Southern Cross returns care homes to landlords September 27, 2011 TROUBLED care home operator Southern Cross started to return its care homes to their owners and transfer its back office functions to a new company as it liquidated yesterday. The bankrupt care provider said it would move about two thirds of its 752 homes back to their owners by early November while HC-One, a new [...]
Volkswagen investors cheer Man approval September 27, 2011 SHARES in Man SE surged more than seven per cent yesterday after German carmaker Volkswagen secured EU approval to buy the truckmaker. Volkswagen, Europe’s largest car maker, clinched a 55.9 per cent stake in Munich-based Man in July, allowing it to compete with rivals Daimler and Volvo. Volkswagen’s shares also rose 6.7 per cent yesterday [...]
Topps profit will hit forecasts September 27, 2011 STRUGGLING Topps Tiles said yesterday it will hit City profit forecasts for around £13m for the year despite the weak state of the high street. Shares in the UK’s largest tile and wood flooring retailer surged by more than 25 per cent, making it the biggest riser in the FTSE indices, after the announcement. The [...]
Albemarle & Bond lifted by surge in price of gold September 27, 2011 PAWNBROKER Albemarle & Bond saw profits rise five per cent as demand for short-term loans rose sharply and the rise of the gold price boosted business. Group pre-tax profits rose to £21m in the year to June, on revenues that were 24 per cent ahead at £102m. Profit from short-term lending rose 15 per cent [...]
AG Barr sales hold up despite poor summer September 27, 2011 IRN-BRU maker AG Barr said yesterday its sales had narrowly risen in the first half. Profits were flat at £16.2m on sales up four per cent at £124m, following the coldest and wettest summer for 18 years. However, the company branded the performance “resilient”. Chief executive Roger White said: “This is a particularly positive result [...]
Game looks to Christmas as losses rise September 27, 2011 GAME Group is pinning its hopes on a bumper Christmas after seeing its first half losses double to £51m. The video games retailer has suffered from a lack of blockbuster releases this year as well as the economic maelstrom keeping people away from the high street. It reported a pre-tax loss of £51m in the first [...]
Moss Bros moves back into the black September 27, 2011 MOSS Bros has returned to profit after a surge in sales of wedding attire. The retailer said yesterday it had benefited from the “Kate and William effect” as couples followed the royal pair in tying the knot. The group posted a better-than-expected pre-tax profit of £2.2m in its half yearly report following a £2.8m loss [...]
CITY MOVES | WHO’S SWITCHING JOBS| WHO’S SWITCHING JOBS September 27, 2011 Natixis Henrik Warebon (pictured) has joined Natixis as global head of commodities to lead commodities activities within the fixed income, commodities and treasury department. Warebon started his career at Goldman Sachs, followed by roles at Lehman Brothers, Hetco and BP, where he was global head of crude oil trading. In addition, Andy Gooch, head of [...]
BEST OF THE BROKERS September 27, 2011 EASYJET UBS rates the budget airline “buy” with a target price of 435p. The broker has upgraded its forecasts in light of a positive pre-close update, and now expects pre-tax profits this year to reach £250m. While UBS thinks there is further upside to come from the firm’s valuation and dividend, it leaves its forecasts [...]
FTSE bounces four per cent as hope for euro plan grows September 27, 2011 BRITAIN’S top share index gained strongly yesterday, posting its biggest one-day percentage gain for 16 months, boosted by a rally from commodity stocks and advances by banks on increased hopes that European leaders will take decisive action to alleviate the region’s debt crisis encouraged investors. Banking stocks, among the most sensitive to the twists in [...]
