Outage sparks International Power investors to sell stock August 8, 2008 Shares in International Power slid yesterday after the power generator said a nine-week outage at one of its plants would hit profits by £45m. The firm, led by chief executive Philip Cox, said longer-than-expected maintenance work at its coal power station Rugeley in Staffordshire would hit its second-half results. Cox said: “One unit suffered a [...]
Virgin loses punters but profits up August 8, 2008 Cable firm Virgin Media yesterday reported higher than expected underlying second-quarter profit, despite losing nearly 20,000 customers. Underlying profit rose by 6 per cent to £333m due to cost cutting measures, the Nasdaq-listed firm said, beating market expectations of £321m. But Virgin, which boasts Britain’s fastest broadband speeds, said it had lost around 19,500 customers, [...]
Setanta shows ITV the way to succeed in commercial TV August 8, 2008 By now there is little more to be said about ITV. The expected bloodbath duly arrived on cue this week and advertising revenue may not recover for 18 months. How different for ITV’s rival Setanta which is broadcasting the FA Cup and England internationals. The Irish pay TV sports broadcaster goes into the new football [...]
Volatile markets give London Capital Group a boost as interim profits soar August 8, 2008 Volatile market conditions helped profits more than double at spread betting firm London Capital Group over the past six months, its interim results revealed yesterday. Profits before tax rose 52 per cent to £5.43m in the six months to the end of June as sharp falls in share prices tempted more people to try spread [...]
Results beat expectations at MF Global August 8, 2008 Shares in MF Global, the global futures and options broker, gained as much as 12 per cent on Wall Street after its first-quarter results came in better than-expected, despite profits plummeting 80 per cent on last year. For the three months ending 30 June, the company posted profits of $14.4m (£7.2m), compared to $72.9m a [...]
Axa avoids worst of the fallout August 8, 2008 Axa, Europe’s second-biggest insurer, reported lower first-half net profit yesterday although its earnings still managed to beat analyst expectations. Net profit fell 32 per cent to €2.16bn (£1.7bn) partly due to write downs on fixed income assets. The French insurer revealed a €237m impact on asset backed securities and a €502m hit on fixed income [...]
Profit fall at Friends August 8, 2008 Shares in Friends Provident tumbled almost five per cent yesterday as the troubled life assurer disappointed investors by posting a 20 per cent fall in profit while failing to complete the sale of its non-core units. Friends Provident, which has been overhauling its business since the start of the year, said it had not yet [...]
Nomura in bid talks with Collins Stewart August 8, 2008 Cash-rich Japanese bank Nomura is believed to be in talks with small cap stockbroker Collins Stewart, while Australian bank Macquarie and Israeli multi-national Delek Capital, a subsidiary of Israeli conglomerate Delek, are also understood to have shown an interest in acquiring the broker. Collins Stewart said on Wednesday that it had received a preliminary approach, [...]
Halifax piles on woe August 8, 2008 The drip feed of bad news for the property market continued yesterday when Britain’s biggest lender Halifax revealed that house prices have fallen back to mid-2006 levels. House prices are now 8.8 per cent lower than they were this time last year, Halifax said, with an average home in Britain costing £21,733 less than July [...]
Barclays looks to grow despite loss August 8, 2008 Barclays executives sounded a note of caution yesterday, as the bank posted a 33 per cent decline in pre-tax profits to £2.75bn and took £2.45bn in impairment charges and credit provisions. Pre-tax profits fell 33 per cent from £4.1bn to £2.75bn, while income remained at £11.8bn and the dividend was stable at 11.5p. Chief executive [...]
