Land Securities hit by weaker office demand May 16, 2012 LAND SECURITIES, the UK’s biggest real estate investment trust, said turmoil in the Eurozone was continuing to dampen demand for office space in central London as it reported a fall in full-year profits. Rob Noel, who replaced Francis Salway as chief executive at the beginning of May, said uncertainty in Europe had “weighed heavily on [...]
Greggs proposes alternative to pasty tax as rain dampens sales May 16, 2012 GREGGS stepped up its attack on the government’s proposals to add VAT to all hot takeaway food, warning they would make a “material impact” on sales and profits at the chain, sending shares falling four per cent yesterday. Chief executive Sam McMeikan said a change in the VAT levy would have a “disproportionate impact on [...]
Strong US trading lifts Compass Group to first half rise in profits May 16, 2012 COMPASS Group, the world’s biggest caterer, posted a 7.7 per cent rise in first half profit yesterday, as strong trading in North America and emerging markets helped dampen the impact of challenging economic conditions in Europe. The group, which provides meals for the likes of office workers, soldiers and school children, said underlying pre-tax profit [...]
Berkeley Group pays £150m for Murdoch’s Fortress Wapping May 16, 2012 THE FORMER headquarters of News International, based in East London, has been snapped up by Berkeley Group. A source close to the deal told City A.M. that the Wapping site was sold for around £150m. Fortress Wapping, so called when Rupert Murdoch defeated unions and moved away from Fleet Street, was bought by Murdoch in [...]
Housebuilder Bovis expects better margins May 16, 2012 BOVIS Homes said yesterday it expects strong profit growth this year helped by higher average sales prices and improved profit margins, and sees conditions in the UK house building market remaining stable. The company reported 783 private net reservations in the 19 weeks to 11 May, a 33 per cent increase over last year, with [...]
US corporate results round-up May 16, 2012 Deere & Co ups oulook DEERE & Co posted higher quarterly earnings and sales that topped estimates, and raised its full-year profit outlook yesterday on rising global demand for farm equipment. The US farm sector is booming on higher worldwide food demand and as biofuels help drive up crop production. Companies like Deere are benefiting [...]
Outsourcer Xchanging says trading is stable but a quarter of investors reject pay deal May 16, 2012 OUTSOURCING firm Xchanging yesterday said that trading in the first four months of the year was in line with expectations – but there were rumblings of shareholder discontent as a quarter of investors voted against the remuneration report at the firm’s AGM. Some 24.7 per cent of votes cast were against the pay deal, which [...]
Weak sales in Europe for Abercrombie & Fitch May 16, 2012 ABERCROMBIE & Fitch yesterday posted a sharp drop in profit pressured in part by weak sales in Europe. For the first quarter ended 28 April, Abercrombie earned $3.0m compared with $25.1m a year earlier. Same-store sales fell five per cent in the quarter.
Pearson grows testing service with Certiport May 16, 2012 PEARSON yesterday announced it has purchased Certiport, which provides testing and certification services for leading IT companies, for $140m (£87.6m) in cash from Spire Capital Partners. Pearson, which owns the world’s biggest education business as well as the Financial Times and Penguin Books, said the move would expand the product range and geographical reach of [...]
RICHEMONT BOSS SLAMS EUROPE AS ASIA BOOMS May 16, 2012 EUROPE risks becoming little more than a tourist attraction for wealthy Chinese if it does not reform, the head of luxury goods group Richemont said yesterday as booming Asian demand helped offset weakness in Europe. “A few years ago, I said if people do not watch it Europe will become an open-air museum for travelling [...]
