Mecom slumps in key markets July 27, 2011 EUROPEAN newspaper group Mecom yesterday reported an €11m (£9.7m) pre-tax loss, dragged down by poor performances at its Dutch and Polish businesses. Total revenue for the year fell by one per cent to €672.2m, with advertising revenue dropping four per cent to €313.5m. Mecom chief executive Stephen Davidson blamed “faltering consumer confidence and weak domestic [...]
BAT earnings up thanks to hike in prices July 27, 2011 BRITISH American Tobacco yesterday reported an increase in earnings after it raised its prices to counter a tough sales environment. Cigarette volumes were down to 344bn in the six months to June, from 348bn year-on-year. But profit before tax was $2.8bn (£1.7bn) over the same period, up from $2.3bn. Revenue edged up by two per [...]
Carphone relies on tablet sales July 27, 2011 STRONG demand for smartphones and tablet computers is helping Carphone Warehouse, Europe’s biggest independent mobile phone retailer, to cope with generally subdued consumer spending, it said yesterday. The group, which owns 50 per cent of a venture with US electricals group Best Buy, said sales at European stores open more than a year fell 3.3 [...]
Marston’s sees a lift from food July 27, 2011 PUBS group Marston’s said profits in the first 42 weeks of its fiscal year were in line with expectations and its performance had been robust, despite the difficult trading environment, as it benefited from a strong demand for pub meals. The company, which runs over 2,150 pubs across Britain, said sales at pubs open more [...]
British Gas fined £2.5m by Ofgem July 27, 2011 Energy regulator Ofgem has fined British Gas £2.5m for the way in which the utility has dealt with customer complaints. Ofgem ruled that the firm had failed to reopen complaints when indvidual and small business customers said they had not been resolved. It added that British Gas had not provided customers with key details about [...]
Afren spends $588m on oil assets July 27, 2011 British oil company Afren said it had agreed to buy stakes in two Kurdistan operations for $588m (£360m), extending the Africa-focused group’s reach into the Middle East. Afren said yesterday that it would buy a 60 per cent participating interest in the Barda Rash production sharing contract and a 20 per cent stake in one [...]
IHG appoints new finance chief July 27, 2011 InterContinental Hotels Group (IHG) said it has appointed Tom Singer as chief financial officer, effective from 26 September. Singer takes over the role from Richard Solomons, who became the Holiday Inn owner’s chief executive officer in July and has overseen a major management reshuffle at the firm. Previously, Singer was the group finance director in [...]
Puma sprints to record sales July 27, 2011 German sportswear maker Puma chalked up record sales in the second quarter, as consumers across Asia and Latin America stocked up on running shoes with the jumping cat logo. Sportswear has rebounded strongly from the global recession, with the big name brands of Nike, Adidas and Puma all reporting robust demand this year. Puma, whose [...]
LAGARDE’S ODD CHANGE OF HEART ON HER BUDGET July 27, 2011 A SWIFT turnaround for silver vixen Christine Lagarde, who ascended the abruptly vacant throne of the International Monetary Fund (IMF) earlier this month. Back in March, as French finance minister, Lagarde unveiled a “historical” budget to bring France’s finances back into line. “Reducing the deficit is an economic imperative and a commitment to Europe,” she [...]
Autonomy beats forecasts as it plans to spin off its Aurasma unit July 27, 2011 AUTONOMY beat market forecasts yesterday to deliver a 16 per cent jump in quarterly sales, sending its shares up more than four per cent. Its pre-tax profits hit £125m, ahead of a consensus target of £117m. A strong performance in its high-margin cloud computing arm was the main driver, with revenues rising 37 per cent [...]
