Edge taken off UK companies’ profitability by oil price drop April 9, 2015 UK COMPANIES lost profitability towards the end of 2014, led by struggling firms in the oil industry. However, the longer-term trend is a healthy one for most firms, according to figures released by the Office for National Statistics yesterday (ONS). “Continental shelf companies, which are mainly involved with the extraction of oil and gas from [...]
Gulf Keystone posts $248m loss after pay issues with Kurdistan April 9, 2015 SHARES in Kurdistan-focused oil firm Gulf Keystone Petroleum (GKP) dropped by 2.56 per cent yesterday, after the company reported a loss of $248m (£169m) for 2014. This was a deepening of the $32m loss posted in 2013. Revenues were up to $38.6m from $6.7m, and the company stated that it is owed additional revenue “in [...]
Mulberry’s rescue plan bears fruit: Godfrey Davis explains why its core shoppers are returning to the brand April 9, 2015 Godfrey Davis knows better than anyone who Mulberry’s loyal customers are. During his 10 years as chief executive, he successfully grew the luxury brand’s circle of followers. The allure of It-girl Alexa Chung and the handbag she inspired helped to propel the brand, and its sales, closer into the ranks of the elite luxury brands. [...]
Co-op returns to winning ways after dark days April 9, 2015 THE Co-operative Group yesterday announced a return to profit – a reversal of fortunes on the previous year’s losses of £255m. The supermarkets-to-funerals operator that almost collapsed in 2013 reported pre-tax profit of £124m for the year to 3 January, against a loss of £255m a year earlier, on revenue of £9.4bn, helped by disposals. [...]
Poundland faces competition probe over 99p Stores tie-up April 9, 2015 POUNDLAND’S offer to buy rival 99p Stores for £55m is facing an in-depth investigation by the competition watchdog, amid concerns reduced competition will lead to fewer promotions and store closures. The Competition and Markets Authority (CMA) warned that it could launch a 24-week in-depth probe unless Poundland “offers acceptable undertakings to address the CMA’s competition [...]
Boots owner Walgreens reports a massive 33 per cent profit rise April 9, 2015 The owner of Boots the chemist yesterday reported a massive 33 per cent rise in profits rise in the first update since a £6bn mega-merger last year between US retailer Walgreens and the British high street icon was completed last year. Walgreens Boots Alliance reported profits of $1.2bn (£0.8bn) for the three months to the [...]
Holcim and Lafarge share prices rise as shareholders give warm welcome to new boss Eric Olsen April 9, 2015 Shares in Holcim and Lafarge climbed yesterday after they confirmed the appointment of Eric Olsen to lead the combined company after their proposed merger of equals completes. Olsen, who is currently executive vice-president, operations, at French cement maker Lafarge, was put forward for the top job after Holcim objected to the appointment of Lafarge chief [...]
Broker warns UK house price rise could accelerate April 9, 2015 House price growth has cooled since last year’s boom, but price growth remains high and could pick up again, a mortgage broker has warned. The average UK house price was £192,970 in March, 8.1 per cent higher than a year ago, according to figures released by Halifax yesterday. A boom in house prices last year [...]
Development of Nine Elms clears a hurdle April 9, 2015 ST MODWEN and the Covent Garden Market Authority yesterday reached an agreement for the redevelopment of the 57-acre development in Nine Elms, on the south bank of the Thames. The project will include a market, offices, swanky homes, and space for new start ups. Construction is expected to start this summer. Nine Elms, one of [...]
Strong pound could push Bank of England to cut interest rates April 9, 2015 INTEREST rates were held at 0.5 per cent by the Bank of England’s monetary policy committee (MPC) yesterday, with economists predicting they will stay low for another year. Although the economy is growing strongly, inflation is low which means the Bank is in no hurry to raise rates. Some economists believe the MPC will want [...]
