GKN earnings leap as it warns on softening Europe car market February 26, 2013 CAR and aeroplane parts maker GKN yesterday warned of a sluggish European car market this year, as profit jumped 19 per cent over the full year. While GKN – which operates across four divisions – expects 2013 to be “a year of good progress” for the group, it expects another bleak year for European car [...]
St Modwen raises £50m in New Covent Garden share placing February 26, 2013 ST MODWEN yesterday raised £49m in a share placing to help fund the £2bn regeneration of Britain’s biggest flower and vegetable market. The developer and joint venture partner Vinci were chosen last year to redevelop New Covent Garden Market in Nine Elms on the South Bank. The project will see the complete overhaul of the [...]
Redrow profits up 50 per cent February 26, 2013 HOUSEBUILDER Redrow posted a 50 per cent rise in first-half profit yesterday and said it was cautiously optimistic for the second-half as the housing market stabilises. Chairman Steve Morgan, who led a failed takeover bid for the group last year, said improvements in the mortgage market as well as a focus on margins had aided [...]
Shell to buy Repsol assets February 26, 2013 SPANISH oil group Repsol yesterday confirmed that Shell will buy some of its liquid natural gas assets for a total of $6.7bn (£4.4bn) in cash, leases and debts. Repsol has agreed to sell off assets in Trinidad & Tobago, Peru and Spain in a deal intended to cut net debt at the firm. The Spanish group [...]
BP’s cost-cutting criticised at trial February 26, 2013 BP put cost-cutting before safety in the run-up to the 2010 Deepwater Horizon spill, an oil engineer said yesterday at the first day of testimony in the oil giant’s lengthy civil trial. Engineering expert Robert Bea was the first witness to be called. “There is ample evidence of intense pressure within the system to save [...]
Goals Soccer Centres scores growth February 26, 2013 Five-a-side football pitch operator Goals Soccer Centres yesterday reported a three per cent rise in annual profits to £9.48m, in line with forecasts. Sales were up seven per cent to £32.5m owing mainly to the removal of VAT on league bookings last year.
Costs hurt Devro profits February 26, 2013 Sausage skin maker Devro said yesterday it would continue to ramp up investment in its production facilities, after reporting a five per cent dip in full-year profits. The firm, which warned in October that profits would be lower than originally expected, said pre-tax profits fell to £40.8m last year from £43m, on revenues 5.9 per [...]
Mail.Ru expects slower growth February 26, 2013 Russian internet group Mail.Ru joined rival Yandex in forecasting slower revenue growth this year, following a moderation in the online advertising market. Mail.Ru forecast revenues would rise 25 per cent to 28 per cent this year, down from 39 per cent growth last year to 21.2bn roubles (£457m).
Best of the Brokers February 26, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com HOME RETAIL GROUP Espirito Santo rates the retailer “sell” with a fair value of 85p. The broker sees the reported closure of the firm’s Argos joint venture in China as a sensible step, allowing management to focus on improving the key domestic business. [...]
FTSE falls back on uncertainty in Italian polls February 26, 2013 LONDON REPORT WEAK banks and commodity stocks sent Britain’s top shares to a more than two-week closing low yesterday after an inconclusive election result in Italy revived Eurozone debt crisis concerns. Europe’s most indebted state faced a political vacuum after a huge protest vote left no party or likely coalition with enough seats to form [...]