M&S profit falls May 22, 2012 Marks & Spencer posted a 1.2 per cent fall in full-year underlying profit, its first decline in three years, as even its relatively older and more affluent customers were touched by the economic downturn. Britain’s biggest clothing retailer, which also sells homewares and upmarket foods, said on Tuesday it made a profit before tax and [...]
Bank rally helps steady FTSE May 21, 2012 The FTSE 100 was solid this morning despite the storm clouds – created by the Eurozone crisis – still hanging over markets. Over the weekend G8 leaders stressed their “imperative” was to promote growth and jobs and gave verbal backing for Greece to stay in the euro. But despite calls from the United States for [...]
Mitie profit rises as order book swells May 21, 2012 British outsourcing firm Mitie posted an 8.9 per cent rise in full year profit and said it was upbeat about growth prospects in the coming year as governments and businesses seek to cut costs and secure energy supply. Mitie, which provides catering, cleaning and maintenance services for clients like Vodafone, Tesco, and the British government, [...]
Ryanair warns that profit to be dented by Eurozone May 21, 2012 Ryanair, Europe’s biggest budget airline, warned surging fuel costs and a worsening economic outlook meant profit would slip by up to 20 per cent in the coming year, the first fall in four years. The Dublin-based airline, which posted a record annual profit and has posted profit growth of at least 25 per cent every [...]
Northern Rock cost taxapayers £2bn May 18, 2012 Northern Rock’s rescue has landed the taxpayer a bill of at least £2bn, an official report has found. The estimated losses are flagged by the National Audit Office (NAO) report into the nationalisation of the bank in 2008. The report accuses former chancellor Alistair Darling, for failing to look at the full consequences to the [...]
PHP completes £19m placing May 18, 2012 GP landlord Primary Health Properties (PHP) has raised £19m in a placing. The placing price of 305 pence will be used to fund acquisitions. Harry Hyman, managing director of PHP, said: “Market conditions continue to present PHP with attractive investment opportunities.” Brokerage Peel Hunt said that the placing should help bridge PHP’s uncovered dividend. “With [...]
FTSE drained by Spain and greece woes May 18, 2012 THE FTSE 100 tracked losses across Europe this morning as fast moving events in Greece and Spain drained investor confidence. Moody’s downgraded Spanish banks overnight and Fitch cut its debt rating for Greece as the Eurozone crisis deepened. Spain has lurched into recession and its borrowing costs jumped at an auction yesterday while its banks [...]
Moody’s downgrades 16 Spanish banks May 18, 2012 Moody’s Investor Service carried out a sweeping downgrade of 16 Spanish banks, including Banco Santander, the Eurozone’s largest bank, citing a weak economy and the government’s reduced ability to support troubled lenders. All the banks’ long-term debt ratings were downgraded by at least one notch, and some suffered three-notch cuts. Spain’s banks, awash in bad [...]
Mitchells & Butlers profits fall May 18, 2012 Restaurant and pub group Mitchells & Butlers has reported a dip in profits as the rising cost of food and fuel undermined rising revenues. The owner of chains including Harvester, All Bar One and O’Neills, which earlier this year faced a shareholder revolt over management and ownership issues, gave scant details on its search for [...]
LSE profits rise 30pc May 18, 2012 The London Stock Exchange Group has reported profits up nearly a third, driven by the inclusion of its newly acquired index business and its clearing unit. The LSE said on Friday profit was up 30 per cent to £442m while revenue rose 10 per cent to £680m for the full year to the end of [...]
