Melrose eyes its next purchase March 9, 2011 Manufacturing buyout firm Melrose posted a 44 per cent leap in full-year profit to £171m yesterday, hiked its dividend, and said the time was ripe for its next major buy. Melrose, which has grown by purchasing underperforming businesses, was confident its strategy would continue to deliver in 2011, and said it was eyeing another purchase. [...]
ITV back as a blue chip firm March 9, 2011 BROADCASTING giant ITV has returned to London’s blue chip share index in the latest reshuffle of the FTSE 100. The group fell from the top flight in 2008, yet has returned under the leadership of former Royal Mail boss Adam Crozier. Financial services firm Hargreaves Lansdown also joined the elite share index, in an unprecedented [...]
Why filling in the census improves your life March 9, 2011 SO, how old are you? Have you ever been married? Who do you live with? Do you have a mortgage? How many bedrooms do you have? What religion are you? Yes, it might feel like Big Brother plopped on our doormats this week. The 2011 census asks questions that probably many of us would find [...]
Johnston press tumbles as chief stands down and revenue slumps March 9, 2011 REGIONAL newspaper publisher Johnston Press endured a worse start to 2011 than expected after government spending cuts hammered its advertising revenue, wiping a fifth off its market value. The group, whose titles include the Scotsman and the Yorkshire Post, said total advertising for the first nine weeks of 2011 fell 11.4 per cent compared with [...]
John Lewis in growth plan as profit lifts March 9, 2011 THE chairman of the John Lewis Partnership (JLP) yesterday said he planned to more than double the size of the company in the next ten years as the retailer unveiled bumper results. John Lewis saw profits rise by 20 per cent to £367.9m last year. Like-for-like sales across the John Lewis Group – which includes [...]
Mike Ashley in clear after Sports Direct fraud probe March 9, 2011 SPORTS Direct yesterday said none of its employees were now under investigation by the Serious Fraud Office as it also gave details of a £220m refinancing package. In March 2010 the Competition Commission formally cleared Sports Direct’s acquisition of 31 stores from struggling rival JJB Sports and in October 2010 the Serious Fraud Office (SFO) [...]
Lookers bullish on 2011 outlook March 9, 2011 LOOKERS yesterday reported a better-then-expected full-year profit, driven by a strong performance from its motor and car parts businesses and a reduction in costs, and the British car dealer said it was well-placed for further growth. The 124-outlet firm, which sells cars from manufacturers including Ford, Vauxhall, Nissan and Toyota, said January to December adjusted [...]
Revenue up for Restaurant Group March 9, 2011 THE Restaurant Group yesterday posted a 12 per cent rise in adjusted pre-tax profit to £56m for the year to 2 January. Revenue was up seven per cent to £466m, although like-for-like sales fell by one per cent at the chain which includes Frankie & Benny’s, Chiquito and Garfunkel’s. During the year the group opened [...]
Divisions over interest rates set to widen March 9, 2011 THE Bank of England announces its latest decision on interest rates today, amid growing disagreement between economists and business groups. The Confederation for British Industry (CBI) endorsed a tightening of policy this week, despite contrary statements from other business groups. “We must not allow inflation to get back into the national psyche as a given,” [...]
British exports bounce back March 9, 2011 BRITISH exports shot up by 5.4 per cent to a record value of £25.1bn in January, helping to narrow the UK’s overall trade gap to £3bn. The deficit fell from £5.5bn in December, when severe winter snow and changes in aircraft import taxes resulted in a record high deficit — £9.7bn — in visible goods. [...]
