CITY VIEWS: ARE YOU CONCERNED ABOUT THE BAN ON TOBACCO DISPLAYS? March 9, 2011 BYRON KEOWN | MANAGEMENT SOLUTIONS “Limiting advertising may help people who are trying to quit by removing obvious reminders, or prevent children from buying them. Though seeing cigarettes brings smoking to the mind, it doesn’t make people buy a packet who otherwise wouldn’t smoke. But clearly something needs to be on display – otherwise how [...]
ANALYST VIEWS: HOW WERE TULLOW RESULTS? March 9, 2011 JOB LONGBROEK | DAVY STOCKBROKERS Exploration continues to be a major source of new value for the group. During the year, it participated in 29 wells with an 83 per cent success rate. If we take into account Ghanaian discoveries and the hopefully reinvigorated Ugandan business, output net to Tullow of significantly over 200,000 barrels [...]
EnCore plans drilling spin-off March 9, 2011 Oil and gas explorer EnCore Oil said yesterday it was considering floating a new company containing its exploration assets to raise money for a drilling programme. EnCore said it would have a significant stake in the new company, which would be listed on AIM and expects to retain operatorship control. “I believe that this would [...]
E.ON expects two years of gloom March 9, 2011 German utility giant E.ON said yesterday it sees two tough years ahead as the cost of a tax deal struck with the government on nuclear plants, higher gas costs and lower power prices keep a lid on profits. The firm, which is four months into a major restructuring, warned of an expected fall in core [...]
Rolls Royce reveals €3bn engine offer March 9, 2011 ROLLS-ROYCE unveiled its €3.2bn (£2.7bn) plan to team up with car company Daimler to buy industrial engine-maker Tognum yesterday, in what could be one of the FTSE firm’s biggest ever purchases. Tognum’s shares edged past the €24 per share offer price yesterday, however, when it said it had not yet agreed the deal price with [...]
Interserve posts a decline in profit… March 9, 2011 MAINTENANCE and outsourcing firm Interserve reported a decline in full-year pre-tax profit yesterday, citing challenging conditions, and said it expected stable trading conditions in 2011. Interserve, which last month made a cash and shares approach to peer Mouchel, posted pre-tax profit for 2010 of £64.1m compared to £89.2m in 2009. The company, which provides services [...]
…as it races Costain in bid for Mouchel March 9, 2011 ENGINEERING and construction firm Costain said it has not pulled out of the bidding for Mouchel, despite the support services group turning to Interserve as preferred suitor. “We haven’t walked away and we are very much in an offer period,” said chief executive Andrew Wyllie. But Costain added it was also pursuing a number of [...]
EADS back in the black on new orders lift March 9, 2011 AIRBUS parent EADS returned to profit in 2010 and bagged a slew of new aircraft orders, it announced yesterday, pushing its shares up even as airlines fretted about surging oil prices. EADS posted higher than expected 2010 revenue of €45.8bn (£39.3bn), up seven per cent, and operating profit of €1.23bn. It restored a dividend of [...]
Halma buys Swiss medical firm March 9, 2011 Shares in safety equipment group Halma rose five per cent yesterday, one of the FTSE’s top risers, following its acquisition of Switzerland’s Medicel, a maker of optical devices. The company spent £46.6m on buying the firm, with a further £20m depending on future performance. Goldman Sachs analysts said the acquisition “is likely to be well [...]
Profits bounce at Yule Catto March 9, 2011 Chemicals maker Yule Catto posted a 19 per cent rise in its underlying pre-tax profit to £47m yesterday, boosted by lower finance costs and a strong performance in its polymer division, and the firm said it made a good start to 2011. Yule Catto, which bought Germany-based latex maker PolymerLatex in December, said it further [...]
