National Grid profits jump 25pc May 19, 2011 NATIONAL Grid, the UK’s biggest energy distributor, said investment in its home market and ongoing US restructuring meant the outlook was positive, as it met forecasts with a 25 per cent jump in annual profit. National Grid also said yesterday that the process of finding a new chairman was well under way. But management declined [...]
Ex-Deloitte UK chief to join AMEC May 19, 2011 JOHN Connolly, the chief executive of Deloitte in the UK, has been appointed chairman of engineering firm AMEC. He is due to retire from his role at the top of the international accountancy firm’s British operation at the end of this month and will join the AMEC board on 1 June. He joins at a [...]
Margins fall as debt rises at Intertek May 19, 2011 SHARES in testing firm Intertek dropped 2.4 per cent yesterday after the firm’s profit margin fell in the first four months of the year, mainly due to slower growth in its consumer goods arm. Organic revenues grew eight per cent in the period compared to last year at constant exchange rates, though the firm said [...]
Lamprell uses rights issue to acquire peer May 19, 2011 BRITISH oil services firm Lamprell has agreed to buy Gulf-based peer Maritime Industrial Services (MIS) in a deal worth £208m. The Isle of Man-based firm will use a rights issue, debt and cash to acquire the Norwegian-owned rig maker. The fully underwritten issue will offer new shares of the company at 232p per unit to [...]
Phadia nets Cinven £2.5bn May 19, 2011 BUY-OUT group Cinven has sold Phadia, a maker of allergy and auto-immune tests, to Thermo Fisher Scientific for €2.47bn (£2.18bn), it announced yesterday. Cinven paid €1.29bn for Sweden-based Phadia in January 2007, and has expanded the firm’s US and Asian market shares. The deal, set to close in the fourth-quarter, is expected to increase Thermo’s [...]
Care home firm reveals profit slump May 19, 2011 EMBATTLED care homes operator Southern Cross yesterday said it hopes to turn its fortunes around, despite revealing a £311m half-year loss. The UK’s largest care homes provider has been squeezed by a fall in the number of patients placed by local authorities and a real terms cut in fees, due to public sector austerity. Revenues [...]
Goldman tops list for global M&A May 19, 2011 GOLDMAN Sachs is the top bank for global mergers and acquisitions (M&A), having advised on deals worth $297.5bn (£183.8bn) so far this year. The Wall Street giant pips rival JP Morgan to the top of a list of global banks, according to data provider Dealogic. JP Morgan has advised on deals worth $281bn so far [...]
Clydesdale takes PPI hit May 19, 2011 NATIONAL Australia Bank’s UK unit Clydesdale Bank has said it will make an additional provision of £100m to cover compensation for people sold insurance they could never claim or did not know they were buying. The mis-selling of debt repayment insurance policies could cost Britain’s banking industry some £8bn. “The provision reflects an assessment of [...]
THE STRUGGLE FACING SOUTHERN CROSS May 19, 2011 Q. WHY IS SOUTHERN CROSS IN SO MUCH TROUBLE? A. Cuts to local authority budgets are hitting private sector firms that deliver public sector services hard. Southern Cross is faced with a real terms cut in fees from councils across the country, while authorities are also reluctant to place as many pensioners into full-time care. [...]
OUT OF AFRICA FOR CITY LEADERS AT MAYOR’S MANSION HOUSE GALA May 19, 2011 ZULU dancers and an African gospel choir raised the roof at Mansion House last night at the Africa Gala hosted by Lord Mayor Michael Bear. “Welcome to my humble home,” said the Mayor as he welcomed 250 guests from firms including UBS, Shell, HSBC and Laing O’Rourke to the black-tie benefit, held in aid of [...]
