City of London revenues jump November 19, 2012 Financial services group City of London yesterday said a 169 per cent rise in half year revenues had lifted its profits by a quarter. The firm, which recently raised £1.3m through a share placing, lends to small businesses and said the pullback of traditional bank lending had been a boon for the firm. Chief executive [...]
Gains for NB Private Equity November 19, 2012 NB Private Equity, the Dutch private equity fund listed in London, yesterday said its net asset value had increased 3.6 per cent in the last nine months. The increase was led by realised gains of $21.8m (£17.6m) from sales of private equity holdings in its portfolio. The firm also revised up its unaudited NAV figure [...]
RSM Tenon says watchdog has stepped back November 19, 2012 BELEAGUERED accountancy firm RSM Tenon yesterday warned its most recent turnover figures had disappointed management expectations, but the firm was still making impressive profits. The company, which announced it is cutting 400 staff to trim costs and turn around the business, said in its interim management statement yesterday that revenues in the first quarter were [...]
Accountants expect bonuses to fall after mixed financial results November 19, 2012 ACCOUNTANTS in the UK are expecting their bonus pots to fall this year according to research released yesterday, after profits per partner at the big four firms fell by up to five per cent. Both bonuses and overall remuneration are expected to fall by around two percent, mirroring the decline of the past two financial [...]
Tentative deal over Greek aid expected today November 19, 2012 FINANCE ministers from Eurozone states are expected to finally reach an agreement over the next tranche of bailout cash to Greece today, despite recent disagreements between international lenders. The Eurogroup of finance chiefs will meet in Brussels for its latest attempt to wave through a deal. Yet the payment of an estimated €44bn (£35bn) in [...]
Bullish Cameron confident of winning battle over EU budget November 19, 2012 BRITAIN believes a deal can be reached on the European Union budget at crunch talks in Brussels this week, a spokeswoman for David Cameron said yesterday. The optimistic tone came as Cameron insisted that he is a “good European” for attempting to drive down the EU’s budget rise. “I think I have the people of [...]
Bad loans at Spanish lenders hit a record high in September November 19, 2012 BAD loans at Spain’s banks struck a new high in September, it was revealed yesterday, as a wave of negative data releases poured more misery on the troubled euro area. Figures from the Bank of Spain showed banks’ bad loans standing at 10.7 per cent of their outstanding portfolios in September – the highest level [...]
Mitie revenue boosted by key contract wins November 19, 2012 REVENUE at outsourcing firm Mitie jumped 5.6 per cent over the six months to September, as it hailed recent contract wins for the boost. Turnover jumped to £1.03bn as the FTSE 250-listed company was flattered by several large contract wins, including a £775m deal with Lloyds Banking Group, thought to be its largest-ever contract. Total [...]
Lamprell increases loss forecast following review of business November 19, 2012 RIG maker Lamprell yesterday warned that its losses for the full year would increase significantly, six weeks after axing three executives following its fourth profit warning of the year. The company now anticipates a total loss of $105m (£66m) for the year as a result of delays to projects, up from previous projections of between [...]
What are your thoughts on Mitie’s half-year results? November 19, 2012 ANDY BROWN | PANMURE GORDON These are solid first-half results from Mitie with profits up two per cent. While challenges remain in its main markets the group has increased its order book, providing high revenue visibility, and management expect further progress to be made. We maintain our neutral stance. CAROLINE DE LA SOUJEOLE | SEYMOUR [...]
