Cash-rich Bunzl plans expansion August 30, 2011 BUSINESS supplies distributor Bunzl posted an 11 per cent rise in its first-half pre-tax profit yesterday, ahead of market expectations, and said it had over £300m available to expand into new countries through acquisitions. FTSE100-listed Bunzl, which supplies businesses with products such as carrier bags for supermarkets and bandages for hospitals, said pre-tax profit rose [...]
£10bn profits top forecasts for Gazprom August 30, 2011 RUSSIAN gas export monopoly Gazprom’s quarterly profits beat analysts’ expectations yesterday as European buyers rushed to secure contracts at prices 21 per cent higher than a year ago. The company posted a 42 per cent increase in first-quarter earnings to 478.5bn roubles (£10.2bn), exceeding market expectations of a 29 per cent gain. The country’s largest [...]
Petrofac wins North Sea bids August 30, 2011 BRITISH oil services firm Petrofac has been awarded two North Sea contracts by the UK arm of GDF Suez, the French-listed utility company, worth £30m over three years. The FTSE 100-listed company, led by chief executive Ayman Asfari (pictured), said it will provide operations, maintenance and engineering to GDF Suez E&P UK and will supply [...]
Lamprell projects pay off as earnings jump by 40pc August 30, 2011 LAMPRELL reported a 40 per cent surge in first-half adjusted net profit yesterday as revenue from new projects increased, and the oil services group said it would meet expectations for the second half. The UAE-focused group, which specialises in rig refurbishments and construction, said it worked on the construction of seven new build marine projects [...]
Gulf Keystone plays down suggestions of sale talks August 30, 2011 KURDISTAN-focused explorer Gulf Keystone Petroleum jumped 4.2 per cent yesterday, even after the firm played down suggestions it was in sale talks. A Sunday newspaper reported that Gulf Keystone was looking to sell itself in a deal that could value it at up to £1.4bn and that chief executive Todd Kozel had told banks he [...]
Kentz posts leap in first half takings August 30, 2011 IRISH engineering firm Kentz posted a leap in profits yesterday, driven by its construction and technical support services units, and rewarded shareholders with an increase in dividend after its promotion from AIM to London’s main market in July. Kentz said pre-tax profits for the year to June were $37.7m (£23.1m), compared with $25.2m a year [...]
Afren says oil output is on the up after first half drop August 30, 2011 PLANS for increasing production at Africa-focused oil and gas firm Afren are on track, it said yesterday, after reporting a 42 per cent drop in profits in the first half of the year after a delay in the start-up of its flagship Ebok field in Nigeria. The London-listed company said it is now ramping up [...]
Repsol stocks gain after shareholder Sacyr signs pact with Mexico’s Pemex August 30, 2011 SHARES in Spanish oil company Repsol rose by more than four per cent yesterday, after key shareholder Sacyr signed a alliance with Mexico’s state-owned Pemex and pledged to buy a further five per cent in coming weeks. “We don’t rule out a change in [Repsol’s] management and as a result a more attractive dividend policy, [...]
CITY MOVES | WHO’S SWITCHING JOBS August 30, 2011 HSBC Private Bank HSBC Private Bank has appointed Katharine Brace as associate director on the media and entertainment team. Brace, who will report to Nick Price, managing director and global head of the media and entertainment group, joins from Barclays Wealth, where she was a vice president in the sports, media and entertainment team. Prior [...]
BEST OF THE BROKERS August 30, 2011 AEROPORTS DE PARIS Nomura rates the French airport authority as a “buy” with a target price of €68 ahead of its results, due out today. From January to June, total passenger volumes grew by more than six per cent, double the firm’s 3.2 per cent annual guidance and leaving potential for outperformance for the full [...]
