Investors happy as mining giant BHP cuts capex February 24, 2015 SHARES in miner BHP Billiton were up by 6.24 per cent yesterday after the Australian firm revealed it had slashed capital expenditure (capex) for 2015 to $12.6bn (£8.2bn). The company reported capex of $16bn in the year ended June 2014. However, in the six months to December 2014, it paid out just $6.4bn, down 23 [...]
Balfour Beatty agrees new deal to delay pension fund payment February 24, 2015 INFRASTRUCTURE group Balfour Beatty has worked out a deal with the trustee of its pension fund to delay payment of an £85m deficit agreed at the time of the Parsons Brinckerhoff disposal. The company agreed heads of terms with the fund’s trustee, and Balfour will now make the payment over eight years, instead of one [...]
Meggitt shares dip on news of falling revenue February 24, 2015 ENGINEERING firm Meggitt saw shares tumble by 5.78 per cent yesterday after it reported a five per cent drop in revenue during 2014, to £1.55bn from £1.64bn in 2013. The company said organic revenue growth of six per cent in its civil aerospace operation was offset by declines in military and energy units, and also [...]
Sterling’s strength hampers chemical manufacturer Croda February 24, 2015 CHEMICAL manufacturer Croda became the latest victim of sterling’s strength after the company yesterday blamed declining profits last year on the currency. The company struggled during 2014 as fragile consumer confidence and significant exchange rate volatility compounded a general slowdown in all its main markets, especially in Europe, a situation it expects to continue into [...]
Frontier Devs’ losses increase on investment February 24, 2015 CAMBRIDGE-based video-game developer Frontier Developments posted a wider loss for the six months to 30 November yesterday knocking shares. Frontier iterated its expectations of seeing revenue double in its full year to £19m and shares rose 0.21 per cent yesterday to 240p. The company posted a loss of £1.9m, widened from a loss of £1.6m [...]
Audioboom set to relaunch on Android today February 24, 2015 UK AUDIO content platform Audioboom will today relaunch its Android smartphone app with new features and a redesigned interface. “The launch of our iOS app at the end of last year was a huge success, and we’re excited now at long last to bring the same functionality to our Android users,” said chief Rob Proctor. [...]
Brandon Lewis pledges reform to Section 106 February 24, 2015 HOUSING minister Brandon Lewis has launched a consultation on ways to speed up Section 106 planning agreements to deliver more homes. Section 106 agreements set out conditions that developers have to meet in return for being granted planning permission. These are often measures such as providing more affordable housing or helping to improve local transport [...]
Town Centre Securities parks itself in London February 24, 2015 LEEDS-based property investor Town Centre Securities has snapped up a listed building on Duke Street in the West End for £3.2m to use as an office for its fast-growing car park business. CitiPark, which owns more than 5,000 parking spaces, is expanding its presence in the south and bought two car parks in London in [...]
Genus profits surge despite slowdown in Russia February 24, 2015 BULL AND pig sperm specialist Genus’ shares jumped almost eight per cent yesterday after revealing a 30 per cent rise in second-half, pre-tax profits. The overall increase came despite a decline in profits from its in Asia division, which has a high exposure to Russia which has suffered from sanctions and economic contraction. However, this [...]
One in three Wonga staff to get the boot February 24, 2015 CONTROVERSIAL payday lender Wonga yesterday said it expected to cut loose 325 employees supporting its UK consumer business in a widespread restructuring and cost reduction programme. The staff cull would equate to over a third of the company’s 950-strong workforce, and represents half of its 650 employees dedicated to its UK consumer business. The redundancies [...]
