Vodafone to accelerate cost cutting May 19, 2009 VODAFONE said yesterday that it plans to accelerate its £1bn cost cutting programme after the phone giant’s full year profits were hit by writedowns of £5.9bn. “Our £1bn cost-cutting reduction programme is ahead of plan and we continue to explore further ways to reduce costs,” said chief executive Vittoria Colao, adding that the company now [...]
Great Portland in 175m fund raising May 19, 2009 THE West-end focused property group Great Portland Estates yesterday launched a £175m rights issue in order to take advantage of depressed values in the central London property market. The rights shares, which will be underwritten by Credit Suisse and JP Morgan Cazenove, are being issued at 133p each, at a 53.4 per cent discount to Monday [...]
Evolution joins rival Collins Stewart in early season profit May 19, 2009 STOCKBROKER Collins Stewart said yesterday that it had enjoyed a profitable May after four consecutive months of breaking even, while rival Evolution also announced that it had stayed in the black. Collins Stewart’s revenue reached £57m for the first four months of the year, roughly unchanged on the previous year, as favourable exchange rates helped it [...]
Bank of Ireland chief quits as profits plunge May 19, 2009 BANK of Ireland governor Richard Burrows announced his resignation yesterday, after the bank reported a 96 per cent plunge in full year net profit due to restructuring and impairment loan charges. Net profit for the year ending March 31 fell to €59m (£52m) from €1.69bn a year ago, beating forecasts but reflecting the bank’s exposure to Ireland’s [...]
Bay Trading salvaged by sale to Rinku Group May 19, 2009 FASHION chain Bay Trading has been rescued by a last-ditch sale to clothing wholesaler and retailer Rinku Group, administrator Deloitte said yesterday. Rinku, which owns the Tigi-Wear, Viz-a-Viz and iZ clothing brands, has bought 45 of Bay Trading’s stores and 85 concessions. The chain’s remaining 125 outlets will be wound up and returned to landlords [...]
CHEQUERED FORTUNES May 19, 2009 LUXURY retailer Burberry, known for its distinctive beige plaid, warned yesterday trading will remain tough, as it revealed profit for the year fell 12.5 per cent, resulting in a £ 5.1m loss after it heavily discounted products, wrote down the value of Spanish stores and bore the cost of moving its London and New York [...]
Carluccio’s feels cost pressure May 19, 2009 Italian eaterie and retail chain Carluccio’s said yesterday a reduction in consumer spending and an unprecedentel level of cost pressure had caused a small fall in profits over the first half of the year. Profit before tax for the six months to 29 March fell 10.7 per cent to £2.5m, while turnover grew 13.5 per [...]
US housing starts hit record low May 19, 2009 New US residential building fell to its lowest level since 1959 last month, signalling that the stricken housing market could have further to fall. The Commerce Department said housing starts fell 12.8 per cent to an annual rate of 458,000 units last month, the lowest since records began in January 1959.
Altria sticks by earnings forecast May 19, 2009 Altria Group, maker of Marlboro cigarettes and Copenhagen smokeless tobacco, confirmed its 2009 earnings forecast yesterday, following its annual shareholders meeting. The company said it still expects 2009 earnings of $1.70 per share to $1.75 per share from continuing operations, excluding 23 cents per share in one-off charges.
Shell and Next hit by angry shareholders May 19, 2009 SHELL and Next’s Annual General Meetings (AGMs) set the stage for a summer of discontent yesterday, as shareholders voiced concern over their companies’ remuneration policies. Almost 60 per cent of investors at oil giant Shell voted against the company’s executive pay scheme, while a disgruntled 17 per cent at Next came out against the firm. [...]
