Energetix rises as revenues leap September 22, 2011 ALTERNATIVE energy firm Energetix was one of the top performers on London’s Alternative Investment Market yesterday, after it said its turnover increased tenfold to £100,000 in the first half of the year compared to 2010. The firm reported on an “encouraging and transformational” first six months of 2011, and said operating losses had been reduced from [...]
United Utilites says revenues are on the up September 22, 2011 UNITED Utilities Group, Britain’s largest listed water utility, said it had traded in line with its expectations with higher first-half revenue offset by rising operating expenses. The British utility said it was on track to meet targets and would accelerate £100m of previously agreed pension deficit payments to provide a higher investment return. United Utilities’ [...]
London 2012 IMAGE OF THE WEEK September 22, 2011 2012 PARALYMPICS | MEDALS UNVEILED Designed by jewellery artist Lin Cheung, the medals for the 2012 Paralympic Games were unveiled at a ceremony at the British Museum on Monday. More than 2,100 medals will be presented at the 2012 Paralympic Games. Between now and the start of the 2012 Olympic and Paralympic Games, City A.M. [...]
Vitesse Media trading in line September 22, 2011 Vitesse Media, the online financial news publisher, has announced that its interim results are in line with management expectations, despite experiencing a slowdown that began in April. The company, whose publications include Information Age and Business XL, saw revenues fall from £1.56m last year to £1.51m, while a £33,000 profit turned into a £15,000 loss. [...]
Rolls picks new finance chief September 22, 2011 Rolls-Royce yesterday unveiled Mark Morris as its new finance director, replacing Andrew Shilston, who is retiring at the end of the year. Morris joined Rolls in 1986 as a graduate, and has worked his way up to group treasurer. He will join the engineering group’s board alongside his new role on 1 January 2012. Shilston [...]
Kerry Group buys Cargill arm September 22, 2011 Irish food firm Kerry Group has agreed to buy conglomerate Cargill’s global flavours business for $230m (£150m). The firm, which owns Wall’s sausages and Kerrymaid butter, said the new division employs 700 people and has annual revenues of around $200m. Kerry said the transaction, expected to close by year-end, will give it access to more [...]
Goodrich sold to United Tech September 22, 2011 UNITED Technologies has reached a $16.5bn (£10.7bn) cash deal to acquire aircraft components maker Goodrich, in what would be the diversified US manufacturer’s biggest deal in a decade. United Tech, led by George David (pictured), said it would pay $127.50 a share for Goodrich, a 47 per cent premium over the stock’s price before news [...]
Changes at the top as losses widen at Sinclair IS Pharma September 22, 2011 BRITAIN’S Sinclair IS Pharma said trading in its current first quarter has been encouraging as it posted wider core losses for the year to end June. The Aim-listed company completed a fundraising last October 2010 and a merger with IS Pharma, a business bought to bolster its portfolio of speciality products, in May 2011. “Crucially [...]
Sumimoto Metal and Nippon Steel thrash out $22bn merger September 22, 2011 NIPPON Steel and Sumitomo Metal Industries said yesterday that stakeholders of Sumitomo would get 0.735 Nippon Steel shares for each Sumitomo share if they combine to create the world’s second-biggest steelmaker, in what would be Japan’s biggest non-financial sector merger. The ratio, largely in line with expectations, means the transaction would be worth about $22.45bn [...]
BEST OF THE BROKERS September 22, 2011 BRITISH LAND Evolution Securities gave British Land a “neutral” rating after its investor day, in which it noted the lack of a clear roadmap. The broker acknowledges the quality of the firm’s portfolio and excellent balance sheet but said a lack of clarity prompted the rating. It gave a target price of 600p. CREDIT SUISSE [...]
