Gatwick talks up new runway to lift UK capacity July 23, 2013 GATWICK Airport claimed yesterday that it could build a new runway for as little as £5bn and more than double its passenger capacity to 87m a year. The airport said a second runway could be up and running by 2025, making it the quickest and cheapest way to boost air links for London and the [...]
IG Group cuts bonuses to help nurture surprise rise in profits July 23, 2013 STRICT staff bonus curbs at spread betting firm IG Group last year helped drive a healthy increase in pre-tax profits, the firm said yesterday. The FTSE 250 listed company, which cut staff bonuses by £10.6m after poor performance in the first half of the year, increased profits by 3.5 per cent for the full year [...]
Analyst views | How did IG Group’s full year results fare? July 23, 2013 ROBIN SAVAGECANACCORD GENUITYEven better than we had expected. Overall management signals an increase in costs but is confident in the prospects for 2014. Our valuation and investment recommendation remains under review. IG generates a high return on invested capital, the momentum is improving and value is attractive relative to other equities. JAMES HAMILTONNUMISOur forecasts remain [...]
Travelodge boss Grant Hearn to leave after a decade at the helm July 23, 2013 GRANT Hearn, the chief executive of Travelodge, has stepped down after 10 years at the helm of the budget hotel company. Hearn joined as chief executive in 2003, became executive chairman in 2010, and returned to the CEO role in 2012, overseeing a debt restructuring that gave its US lenders – Avenue Capital, GoldenTree Asset [...]
Ryanair offers to sell shares in Aer Lingus July 23, 2013 RYANAIR has offered to sell its stake in Aer Lingus in an effort to prove that owning shares in its Irish rival does not stifle competition. The budget carrier also attacked the UK Competition Commission for its “unfounded and invented” probe into Ryanair’s 29 per cent stake in Aer Lingus. As part of its discussions [...]
Earnings rise for Hovis baker Premier Foods July 23, 2013 SHARES in Premier Foods, the maker of Mr Kipling cakes and Hovis bread, jumped more than nine per cent yesterday after cost cuts helped the group to report a 50 per cent leap in underlying profits. The food group said underlying trading profit increased to £47.4m in the six months to 30 June, benefiting from [...]
PZ Cussons profit boosted by growth in Britain and Nigeria July 23, 2013 PZ Cussons, the maker of Imperial Leather soaps, said yesterday that full-year profit rose 16.5 per cent to £107.5m, helped by growth in the UK, Indonesia and Nigeria. The British soap and shampoo maker said lower sales in the first half of the year in Nigeria – its largest market – were offset by a [...]
Carpetright sales floored by heatwave July 23, 2013 THE BRIGHTER July weather has put Carpetright’s first quarter sales in the shade as Britons spent less time indoors on fixing up their homes, the flooring specialist said yesterday. Carpetright said the recent heatwave had dashed the steady progress made revamping stores and improving ranges in the first two months of the quarter, dragging like-for-like [...]
Diageo takes controlling stake in baiju-maker Shuijingfang July 23, 2013 DIAGEO has been given the go-ahead by Chinese authorities to take full control of the company that owns Shuijingfang, the white spirits producer, as it looks to expand its presence in the Asian market. The world’s largest drinks company said yesterday that it has bought the remaining 47 per cent stake it does not already [...]
Cisco snaps up IT security firm July 23, 2013 CISCO Systems yesterday revealed plans to purchase cybersecurity company Sourcefire for $2.7bn (£1.76bn), a deal set to spark more acquisitions as large vendors seek to profit from demand for IT security. Cisco, which has been seeking targets to boost its network security business, said the deal “fits perfectly” with its plans. “We will not rest [...]
