Fortis’ fine mars profit return March 10, 2010 BELGIUM-based insurance group Fortis returned to an annual profit, resumed its dividend and announced a name change yesterday as it sought a fresh start a year and a half after its dramatic break-up. The financial services group, stripped down to become a pure insurer after a state-led bailout, said it would change its name to [...]
E.ON cautious for 2010 as gas weakness persists March 10, 2010 GERMANY’S E.ON, the world’s largest utility by sales, yesterday joined rivals in a more cautious view of 2010 earnings as the financial crisis hit prices and demand. Taking into account planned asset sales, E.ON said its adjusted earnings before interest and taxes might rise as much as three per cent in 2010 from €9.6bn (£8.7bn) [...]
Meerkat advert creator Chime beats the market as it posts best ever results March 10, 2010 ALEXANDER the Meerkat creator Chime Communications posted its best ever results yesterday. Chime, which provides services in public relations, advertising and sports marketing, said its adjusted pre-tax profit was £18.8m, compared with £16.5m last year. Revenue rose 8.5 per cent to £300.9m, boosted by growth in its sports marketing division due to the latest acquisition [...]
BEST OF THE BROKERS March 10, 2010 PUNCH TAVERNS Numis Securities has issued a “buy” recommendation on Punch Taverns. It believes Punch’s shares have been overlooked by the market in recent weeks, and thinks they are well placed to outperform as the company stabilises average pub profitability in the second half of the year. Says first half results on 11 April should [...]
CITY MOVES | WHO’S SWITCHING JOBS March 10, 2010 Reed Smith The law firm has hired advertising law expert Marina Palomba to its partnership. Palomba joins the firm’s advertising group in London from the Institute of Practitioners in Advertising (IPA), where she has been legal director for eight years, advising all the main agencies in the UK including M&C Saatchi, Abbott Mead Vickers and [...]
BAA boosted as passenger numbers rise March 10, 2010 AIRPORTS operator BAA yesterday reported its first rise in domestic passenger traffic in two years after the upturn in the economy encouraged people to take to the skies again. The number of people flying between British destinations grew 1.1 per cent to 1.35m in February, according to BAA. BAA also said its six British airports [...]
Network Rail staff to vote on a strike March 10, 2010 NETWORK Rail maintenance workers will vote today on whether they will take industrial action and launch the largest rail strike in 16 years. Up to 12,000 maintenance crew will vote this morning on a possible strike, according to a spokesperson from the National Rail, Maritime and Transport (RMT) Union, which is representing the workers. Similarly, [...]
Boris threatens to sue Tube Lines over price March 10, 2010 MAYOR Boris Johnson has threatened to take legal action against Tube Lines, after Private Public Partnership (PPP) arbiter, Chris Bolt said the rail contractor can charge? £4.46bn for its services. The decision followed a dispute between Tube Lines and Transport for London (TfL) over the cost of London’s underground rail system. The mayor, along with [...]
Laird cuts payout on profit fall March 10, 2010 Electronics group Laird yesterday posted a 56 per cent fall in 2009 profits and cut its dividend after a year in which customer demand slumped and it was forced to carry out a rights issue. The FTSE 250 firm, which supplies companies such as Samsung and Nokia, reported underlying pre-tax profit from continuing operations of [...]
Melrose trumps forecasts March 10, 2010 Manufacturing investor Melrose beat forecasts for the full year thanks to a strong performance from crane, cable and hooks maker FKI and said it would focus on acquisitions rather than disposals this year. For 2009, the firm posted pre-tax profit of £118.6m, compared with a restated £73.1m for the previous year. It increased its final [...]
