Hopes rise as advertising sector begins to stabilise March 2, 2010 WPP, the world’s largest advertising group by revenue, sees calmer seas ahead after a turbulent year. The second half of the year is expected to be “less worse”, according to chief executive Martin Sorrell. He said the markets began to stabilise in the second half of 2009. The firm, which reports its annual results on [...]
Retail surge gives boost to Share March 2, 2010 A RENEWED surge of interest in the stock market on the part of retail investors has boosted full-year profits at the Share group, owner of retail broker The Share Centre. The Aim-listed group made a pre-tax profit of £2.35m in 2009, 60 per cent higher than the £1.46m it posted at the end of 2008. [...]
State red tape choking UK firms March 2, 2010 Company directors are spending over £80bn and more than a month of their time every year on handling government red tape, a report from the Institute of Directors (IoD) warned yesterday. The IoD’s estimate is more than six times the guidance provided by the government, which claims the burden of regulation equates to around £13bn [...]
Sports Direct mulls a cash bid for Blacks March 2, 2010 SPORTS Direct yesterday said it is considering a takeover offer for Blacks Leisure. Mike Ashley’s group, which has brands including Slazenger and Dunlop, already owns almost 30 per cent of Blacks shares. It said it is “evaluating a possible cash offer for the entire issued and to be issued share capital of Blacks”. The company, [...]
AstraZeneca details cost-cutting plans March 2, 2010 ASTRAZENECA is to stop researching some disease areas that form the backbone of its current business – including schizophrenia and acid reflux – in a drive to focus R&D efforts and cut costs. The Anglo-Swedish drugmaker, which faces one of the sector’s worst “cliffs” of expiring drug patents, told its staff yesterday it would cease [...]
Ferrari’s greenest car March 2, 2010 FERRARI yesterday presented its first hybrid car – the experimental model HY-KERS – at the Geneva Motor Show. It said it had applied Formula One technology for a greener, but no less sporty, ride. The new car will see less fuel use, lower CO2 emissions – and a new breed of Ferrari owners plugging in [...]
WH Ireland in the red March 2, 2010 STOCKBROKER WH Ireland remained in the red over the past financial year despite a nascent pick-up in activity in the small cap broking sector, though the firm insisted yesterday the worst of its woes are behind it. WH Ireland made a pre-tax loss on continuing operations of £2.08m over the year to November, slightly narrower [...]
Provident Financial’s profits drop March 2, 2010 SUBPRIME lender Provident Financial posted lower-than expected profit for the full year as customers were more cautious in their borrowing habits, a trend which is likely to continue in 2010, it warned. The firm, which specialises in loans to people who usually need to borrow less than £500 and pay it back in weekly instalments, [...]
Allied Irish posts first full-year loss March 2, 2010 ALLIED Irish Banks said it would try to sell assets or a stake in the group before approaching shareholders or the government for further capital, after posting its first ever full-year net loss. Allied Irish, in which the government last year acquired a 25 per cent indirect stake and which is also participating in a [...]
Paddy Power hit by punter-friendly year March 2, 2010 PADDY Power yesterday blamed a series of difficult-to-call sporting events for a year-on-year drop in profits. It reported turnover of €2.7bn (£2.5bn) but Ebitda dropped eight per cent year-on-year to €67.2m. The firm blamed the drop on a tough year for predicting sporting results. It said Cheltenham was particularly difficult to predict and its decision [...]
