Ashtead bucks down trend with strong profits from US market September 4, 2012 PLANT hire group Ashtead yesterday posted a big jump in pre-tax profits for its first quarter, buoyed by strong growth in its US business. Profits for the three months to the end of July were up 82 per cent from the last quarter to a record £61.4m. The FTSE 250 company’s US subsidiary Sunbelt, a [...]
Shell looks at Black Sea oil with Turkey September 4, 2012 ANGLO-DUTCH oil giant Shell is eyeing up oil exploration opportunities in the Black Sea with Turkish state-owned oil firm TPAO. Last November, TPAO, which has interests in projects around the Middle East and northern Africa, signed a farm-in agreement with Shell to look for oil in the south-east region of Turkey, and offshore Antalya. That [...]
Retailers to stock up on Campbell’s September 4, 2012 CAMPBELL Soup posted better-than-expected quarterly profit yesterday, as it announced it was increasing the price of the iconic red and white cans. Campbell is trying to turn around performance with a new product range, including Thai curry sauce. Net income was $127m (£80m) in Campbell’s fiscal fourth quarter to 31 July, up from $100m a [...]
Gazprom faces anti-competition probe September 4, 2012 The European Commission is investigating Russian energy giant Gazprom over claims it might be hindering competition in EU gas markets. The Commission believes Gazprom might be “abusing its dominant market position” in central and eastern Europe by hindering the free flow of gas and preventing the diversification of supply of gas. It added Gazprom “may [...]
Roxi Petroleum produces oil at the Galaz field September 4, 2012 Kazakhstan-focused Roxi Petroleum yesterday said oil had flowed from one of its wells on the Galaz block in the Middle Eastern country. The firm said oil flowed at the rate of 199 barrels of oil a day, and that it could be ramped up to 392 barrels a day, it said during the tests. Roxi [...]
Genus reveals strong volume growth September 4, 2012 Genus, which develops advances to animal breeding using biotechnology, yesterday posted a 19 per cent rise in pre-tax profit to £46.5m for the year to 30 June. Revenue over the year was up 10 per cent to £341.8m, as expansion in China helped volume growth. Porcine sales across the group were up seven per cent, [...]
Enegi Oil soars on encouraging exploration September 4, 2012 Shares in Enegi Oil closed up by 4.55 per cent in trading yesterday, as it reported there was more shale gas at its Clare Basin site in southern Ireland than it first thought. As a result, it has asked consultancy Fugro Robertson to undertake further testing on the site. Meanwhile, the oil firm, whose main [...]
Analyst Views | Were Ashtead’s results what you expected? September 4, 2012 PAUL JONES PANMURE GORDON First quarter results from Ashtead are way ahead of both our and market expectations, with the benefit of additional fleet and increased efficiency being further enhanced by a gentle improvement in US yields. CAROLINE DE LA SOUJEOLE SEYMOUR PIERCE Ashtead delivered another excellent quarterly update. Top-line growth was solid with rental [...]
Cameron’s cabinet reshuffle is taking shape September 4, 2012 YESTERDAY’S reshuffle left the great offices of state untouched but the changes David Cameron made to his cabinet provide an insight into the Prime Minister’s plans for the second half of this government. He has turned to trusted allies, with aides saying the focus is on ensuring government policies pass into legislation within the timeframe of [...]
Manufacturing slump weighs on US recovery September 4, 2012 US MANUFACTURING’S performance worsened in August, according to two prominent surveys of the sector released yesterday. ISM’s purchasing managers’ index (PMI) was down 0.2 at 49.6 – 50 indicates no change – suggesting that decline was speeding up slightly. The drop in the index was driven by a large fall in production, which contracted for [...]
