Bottom Line: Takeover chatter won’t go away so Brown is right to aim high August 27, 2013 KENTZ boss Christian Brown made it clear yesterday that the firm was not ready to compromise on price in its ongoing takeover battle with various suitors. Yesterday’s results, including new orders valued at $979m (£630m) and a $2.8bn backlog, should certainly give the industry veteran some breathing room – especially if what he’s really after is [...]
Bunzl chief executive eyes more acquisitions as its revenues climb August 27, 2013 DISTRIBUTION firm Bunzl yesterday unveiled solid first-half results and two new acquisitions, and hinted more potential deals are on the horizon. The FTSE 100-listed group reported a 13 per cent increase in revenue to £2.96bn and a 12 per cent rise in pre-tax profits to £167.7m. It increased its dividend by 14 per cent to [...]
Stricken Aussie surfer blown out water after brand valued at zero August 27, 2013 TROUBLED Australian surfwear maker Billabong yesterday said its flagship brand is now completely worthless. The Australian listed company, which fell to a loss of A$859.5m (£496.6m) for the year ending June, wrote down the carrying value of the famous Billabong brand label from A$252m to zero. It also said its Von Zipper, Palmers and Element [...]
Antofagasta dampens special dividend hopes as earnings fall August 27, 2013 COPPER miner Antofagasta dampened hopes of a special dividend for 2013 yesterday after posting a drop in first-half profit and forecasting challenging market conditions. Shares in London-listed, Chile-focused Antofagasta have long traded at multiples at the top end of the sector, not least because of its generous shareholder rewards. The company has paid special dividends [...]
Petrofac fuels growth hopes August 27, 2013 Oil services group Petrofac hopes to deliver “modest” growth in full year profits despite a 25 per cent fall in first half earnings to $243m. The company expects net profit to be “significantly weighted” toward the second half of the year. The firm also revealed a three-year contract, worth $95m, to provide maintenance, engineering and [...]
Overground firm stays on track August 27, 2013 MTR Corporation, the Hong Kong-based transport firm that jointly operates the London Overground, said yesterday revenues were up 12 per cent and underlying profits rose 5.1 per cent in the first six months of the year. MTR gave no financial details for London Overground Rail Operations Limited, which it owns with Deutsche Bahn, but said [...]
Ad profits fall 43pc for UTV August 27, 2013 Belfast-based UTV Media has reported half-year profits of £6.1m, down from £10.7m in 2012. Revenue also fell to £55.2m from £61.6m in 2012, a drop that UTV blamed on a lack of major sporting events during the year that had hit its advertising revenues. UTV chief executive John McCann said the first half of the [...]
BBA Aviation confirms tie-up talk with Dubai August 27, 2013 BBA AVIATION yesterday confirmed it was in talks to tie up with American engine repair firm Standard Aero, sending its shares sharply higher. The group, which offers plane refueling and maintenance services, said it was in preliminary discussions with Standard Aero’s parent firm Dubai Aerospace Enterprise “regarding a potential business combination”. Shares in BBA Aviation [...]
Brand Index: Positive economic signs continue but job security lags August 27, 2013 FOR the last few months I have reported positive signs emanating from YouGov’s economic confidence data, and I am delighted to report the August stats show the good news continuing. The Consumer Confidence Index (derived from consumers’ perception of their personal financial situation, job security, house prices and activity at their place of work) has [...]
Concha uncovers capital shortfall at app developer Moshen Limited August 27, 2013 CHRIS Akers’ investment group Concha said yesterday it had discovered possible financial irregularities at one of its investee companies, UK digital app company Moshen Limited. Concha said it had “uncovered apparent financial irregularities which indicate a significant working capital shortfall” at Moshen, whose chief executive has been suspended pending the outcome of the investigation. Concha [...]
