Rising real estate values push Grosvenor to profit April 19, 2011 THE DUKE of Westminster’s Grosvenor Properties swung into profit last year, the firm announced yesterday, as an uplift in property valuations propelled its recovery. The firm posted a pre-tax profit of £394.8m for 2010, from a £235.8m loss the previous year. Total assets rose 2.7 per cent to £4.2bn while net assets rose 5.8 per [...]
Citigroup rejigs equities team April 19, 2011 Citigroup has overhauled its global equities trading team, promoting Mike Pringle to global head of trading from his role as head of equities, Europe, Middle East and Africa (EMEA), while Adrian Faure will assume a new role as global head of emerging markets, based in Hong Kong. Andy Thompson has become the group’s head of [...]
Heritage posts underlying loss April 19, 2011 Heritage Oil reported a $1.2bn (£730m) net profit yesterday, thanks to the sale of its Ugandan assets for $1.45bn in cash. The oil explorer posted a $44.2m loss from continuing operations before tax – a larger loss than last year due to a $10.5m hit from fruitless exploration costs. Daily production increased by 65 per [...]
Falkland Oil & Gas raises £32m April 19, 2011 Beleaguered oil explorer Falkland Oil & Gas raised £32m in a heavily discounted share placing yesterday to fund further exploration off the Falkland Islands. The firm, which is yet to find a commercial oil deposit, has also secured a rig to drill new prospects in 2012.
Naturist travel firm in bid talks April 19, 2011 The UK’s biggest naturist holiday firm confirmed yesterday that it is in takeover talks. Travelzest, owner of Peng Travel, said in a statement that “very early stages of discussion” with an unnamed suitor could lead to a takeover offer. It has been reported that chief executive John Carroll is leading a joint takeover bid.
Sony Ericsson stuns market with a profit April 19, 2011 SONY ERICSSON shocked the market yesterday by announcing a small profit despite hemorrhaging market share and having its supply chain rocked by the Japanese tsunami. The firm was buoyed by surging demand for smartphones but missed analysts’ revenue forecasts by only shifting 8.1m units, giving it a lowly market share of just two per cent. [...]
UBM considers UK tax base April 19, 2011 UNITED Business Media (UBM) is considering relocating back to the UK after George Osborne’s pledge to speed up a cut in the rate of corporate tax. Chief executive David Levin said he could follow his WPP counterpart Martin Sorrell in redomiciling after what were seen as positive changes in the budget. UBM moved its tax-base [...]
Promethean World sees profits slide 22 per cent April 19, 2011 Interactive whiteboard maker Promethean World reported a 22 per cent decline in its first-quarter revenue after being hit by a squeeze in US education budgets. It forecasts market conditions will remain challenging through 2011. Promethean, which gets more than half of its revenue from schools in the US, however, said a contract to supply 4,000 [...]
REED ELSEVIER CONTINUES RECOVERY April 19, 2011 Publishing and events giant Reed Elsevier, headed by Erik Engstrom (pictured), continued its recovery in the first-quarter, reporting growth in all its major businesses. The world’s biggest exhibitions business said annual shows held in the first-quarter grew steadily, with the trend expected to continue throughout the year. It said all its businesses showed underlying revenue [...]
WPP buys German firm Commarco April 19, 2011 WPP yesterday agreed to buy German marketing company Commarco from private equity firm Cognetas for an undisclosed sum. A source close to the matter said the price was about €150m (£132m). Chief executive Martin Sorrell said Germany, along with Poland and Russia, is showing signs of strength. The advertising agency group says it is sticking [...]
