FSA gives £1m fine for market abuse May 24, 2011 THE Financial Services Authority (FSA) has fined a man more than £1m for market abuse in the first use of a tough new penalty system. The FSA also took out a high court injunction against the individual – repeat offender Samuel Kahn – meaning he could face jail for contempt of court if he is [...]
Greencore: we are not for sale says chief exec May 24, 2011 SANDWICH and chilled foods maker Greencore posted a net half-year loss yesterday as costs from its failed merger with Northern Foods wiped out gains from a steady sales rise. The Irish group booked a €13.4m (£11.7m) charge for its bid to merge with Northern Foods, a convenience food specialist that was prised out of its [...]
Holidaybreak hit by weather May 24, 2011 Outdoor European specialist holiday group Holidaybreak yesterday posted a wider first-half pre-tax loss as cash-strapped consumers preferred to stay home amid last year’s harsh winter on top of a difficult economy. For the six months ended 31 March, pre-tax loss widened to £19.2m from £17.7m last year. Revenue fell seven per cent to £139.6m. The [...]
Go Outdoors in refinance deal May 24, 2011 Outdoors retailer GO Outdoors has secured a £30m financial package from Lloyds Banking Group to fund its growth plans. The business said the three-year re-finance deal included £12.2m for trade finance to help deliver new lines to consumers by giving secure funding lines to work with suppliers. GO Outdoors operates from 30 outlets across the [...]
Big Yellow says UK recovery slow May 24, 2011 UK self-storage company Big Yellow Group said yesterday that a recovery in the sector was unlikely until the economy improves but still increased profit. April to March adjusted pre-tax profit rose to £20.2m from £16.5m a year ago. Revenue rose seven per cent to £61.9m. “In the UK, at the moment we’re operating in a [...]
New projects steal the show at Portland May 24, 2011 LONDON real estate investor Great Portland Estates (GPE) yesterday reported a 78 per cent rise in profits to £50.4m, as it unveiled planning approval for its Hannover Square project and the sale of some of its stake in 100 Bishopsgate. The firm’s West End-focused property portfolio gained 15.5 per cent in value to £1.65bn over [...]
English Heritage to judge on UBS office May 24, 2011 A PANEL of planning and architecture experts will today meet to decide whether to push for listed status of the Broadgate estate near Liverpool Street. English Heritage is due to announce shortly afterwards whether plans to knock down two buildings on the estate should be put on ice, pending government approval. British Land, which owns [...]
Paragon leads the way with rise in lending and 35pc profit jump May 24, 2011 STRONG demand for rented accommodation helped push profits up at buy-to-let specialist Paragon, with the company yesterday predicting further growth in lending for the rest of the year. Pre-tax profit for the six months to the end of March rose 34.8 per cent to £39.5m and the company also raised its interim dividend by 12.5 [...]
BROADGATE LISTING SPAT May 24, 2011 Q. WHO DECIDES WHETHER TO LIST BROADGATE? A. The final decision will rest with the culture secretary, Jeremy Hunt. He is obliged to consider what English Heritage wants, as it is a statutory adviser on conservation matters. It is unusual for a listing to defy English Heritage’s wishes, but not unheard of – for example, [...]
C&WW sees its cashflow go into black May 24, 2011 CABLE & Wireless Worldwide (C&WW) yesterday released a workmanlike set of results that reassured investors who had been spooked by a torrid few months. The firm slashed costs to push pre-tax profit up 23 per cent to £143m on slightly lower revenues of £2.3bn. Shares in the firm, which concentrates on the global corporate market [...]
