‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
MAN GROUP ROLLS OUT THE BARREL FOR NEW HQ July 14, 2011 IT HAS only been three months since George Osborne spent the morning at Nomura to declare the Japanese bank’s new offices officially open. But the chancellor was yesterday back in the Lower Thames Street area for the unveiling of Man Group’s new global HQ at Riverbank House, next-door to Nomura at 2 Swan Lane. “I’m [...]
Asos gets boost from overseas sales July 14, 2011 ONLINE fashion retailer Asos saw sales soar in the first quarter, but boss Nick Robertson dismissed speculation that the company was being seriously eyed as a takeover target. Asos, which targets young trendy customers, said its retail sales increased 69 per cent to £104.2m in the three months to 30 June. International sales soared 160 [...]
Sports Direct profit rises as staff pocket a £40k bonus July 14, 2011 SPORTS Direct yesterday reported a surge in full-year profit figures yesterday, triggering a bonus pot for staff. The retailer posted a 25 per cent rise in underlying profit for the year to 24 April – making £200.4m. The firm, controlled by Newcastle United owner Mike Ashley, grew like-for-like retail sales by 6.6 per cent while [...]
AB Foods boosted by sales at Primark July 14, 2011 ASSOCIATED British Foods said yesterday said it was on track to meet its full-year earnings targets as its budget clothing chain Primark helped to shore up its profit. AB Foods, whose brands include Silver Spoon sugar, Mazola vegetable oil, Ovaltine drinks and Twinings tea, cut its full-year earnings forecast to a flat out-turn in April. [...]
ANALYST VIEWS: HOW WELL IS AB FOODS MANAGING RISING COSTS? July 14, 2011 ANDREW WOOD | BERNSTEIN Slowing results have seen a poor stock performance. While the management update may drive a relief rally that guidance was not reduced, we see little justification for a sustained rally in the stock. GRAHAM JONES | PANMURE We remain bullish about the opportunity for Primark to continue its roll-out in Iberia, [...]
Chairman leaves Mitchells & Butlers July 14, 2011 MITCHELLS & BUTLERS has lost its third chairman in 18 months after the company announced yesterday that Simon Burke will stand down just five months into the role. Burke’s resignation is yet another round of musical chairs at the pub group following months of warfare between the company and some of its biggest shareholders, which [...]
Premier Foods takes on former Kraft boss to revive its fortunes July 14, 2011 PREMIER Foods has appointed former Kraft boss Michael Clarke in a bid to breathe new life into the company. Clarke will succeed Premier chief Robert Schofield on 1 September. He became head of Kraft’s European business in 2009, where he played a leading role at the heart of the controversial takeover of Cadbury, after which [...]
Mothercare sales slump on bleak UK July 14, 2011 MOTHERCARE posted weak quarterly sales in its main British market, taking the shine off stellar sales growth overseas. The firm, which has issued two profit warnings this year and in May detailed plans to close over a quarter of its British stores, said yesterday that sales at UK stores open over a year fell 4.3 [...]
Yell sinks despite rescue plan July 14, 2011 YELL crashed more than 20 per cent yesterday after the announcement of its digital turnaround plan and a lack of clarification on its debt pile left investors cold. If successful, the four year strategy would see Yell return to growth by 2015, with its emphasis on providing digital services to local markets. The drop wiped [...]
Gaming firms drop after betting rule shake-up July 14, 2011 BETTING companies crashed yesterday after heritage minister John Penrose announced tough new rules for foreign based firms with UK operations. The proposals mean that, for the first time, remote gambling is regulated at the point of consumption not the point of supply. Paddy Power led the fallers with a 5.75 per cent drop, with Betfair [...]
