Cost cuts at Trinity Mirror start to pay off as advertising begins to pick up July 29, 2010 Newspaper publisher Trinity Mirror reported a leap in first-half profits driven by cost cuts and helped by improving advertising trends. The publisher of the Daily Mirror said national advertising revenue picked up by 2.2 per cent in the first half but advertising at its regional newspapers fell eight per cent as recruitment and property sales [...]
Reed Elsevier returns to growth in a sign firms are loosening purse strings July 29, 2010 Publishing and events group Reed Elsevier beat first half forecasts as underlying revenues returned to growth after a torrid few years. The positive results were lifted by a stabilisation in advertising and promotions. The firm’s exhibitions business – the world’s largest – grew nine per cent after benefitting from a series of biennial shows that [...]
Interpublic sees rebound as the economy improves July 29, 2010 INTERPUBLIC, the world’s fourth largest advertising company, yesterday posted a larger-than-expected rise in quarterly revenue, amid signs that the ad industry is poised for a rebound. The company said net income rose to $105.3m (£67.4m), or 15 cents a share, from $20.9m, or four cents a share, a year earlier. Revenue for Interpublic, parent to [...]
BEST OF THE BROKERS July 29, 2010 EASYJET easyJet revealed strong revenue trends for the third quarter, according to Royal Bank of Scotland (RBS), which said it was, however, lower than expected. Profit guidance was unchanged as the volcano impact was confirmed at the top of the range. RBS reiterates its “hold” rating, noting operational instability is leading to incremental costs. CENTRICA [...]
DR PEPPER LOSES SUMMER FIZZ July 29, 2010 Dr Pepper Snapple Group posted lower-than-expected quarterly revenue yesterday as sales of higher-priced drinks ebbed when retailers like Wal-Mart cut prices on soda in the key summer selling season. The US firm, led by chief executive Larry Young (inset), said second quarter net income was $183m (£117m) up from $157m a year ago. Sales, at [...]
Kazakhmys is on track with firm demand July 29, 2010 CENTRAL Asian miner Kazakhmys said copper production was ahead of target yesterday and reassured investors customer demand remained firm, batting away fears of a cooling in the Chinese economy. Shares in Kazakhmys rose 1.9 per cent to £12.20 after the FTSE 100 company said output of copper ore – which accounts for the bulk of [...]
Saint-Gobain sees profits rise July 29, 2010 FRANCE’S Saint-Gobain, the world’s largest building materials group, posted a rise in first-half sales and operating profit, helped by the strength of the construction sector in emerging markets, especially Asia. Operating profit rose 55.4 per cent and the group raised its 2010 cashflow target. St Gobain confirmed its target for a strong rise in operating [...]
Raytheon is hit by a key contract loss July 29, 2010 DEFENCE contractor Raytheon reported lower net income yesterday and cut its full-year sales and profit forecasts, citing a termination notice on a UK border security programme. Net income at the New York-listed firm came to $208m (£133m), or 55 cents a diluted share, in the second quarter, compared with $489m, or $1.23 a share, a [...]
Colgate disappoints as its revenue misses forecasts July 29, 2010 COLGATE-PALMOLIVE posted weaker-than expected second-quarter sales and said it would take a bigger hit than expected from Venezuela’s currency devaluation. Colgate’s net income in the second quarter rose to $603m (£386.6m), from $562m a year earlier. Sales rose two per cent to $3.81bn, below the $3.94bn analysts had expected. Organic sales, excluding foreign exchange, acquisitions [...]
CITY MOVES | WHO’S SWITCHING JOBS July 29, 2010 RBC Wealth Management The wealth manager has promoted Philip Harris to the position of head of private client wealth management for the British Isles. Harris has been at the firm since early last year, when he joined to create a domestic wealth management business. He previously founded financial advisory business Scott Goodman Harris, which was [...]
