INVESTECAs far as AG Barr is concerned we think it is a very sound company. They have plenty of scope to grow given their market share… For Britvic they are by and large already a national player. They look less attractive from a revenue perspective but they are working through the new strategy, [...]
Fullers, Mitchells & Butlers and Marston’s toast summer sales July 25, 2013 THREE of Britain’s pub companies yesterday raised their glasses to strong quarterly sales thanks to a summer of sport and the recent weeks of hot weather. Marston’s, which owns around 2,100 pubs including the Pitcher & Piano chain, said like-for-like sales at its destination and premium pubs jumped six per cent over the 10 weeks [...]
Unilever feeling more cautious July 25, 2013 UNILEVER has become more cautious about prospects for emerging markets, a big growth driver for the consumer goods company which yesterday reported underlying second-quarter sales expansion shy of market expectations. The Anglo-Dutch maker of Ben & Jerry’s ice cream and Dove skincare products said yesterday emerging markets’ growth was slowing as a result of broader [...]
New chief exec at Travis Perkins July 25, 2013 Travis Perkins, the building materials group, said yesterday its long-standing chief executive would retire in the new year, as it posted a 4.1 per cent rise in first-half profit. The firm said Geoff Cooper, chief executive since 2005, would step down as CEO on 1 January and as a director on 6 March. He will [...]
Johnson Matthey profits rise July 25, 2013 FTSE 100-listed chemicals firm Johnson Matthey yesterday posted an eight per cent rise in pre-tax profits to £106m in the first quarter, driven by strong sales of vehicle catalysts in the European market. Sales in the company’s precious metals division rose three per cent, despite lower average precious metals prices. Demand for the group’s products [...]
West End boosts Great Portland July 25, 2013 Great Portland Estates yesterday said its portfolio rose by 3.3 per cent in value to £2.37bn in the second quarter as demand for office space in central London continued “unabated”. The developer, which owns swathes of property in the West End, saw its net asset value grow by four per cent to 464p per share [...]
City Moves for 26 July 2013 | Who’s switching jobs July 25, 2013 Barclays The bank has announced the appointment of Irene McDermott Brown as group human resources director. McDermott Brown joined Barclays in 2011 from BP. Prior to that, she held senior roles at Cable & Wireless, and led her own consultancy company. Pramerica Investment Management The investment management company has hired Ousmene Mandeng as managing director in [...]
