Petropavlovsk goes for gold as production increases by a third October 16, 2012 RUSSIAN precious metal miner Petropavlovsk yesterday posted gold production of 219,400 ounces over the third quarter, up 39 per cent year on year. Over the nine months to 16 October, gold production was up 11 per cent to 498,500 ounces. The FTSE 250 miner said yesterday it was on track to achieve its full-year production [...]
UK currency hedger Record up 30pc on billion dollar inflows October 16, 2012 WINDSOR based currency hedging manager Record yesterday beat analyst forecasts to report $1.2bn (£744m) of net inflows in the second quarter after increasing its managed assets 8.7 per cent to $32.5bn. The listed company, which trades on the FTSE Fledgling exchange, took its equivalent assets up from $29.9bn at the end of June to $32.5bn [...]
Coin dealer Noble awaits £2m payment from Qatari investor October 16, 2012 RARE coin dealer Noble Investments UK yesterday said it expected to hit trading forecasts for the year despite not being paid £2.2m owed to it by a Qatari collector. The company, which auctions international rare coins and stamps, is hoping the collector, who snapped up a number of rare coins earlier this year, will pay [...]
Spirit sales offset rising costs October 16, 2012 Spirit Pub Company reported full-year results in line with expectations yesterday and said it was working to strengthen its managed-pub estate in the face of rising costs and muted consumer demand. Spirit, which manages more than 800 pubs in Britain, saw sales at pubs open more than a year rise 4.8 per cent in the [...]
Smiths News signals shift in focus October 16, 2012 Smiths News, the UK’s largest newspaper and magazine distributor, yesterday signalled a further shift from its core business, saying it expected half of its profit to come from books and educational supplies by 2016, sending its shares up six per cent. For the year to August, underlying pre-tax profit rose to £47.5m from £38.6m a [...]
Chime snaps up pH Associates October 16, 2012 PR firm Chime Communication yesterday announced it had bought pH Associates, a pharmaceutical data provider, for £6.92m. The deal is comprised of nearly 90 per cent cash with 10 per cent surplus working capital of PHA after it joins Chime. PHA, which reported revenue of £1.7m and operating profit of £584,000 last year, is owned [...]
Profit warning at GKN on poor Euro markets October 16, 2012 ENGINEERING firm GKN yesterday warned that challenging European markets would weigh on its order books, sending its shares down. The FTSE 100-listed engineer reported broadly flat pre-tax profit in the three months to September, as it said a continued market slump would impact the group for the full year. It added that macroeconomic conditions have [...]
US corporate results round-up October 16, 2012 Coca-Cola’s revenue misses Wall Street forecasts COCA-COLA reported quarterly revenue that came in short of Wall Street expectations yesterday, hurt by declines in Europe and Asia where it sold more lower-priced drinks. Third-quarter net income for Coca-Cola was $2.31bn (£1.43bn), up from $2.22bn a year earlier. Revenue rose one per cent to $12.34bn, while analysts [...]
Analyst Views | Is GKN’s profit warning a bad omen for the Company? October 16, 2012 JONATHAN JACKSON KILLIK & CO GKN offers a fairly unique investment opportunity, being exposed to a number of the secular themes that we believe will be drivers of global demand over the medium term. Following these results, we would expect to see earnings downgrades of around five per cent. MIKE VAN DULKEN ACCENDO MARKETS GKN’s [...]
City Moves | Who’s switching jobs October 16, 2012 Saffery Champness Ben Melling has been appointed partner in the accountancy firm’s London office. He joins from Rawlinson & Hunter, where he spent eight years as a partner. Melling also worked for Grant Thornton for 18 years, and was appointed to the partnership in 2000. Deloitte The business advisory firm has announced two senior appointments [...]
