Byrne at odds with Omega’s management December 13, 2011 MARK Byrne, the insurance entrepreneur that is seeking management control of Omega Insurance, has made it clear in recent days that he would be unlikely to wish to work with either the current chairman John Coldman or chief executive Richard Pexton, according to sources close to the group. Byrne’s original tender offer for 25 per [...]
Top London house prices rise by £1,200 every day December 13, 2011 PRIME central London prices are still soaring, according to the Knight Frank index, while the Financial Services Authority (FSA) yesterday revealed mortgage interest rates declined in the third quarter of 2011. Prime prices in central London rose one per cent in November and 12.6 per cent in the last 12 months, taking the average price [...]
Saab gets lifeline payment December 13, 2011 Ailing carmaker Saab has received a first €3.4m (£2.9m) payment from China’s Zhejiang Youngman Lotus as it struggles to stay in business. The company also gained further legal leeway, when a crucial court hearing on its future which had been due at the end of this week, was postponed earlier in the week.
Bwin.Party trading is in line December 13, 2011 Online gambling company Bwin.Party’s digital entertainment trading since the end of September is in line with expectations, the group said yesterday. Underlying margins for the full year are expected to be in the range of 22 per cent to 24 per cent. Bwin.Party also reported several interested buyers for Ongame’s B2B business.
Imagination knows no bounds December 13, 2011 Imagination Technologies, software creator for the graphics chips used in smartphones, yesterday reported a half-year revenue of £56.3m, an increase of 28 per cent on the same period last year. Royalties for the six months were up 26 per cent while licensing revenue rose 65 per cent. Pre-tax profit jumped 35 per cent to £10.4m.
Travis Perkins hit by Wickes December 13, 2011 Wickes owner Travis Perkins has been dragged down by falling sales in the kitchens and bathrooms division of its DIY stores, but said that overall trading remained in line with its expectations. Like-for-like sales at Wickes fell by 6.8 per cent over the last eight weeks, but its parent company, Travis Perkins, fared better as [...]
Both Santander and RBS still have a long way to go December 13, 2011 IN January I looked at how our major banks had fared over 2010, noting that it had been a bad year for perception of Santander, with customer opinion in particular driving scores on YouGov’s BrandIndex downwards at an alarming rate. RBS remained the worst perceived of the big banks, but had made strides throughout 2010. [...]
Petrofac lifts profit target December 13, 2011 OIL services company Petrofac yesterday raised its profit growth forecast for the full year to 20 per cent. The British company, which designs and builds oil and gas infrastructure and also invests with producers in oil fields, said a $10.6bn (£6.8bn) order backlog gave it the confidence to predict strong growth in 2012. It said [...]
ANALYST VIEWS: WHAT IS THE OUTLOOK FOR PETROFAC IN THE YEAR AHEAD? December 13, 2011 ANDREW WHITTOCK | LIBERUM CAPITAL The positive update confirms 20 per cent growth in 2011, a strong pipeline of opportunities and reiterates longer term growth targets. We continue to believe the growth potential deserves a higher multiple. Buy. PETER BASSETT | WESTHOUSE SECURITIES Steady corporate growth continues. The group is also winning more business outside [...]
Bunzl forecasts revenue growth December 13, 2011 Business supplies distributor Bunzl expects to report 3.5 per cent growth in full-year underlying revenue and yesterday flagged earnings growth by pointing to an improvement in the group’s operating margin. The group has forecast six per cent revenue growth this year, with 3.5 per cent of this coming from recent acquisitions.
