B&Q boss set for windfall as goals met February 16, 2012 KINGFISHER boss Ian Cheshire is in line for a windfall payout after the retailer said it was on track to meet analyst forecasts for a full-year profit of £800m. Cheshire is likely to receive shares worth up to £6.14m, after the owner of the B&Q chain beat two main targets set out in its 2008 [...]
Ladbrokes beats the stakes February 16, 2012 BRITAIN’S second-biggest bookmaker Ladbrokes reported a better-than-expected full year operating profit yesterday as strong growth in revenue from gambling machines helped its retail business to perform strongly despite tough market conditions. The company, which has around 2,100 shops in Britain, said yesterday group operating profit fell by 0.4 per cent to £193.5m. The average forecast [...]
CWW promises strategic scheme to save business February 16, 2012 MENTION of Vodafone was conspicuously lacking in Cable & Wireless Worldwide’s interim statement yesterday after news of the possible buyout bid pricked ears on Monday, sending CWW’s share price up by almost half. The telecoms group, which provides communication networks to 70 of the FTSE 100 companies, kept its full year outlook unchanged and said [...]
Deutsche Telekom could sell British ops February 16, 2012 GERMAN phone network Deutsche Telekom could pull out of telco hybrid Everything Everywhere in a bid to raise cash after its attempt to sell T-Mobile USA to AT&T fell through. The largest telephone company in Germany is said to be in early stages of considering the sale of T-Mobile UK, although Deutsche Telekom has not [...]
BT latest to plan legal service as claims business applies for Tesco law licence February 16, 2012 TELECOMS giant BT is muscling in on the legal sector after confirming yesterday that its claims management division has applied to become an alternative business structure under the so-called Tesco law. Wholly-owned subsidiary BT Claims currently just handles claims related to its parent group’s corporate vehicles, but if a licence is granted plans to roll [...]
ANALYST VIEWS: HOW WELL IS KINGFISHER PERFORMING? February 16, 2012 PHILIP DORGAN | PANMURE GORDON Good underlying progress, but we need to shave our numbers for 2013 by £30m to £865m. We continue to believe that Kingfisher has a significant growth opportunity…At last, Kingfisher is beginning to extract benefits from having a group structure and is set to dramatically increase both common and direct sourcing. [...]
Glencore reveals exec stakes February 16, 2012 Commodities trader Glencore detailed the stakes held by some of its top execs yesterday, with its head of aluminium Gary Fegel emerging as one of the largest individual shareholders with a stake worth just over $1bn at current prices. Others with significant holdings disclosed yesterday include Stuart Cutler, who runs the ferrochrome division after the [...]
Virgin protests BMI deal February 16, 2012 Virgin Atlantic has made a formal complaint to the European Commission about IAG’s purchase of Lufthansa’s British unit BMI, saying competition on some European routes would diminish and that fares would increase. In its submission Virgin Atlantic said that if the deal was approved, three key domestic routes to and from Heathrow – Aberdeen, Edinburgh [...]
Cadogan halts Ukraine drilling February 16, 2012 Cadogan Petroleum yesterday announced that it had been forced to suspend drilling on its Pokroskvoe 2a well in Ukraine after it encountered problems with its equipment. “Cadogan advises that it has decided to temporarily suspend operations on its Pokroskvoe 2a well. This well has been drilled to 4,783 metres,” the company said.
Economy sees Nestle warn of tough 2012 February 16, 2012 NESTLE, the world’s biggest food conglomerate, posted better-than-expected 2011 sales growth yesterday but remained cautious on its outlook. The maker of brands such as Nescafe, Perrier, Maggi and Haagen Dazs warned that 2012 would be just as difficult as previous years due to continued economic uncertainties and volatility. Net profits rose eight per cent to [...]
