Ryanair hits out at Aer Lingus September 14, 2011 RYANAIR attacked the board of Irish airline Aer Lingus yesterday, demanding it ask shareholders their views on three issues in a bid to rebuild value at the company. Ryanair, currently one of the biggest shareholders in Aer Lingus, said investors should decide whether they receive an €0.20 per share special dividend to compensate for the [...]
Entertainment One soars on bid interest September 14, 2011 SHARES in Entertainment One leapt by up to 25 per cent yesterday after the Peppa Pig owner confirmed it was mulling a sale, adding almost £75m to the company’s market capitalisation. Entertainment One said yesterday it was “considering its strategic options… in response to interest it has received from various parties”. Though a spokesperson for [...]
Barratt posts its first profit in three years September 14, 2011 BARRATT Developments, the UK’s biggest housebuilder, hailed its first underlying profit in three years yesterday, helped by higher selling prices, and expects to make further progress despite a sluggish housing market. The group reported a full-year profit before tax and exceptional items of £42.7m compared with a loss of £33m in 2010, beating market estimates. [...]
Galliford Try’s earnings jump September 14, 2011 CONSTRUCTION and housebuilding firm Galliford Try has posted a 34 per cent jump in full-year adjusted pre-tax profit, beating expectations, driven by its focus on southern England. Galliford, whose projects this year include restoring London’s St Pancras Chambers and the athletes’ village at the Olympic Park, said pre-tax profits for the financial year came in [...]
Taylor Wimpey cuts costs through a bond buyback September 14, 2011 HOUSEBUILDER Taylor Wimpey is expected to save approximately £8.3m in debt interest costs on an annual basis after drawing strong demand for a buyback offer on its outstanding 10.4 per cent bond maturing in 2015. The company announced yesterday it would buy back £82.4m of the outstanding £250m bond. It had initially set out to [...]
WHAT IS YOUR OUTLOOK FOR THE HOUSEBUILDING SECTOR? September 14, 2011 CHRIS MILLINGTON | NUMIS The housing sector, at such a low level of activity, is showing a remarkable level of resilience. If we don’t get an interest rate rise it is very unlikely that we will see a big onset of foresellers in the market — so if that is the case, I think pricing [...]
Avis Budget drops bid for Dollar Thrifty September 14, 2011 CAR rental company Avis Budget Group has dropped out of the race to buy Dollar Thrifty, after a prolonged bidding battle with rival Hertz Global Holdings. Avis said it had made significant progress in obtaining regulatory clearance for the Dollar Thrifty acquisition, but had decided not to pursue a transaction due to current market conditions. [...]
Spain pushes ahead with IPO of state lottery September 14, 2011 SPAIN’S plans to sell a stake in its state lottery operator are on course to be completed before a November general election, despite volatile markets and opposition from the likely new government. Loterias y Apuestas del Estado said in a statement it had not changed plans for what would be Spain’s biggest-ever initial public offering [...]
AVON CELEBRATES 125TH BIRTHDAY September 14, 2011 COSMETIC group Avon, which has 300m customers worldwide, celebrates its 125 year anniversary today. Avon is the world’s largest direct seller, with over 3.5bn products sold each year in more than 100 countries. The cosmetics giant has 6.5m independent representatives – its famous “Avon ladies” – and profits of £2.9m a year. Avon was launched [...]
John Lewis profits hit in price squeeze September 14, 2011 JOHN Lewis yesterday revealed a slump in profits as discounting in the face of the tough consumer climate took its toll. The retailer, which also owns the Waitrose chain, said first half pre-tax profits plunged by 18 per cent to £90.4m. Its Never Knowingly Undersold pledge – meaning that they will offer the lowest prices [...]
