STOCK EXCHANGE VET TO STAGE WEST END MUSICAL COMEBACK April 14, 2011 THE Stock Exchange Veterans dinner last night had the largest turnout in its 15-year history, with 470 brokers out in force at The Brewery. The event’s organiser Bill Sharp, head of institutional sales at Alexander David, was delighted to “see so many old friends”, including Ron Martin, chairman of Southend United FC, Brian Winterflood of [...]
He earned £200m in six years. Now we know why: Becht’s exit reduced Reckitt’s value by £2bn April 14, 2011 CONSUMER giant Reckitt Benckiser saw up to £2bn wiped off its value yesterday after the shock announcement that boss Bart Becht is standing down. News of his exit stunned the market and its share price dived by nine per cent at one stage, eventually closing down 7.5 per cent at £31.15. Becht has earned an [...]
Chief exec goes out with a bang April 14, 2011 BART Becht has spent more than a decade at the helm of Reckitt Benckiser. During that time the value of the company increased five-fold and it has become one of the most profitable consumer goods businesses in the world under his stewardship. He took the role in December 1999 when Dutch detergent maker Benckiser and [...]
Switch off the panic button until the figures are in April 14, 2011 WITH Becht’s departure following that of finance chief Colin Day last year, it’s not surprising that the market is spooked. The company is now without the core team that led it so successfully through the last decade. The £2bn man – that’s how much the markets marked down the firm when they learnt of Becht’s [...]
Debenhams boss to retire as sales rise April 14, 2011 DEBENHAMS said yesterday its chief executive of eight years would retire in September as it posted a 4.5 per cent rise in first-half profit and resumed its dividend. Rob Templeman will be succeeded by Michael Sharp, the current deputy chief executive, the department store chain said. Templeman, who has been at the helm for eight [...]
WH Smith raises dividend as profit jumps after cuts April 14, 2011 WH SMITH yesterday hiked its dividend by 18 per cent after reporting a profit rise. The stationer said first-half profits in the six months to 28 February rose three per cent to £64m on like-for-like sales that were down four per cent at £686m. Sales at stores open at least a year fell five per [...]
Danone benefits from price hikes April 14, 2011 FRENCH food group Danone stuck to its full-year goals yesterday despite rising commodity costs and tough economic conditions, after price hikes fuelled stronger-than-expected first-quarter sales. The world’s largest yoghurt maker with brands like Actimel and Activia said business picked up in all divisions, with water and baby food particularly strong and it benefited from its [...]
PZ Cussons hit by mounting costs April 14, 2011 SOAP and shampoo maker PZ Cussons yesterday said trading remains challenging pressured by higher raw material costs, but sees more optimism for its next financial year led by growth in Asia and Nigeria. The maker of Imperial Leather soaps and Carex anti-bacterial hand washes said results for its 26 January to 13 April period were [...]
ANALYST VIEWS: CAN WH SMITH CONTINUE TO HIT TARGETS WITH CUTS? April 14, 2011 NEIL SAUNDERS | VERDICT It’s the familiar story of an increase in profits on the back of a decline in overall sales, brought about by cost reductions and margin enhancements. The danger is that as cost savings become more difficult to extract, the business will have a weaker consumer proposition and will continue to see [...]
Dunelm hit by material costs April 14, 2011 British homewares retailer Dunelm said rising raw material prices meant it was unlikely to be able to continue improving its profitability at the rate of recent years. The group, which runs 111 mostly out-of-town stores selling items such as kitchenware, lighting, wall art and rugs, said it was so far coping well with cost pressures [...]
