AA shares motor ahead despite dent in profits September 23, 2014 MOTORING group AA yesterday revealed a large dent in its profits from finance costs related to its stock market listing in June. While revenue rose in the half year to the end of July, profits before tax fell to £10.2m, well down from the £121.2m a year earlier. The company said exceptional costs were £39.4m, [...]
Mothercare calls for £100m cash September 23, 2014 BABY goods retailer Mothercare is raising £100m from shareholders to pay for store closures, revamp its business and pay off debt. Shares fell 1.7 per cent to 244p yesterday on the news. The business will issue £100m worth of new ordinary shares at 125p, a 34.2 per cent discount on Monday’s closing price. Around £40m [...]
AA executive chairman Bob Mackenzie: From fly rods to flywheels September 23, 2014 When father-of-five Bob Mackenzie isn’t using his spare time to watch his children’s various sporting fixtures, he likes to relax with a fly-fishing rod. “We had a quiet period in August last year when we were looking at buying the business so I spent a month fishing,” he says. “I fish on the River Test [...]
Rodney Cook interview: Just Retirement rides out annuity storm September 18, 2014 In February this year, crisis management experts visited Just Retirement’s Surrey head office to give senior executives a crash course in coping with the unexpected. Managers didn’t have to wait long to put that advice to use. When George Osborne announced sweeping changes to pension arrangements within the March Budget, allowing retirees to withdraw their [...]
DS Smith faces a shareholder revolt over pay September 17, 2014 RECYCLED packaging company DS Smith yesterday faced a shareholder revolt over its pay policies. At its annual meeting 40 per cent of investors, including abstentions, failed to back three votes on pay, including the remuneration report covering last year’s pay, the remuneration policy covering pay for the next three years and a separate long-term plan, [...]
Takeover Panel wants powers September 15, 2014 THE UK Takeover Panel has started a consultation on whether it should be able to take disciplinary action against companies that make promises during the bidding process, only to break them later. The London-based regulator said Pfizer’s recent bid for Astrazeneca – which made promises about keeping research and development in the UK – highlighted [...]
Greggs profits fatten with health drive of sandwiches and coffee September 15, 2014 Greggs’ like-for-like profits rose 5.4 per cent in the last quarter after the bakery famous for sausage rolls modernised its line with healthy sandwiches and better coffee. The Newcastle-headquartered chain said sales grew by four per cent in the 11 weeks to 13 September, compared to the same time last year. The company said this [...]
UK’s Tui Travel agrees merger with its parent September 15, 2014 UK company TUI Travel yesterday agreed the terms of its all-shares merger with its German parent TUI, creating the biggest integrated leisure tourism group. The combined group would be based in Germany, TUI said, with a premium listing on the London Stock Exchange and a secondary listing in Germany. The deal, which would need the [...]
Strong year for City flotations September 14, 2014 LONDON’S listings market is bouncing back to pre-recession highs, as an increasing number of companies make their debut on the London Stock Exchange. Research by Capita Asset Services forecasts main market initial public offerings (IPOs) are likely to be worth £11.7bn this year, smashing the £8.7bn figure in 2011 that was largely raised by the [...]
Next profits up after recovery spurs spending September 11, 2014 NEXT yesterday reported strong half-year profits, fuelled by the economic recovery, rising house prices and higher household spending. Total sales were 10.3 per cent stronger than for the same period last year and pre-tax profits rose 19.3 per cent to £324.2m, compared with £271.8m a year earlier. But the fashion and home retailer said it [...]
