Carpetright issues a fresh profit alert October 25, 2011 CARPETRIGHT yesterday said full year profits would be at the lower end of forecasts as it announced another fall in sales. The group, which has issued a string of profit warnings in recent months, said underlying pre-tax earnings for its full financial year would be towards the lower end of a forecast range of £11.8-£16.9m. [...]
COVENT GARDEN SOUP BRAND SOLD TO AMERICAN GROUP October 25, 2011 BRITISH food manufacturer the Daniels Group, which owns brands including New Covent Garden soups and Johnson’s fruit juices, has been sold to US group Hain Celestial for around $230m (£144m). Nasdaq-listed Hain, run by president and chief executive Irwin Simon (pictured), owns several brands in the UK, including Linda McCartney frozen vegetarian foods. In the US [...]
Volvo says Europe demand will slow October 25, 2011 TRUCKMAKER Volvo said it was preparing to cut output in anticipation of lower vehicle demand in Europe next year as a recovery in sales in the region runs out of steam. The group reported a third quarter operating profit of 5.8bn crowns (£553m), up from last year’s 4.9bn on recovering demand but undershooting a forecast [...]
ARM results buck gloomy sector trend October 25, 2011 THE firm behind more than 95 per cent of smartphone chips yesterday reported a surge in profits, bucking the industry trend. ARM Holdings saw its third quarter sales rise 20 per cent to £120.2m, with profits jumping 44 per cent to £55.8m. It sold a greater than expected 28 licenses in the quarter, with new [...]
Zynga gears up for flotation October 25, 2011 Zynga hopes to begin trading following its upcoming IPO in mid November, before the US holiday season begins with Thanksgiving. Sources close to the plans said the social gaming company’s plan has not been finalised and could yet change. All eyes are on Zynga’s debut, which will be followed by a glut of highly anticipated [...]
Accountancy firm joins the Tech City revolution October 25, 2011 ACCOUNTANCY firm Blick Rothenberg yesterday became the latest professional services firm to join the growing technology hub in London’s east end. The dedicated office at the Silicon Roundabout site will service the tech start-ups attracted to the site. The firm says a team based there will provide specialist tax and accounting support. On Monday law [...]
L&G signs UK’s largest pension scheme buyout October 25, 2011 PENSION provider Legal & General yesterday penned a deal to take over a £1.1bn pension scheme for former staff of defunct asbestos manufacturer Turner & Newall, in the biggest deal of its kind in the UK. L&G has taken over the running of the T&N pension scheme after the UK’s pension bailout fund, the Pension [...]
Misery mounts for Japanese camera industry as flood effects start to bite October 25, 2011 OLYMPUS has grabbed the headlines for all the wrong reasons, but it is not the only struggling Japanese camera-maker. Canon was yesterday forced to slash its outlook following damage to its supply chain caused by the Thai floods. Thailand has become a major manufacturing base for Japan’s high-tech sector, with rivals like Sony Corp and [...]
Crown Estate picks first woman chief executive October 25, 2011 THE MONARCHY’S £7bn portfolio of land and property has hired Alison Nimmo as its new chief executive. The Crown Estate, known for owning most of Regent Street, several London housing estates and 144,000 hectares of agricultural land and forests, has never had a woman as chief exec or chairman since it was established in its [...]
City backing for Bramson’s cuts at F&C October 25, 2011 THE CITY took an upbeat view of F&C Asset Management after its new chairman wielded the axe on its back office functions. Shares closed up 2.65 per cent as Edward Bramson, the activist investor who took the post in February after winning a bitter boardroom battle, announced plans to nearly treble cost-savings to £33.2m by [...]
