Rathbone Bros sees assets under management climb January 6, 2011 Wealth manager Rathbone Brothers said total funds under management at 31 December were up by 19.3 per cent to £15.63bn. That compares with £13bn at the same point in 2009. “Provided that the deficit reduction measures now being implemented in the UK and elsewhere do not precipitate a “double-dip” recession, Rathbones can look forward with [...]
Mothercare issues profit warning January 6, 2011 Mothercare has issued a profit warning after the snow hit its UK business. Like-for-like sales in the last three months of 2010 dropped four per cent as the freezing conditions caused “widespread disruption”. Toy sales were hardest hit after the firm cut off Christmas online orders early to ensure delivery. Chief executive Ben Gordon said: [...]
Corporate profitability hits 18-month high January 5, 2011 Corporate profitability rose to an 18-month high in the third quarter of 2010, helped by manufacturers and oil producers, official data showed. The Office for National Statistics (ONS) said the net rate of return by private non-financial corporations rose to 11.9 between July and September from 11.6 per cent between April and June. It was [...]
UK construction in unexpected fall January 5, 2011 Construction activity unexpectedly contracted in December for the first time since February 2010, the monthly Markit/CIPS purchasing managers index showed. The PMI index dropped to 49.1 from November’s unrevised reading of 51.8, a bigger drop than the fall to 50.9 which economists had forecast. Readings below 50 indicate contraction and after the data sterling weakened [...]
Panmure reports improved second half January 5, 2011 Stockbroker Panmure Gordon, which faced a takeover threat from rival Evolution Group last year, said its results improved during the second half. Panmure said its American division had a substantial improvement in results during the second half, while its core British business benefited from work on takeovers, fundraisings and restructurings. “Both the UK and the [...]
HMV warns that profit will be at lower end January 5, 2011 Music and books retailer HMV said full-year profit would be around the lower end of forecasts and meeting the terms of its lending rules would be tight after bad weather hit Christmas trade. HMV, which has been battling for years with competition from supermarkets and the internet, said on Wednesday it would exit about 60 [...]
Next Xmas sales hit by snow January 5, 2011 Next posted a slightly worse than expected fall in underlying store sales at Christmas, blaming the hit to trade on snow in December. The group said sales at shops open at least a year fell 6.1 per cent in the period from 1 August to 24 December, the bulk of its second half. Analysts had [...]
Salaries in London on the rise January 4, 2011 Salaries are growing in London, according to an employment survey. The London Reed job index is at 105, compared with 100 a year ago. Reed said skills shortages are pushing up pay with salaries in consultancy and retail up 20 per cent on the start of 2010. Martin Warnes of Reed said: “Jobs growth and [...]
Yell pays back £150m of debt January 4, 2011 Yell said it paid back £150m of its senior bank debt ahead of schedule on 31 December, cutting its interest bill and leaving it with £66m to pay by May under its 2009 refinancing. Shares in the heavily indebted yellow-pages publisher touching an eight-week high of 15.25 pence after the announcement. Yell’s Finance Director Tony [...]
Euro Zone inflation higher than expected January 4, 2011 Euro zone inflation was higher than expected in December, exceeding the European Central Bank’s target for the first time in two years, but economists believe the bank will keep interest rates unchanged well into 2011. The European Union’s statistics office Eurostat estimated that prices in the 16 countries that shared the euro currency in December [...]
