Kentz on the acquisition trail after 50pc profit rise March 28, 2011 OIL engineer Kentz yesterday said it will spend up to $50m (£31.2m) on further acquisitions this year, after posting a better-than-expected 50 per cent rise in annual pre-tax profit to $67.5m. AIM-listed Kentz, which bought RNE Engineering and Projects earlier this year, said its pipeline of prospects already stands at more than $8bn – up [...]
Shanks on track for growth March 28, 2011 Waste manager Shanks Group said it remains on course for the year, and will focus on UK investment following the end of its refinancing programme. The FTSE 250-listed firm said in an update that it has secured €40m (£35.2m) of long-term debt from Pricoa Capital, maturing in 2018. Consensus forecasts expect Shanks to make £33m [...]
Senior buys up aerospace firm March 28, 2011 FTSE 250-listed engineer Senior has bought US engineering business Damar Machine Company for $24.5m (£12.3m), the firms announced yesterday. Both firms make parts for Boeing planes, and the purchase will be immediately earnings enhancing, Senior said. The company will pay for the acquisition with cash and the assumption of Damar’s net debt.
Cairn jumps on UBS upgrade March 28, 2011 Cairn Energy shares enjoyed a boost yesterday after UBS upgraded the firm to a “buy” rating on expectations of positive drilling results. Cairn has impressed the analysts with controversial plans to explore oil deposits in Greenland. The Indian oil minister also hinted yesterday that Cairn’s sale of most of its Indian unit to Vedanta could [...]
Tullow finds more oil in Ghana March 28, 2011 Tullow Oil has struck another oil deposit off the coast of Ghana, it announced yesterday. The 27m oil and gas reservoirs at the Teak-2 well are separate to earlier discoveries in the region, exploration director Angus McCoss said. The company was part of Ghana’s first oil production in December.
DMGT sees an uncertain future for ads March 28, 2011 Daily Mail publisher DMGT has warned of uncertainty in the advertising market after seeing revenues from its regional newspaper division slump 12 per cent since the start of the year. This compares to a six per cent fall in the previous quarter and has been partially blamed on tough comparatives owing to increased advertising spend [...]
EBay is set to splash out $2bn to buy Rue La La owner GSI Commerce March 28, 2011 EBay is set to buy online retailer GSI Commerce for $2bn (£1.25bn). It has offered GSI shareholders $29.25 a share – a massive 51 per cent premium on their pre-bid closing price. GSI shares have since risen more than 50 per cent, while EBay’s have fallen 2.7 per cent. EBay hopes the deal will draw [...]
Stuart Rose joins board of MMN March 28, 2011 FORMER M&S boss Stuart Rose has joined the board of mobile payments firm Mobile Money Network (MMN) as non-executive chairman. MMN is a joint venture between mobile payments company Monitise and Carphone Warehouse owner Best Buy Europe. The firm also announced former Standard Chartered boss Lord Davies of Abersoch will join Carphone Warehouse founder Charles [...]
Siemens could sell Osram lightbulb maker for €7bn March 28, 2011 Siemens is set to announce plans to float lightbulb unit Osram, the last of its consumer business. Osram, the only business not bearing the Siemens brand, is estimated to be worth between €5bn (£4.4bn) and €7bn. It is the world’s second largest lighting company after Philips and ahead of General Electric. Analysts expect that Siemens, [...]
Bullish brokers boost banks as energy and mining stocks sag March 28, 2011 BULLISH broker comment helped push the banking sector higher yesterday, as Britain’s top share index neared key technical resistance levels after its recent rally, with commodity stocks weighing on the upside. The FTSE 100 closed 3.73 points, or 0.1 per cent, higher at 5,904.49, near its 50-day moving average of 5,933.83. The index has traded [...]
