Costain reports a jump in profits as it targets big ticket contracts August 25, 2011 COSTAIN, the engineering and construction firm, reported a 23 per cent jump in its first-half pre-tax profit as its environment division offset the decline in other units, and said it had raised its interim dividend. Pre-tax profits for the year to June rose to £10.1m from £8.2m last year, while operating profit at its environment [...]
German landesbanks hit by Greece August 25, 2011 German landesbanks WestLB and LBBW said their first-half earnings were weighed down by Greece exposure and restructuring, factors that made it difficult for either public sector lender to give a clear forecast for 2011. WestLB said ongoing restructuring expenses weighed down first-half earnings as the troubled German bank prepares to break itself up. The lender [...]
Earnings fall at discounter Big Lots August 25, 2011 Big Lots, the US discount store chain, said yesterday its second-quarter earnings fell 8.2 per cent. Revenue increased slightly, beating Wall Street expectations on strong demand for the company’s discounted products, which encouraged the retailer to raised the low-end of its full-year earnings guidance. Net income fell to £21.8m from £23.8m at the same time [...]
Barclays cuts a further 140 jobs in savings drive August 25, 2011 BARCLAYS is cutting 140 jobs in its corporate business arm as part of the bank’s plan to slash costs and bring its five divisions closer together. Around 40 voluntary and 100 compulsory redundancies will be in the UK infrastructure operations for Barclays Corporate, which is being brought closer together with the Barclays Capital arm. The [...]
London 2012 IMAGE OF THE WEEK August 25, 2011 BMX | BMX TRACK, THE OLYMPIC PARK The UCI BMX Supercross World Cup 2011 In the run-up to 2012, City A.M. is publishing its Olympic Image of the Week. If you have a shot you think our readers will like, please email pictures@cityam.com with IOW2012 in the subject line. Full details: www.cityam.com/london-2012.
Profits surge at DP World on Aussie sale August 25, 2011 DP WORLD’S first-half profit grew four-fold as it booked a $436m (£267m) gain from the sale of its Australian operations last year, and the port operator said its emerging market focus would help it deliver on full-year goals. The company, one of the more profitable assets of debt-laden Dubai World, said it was difficult to [...]
Leighton dumps Stewart a day after chairman goes August 25, 2011 LEIGHTON Holdings dumped its chief executive a day after the chairman quit, leaving investors aghast at management turmoil and sending its stock sliding yesterday. Shares in Australia’s top contractor closed 3.3 per cent lower, adding to a 3.1 per cent fall a day earlier after chairman David Mortimer resigned, with investors stunned that chief executive [...]
RESOURCES ROUND-UP August 25, 2011 Kenmare eyes 2012 price hike Kenmare Resources expects a dramatic boost to earnings next year when it will be able to capitalise on higher prices for its key products, the Irish mining firm said yesterday. Kenmare, which mines ilmenite and zircon from its Moma mine in Mozambique, has not been able to take full advantage [...]
AZ Electronics boosted by demand for its smartphone components in first half August 25, 2011 AZ ELECTRONICS reported strong growth in revenues for the first half yesterday on the back of healthy smartphone and iPad sales. The electronic materials firm, which counts Apple and Samsung among its clients, saw underlying earnings before tax rise 18 per cent from last year to $129.5m (£79.5m). AZ reported total revenues up 22 per [...]
Hansteen buys properties as its net asset value rises August 25, 2011 EUROPEAN property investment firm Hansteen posted a first-half pre-tax profit of £16.83m yesterday, up from £7.85m last year. Net asset value per share also rose 3.6 per cent over the first half of the year. The company said it was taking a cautious view of further purchases, saying it will focusing on improving occupancy and [...]
