Boss of Capital Spreads quits February 21, 2013 THE CHIEF executive and co-founder of spread betting firm Capital Spreads stepped down yesterday, as parent firm London Capital Group swung to a £200,000 annual loss. Simon Denham, who leaves after a decade at the helm, will be replaced by Mark Slade. Revenues at LCG fell by 27 per cent to £28.6m, which the Aim-listed [...]
Garmin profit drives off a cliff as motorists ditch satnav tools February 21, 2013 GARMIN yesterday forecast full-year results below analysts’ estimates, suggesting a market share gain from smaller rivals could no longer offset a lack of demand for its GPS-enabled handheld navigation devices. Net profit fell to $129.3m (£84.5m) in the fourth quarter, from $165.6m a year earlier. Shares of Garmin, whose quarterly profit also fell short of market [...]
Rexam expects sales growth in North America February 21, 2013 DRINKS-can maker Rexam yesterday reported full-year underlying profit above estimates and said it expects sales to grow in its largest market North America, sending its shares up by over five per cent. Rexam said it has a 20 per cent market share in North America, the world’s largest beverage can market with 100bn cans used [...]
Fizz goes out of Sodastream February 21, 2013 SHARES in Sodastream fell as much as seven per cent yesterday in spite of the firm reporting a better-than-expected 42 per cent rise in net income to $7.5m (£4.9m), as investors took fright at forecasts of slowing growth. The Nasdaq-listed company said revenues rose 55 per cent to $132.9m in the final three months of [...]
Office Depot buys its rival February 21, 2013 OFFICE Depot will acquire smaller rival OfficeMax in a $1.2bn (£788m) all-stock deal, the companies said yesterday, confirming an agreement inadvertently announced earlier in the day, before it was completed. The combined entity’s name, headquarters location and chief executive are all still undetermined, suggesting the companies were in a rush to get the deal confirmed [...]
AngloGold sees profits plunge as strikes weigh February 21, 2013 SOUTH African miner AngloGold Ashanti yesterday reported a plunge in fourth quarter earnings, hit by wildcat strikes at its operations last year. Industrial action plagued the world’s third-largest bullion producer from the end of September until November, essentially halting production for several weeks. Fourth quarter headline earnings in 2012 were $7m (£4.6m) – down from [...]
Iconix buys Denim Brand Lee Cooper for £47m February 21, 2013 ICONIX Brand Group said yesterday it has snapped up the British denim label Lee Cooper for £47m as it continues its buying spree to expand its international business. The group, which licenses shoe and clothing brands to retailers, also reported a fall in fourth quarter profit to $26.1m (£17m) from $27.2m last year with sales [...]
Polymetal buys $96m gold field February 21, 2013 JSC Polymetal, the subsidiary of Russian precious metal producer Polymetal, has agreed to buy ZAO Maminskaya Gornorudnaya kompania, which has a mining licence for the Maminskoye gold mining field in Russia, in a deal worth $95.5m (£62.7m). The licence is valid until 2023. Scoping studies show that the field could have the potential to produce [...]
Severstal lays out spending plans February 21, 2013 Russian steelmaker Severstal yesterday said it would spend $1.3bn (£850m) this year, focusing mostly on its Russian operations. Out of the $1.3bn, it will direct $704m towards its Russian steel business, to spend on projects such as building steel mills and modernising operations across the region. Around $107m will be spent in Severstal’s North America [...]
Lafarge returns to quarterly profit February 21, 2013 French cement maker Lafarge returned to profit in the fourth quarter, as it secured almost €900m (£787m) of divestments in 2012. Quarterly net profit was €100m, compared to a loss of €3m in the same period a year earlier, while sales declined one per cent to €3.8bn, it said yesterday. Full-year sales were up three [...]
