EADS in revenue boost after plane order bounce back March 9, 2011 European aerospace group forecast higher revenue and stable core operating profit as it boosts development spending this year, after bouncing back to profit with a record cash pile in 2010. Europe’s largest aerospace group cheered a stronger than expected rebound in the economy and in demand at subsidiary Airbus, but is bracing for higher spending [...]
Greencore ends pursuit of Northern Foods March 9, 2011 Ireland’s Greencore it would not make a new bid for food manufacturer Northern Foods after failing to reach an agreement that would offer strong returns to its shareholders. Greencore’s initial all-share offer for Northern Foods, the maker of Fox’s biscuits and Goodfella’s pizza, was trumped in January by a £342m cash bid from chicken magnate [...]
Old Mutual profit up 14pc March 8, 2011 Anglo-South African financial conglomerate Old Mutual narrowly beat expectations with a 14 per cent increase in profit and said it was sticking by a three-year strategy aimed at simplifying the group’s structure. Old Mutual made a 2010 pre-tax operating profit of £1.48bn, up from £1.3bn the previous year. Analysts had pencilled in a profit of [...]
Betfair revenue rises March 8, 2011 Betfair Group, the world’s largest betting exchange, said it was confident of delivering full year results within the range of market expectations after third quarter revenue rose 6.2 per cent. The group, founded ten years ago by one-time professional gambler Andrew Black and former JP Morgan derivatives trader Ed Wray, also said that its betting [...]
Tullett blames defecting brokers for revenue drop March 8, 2011 Inter-dealer broker Tullett Prebon blamed broker defections in North America following a “raid” by US rival BGC Partners for lower 2010 results. Tullett posted 2010 profit before tax of £139.7m, down 11 per cent from a year earlier and below a Thomson Reuters poll consensus of 12 analysts of £142m. Revenue was down 4.1 per [...]
Diamond to be paid £6.5m bonus March 7, 2011 Bob Diamond, the new chief executive of Barclays, will be paid a bonus of £6.5m for last year, according to Reuters sources. Barclays will reveal remuneration details for executives later on Monday, before the full release of its annual report. Diamond is one of the highest paid bankers in Europe and could prove to be [...]
Michael Page profit jumps on overseas success March 7, 2011 Recruiter Michael Page more than trebled its full-year operating profit in 2010 as it bounced back from a difficult 2009 in line with forecasts, and said it was well placed to continue growth in 2011. Michael Page, which finds jobs for people in the financial, accounting and legal services sectors, said on Monday its operating [...]
Satellite operator Inmarsat sees jump in earnings March 7, 2011 Satellite operator Inmarsat posted a 17 per cent rise in full-year earnings, helped by increasing demand for broadband communication on ships, and said it remained confident for the future. The company, which provides communications to ships, aircraft and remote land-based locations, posted earnings before interest, tax, depreciation and amortisation of $696.1m (£427.9m) on 13 per [...]
Vodafone’s Bond to take over as Xstrata chairman March 7, 2011 Mining giant Xstrata said Willy Strothotte will retire as chairman at the miner’s annual general meeting on 4 May to be replaced by Vodafone chairman Sir John Bond. Strothotte is also chairman of Glencore. The world’s largest commodity trader is considering a possible stock market listing this year that could value it at about $60bn. [...]
Moody’s downgrades Greece March 7, 2011 Ratings agency Moody’s has downgraded Greece from Ba1 to B1. A statement from Moody’s said: “Moody’s Investors Service has today downgraded Greece’s government bond ratings to B1 from Ba1, and assigned a negative outlook to the rating.” It added that the country’s continuing difficulty on collecting revenue, allied with “ambitious” financial restructuring, plans led to [...]
