Aviva cuts 950 Europe jobs as profits wane October 20, 2011 AVIVA will cut nearly 1,000 jobs from its European operations and bring Ireland within its UK business to revive the group’s profitability. Aviva said it would reduce its headcount in Ireland by about 770 – close to half its 1,770 staff – as well as 180 from its European regional operations over the next two [...]
Home Retail hit by Argos sales decline October 20, 2011 HOME Retail Group chief executive Terry Duddy yesterday called for the chancellor to do more to help cash-strapped families as falling sales at the company’s Argos chain took their toll on the share price. Denying the company’s business model was “broken”, Duddy fired a broadside at George Osborne, challenging him to increase tax relief for [...]
Greggs rolls out to motorways October 20, 2011 GREGGS the bakers is planning to open new shops in motorway service stations as part of an ongoing expansion of the brand. It has sealed a deal with Moto Hospitality with the first trial store to open at a site in Cheshire. The company, the UK’s largest baker, will open up to 30 outlets to [...]
Sports Direct profits up as it eyes 2012 boost October 20, 2011 SPORTS Direct, Britain’s biggest sporting goods retailer, said revenues rose in recent weeks and added it is looking to events such as next year’s London Olympics to keep sales rolling in 2012. The firm, controlled by Newcastle United owner Mike Ashley, said total sales rose 11.5 per cent for the nine weeks to 25 September [...]
ANALYST VIEWS: HOW SERIOUS IS THE SALES BLOW AT HRG? October 20, 2011 KEITH BOWMAN | HARGREAVES LANSDOWN For now, investor concern continues to be fully vindicated. Profits have missed already lowered forecasts, with Argos suffering. The company remains in a very difficult place, with downbeat management outlook comments likely to foster further profit downgrades. Consensus opinion is a sell. PHILIP DORGAN | PANMURE GORDON We find it [...]
Mortgage lending rises October 20, 2011 Gross mortgage lending rose four per cent on the year to £12.9bn in September, the Council of Mortgage Lenders said, although it said the level of housing market activity was subdued. The CML said gross lending in the third quarter of this year to £38.6bn, up 15 per cent from the second quarter, and two [...]
Oddbins toasts return to high street trading October 20, 2011 WINE specialist Oddbins will from today start trading from 37 revamped shops with a new range of 475 wines. The company plunged into administration in March but some shops were bought by Whittall’s Wine Merchants, a subsidiary of Raj Chatha’s EFB Group. Under the new management the shops remained open but are now relaunching. The [...]
BUSINESS HONOURS FOR INDIAN TYCOONS October 20, 2011 THERE was a reason Boris Johnson couldn’t attend the launch of Sonia Purnell’s Just Boris biography on Tuesday night. The London mayor was otherwise engaged presenting KP Singh, the chairman of India’s largest real estate developer DLF, with the entrepreneur of the year award at the Asian Awards. Singh, the Forbes billionaire who has made [...]
Sky profits as customers spend more October 20, 2011 BSKYB, the satellite TV giant, yesterday said it had increased first quarter profits in “tough” circumstances by squeezing more cash out of existing customers. The average Sky customer spent £535 in the three months to the end of September, a £25 increase on the same period last year, after the satellite broadcaster boosted the number [...]
Subscriber slowdown is not important October 20, 2011 Analysis by INVESTORS in BSkyB shouldn’t get too wound up about slowing growth in subscriber numbers. While the timing might have something to do with the consumer downturn, new customer additions were always going to tail off after the company passed the 10m mark. Indeed, just two years ago, many bearish analysts thought the 10m target [...]
