CRH trims earnings forecast and plans €450m in cost cuts November 13, 2012 BUILDING materials group CRH yesterday warned that weak European markets and the impact of Hurricane Sandy on its operations led it to trim its full-year earnings forecast for 2012. The superstorm, which hit the East Coast of the US several weeks ago, has caused “significant disruption” to the materials operations in the area, while ongoing [...]
Pre-tax profits slump at Hibu November 13, 2012 PRE-TAX profits at struggling Hibu fell by 90 per cent in the six months to 30 September, the group said yesterday, just a day after it pushed back the deadline for a debt deal with its creditors. Pre-tax profit plummeted by £80m to £150m, on group revenues down 15 per cent to £660m. Digital revenue [...]
BP and AAR declare peace November 13, 2012 BP and former partner AAR said yesterday they have agreed to settle their differences over Russian joint venture TNK-BP. It is understood that AAR, run by four Russian billionaires, and BP have settled all disputes, including arbitration, in exchange for what is thought to be a $325m (£205m) payoff by the British oil major. Both [...]
William Hill gets extra time for Sportingbet November 13, 2012 WILLIAM Hill, Britain’s largest bookmaker, has been given until next month to submit a formal bid for online gaming company Sportingbet following a £530m takeover approach. The Takeover Panel, which oversees mergers and acquisitions, has extended the deadline for an offer until 5pm on 4 December to allow discussions to continue between Sportingbet, William Hill [...]
Workspace plans Tower Bridge building as pre-tax profits soar November 13, 2012 WORKSPACE yesterday posted better-than-expected half year results, driven by strong tenant demand for its trendy London office space and its focus on asset management. The company, which provides offices to some 4,000 businesses such as Moonpig, as well as the Metropolitan Police, became a stock market darling after posting stellar annual results in May and [...]
Cisco earnings exceed analysts’ expectations after cutting costs November 13, 2012 US network specialist Cisco Systems last night reported higher quarterly revenue and earnings that beat average analyst estimates due to cost cuts and the company’s broad product range. First-quarter net income, excluding items, rose 10.6 per cent to $2.6bn, or 48 cents per share, compared with analysts’ average estimate of 46 cents a share as [...]
James Bond to the rescue at Cineworld November 13, 2012 THE RELEASE last month of the James Bond film Skyfall has helped cinema chain Cineworld bounce back from a tough summer season when the Olympics drew moviegoers away from the big screen. The group yesterday posted a 1.4 per cent fall in revenues in the 19 weeks to 4 November while cinema admissions dropped by [...]
City Views | How often do you go to the cinema? November 13, 2012 LIZ RATCLIFFE ACCENTURE I probably go every other week to the cinema and I am going to see Argo on Friday. We try to go to smaller cinemas like the Ritzy in Brixton or the Curzon in Mayfair rather than the Odeon or Cineworld cinemas. DANNY JONES MOTT MACDONALD I have been to the cinema [...]
US corporate results round up November 13, 2012 Home Depot raises forecasts for sales HOME Depot yesterday raised its full-year outlook as the retailer benefited from a recent uptick in the US housing market and analysts expect a sales boost from Hurricane Sandy in the current quarter. The world’s biggest home improvement chain posted quarterly net earnings up 1.4 per cent to $947m [...]
City Moves | Who’s switching jobs November 13, 2012 Alvarez & Marsal The professional services firm has announced three appointments. Dan Murphy joins as a managing director from Alix Partners. He has also held roles at Ernst & Young. Ian Woosey and Lynn Evison join as senior directors. Woosey was previously director of retail consulting at Summit, and Evison was a partner at Kurt [...]
