Poor reinsurance performance drags down Hiscox 2014 results March 2, 2015 BRITISH insurer Hiscox said reduced premiums in its reinsurance business were behind an overall drop in profit during 2014, which saw a record performance in the company’s UK and Europe operations. The high net worth specialist posted profit before tax of £231m, down from £245m the previous year, despite total gross written premiums increasing from [...]
Amlin share price dip as profits drop due to challenging marketplace March 2, 2015 Lloyd’s insurer Amlin saw shares fall by 4.63 per cent yesterday, after reporting declining profits for 2014. Profit before tax fell from £325.7m in 2013 to £258.7m, despite gross written premiums increasing from £2.47bn to £2.56bn. Combined operating ratio worsened, from 86 per cent to 89 per cent. The provider increased its dividend to 27p [...]
Oaktree Capital and Saco create £60m Airbnb-style flats venture March 2, 2015 US finance giant Oaktree Capital Management and Bristol-based firm, The Serviced Apartment Company (Saco) have joined forces to create a £60m serviced apartments business, the pair announced yesterday. The deal will see Saco merge with Oaktree’s serviced flats business, creating a portfolio of 1,645 apartments in the UK and Europe. This includes a pipeline of [...]
Porridge goes posh at Shoreditch pop-up March 2, 2015 FIRST cereal, now porridge. London diners will get a new option for eating out at breakfast time now that the Porridge Cafe opened in Shoreditch yesterday. The pop-up cafe is running for four weeks and is the first of its kind to open in the capital.
GlaxoSmithKline gives shareholders £4bn windfall after Novartis deal March 2, 2015 GlaxoSmithKline (GSK) is delivering a £4bn windfall to shareholders following the conclusion of a three-way deal with Novartis. The deal comes in the wake of a dreadful 2014 for the British drugmaker in which turnover fell by 10 per cent and profits slumped 15 per cent after declining sales in the US and a bribery [...]
Star fund manager Neil Woodford says UK pharma still a good bet March 2, 2015 British science is in great shape according to Neil Woodford, one of the UK’s best known and most successful fund managers. Woodford, a long time investor in pharmaceuticals, said the industry remains an attractive place for those looking to make long- term returns on their investment as innovation and R&D productivity continues to gather pace, [...]
Unilever buying Ren Skincare to boost its personal care business March 2, 2015 UNILEVER said yesterday it has agreed to buy UK cosmetics brand Ren Skincare for an undisclosed price as part of its strategy to bolster its personal care business. Ren, launched 15 years ago by advertising executives Antony Buck and Robert Calcraft, sells high-end skincare products that use only natural ingredients in over 50 countries including [...]
Trinity Mirror back in black as online views rise March 2, 2015 NEWSPAPER publisher Trinity Mirror is rewarding shareholder patience with its first dividend since 2008 after the company recorded a return to profit. Full-year results yesterday revealed the company’s focus on digital growth is starting to pay off. The company, best known as the publisher of the red top Daily Mirror, said that while the print [...]
Weak sales at Thorntons leave investors with a bitter aftertaste March 2, 2015 SHARES in Thorntons fell 5.5 per cent yesterday after the chocolate-maker warned that a reduction in orders over Christmas by two major buyers and problems at its UK warehouse had dented profits. The retailer, which already issued a profit warning in December, said commercial sales made through third party retailers fell by 12.4 per cent [...]
City Moves for 03 March 2015 | Who’s switching jobs March 2, 2015 Peel Hunt The broking, advisory and trading house has appointed Edward Knight as head of media in its corporate team. He has 15 years’ experience in equity capital markets and investment banking, and has held senior positions at Merrill Lynch and Morgan Stanley. Allen & Overy Matthias Baudisch has been appointed partner in the law [...]
