Gains for new Medtronic boss August 23, 2011 Medtronic posted quarterly earnings in line with analyst targets yesterday, as sales of its diabetes products, heart stents and other devices offset challenges for its important implantable heart and spine products. First-quarter net income was $821m (£497m) or 77 cents a share, compared with $830m, or 76 cents a share, a year ago, as new [...]
Spectris earnings up 74 per cent August 23, 2011 British electrical engineering firm Spectris has posted a 74 per cent rise in first-half adjusted pre-tax profit on strong demand from all its markets, and said it was confident of making good progress for the year. January-June pretax profit before certain items was £77.7m, compared with £44.7m last year. Revenue grew 25 per cent to [...]
Spirax-Sarco says growth is slow August 23, 2011 Spirax-Sarco Engineering’s first-half adjusted pre-tax profit has risen 15 per cent, helped by higher demand for its products in emerging markets, but the firm said the pace of growth had slowed in the second half. The firm, which supplies steam traps, pumps and boiler controls, said it would not be immune to a further slowdown [...]
Fenner buys Aussie seal maker August 23, 2011 FTSE 250-listed engineering firm Fenner has bought Transeals, an Australian manufacturer of sealant. Fenner will acquire A$5.6m (£3.6m) of assets through its wholly owned subsidiary Hallite Seals Australia, in a deal expected to be completed early next year. Nicholas Hobson, chief executive, said: “ It improves our coverage, expands our product offering and strengthens Hallite’s [...]
BUFFETT-BACKED BYD STRUGGLES August 23, 2011 CHINESE carmaker BYD’s profit warning and failure to deliver its promised electric car sent shares to a more than two-year low, as the Warren Buffett-backed company struggles with sales declines. Shares in BYD fell more than 14 per cent yesterday after the company warned it may post a third-quarter loss. The drop put a spotlight [...]
Foster’s buy back to fend off SAB bid August 23, 2011 AUSTRALIAN brewer Foster’s Group yesterday piled the pressure on SABMiller to raise its hostile takeover offer, unveiling a A$500 (£315m) capital return to shareholders. The country’s largest brewer proposed to return money via a share buyback or capital reduction in an effort to get SABMiller to increase its £7bn offer, which Foster’s has twice rejected [...]
Room to improve for new Waterstones owner August 23, 2011 EARLIER this summer A&NN Capital Fund Management bought Waterstones, the bookseller, from HMV. So this week we’ve looked at some of the detailed BrandIndex scores to see what opportunities and threats the brand faces. Arguably Waterstones’ biggest challenge over the past few years has been the emergence of Amazon as an online retailer whose lack [...]
Heinz beats profit forecast on growth in emerging markets but shares slide August 23, 2011 HEINZ yesterday reported quarterly profit that beat analysts expectations, with a boost from by growth in emerging markets. However, the group’s shares fell as much as three per cent as a gloomy outlook on costs unnerved investors. The company has made recent acquisitions in China and Brazil, which has helped to offset sluggish growth in [...]
Pendragon weathers end of scrappage scheme as its earnings and volumes rise August 23, 2011 CAR dealer Pendragon reported a higher first-half profit yesterday, helped by an increase in used-vehicle volumes, and said it continues to perform in line with expectations for the year despite the end of the car scrappage scheme. Britain’s largest motor retailer said like-for-like used-car volumes rose 13.2 per cent over the last year. But the [...]
H&T boosted by gold price August 23, 2011 Pawnbroker H&T Group said it expected full-year results to be above the top end of current market expectations, driven mainly by surging gold prices that boosted its first-half pre-tax profit. Spot gold prices soared above $1,910 yesterday, scoring a record high for a fourth consecutive day, as persistent worries about global economic growth burnished bullion’s [...]
