Higher costs force sausage skin maker Devro to warn on profits October 22, 2012 SAUSAGE skin maker Devro yesterday sounded a profit warning as a result of adverse currency swings and higher costs. The British firm said in an interim management statement that sales volumes continued to grow in Japan, Europe and the Americas, and overall market demand had remained strong since 1 July. However, it added that raw [...]
Is Devro’s profit warning more than just a blip for the firm? October 22, 2012 DARREN SHIRLEY | SHORE CAPITAL We continue to believe Devro’s medium to long term growth dynamics remain intact, with structural growth potential underpinned by very healthy margins, a strong balance sheet, robust cash generation, an international capability and continuing investment in new manufacturing capability. CHARLES PICK | NUMIS SECURITIES The top line of the update [...]
Rolls-Royce signs hovercraft deal October 22, 2012 ■ Rolls-Royce yesterday announced it had won a contract to power a future fleet of US Navy hovercrafts. The British firm will work with Textron Marine & Land Systems in a scheme that could produce up to 73 new generation craft. Each hovercraft will use a Rolls-Royce MT7 gas turbine, derived from the AE1107 engine, [...]
Leni soars after Trinidad buy October 22, 2012 ■ Shares in Leni Gas & Oil rose by more than 30 per cent yesterday after the London-listed exploration firm said it had completed the acquisition of the Goudron oil field in Trinidad. The field is believed to contain up to 7.2m barrels of oil reserves, and the company expects to see revenues from the [...]
G4S wins Oslo airport contract October 22, 2012 ■ G4S, the world’s biggest security group, said yesterday it had won a £250m contract with Oslo airport to provide services from cargo checks to gates and ground security. G4S said the contract would run for six years at the Norwegian airport, which handles 21.1m passengers annually. The deal comes days after G4S won a [...]
US corporate results round-up October 22, 2012 Caterpillar says sales growth is crawling THE world’s largest tractor and excavator manufacturer Caterpillar slashed its full-year profit forecast yesterday, saying dealers were pulling back on orders because of the sluggish economy. It now expects revenues of $66bn (£41.2bn), down from $68bn to $70bn predicted earlier. Third quarter profit was $1.7bn, compared to $1.14bn reported [...]
Financial crisis sees over 50s lose thousands October 22, 2012 THE FINANCIAL crisis has knocked 10 per cent off the average wealth of Britons aged 50 and over, according to figures released this morning by the Institute for Fiscal Studies (IFS). People in the 50-plus age bracket are £60,000 worse off, on average, as a result of the crisis, with wealthier individuals hit the hardest. [...]
Japanese exports plummet, hit by euro crisis and Chinese rift October 22, 2012 WEAK demand in Europe has contributed to a severe weakening of Japan’s level of exports, official data revealed yesterday. Shipments to the European Union dropped a staggering 21.1 per cent as the continent’s debt crisis remains entrenched. Overall, Japan’s exports tumbled by 10.3 per cent in the year to September, their sharpest decline since the aftermath [...]
Tech firms overtake financials in the City office rental market October 22, 2012 LANDLORDS in the Square Mile have seen a surge in demand from tech firms since the start of the year, with office take-up increasing by 39 per cent, according to estate agents Knight Frank. Technology, media and telecoms (TMT) firms acquired 931,000 square feet of offices in the first nine months of 2012, compared with [...]
Overseas demand boosts east London housebuilder Telford October 22, 2012 TELFORD HOMES, the London-focused residential developer, yesterday said demand from UK and overseas buyers means it will report a better-than-expected rise in first half profits. The east London housebuilder said the Olympics had helped to boost London’s profile, attracting overseas investors as well as owner-occupiers to its schemes. Foreign investors buying up property to rent [...]
