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 [...]
Centaur bullish as its revenues leap 21 per cent July 14, 2011 BUSINESS publisher Centaur Media said it expects full-year results to be at the top end of its expectations as advertising revenues grew significantly. Second-half digital advertising revenue was 21 per cent higher than last year, while print advertising grew seven per cent. Centaur, whose business magazines include Marketing Week and Money Marketing, said trading in [...]
Apple increases app prices July 14, 2011 Apple has increased prices in its UK App Store, upping charges by up to 25 per cent across its product range. The lowest price – currently 59p – will rise to 69p, a jump of 17 per cent. Price points at £1.19 and £3.99 will both rise by 25 per cent, to £1.49 and £4.99 respectively. [...]
Spotify launches in the US July 14, 2011 Online music streaming service Spotify yesterday officially launched a US platform, finally tapping the world’s biggest music markets after a lengthy period of negotiation with record labels. The company, launched in Europe in October 2008 by Swede Daniel Ek, has more than 10m members – around one in ten of whom pay for ‘premium’ services [...]
