3i targets more sell-offs after £615m disposal February 12, 2013 BRITISH investment giant 3i yesterday sold its plastic equipment business Mold-Masters to US rival Milacron for C$975m (£615m), pleasing investors who want the business to pay down its debt pile. Proceeds from the deal will be around £219m – 2.6 times the initial £84m investment 3i made in October 2007. The company said there had [...]
Glencore and Xstrata post output drop February 12, 2013 COMMODITIES trader Glencore and Xstrata, in the final stages of a £56bn mega-merger, yesterday posted a drop in combined output across key metals including copper. The two companies’ combined production figures, released by Glencore yesterday, show a nine per cent annual drop in copper output in 2012, and a one per cent fall in zinc [...]
Hibu heralds a looming deal with lenders February 12, 2013 YELLOW Pages publisher Hibu, which is grappling with a heavy debt load, said yesterday it expects to reach a deal with its lenders on restructuring its debt “in the near future”. Hibu said in October that it would suspend debt repayments and that it planned to present a restructuring proposal to lenders by January to [...]
Analyst Views | What do you see in the future for Dunelm? February 12, 2013 JEAN ROCHE | PANMURE GORDON The cash conversion ratio is an impressive 107 per cent, and bolsters our view that the company will be able to make another generous capital return in two-three years’ time, of perhaps £80m-90m, following £65.8m returned last November. MARK PHOTIADES | N+1 SINGER We also see the development of multi-channel [...]
Dunelm plans to step up online growth as half-year profits rise February 12, 2013 DUNELM, the homewares retailer, said it plans to step up the expansion of its online business this year as it posted a strong rise in sales and profits in the first half of the year. The Leicester-based group, which trades as Dunelm Mill, said it plans to open a new warehouse for online orders, which [...]
Galliford Try seals £60m contracts February 12, 2013 Housebuilder Galliford Try was yesterday named as the preferred bidder for contracts worth up to £60m to build affordable housing across London and the Midlands. Galliford Try was selected as preferred bidder for the £15.6m contract for Hampstead Reach in north London, a £15.5m deal to build 137 homes and commercial units at Blackwall Lane, [...]
Mondi sees trading improve February 12, 2013 Paper manufacturer Mondi said yesterday its fourth quarter trading was ahead of both the previous quarter and the same period last year, but that the recent strong performance could not offset weaker trading earlier in the year. It also warned that its underlying operating profit for the full 2012 year was expected to be below [...]
Year-end boost at Just Retirement February 12, 2013 Annuity provider Just Retirement yesterday announced a 64.3 per cent spike in revenue for the final quarter of last year. The company recorded £412.5m in annuity sales for the period, while equity release sales also grew – although more modestly – up 8.3 per cent to £78.6m in the fourth quarter of 2012. Yet CEO Rodney [...]
Fight club finds a new home at City tailor shop February 12, 2013 TWO ex-bankers turned bespoke City tailors have found themselves playing host to a group of their former contemporaries – not for suit fittings – but a series of rather unorthodox Skype conferences. Ian Meiers and James Sleater, co-founders of City tailor Cad & the Dandy, are sponsoring the self-defence seminars given by macho-man Tim Larkin. [...]
Aberdeen boss gets helicopter ambulance off to a flying start February 12, 2013 THE CAPITALIST recently reported that ex-Deutsche chief Graham Hodgkin had taken on the job of London’s Air Ambulance CEO – and he is wasting no time putting his stamp on the charity. The rescue chopper has had a makeover and returned from its annual service with emergency codes emblazoned on the tail. Hodgkin explained: “Our [...]
