ANALYST VIEWS: WILL BUYING MOODY ADD TO INTERTEK’S VALUE? March 7, 2011 KEVIN LAPWOOD | SEYMOUR PIERCE It is an important strategic move for Intertek since it considerably enhances its global position in technical safety services and systems certification. Intertek benefits from the defensive qualities of its business model, favourable long-term market trends and the broad geographic and operational spread of activities. MIKE MURPHY | NUMIS It [...]
Latin America drives sales at Michael Page March 7, 2011 RECRUITER Michael Page has posted improved profits for 2010, driven by its expansion into emerging markets. Gross profit for the year rose 23.8 per cent to £442.2m, with 72 per cent of the company’s profit generated overseas. The fastest-growing market was the Americas, driven by expansion into Chile – the firm’s fourth Latin American market [...]
Paddy Power sees profit surge after World Cup and acquisition March 7, 2011 BOOKMAKER Paddy Power yesterday reported a 55 per cent rise in annual profits, helped by its expansion in Australia and World Cup betting. Pre-tax profits rose to €104.2m (£89.6m) in 2010 from €67.2m in 2009, the company’s results statement revealed. The 2010 figure included a full year’s contribution from Australian betting company Sportsbet. Paddy Power [...]
Forth to open books after £745m offer March 7, 2011 FORTH Ports yesterday received a takeover approach valuing the operator at £745m from its largest shareholder, Arcus European Infrastructure Fund, and has given Arcus access to its books. Forth Ports, which owns and operates seven commercial ports in the UK, said following talks Arcus had made an indicative conditional offer worth 1,630p per Forth Ports [...]
Intertek buys Moody in deal worth £450m March 7, 2011 SHARES in safety services provider Intertek jumped yesterday after it revealed an 11 per cent profit increase and plans to acquire a rival. Profit before tax for the FTSE 100 listed firm hit £211.9m for the year to 31 December 2010, up from £191.5m a year earlier. Consensus forecasts had estimated pre-tax profits of £209m. [...]
Hannam left out in the cold for Glencore IPO March 7, 2011 BANKERS are already salivating over the sizeable fees associated with the upcoming flotation of the Swiss-based commodities group Glencore. The IPO, if it goes ahead (some think it may yet stumble), will be listed in London and Hong Kong and will bring in fees of £300m-plus to a group of banks that is likely to [...]
Petrofac sees big growth in Middle East March 7, 2011 OIL services firm Petrofac said yesterday it was confident about profit growth of at least 15 per cent this year, after posting a 58 per cent jump in profits in 2010. Petrofac posted a pre-tax profit of $663.5m (£409.7m) for the year, up from $432m in 2009 on revenues up 18.8 per cent to $4.35bn. [...]
Cluff shuts Ivory Coast mine March 7, 2011 CLUFF Gold, the Aim-listed miner, has suspended operations at its Angovia mine in Ivory Coast due to shortages of fuel, explosives, cement and cyanide and will not reopen it until political stability returns. Ivory Coast has been in turmoil since a disputed November election that threatens to rekindle the West African state’s 2002 civil war, [...]
Sir John Bond to chair Xstrata as miner cuts some ties to Glencore March 7, 2011 SIR John Bond, one-time chairman of HSBC and outgoing chairman of Vodafone, hopes to extend his stay in the FTSE 100 after agreeing to chair mining group Xstrata. Sir John will join Xstrata’s board as a consultant with immediate effect, ahead of his departure from Vodafone in July. Sir John will eventually replace Willy Strothotte, [...]
Chariot to raise £90m to fund Namibia exploration March 7, 2011 CHARIOT Oil & Gas said yesterday it expects to raise about £90m through a discounted share placing to help fund its exploration programme as it plans to drill its first well in offshore Namibia in late 2011. The Africa-focused oil and gas exploration company said yesterday it has placed about 36m shares at 25p each, [...]
