High street sales bounce back February 25, 2010 HIGH street spending bounced back this month as shoppers returned in force for the first time since the big freeze. The quarterly Confederation of British Industry (CBI) report showed that 46 per cent of retailers said business was up in February 2010 compared with the same period last year. Sales of clothes and household goods [...]
British Gas profits jump 58pc February 25, 2010 OPERATING profits at British Gas soared by 58 per cent in 2009 to a record high. The announcement came just days after energy regulator Ofgem revealed that energy firms’ profit margins had risen in recent months. British Gas said the average bill was “slightly higher” than the previous year when there were a series of [...]
National Express sees profits driven down February 25, 2010 TRANSPORT group National Express has reported a 43 per cent fall in full-year pre-tax profit and warned 2010 would be another challenging year. The company, which in December completed a £360m rights issue in order to cut debt, said adjusted pre-tax profit from continuing operations fell to £116.2m compared with £202.4m the year before. National [...]
Redrow reduces losses but warns over mortgage market February 25, 2010 HOUSEBUILDER Redrow slashed its first-half losses following a pick-up in the number of sales and an increase in prices but warned that a lack of mortgages is still causing problems. Completions climbed 21 per cent to 1,266 for the six months to December with the average selling price of homes rising 3.6 per cent to [...]
RBS reports £3.6bn loss February 25, 2010 THE Royal Bank of Scotland (RBS) has reported a £3.6bn pre-tax loss for the last financial year. The loss for the 12 months to December 31 is far below the record £24.3bn loss for 2008. Its bonus pool has been limited to £1.3bn after receiving billions of pounds in taxpayers’ money during the recession to [...]
Rathbone warns of uncertain year ahead February 24, 2010 RATHBONE Brothers has warned that the year ahead would be unpredictable with an election ahead and low interest rates. The wealth manager said pre-tax profit from continuing operations last year fell 30 per cent to £29.5m from £42.3m. It said its bottom line was badly hit by a drop in net interest income, as low [...]
St James’s Place sees profits outstrip forecasts February 24, 2010 WEALTH manager St James’s Place posted full-year operating profits at the top end of market forecasts. The firm – which is 60 per cent owned by Lloyds Banking Group – combines life assurance with investment services. It said operating profit on an embedded value basis was at £228.9m in 2009, up from £204.3m a year [...]
Northern Rock to scrap savers’ 100 per cent guarantee February 24, 2010 THE Government is to withdraw its 100 per cent guarantee to Northern Rock savers. In three months time the guarantee – introduced to save the stricken lender – will be scrapped. However, savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). Financial Services Secretary Paul Myners [...]
Barratt in housing market boost February 24, 2010 HOUSEBUILDER Barratt Developments saw its losses narrow in the second half of the year as the housing market showed further signs of finding its feet. Pre-tax losses came in at £178.4m compared to a loss of £594.5m a year earlier. However, it took a £129.9m hit from finance costs following its £720m placing and rights [...]
Travis Perkins profit dips after “worst year ever” February 24, 2010 BUILDERS’ merchant Travis Perkins has posted a drop in profits of 11 per cent and issued a warning of the “fragile” state of trading. Pre-tax profits for 2009 were £180m, down from £202.5m in the previous year, as revenue dropped 8 per cent to £2.9bn. The firm, which owns the Wickes chain, dubbed trading conditions [...]
