National Grid’s Sandy clean-up to reach £100m November 15, 2012 NATIONAL Grid posted a jump in half-year profits yesterday, as it warned that damage from Hurricane Sandy will cost it up to £100m to fix. FTSE 100-listed National Grid posted a 37 per cent rise in statutory pre-tax profits to £1.29bn for the six months to the end of September, or a rise of 21 [...]
Rise in household gas use offsets fall in business demand at Centrica November 15, 2012 BRITISH gas owner Centrica said yesterday the weak UK economy was impacting demand among business customers, though cost cuts were enabling it to stay on track for growth in its residential division. It expected to deliver overall earnings growth in 2012 in line with market expectations, the company said in a trading statement yesterday. This [...]
Esperanza ramp-up boosts Antofagasta as output soars November 15, 2012 THE RAMP-UP of production at Chilean mine Esperanza boosted Antofagasta earnings by 13 per cent over the nine months to September, it said yesterday. Esperanza, which began operations in 2011, was the main driver behind a 13.7 per cent jump in copper output over the period to 515,800 tonnes. Copper output from Esperanza jumped to [...]
Worries over healthcare unit weigh on can maker Rexam November 15, 2012 BEVERAGE can maker Rexam said yesterday that its healthcare business has performed below expectations as its pharma division lost some business in animal health. The healthcare business, which contributes about 10 per cent of the company’s total sales, makes precision medical devices such as bronchial inhalers, injection syringes and tubes. Rexam, whose cans are used [...]
Olympic contractor WS Atkins to help New York as profits rise November 15, 2012 ENGINEERING giant WS Atkins said yesterday it had won a contract to help the US Federal Emergency Management Agency clean-up after Hurricane Sandy, as it announced a rise in pre-tax profits. Profits before tax for the first half of the year rose 14 per cent to £50.4m, from £44.2m 12 months earlier, as revenues dropped [...]
Heritage ups resource estimate November 15, 2012 Explorer Heritage Oil hailed its acquisition of a Nigerian oil block yesterday, increasing its net proven and probable reserves to 412m barrels of oil. The acquisition also boosted its full-year net production to an estimated 11,350 barrels of oil a day. Heritage is ramping up production at the Nigerian oil fields, and yesterday said that [...]
Increasing cash flows at Premier November 15, 2012 Oil and gas explorer Premier Oil yesterday said it anticipated “sharply increasing” cash flows for both this year and next, driven by rising production and stronger oil prices. Average output at the firm for the year to October was 57,300 barrels of oil equivalent a day, up from 40,400 over the same period last year. [...]
BBA Aviation hits headwinds November 15, 2012 BBA Aviation’s shares fell three per cent yesterday after the plane support services firm said trading since July has been tough. BBA said group revenues have fallen three per cent on a year ago, knocked by flight disruption from Hurricane Sandy as well as broader weakness in the market. However, the group thinks the rate [...]
Record London rents keep up investor profits November 15, 2012 LONDON rents hit another record high in October as landlords celebrate solid returns on investment, according to the LSL buy-to-let index published today. Average monthly rents in the capital jumped 0.9 per cent to £1,102, breaking the £1,100 mark for the first time. That represents a seven per cent hike on the year, and holds [...]
A tough-minded strategy gives 3i fresh hope of growth November 15, 2012 SIMON Borrows took a distinguished City pedigree to private equity house 3i in May, and his stewardship has bought the group some time to put its turnaround plans, announced in June, into place. Even activist shareholder Laxey Partners seems to have made peace with the arrangements. Yesterday’s half-year results gave further grounds for holding fire. [...]
