Success for the lucky few that don’t rely on the high street March 22, 2012 IT’S bleak out there on the high street, about that there is no doubt. Non-food sales volumes fell by 1.5 per cent in February compared to a month earlier (see facing page). With Christmas long gone and the heavily-discounted January sales a distant memory, consumers have little to look forward to. Inflation might be less [...]
OCADO CHIEFS FORFEIT BONUSES March 22, 2012 EXECS at online grocer Ocado will not receive a bonus this year, after the firm failed to generate a pre-tax profit. Chief executive Tim Steiner’s (above) total pay has slumped 38 per cent to £354,000 for the year to November 2011 as the company grew sales but suffered supply problems. Finance chief Andrew Bracey, who [...]
Sofa chain sees dent in profits March 22, 2012 Sofa chain DFS said it would continue with its expansion plans despite posting a 31 per cent drop in first-half underlying profits to £28.3m yesterday. The retailer, which opened eight stores in the first six months of the year, plans to launch a further four sites by the end of its financial year, creating 500 [...]
Hermes hikes dividend 33pc March 22, 2012 Hermes showed its confidence in the global luxury goods market by raising its dividend 33 per cent after tourist spending in Europe and buoyant demand in Asia and the Americas fuelled full-year profit. The 175-year-old French company, which is 72 per cent owned by Hermes family shareholders, reported a 40.9 per cent rise in net [...]
Portmeirion eyes jubilee boost March 22, 2012 Portmeirion forecast a £1m boost to sales this year from the Queen’s diamond jubilee after demand for commemorative goods to mark the marriage of her grandson helped to lift 2011 profits. The china maker, whose products range from plates and gravy boats, said pre-tax profits rose 20.6 per cent to £6.3m.
Consumers cut back spending due to fears for UK economy March 22, 2012 CONSUMER worries over job security resurged and retail sales fell in February, fresh data revealed yesterday. Sale volumes fell 0.8 per cent from January although they rose one per cent compared with February 2011, according to the Office for National Statistics (ONS). Food sales fell 0.1 per cent month-on-month, while shops sold 1.2 per cent [...]
FSA asks for £55m to help it dismantle March 22, 2012 THE FINANCIAL Services Authority (FSA) needs almost 16 per cent more cash this year to fund its separation into two bodies, the watchdog confirmed yesterday. In the FSA’s final business plan, written and printed before news of chief executive Hector Sants’ departure emerged, the chief says “our main focus… for the coming year” is to [...]
Lloyds offloads £500m loan package to Bain Capital arm March 22, 2012 LLOYDS has continued to cut its vast loan book by agreeing to sell a portfolio of loans to the US private equity firm formerly run by presidential candidate Mitt Romney. The British bank, 41 per cent taxpayer owned, is offloading the leveraged loans to Sankaty Advisors, the credit investment arm of Bain Capital. The portfolio [...]
METROBANK ADDS 260 JOBS March 22, 2012 METRO Bank, whose launch in 2010 marked the arrival of Britain’s first new High Street retail bank in more than 100 years, has plans to hire around 260 more staff this year and is looking for additional capital to fund its development
Henderson oil row deepens March 22, 2012 FUND manager Henderson yesterday stepped up its row with Lochard Energy by saying it has “lost confidence” in chief executive Haydn Gardner and another director. An EGM to discuss their roles will be held in April and Henderson said it has 40 per cent shareholder support. Lochard did not comment but is expected to highlight Gardner’s [...]
