Russian broker Otkritie in 120pc earnings hike after hiring drive August 24, 2011 RUSSIAN brokerage Otkritie Securities raised its operating profit by 120 per cent in the year to December after more than doubling its total wage bill by hiring new staff, accounts showed yesterday. Otkritie, the City-based subsidiary of Russian investment bank Otkritie Financial Corporation, said operating profit hit £1.4m in 2010, up from £652,000 in 2009, [...]
Derwent boss bullish about London rents August 24, 2011 SPENDING cuts are not hitting the capital’s commercial rental market, according to the chief executive of developer Derwent London. John Burns also said that global economic uncertainty had failed to hurt deals for offices in the firm’s West End heartland. He was speaking as Derwent reported a strong first-half rise in asset values and a [...]
Austerity measures hit Serco August 24, 2011 BRITISH outsourcing firm Serco yesterday warned of continued austerity headwinds in its core UK and US markets, sending shares down despite posting a 12 per cent first-half profit rise that was ahead of expectations. Serco, whose UK and US business account for around 80 per cent of group revenue, said that austerity measures in the [...]
Qantas plays down takeover talk as it doubles profits but warns on outlook August 24, 2011 QANTAS Airways sought to play down talk of a takeover bid yesterday as it focuses on expanding in Asia and taming labour unrest over its plans to slash jobs in Australia. The Australian government said it was determined that majority ownership of the country’s flagship airline should not fall into foreign hands after rumours resurfaced [...]
Unite on hunt for more student sites in London August 24, 2011 UNITE, the student halls specialist, yesterday said it was in exclusive talks to acquire new London sites that would add another 1,200 beds to its portfolio, helping it to hit a target of 4,000 by 2014. Britain’s largest listed student landlord said it is on track to hit its full-year targets and its profit could [...]
Government outsourcing gives boost to Carillion August 24, 2011 SUPPORT services and construction group Carillion posted a 10 per cent rise in first-half profit yesterday, driven by a surge in demand for public sector outsourcing as cash-strapped local authorities looked to cut costs. The group, which maintains motorways, railways, military bases and telephone lines, said pre-tax profit increased to £72.5m on revenues two per [...]
Apple wins patent case August 24, 2011 APPLE has won an injunction in a Dutch court to stop Samsung Electronics from marketing three smartphone models in some European countries after alleging a breach of patents. Apple argued that Samsung had infringed on three of its patents. The court ruled that Samsung smartphones Galaxy S, S II and Ace breached just one of [...]
ITV building nears a sale August 24, 2011 GREAT Portland Estates is in the final stages of talks to buy the London headquarters of ITN News for about £140m, sources familiar with the deal said. The property would represent the London-based office developer’s largest-ever purchase. It was not clear whether Great Portland is acting alone or is bidding with a partner. A Great [...]
Filtrona seeks acquisitions August 24, 2011 British plastic and fibre products supplier Filtrona will scout for acquisitions as it plans to widen its business into new geographies, its chief executive said. Filtrona, which supplies plastic products to hydraulics industry and filters to tobacco companies, posted a 17 per cent rise in first-half pre-tax profit before items at £39.5m after it passed [...]
TT Electronics boosts profits August 24, 2011 Electronic components supplier TT Electronics’s first-half adjusted pre-tax profit rose by more than half, boosted by strong growth at its core divisions, and said it was confident of meeting its full-year expectations. The company, whose core components and sensors divisions account for about 71 per cent of total revenue, said it saw potential to improve [...]
