Hobbycraft tells board: don’t be dull September 5, 2011 HOBBYCRAFT, the arts and crafts retailer subject to a bidding war last year, has increased sales and profits since being taken over by private equity but admitted it has to become “more interesting”. The retailer’s parent, Hobbycraft Group, which was bought by Bridgepoint Capital last year in a deal worth around £100m, hit sales of [...]
Alexon hit in sorry summer September 5, 2011 SHARES in fashion retailer Alexon slumped nearly a quarter yesterday after it posted a profit warning, despite revealing it was in talks over a takeover. The firm, whose brands include Ann Harvey, Eastex, Kaliko and Dash, said yesterday it has been in discussions with more than one suitor as it reported that sales at stores [...]
New man looking Sharp at the top of Debenhams September 5, 2011 A FASHION industry veteran yesterday began his role as the new chief executive of Debenhams. Michael Sharp took over yesterday following the retirement of Rob Templeman, who was in post for eight years. Sharp has worked for Debenhams or its predecessor The Burton Group for the entirety of his 26-year career. Debenhams chairman Nigel Northridge [...]
Sales slide lower at Superglass September 5, 2011 Superglass Holdings, the glass fibre insulation products manufacturer, said yesterday that underlying trading for the year to 31 August will be “slightly” below expectations. It also said net debt has increased to £17.7m in an update following its year-end. Sales were ahead of the forecast in cured products, compensating for further underperformance in some blowing [...]
Revenues increase at Brady September 5, 2011 Brady, a risk manager for the metals, energy and soft commodities markets, said yesterday its first half revenue rose 91 per cent to £8.84m. Like-for-like revenue growth was 11 per cent and operating profit rose 54 per cent to £550,000. Chairman Paul Fullagar said the firm has signed six “significant” licence contracts in the first [...]
Cluff Gold raises mine estimates September 5, 2011 AIM-listed miner Cluff Gold said yesterday its project in Sierra Leone contains significantly more gold than previously forecast. The firm said the indicated resources at the Baomahun project now stood at 2.1m ounces – a rise of 46 per cent on last year’s estimates. Chief executive Peter Spivey said there was still scope to further [...]
Glencore in fuel deal with Libya’s NTC September 5, 2011 COMMODITIES trader Glencore has signed its first contract to deliver fuels to Libya’s interim council, industry sources said, in a further sign that rival Vitol is losing its place as top supplier to the rebels who now rule the country. The National Transitional Council (NTC) has gained broad international recognition as Libya’s legitimate government and [...]
APR Energy to relist at £1bn September 5, 2011 APR ENERGY, the temporary power company bought earlier this year by entrepreneur Hugh Osmond, said it intends to relist its shares on the London Stock Exchange this month. The re-listing comes just three months after Osmond’s investment vehicle Horizon bought the company for £527m. Horizon’s shares were temporarily suspended but will resume trading as APR [...]
Vale in talks to sell fleet of giant ships to China September 5, 2011 BRAZILIAN mining giant Vale is in talks with Chinese and other ship owners to sell or lease its planned fleet of giant bulk carriers. The world’s biggest iron ore producer had planned to own a fleet of 19 dry bulk freighters to cut shipping costs from Brazil to top iron ore importer China, but has [...]
Rusal rejects a £5.4bn share buyback offer from mining giant Norilsk Nickel September 5, 2011 THE board of the world’s top aluminium producer Rusal yesterday unanimously rejected an $8.75bn (£5.4bn) offer by mining giant Norilsk Nickel to buy back its 15 per cent stake in Norilsk. “The Board of Directors believes the proposed terms of the deal do not reflect the fundamental value of a major stake in Norilsk Nickel, [...]
