Media Square revenue declines November 30, 2011 Marketing communications group Media Square yesterday reported a two per cent decline in revenue for the first six months of the financial year, reaching £21.8m compared to £22.3m last year. This was put down to the “challenging trading environment”, although “prudent cost control” allowed the group to maintain its operating profit at the same level [...]
Marston’s to create 1,000 new pub jobs November 30, 2011 BREWER and pub chain Marston’s announced it will create another 1,000 jobs next year through its continued expansion, as the group reported a 9.4 per cent rise in full year pre-tax profits. Chief executive Ralph Findlay told City AM that the government needed to be “constructive” and “make the link” between its taxation policy, particularly [...]
Britvic will begin manufacturing its Fruit Shoot in US November 30, 2011 BRITVIC will start manufacturing its children’s Fruit Shoot brand in the US for the first time after signing distribution deals, which will also see it double its presence to six states. The UK’s second-biggest soft drinks maker behind Coca-Cola announced an agreement with Pepsi Bottling in the US, to manufacture and distribute Fruit Shoots in [...]
Broadbent takes over as new chairman of Tesco November 30, 2011 SIR RICHARD Broadbent has officially taken over as Tesco’s new chairman, replacing David Reid, who has spent almost two decades on the board of the UK’s leading supermarket chain. The appointment, seen as one of the biggest corporate roles in the UK, was first announced in May, with Sir Richard joining the board as a [...]
Sberbank lifts outlook on margins and loan growth November 30, 2011 SBERBANK, Russia’s largest bank, hiked its full year profit forecast yesterday following a 76 per cent rise in third-quarter net income to $2.55bn (£1.6bn), driven by loan growth and higher margins. The state lender now expects 2011 net profit to come in at 300-310bn roubles (£6.2bn – £6.4bn), up from an earlier forecast of 250-270bn [...]
Wendel to pay off debts with €1.5bn Deutsch sale November 30, 2011 SHARES in French investment firm Wendel rose 16 per cent yesterday after it said it was in exclusive talks to sell its Deutsch Group electronics business to TE Connectivity for €1.55bn (£1.3bn). Wendel is selling the firm it bought in 2006 to help cut its debt pile, which stood at almost €5bn in August. The [...]
Daejan blames Southern Cross for its losses November 30, 2011 PROPERTY group Daejan Holdings yesterday blamed its swing to a half-year loss on the failure of care home manager Southern Cross. FTSE 250-listed Daejan posted a pre-tax loss of £121,000 for the six months to the end of September, compared with a profit of £39.3m a year ago. The firm said lost rent and expenses [...]
CITY MOVES | WHO’S SWITCHING JOBS November 30, 2011 Thomas Eggar The law firm has announced the appointment of James Letchford to its London property team as a senior associate. Letchford trained and qualified at Ashurst before spending six years at Nabarro, and will join Thomas Eggar’s London team, led by property partner Chris Baker. He has particular experience in sales, acquisitions, development, leasing [...]
BEST OF THE BROKERS November 30, 2011 AMLIN After management gave a confident presentation to Nomura earlier this week, the broker rates the insurance group as a “buy” with a target price of 359p. Nomura says that the impact from catastrophes in 2011 has been a surprise, but future volatility can be limited by managing risk exposure. It also says comments on [...]
Liquidity measures and new Chinese rules lift the FTSE November 30, 2011 BRITAIN’S top share index rose by the most in nearly eight weeks yesterday after central banks announced coordinated global action to provide liquidity to the financial system and China cut its banks’ reserve requirement ratios. The world’s major central banks acted jointly to provide cheaper dollar liquidity to starved European banks facing a credit crunch [...]
