Lonmin urges support for its rights issue November 13, 2012 PLATINUM miner Lonmin has warned that it will be in a “highly vulnerable position” if its shareholders do not agree to the $817m (£514m) rights issue to shore up its balance sheet in the wake of industrial action at Marikana. Last week, Lonmin rejected several proposals from its largest shareholder Xstrata, which holds 25 per [...]
Persimmon positive on future growth despite tough market November 13, 2012 HOUSEBUILDER Persimmon yesterday warned that the housing market continues to be challenging with mortgage availability the key constraint, but it was optimistic of future growth. In a third quarter update, the group said weekly sales rates were around four per cent higher on the previous year, down slightly from the five per cent reported in [...]
Nanotech boosts Ox Instruments November 13, 2012 Industry technology firm Oxford Instruments yesterday reported adjusted pre-tax profit of £23.1m over the six months to September, up 23.5 per cent from the previous year. Revenue was up 7.4 per cent to £170.8m over the period, driven by a continued increase in global demand for nanotechnology tools. In this division – which represents 47 [...]
Salamander plugs Thai well November 13, 2012 Asia-focused Salamander Energy yesterday confirmed it had plugged and abandoned a well offshore the Gulf of Thailand, as it was deemed a sub-commercial discovery. The oil and gas exploration firm said a sand-rich section of the NW-1 well had led to a leakage, and Salamander said the well was not commercially viable. James Menzies, chief [...]
Revenue jumps at Lonrho November 13, 2012 Revenue at African conglomerate Lonrho jumped 14.4 per cent to £43.6m in the third quarter, up from £38m over the same period last year. Export demand from Europe was weaker over the period, but was offset by stronger volumes to the US, ASEAN and Chinese markets. The agribusiness division contributed 65 per cent of the [...]
Uptick in public sector activity boosts Capita November 13, 2012 BUSINESS processing outsourcing firm Capita said yesterday it had benefited from an uptick in outsourcing activity from local governments, as it said it saw a “buoyant” public sector this year. The group, which runs contracts ranging from civil service training schemes to disability assessments, said there was a “good flow of opportunities” from both public [...]
Analyst Views | Is Capita’s trading statement as positive as first thought? November 13, 2012 MIKE ALLEN PANMURE GORDON The third quarter trading statement from Capita confirms it is trading in line with expectations. The pipeline of opportunities going into 2013 looks busy, albeit this will be primarily driven by the public sector in our view. We maintain our forecasts and target price of 620p on the back of these [...]
CRH trims earnings forecast and plans €450m in cost cuts November 13, 2012 BUILDING materials group CRH yesterday warned that weak European markets and the impact of Hurricane Sandy on its operations led it to trim its full-year earnings forecast for 2012. The superstorm, which hit the East Coast of the US several weeks ago, has caused “significant disruption” to the materials operations in the area, while ongoing [...]
Pre-tax profits slump at Hibu November 13, 2012 PRE-TAX profits at struggling Hibu fell by 90 per cent in the six months to 30 September, the group said yesterday, just a day after it pushed back the deadline for a debt deal with its creditors. Pre-tax profit plummeted by £80m to £150m, on group revenues down 15 per cent to £660m. Digital revenue [...]
BP and AAR declare peace November 13, 2012 BP and former partner AAR said yesterday they have agreed to settle their differences over Russian joint venture TNK-BP. It is understood that AAR, run by four Russian billionaires, and BP have settled all disputes, including arbitration, in exchange for what is thought to be a $325m (£205m) payoff by the British oil major. Both [...]
