Firms still falling short on charges six months after commission ban July 25, 2013 FINANCIAL advisory firms are still flouting recommendations designed to clarify how much people pay for advice, the City regulator has said. New guidelines under the retail distribution review (RDR) introduced six months ago were meant to clean up opaque charging structures for retail punters. The Financial Conduct Authority yesterday said some firms were ignoring guidelines [...]
Inside Track: Just-eat.com just might serve up a London flotation July 25, 2013 LONDON’S reputation as a host city for start-up technology groups would be enhanced if some of the larger businesses would only decide to list here. While there’s no doubt the plan to set up a hub for tech companies around Old Street roundabout is making strong progress, there are still concerns that some of the [...]
Lloyd’s insurers face investment woes as Lancashire profits drop July 25, 2013 LLOYD’S of London members seem to be set for substantial drops in their investment income this year, after two insurers said they have been hit by losses in the bond market. Lancashire Holdings, a member of the FTSE 250, yesterday confirmed that its net investment income fell 22.6 per cent for the second quarter of 2013. “Treasury [...]
Yorkshire earnings dip as it kicks off £250m investment splurge July 25, 2013 THE YORKSHIRE Building Society has embarked on a £250m programme to integrate its newly-merged lenders and revamp branches, the mutual said yesterday. It recorded a pre-tax profit of £80.1m in the second quarter, down 2.3 per cent from the £82.8m in the same period of 2012. Income rose 4.5 per cent on the year to [...]
Solid first half for money printer July 25, 2013 De La Rue, the company that prints securities and handles cash, reported yesterday that second quarter trading had been broadly in line with forecasts. The firm added that up to the end of March, it had £242m in orders for the year ahead. Shareholders agreed to a final dividend for the first quarter of 28.2p [...]
Kazakhmys wobbles after results July 25, 2013 Copper miner Kazakhmys yesterday reported a 12 per cent bump in ore extraction over the first half of the year, performing better than in the year-ago period. Copper cathode production increased by seven per cent in the same period. Chief executive Oleg Novachuk said the firm would be reviewing its assets and operations. Yet the [...]
Brooks Macdonald doubles assets July 25, 2013 Wealth manager Brooks Macdonald yesterday said it had nearly doubled its funds under management over the past year. The group, listed on the junior stock market, said assets for the quarter ending June stood at £5.1bn, up 45 per cent from £3.5bn a year go. On a quarterly basis, this represented a 2.8 per cent [...]
Rolls-Royce to cut costs while profits rise 34pc July 25, 2013 ENGINEERING firm Rolls-Royce unveiled a strong set of first-half results yesterday, with pre-tax profits up 34 per cent to £840m, thanks to booming demand for aircraft engines. The FTSE 100-listed firm’s order book grew 15 per cent to £69.2bn and revenues grew 27 per cent to £7.3bn. Chief executive John Rishton said that while the [...]
Capita disappoints investors as first-half operating margin falls July 25, 2013 OUTSOURCING firm Capita’s shares slipped almost four per cent yesterday, despite reporting a 10 per cent increase in pre-tax profits to £205.2m for the first half of the year. The FTSE 100-listed company posted a 13 per cent increase in revenues to £1.8bn and secured £2bn-worth of contracts over the period, up from £1.1bn year-on-year. [...]
Owners of Lion King venue the Lyceum weigh up an exit plan July 25, 2013 THE LYCEUM Theatre, current home of West End smash The Lion King, could be in line for new owners after its private equity backers started exploring plans to exit the theatre business. Exponent Private Equity, the UK mid-market buyout shop, is thought to have appointed UBS to explore options for its stake in portfolio company [...]
