Cairn pins hopes on Lebanon August 23, 2011 BRITISH oil firm Cairn Energy confirmed yesterday that it is lining up exploration opportunities in Lebanon, as its long-running deal to sell a stake in its Indian business nears an end. In June, India granted conditional approval for Vedanta to buy a stake in Cairn India from Cairn Energy in a $6bn deal that was [...]
Wood Group upbeat as oil explorers raise spending and markets improve August 23, 2011 ENERGY services firm John Wood Group raised its interim dividend and gave an upbeat outlook on 2011, with its oil exploration customers expected to increase their spending. Earnings before interest, tax and amortisation were $192m (£116m) in the six months to 30 June, the company said yesterday, up 25 per cent from a year ago. [...]
UK Coal says it is back in the black after four years August 23, 2011 BRITAIN’S biggest coal company UK Coal has posted its first profit for four years, but the group’s debt levels remain a concern. Pre-tax profits at UK Coal were £22.2m, up from a loss of £92m last year. Revenue also rose, increasing from £141m to £256m over the same period. But the group’s net debt remained high [...]
Earnings rise at insurer CPP despite FSA probe August 23, 2011 IDENTITY protection provider CPP Group said its first-half profits had jumped by a third yesterday but warned that a probe into its selling practices had hurt its business. York-based CPP, which also insures credit cards, said it made £23.1m pre-tax profit on revenues of £172.1m in the first half, but said its performance had been [...]
Gains for new Medtronic boss August 23, 2011 Medtronic posted quarterly earnings in line with analyst targets yesterday, as sales of its diabetes products, heart stents and other devices offset challenges for its important implantable heart and spine products. First-quarter net income was $821m (£497m) or 77 cents a share, compared with $830m, or 76 cents a share, a year ago, as new [...]
Spectris earnings up 74 per cent August 23, 2011 British electrical engineering firm Spectris has posted a 74 per cent rise in first-half adjusted pre-tax profit on strong demand from all its markets, and said it was confident of making good progress for the year. January-June pretax profit before certain items was £77.7m, compared with £44.7m last year. Revenue grew 25 per cent to [...]
Spirax-Sarco says growth is slow August 23, 2011 Spirax-Sarco Engineering’s first-half adjusted pre-tax profit has risen 15 per cent, helped by higher demand for its products in emerging markets, but the firm said the pace of growth had slowed in the second half. The firm, which supplies steam traps, pumps and boiler controls, said it would not be immune to a further slowdown [...]
Fenner buys Aussie seal maker August 23, 2011 FTSE 250-listed engineering firm Fenner has bought Transeals, an Australian manufacturer of sealant. Fenner will acquire A$5.6m (£3.6m) of assets through its wholly owned subsidiary Hallite Seals Australia, in a deal expected to be completed early next year. Nicholas Hobson, chief executive, said: “ It improves our coverage, expands our product offering and strengthens Hallite’s [...]
BUFFETT-BACKED BYD STRUGGLES August 23, 2011 CHINESE carmaker BYD’s profit warning and failure to deliver its promised electric car sent shares to a more than two-year low, as the Warren Buffett-backed company struggles with sales declines. Shares in BYD fell more than 14 per cent yesterday after the company warned it may post a third-quarter loss. The drop put a spotlight [...]
Foster’s buy back to fend off SAB bid August 23, 2011 AUSTRALIAN brewer Foster’s Group yesterday piled the pressure on SABMiller to raise its hostile takeover offer, unveiling a A$500 (£315m) capital return to shareholders. The country’s largest brewer proposed to return money via a share buyback or capital reduction in an effort to get SABMiller to increase its £7bn offer, which Foster’s has twice rejected [...]
