Admiral’s profit slows but is still sweet enough March 5, 2015 ADMIRAL Group yesterday described its 2014 results, in which pre-tax profit fell year-on-year by four per cent to reach £357m, as a “Baked Alaska” with contrasting positive and negative elements. Earnings per share fell by two per cent to reach 103p, while group revenues amounted to £1.97bn, a drop of three per cent from 2013. [...]
British Airways boss Willie Walsh pockets £6.4m as firm recovers March 5, 2015 British Airways boss Willie Walsh saw his pay packet rise by a third last year, reflecting his ongoing success in turning parent company IAG around. The ex-trade unionist has become something of a star in the City after his successful handling of the BA and Iberia merger, and his ability to deliver good returns to [...]
Pawnbroker H&T takes a hit as more shoppers head to the web March 5, 2015 H&T GROUP said it needs to become “more relevant” to its customers and appeal to people who would not usually consider entering a pawnbroker, as its 2014 pre-tax profit fell by 17.9 per cent year on year to £5.5m. Basic earnings per share amounted to 11.78p, down from 13.44p in the prior year. The company, [...]
Genel swings to a loss amid an oil price slump March 5, 2015 GENEL Energy yesterday revealed its revenues jumped by 49 per cent year on year in 2014, but it swung to a pre-tax loss of $312.8m (£204.7m) after depreciation charges and write offs from exploration wells. Loss per share reached 112.97 cents, from earnings per share of 66.24 cents in 2013, when the firm achieved pre-tax [...]
West End offices are the world’s costliest March 5, 2015 LONDON’S West End held onto its title as the world’s most expensive office market for the third year in a row, after hot demand and limited supply help push up rents last year. Businesses paid an average of €2,344 (£1,697) per square metre in 2014 for a foothold in the West End, according to Cushman [...]
City Moves for 06 March 2015 | Who’s switching jobs March 5, 2015 Dean Street Advisers Dean Street Advisers has announced that Evgenij Klenin is joining the firm. He previously worked at Arma Partners, where he focused on M&A transactions in the technology, media & telecommunications and aerospace & defence sectors. Savills The real estate firm has appointed Andrew Holden as director in its property management team. He [...]
Cobham’s rising orders fail to lift its bottom line March 5, 2015 SHARES in aerospace firm Cobham drifted down yesterday as full-year results revealed rising orders failed to translate into profits. The company’s reliance on defence contracts took its toll as governments around the world cut military budgets. Its US market, which alone accounts for 34 per cent of earnings, saw revenues fall four per cent as [...]
Aggreko profits hit by commodities rout March 5, 2015 GENERATOR rental company Aggreko saw profits slump as the ongoing commodities rout saw its high exposure to the Australian mining sector hit demand. Revenues at the company’s Asia, Pacific and Australia (Apac) division fell by 19 per cent as a slowdown in the mining sector meant fewer mines opened. The decline in Apac revenues translated [...]
Inmarsat up in spite of state revenues blow March 5, 2015 INMARSAT, the global satellite communications group, yesterday said it had steady revenues and profit growth in 2014 yesterday, despite ongoing weakness in its government division. “Continuing underlying L-band growth in maritime, enterprise and aviation during the year was offset by continued weakness in our government business in the US, although this decline slowed towards the [...]
Mandarin Oriental rights issue raises $316m March 5, 2015 THE OWNER of the Mandarin Oriental Hotel in Knightsbridge raised $316m (£207m) via a right issue yesterday to help reduce debt and pay for the £85m revamp of the five-star hotel. The fundraising came as the Mandarin Oriental International posted a record underlying profit of $97m in 2014, up four per cent on the previous [...]
