Qinetiq warns of US election delays May 24, 2012 British defence technology company Qinetiq yesterday posted a three per cent rise in full-year profit, helped by the benefits of a restructuring programme, but said the current year could be hit by contract delays caused by the US Presidential elections. The firm posted an underlying pre-tax profit of £118.3m for the year to the end [...]
Traders put the fizz into great City A.M. event May 24, 2012 THE mood was sparkling last night at the champagne reception rounding off Active Trader 2012 – City A.M.’s first trading and investment conference. The one-day event saw 700 delegates fill the rooms at the Grange Hotel Tower Bridge to hear from a unique slate of speakers. City gurus Gary Baker of Bank of America Merrill [...]
Asian demand for beer boosts SABMiller profit May 24, 2012 KEEN drinkers in emerging markets have boosted the world’s second-largest brewer SABMiller’s profits by 75 per cent to $4.2bn (£2.68bn). The annual results, which include a one-off gain from the sale of SABMiller’s Russian and Ukrainian operations, saw revenues grow by 11 per cent to $31.38bn and pre-tax profits climb 55 per cent to $5.6bn. [...]
Geronimo acquisition helps revenue growth at Young’s May 24, 2012 PUB chain Young’s yesterday posted revenue growth of 25 per cent following the integration of Geronimo, the inns group it bought in late 2010. Revenues surged to £179m, boosting adjusted operating profit by a fifth to £26.2m and driving adjusted pre-tax profits up by 17.4 per cent to £21.3m. But Young’s fell to a £7.5m [...]
Ireland drives down Britvic May 24, 2012 BRITISH soft drinks maker and distributor Britvic’s half-year profit fell more than 10 per cent, hurt by a drop in sales and average realised price in Ireland. Pre-tax profit for the 28 weeks to 15 April fell to £24.8m from £27.7m a year ago. Revenues climbed 1.7 per cent to £641.1m, but sales in Ireland [...]
Milk charges pull Dairy Crest into the red May 24, 2012 A STRONG performance from Dairy Crest’s cheese and spread brands Cathedral City and St Hubert helped smooth out a rough year for the company’s milk business. Dairy Crest reported its first annual loss as a listed company, taking an impairment charge of £81.7m for the writedown of the value of its dairies business and the [...]
United Utilities profits trump expectations May 24, 2012 UNITED Utilities yesterday reported profits which narrowly beat expectations and raised its final dividend. Britain’s largest listed water utility, said underlying pre-tax profit fell about one per cent to £327m but still beat analysts’ estimates of £317.7m. Price increases helped push sales up three per cent to £1.57bn, the company said in its figures covering [...]
ANALYST VIEWS | IS UNITED UTILITIES ADOPTING THE CORRECT PATH FOR GROWTH? May 24, 2012 KEITH BOWMAN HARGREAVES LANSDOWN United has broadly reassured investors. It remains on track to meet its regulatory targets, whilst adjusted profits have materialised at the higher end of expectations. We say the stock is a ‘strong hold’. TINA COOK CHARLES STANLEY The financial position remains robust with headroom to cover projected financing needs to 2014. [...]
Cove narrows losses as suitor Shell re-thinks May 24, 2012 OIL and gas explorer Cove Energy yesterday said that its losses were narrowing while bidder for the company Shell said it was considering its options. The company reported a net loss for the year to the end of March of $4.09m (£2.6m) compared with $5.01m the previous year. Meanwhile oil major Shell issued a statement [...]
CWC dividend cut to four cents May 24, 2012 SHARES in Cable & Wireless Communications soared by 19 per cent yesterday after the company said it will halve its dividend to four cents. CWC boss Tony Rice told City A.M., “We wanted to set the dividend at a sustainable level, capable for growth. It was previously set at too high a level for the world we are entering.” [...]
