Ryanair profits suffer as fuel cost and Europe woes mount July 30, 2012 RYANAIR yesterday blamed the spiralling cost of jet fuel for a 28 per cent fall in pre-tax profits to €112.5m (£87.9m) for the quarter. The budget airline said its fuel costs had risen 27 per cent on last year to a whopping €544m, accounting for almost half of all operating expenses. Even hedging 90 per [...]
Cost cuts help Air France KLM July 30, 2012 SHARES in Air France KLM soared 18.6 per cent yesterday as the struggling airline’s cost cutting strategy helped to halve its operating losses. While overall losses widened to €895m (£699m) for the quarter, from €197m a year ago due to a euro restructuring charge, the firm narrowed operating losses to €66m as it squeezed non-fuel [...]
Consumers reject paid advice July 30, 2012 Most UK consumers remain unaware of the forthcoming retail distribution review that will introduce charges for most financial advice, according to a YouGov survey carried out for accountancy firm Deloitte. It also found 54 per cent of respondents would refuse financial advice if charged a fee. As a result Deloitte claim there will be a [...]
Just Retirement sales jump July 30, 2012 Annuity provider Just Retirement yesterday said record sales of its core products hit £362.3m in the three months to 30 June, an increase of 28.2 per cent on the same period last year. This brings total group sales to almost £1.46bn so far in 2012. The firm also said it saw further growth from products [...]
Fidessa falls as profit grows July 30, 2012 Shares in trading software company Fidessa fell almost six per cent yesterday as it revealed worse-than-expected results. Adjusted pre-tax profit rose by four per cent to £22.1m for first half of the year, with revenue hitting £141.3m. The firm said Eurozone woes and wider economic problems had created “adverse conditions for our customers”.
Reckitt growth offset by fall in US and Europe July 30, 2012 RECKITT Benckiser warned yesterday that trading in Europe and the US remained tough due to weak consumer demand and fierce competition, after posting weaker than expected half-year sales in the region. The household and toiletries giant, which owns brands such as Nurofen and Vanish fabric cleaners, said like-for-like sales in its Europe and North American [...]
Analysts sceptical after ailing JJB Sports appoints new chief July 30, 2012 RETAIL ANALYSTS were sceptical yesterday after JJB Sports appointed a former director of the troubled lingerie chain La Senza as interim chief executive, as the sports group fights to turn itself around. Beverley Williams, a former commercial director and co-chief executive of La Senza, joins the business with immediate effect following Keith Jones’ exit last [...]
Mortgage approvals plummet to their lowest level for 18 months July 30, 2012 MORTGAGE approvals plunged to their lowest number in a year and a half in June, according to Bank of England data released yesterday. Only 44,192 loans for home purchase were waved through by lenders last month, down from 50,544 in May and significantly below economists’ forecasts. While two extra bank holidays falling in June might [...]
Bank of England figures point to subdued UK money supply July 30, 2012 THE UK’s money supply continued to shrink in June, the Bank of England revealed yesterday, although the Bank’s favoured measure – which excludes intermediate other financial corporations – painted a more solid picture. The preferred measure, known as M4ex, was up 3.5 per cent on the year in June after a three per cent rise [...]
Weak increase in sales points to a miserable summer for retailers July 30, 2012 THE SQUEEZE on British consumers continued to hit the retail sector in July, according to a widely-regarded business survey released yesterday. Sales growth in the opening two weeks of the month was significantly weaker than shopkeepers had expected, the Confederation of British Industry (CBI) revealed. While 44 per cent of surveyed retailers told the CBI [...]
