British American Tobacco sales stunted by exchange rate woes July 25, 2012 BRITISH American Tobacco (BAT)’s growth in emerging markets was cancelled out by a strong pound, as the cigarette maker saw a slight rise in profits in the first half of the year. The world’s second largest tobacco firm, which makes Kent, Dunhill, Lucky Strike and Pall Mall cigarettes, said it expects continued earnings growth in [...]
Mecom rocked by €42m loss July 25, 2012 EUROPEAN newspaper group Mecom has posted a €42m (£33m) pre-tax loss ahead of a likely break-up of the business, a week after announcing that chief executive Tom Toumazis will leave. Mecom, which owns papers in the Netherlands, Denmark and Poland, saw turnover fall by eight per cent to €492m due to a 15 per cent [...]
GlaxoSmithKline forced to cut outlook as European crisis bites July 25, 2012 GLAXOSMITHKLINE warned yesterday that sales in 2012 would be flat as pressure on drug prices intensifies in Europe, due to government austerity measures aimed at curbing healthcare budgets. The worsening situation in Europe is a challenge for the UK’s biggest drugmaker, which had previously set itself a goal of a return to sales growth this [...]
CITY VIEWS | HAVE YOU SEEN THE OLYMPIC TORCH? July 25, 2012 GRANT LOWDEN PORTWARE LLC Yes I saw the flame pass through our local high street a couple of weeks ago and was delighted to see people making the effort to get out and wave as it passed – even in the pouring rain. DORIAN TRANQUILLE-DAY ERNST & YOUNG No and I also think it is [...]
Capita boosted by acquisitions July 25, 2012 British outsourcing group Capita has posted a 10 per cent rise in first half profit, boosted by its acquisition spree, and said a buoyant sales market gave it confidence for a strong 2012 and beyond. Capita said yesterday underlying pre-tax profit for the six months to 30 June was £190.7m.
Johnson Matthey disappoints July 25, 2012 Shares in Johnson Matthey fell yesterday after the chemicals firm posted a virtually flat first quarter, prompting worries it may miss forecasts for the first half. Johnson Matthey posted a profit rise of less than two per cent on a year earlier, and said the second quarter would be similar.
Petropavlovsk to up output July 25, 2012 Russia-focused gold miner Petropavlovsk aims to boost its gold production during the second half of 2012 after its first half output rose 27 per cent, the company said yesterday. Its first half gold production was 279,100 troy ounces, up from 219,100 ounces, year-on-year.
Better margins shore-up Informa July 25, 2012 British media group Informa posted a three per cent rise in adjusted profits yesterday despite a fall in revenue. The company, which publishes shipping guide Lloyd’s List and organises exhibitions, said pre-tax profit increased to £142.8m. However, with impairment costs related to the disposal of its central European operations, Informa fell to a £27.4m loss.
Nomura chief executive to resign July 25, 2012 Kenichi Watanabe, the head of Japanese bank Nomura, will resign to take responsibility for leaks of insider information to clients of the company’s brokerage unit, the Nikkei newspaper reported last night. Watanabe has already seen his pay docked by the board following the firm’s third insider trading scandal since he took the helm four years [...]
Moody’s threatens German banks July 25, 2012 Ratings agency Moody’s last night changed its outlook on 17 German banking groups to negative because their ratings incorporate support from the German state. The change follows Moody’s decision earlier in the week to change the outlook on German sovereign ratings to negative from stable.
