S&N revenue beats market expectations May 6, 2010 HIP and knee replacement specialists Smith & Nephew (S&N) saw income for the first quarter of the year climb to $995m (£660m), putting the group’s financial performance ahead of the group’s outlook. The growth in revenue represents a nine per cent boost on the same period last year when revenue came to $865m, with further [...]
Lloyds wins bonus showdown May 6, 2010 LLOYDS Banking Group managed to get approval for controversial plans to award executives bonuses yesterday, despite expectations of a shareholder rebellion. Nearly 91.5 per cent of the government-owned bank’s shareholders voted through its remuneration programme. Although chief executive Eric Daniels will waive his £2m bonus, directors Tim Tookey, Helen Weir and Truett Tate will take [...]
Former RBS banker faces ban on top jobs from FSA May 6, 2010 JOHNNY Cameron, the executive who presided over Royal Bank of Scotland’s global banking and markets division at the height of its hubristic boom, faces a possible ban on holding key City roles. The Financial Services Authority is understood to be thrashing out an agreement with Cameron’s lawyers that would see him barred from taking senior [...]
BA to face fresh walk out threats May 6, 2010 BRITISH Airways (BA) could face more disruptions to its services as cabin crew finish voting today on whether or not to reject a peace offering from the airline and launch another strike action. Unite, the union representing the crew, had earlier urged staff not to accept the deal proposed by BA on the grounds that [...]
Schroders gorges itself on clients’ cash as inflows point to industry recovery May 6, 2010 HOPES of a recovery in the fund management industry were sustained as Schroders reported record inflows of £9.7bn for the first quarter yesterday. Following in the footsteps of Aberdeen and F&C, the 206-year-old institution said high street customers and corporate clients clambered aboard rising equity markets in the three months to 31 March. Total assets under management [...]
Rexam beats forecasts but is cool on World Cup May 6, 2010 REXAM, the world’s biggest drinks can maker, said its first quarter figures had beaten City expectations thanks to increased demand from South America and Europe. However, the British packaging company played down any potential boost to drinks can volumes from the soccer World Cup this summer. Chief executive, Graham Chipchase said: “We only have about [...]
Rockhopper stock rises on oil discovery May 6, 2010 ROCKHOPPER told the market yesterday it had struck oil off the Falklands Islands. It is the first oil discovery in the North Falkland basin and sent shares of the Aim-listed British explorer rocketing 150 per cent to 93.5p. The firm said it found oil along intervals across 53 metres, which was 25 metres deep at [...]
PartyGaming gearing up for a return to US May 6, 2010 ONLINE gaming group PartyGaming yesterday said it was gearing up for a possible return to the US if legislation banning the industry is overturned, after reporting a 27 per cent rise in first quarter revenue. PartyGaming, which operates the PartyPoker and PartyCasino sites, said it was encouraged by congressmen Barney Frank and Jim McDermott’s moves [...]
Diageo toasts profits rise in new markets May 6, 2010 DIAGEO has smashed profit forecasts with a sales bounce back led by strong emerging market growth. The producer of Smirnoff vodka and Captain Morgan rum said Latin America, Asia and Africa were performing well while traditional markets like the US had been slow to improve. The world’s biggest spirits maker saw third quarter sales jump [...]
Morrisons’ sales growth slows despite record number of customers in stores May 6, 2010 SUPERMARKET giant Morrisons has seen record numbers of customers in its stores but the new financial year has been hit by a slowdown, it said in a trading statement yesterday. The group has continued to grow market share in the first quarter with sales, excluding fuel, up 5.9 per cent in the 13 weeks to [...]
