HOW DO YOU RATE STANCHART’S LATEST RESULTS? August 3, 2011 GARETH HUNT | INVESTEC While the first half has come in ahead of expectations, we do not expect full year consensus to move… While the headline cost performance was strong, it was flattered by one-offs, particularly in the “other Asia Pacific” reporting segment, which benefited from $86m of cost recoveries… As ever with Standard Chartered, [...]
Mystery firm makes move on Evolution August 3, 2011 BANK and broker Evolution Group admitted yesterday it had received an early-stage takeover approach from an unidentified potential bidder. The surprise announcement sparked feverish speculation as to the likely bidder and why they targeted Evolution, which had not previously been seen as for sale. Evolution’s shares closed 8.5 per cent higher. Brokers are witnessing a [...]
Deal drought leads to survival of fittest August 3, 2011 WHY would anyone want to buy a City stockbroker right now? London’s brokerages are in a lamentable state after a dismal first half of the year and feel they are being squeezed until their pips squeak. The uncertainty and volatility plaguing markets has caused a deal drought among UK corporates that has slashed broking revenues. [...]
L&G profits help hike its dividend August 3, 2011 LIFE insurance giant Legal & General has delivered half-year profits ahead of expectations and said its high cash generation allowed it to hike its dividend by a quarter yesterday. It made £523m operating profit, almost three per cent ahead of consensus market expectations and posted £498m cash generation, 19 per cent up on 2010’s level. [...]
F&C inflows up but costs rise August 3, 2011 F&C Asset Management said it attracted a net £800m of new fund inflows in the first half of 2011 but posted weaker than expected underlying profits yesterday. Assets under management rose to £108bn, up from £105.8bn at the end of December while net revenues increased 28 per cent to £137m in the six months to [...]
British Airways owner and Ryanair post increase in passenger traffic August 3, 2011 BRITISH Airways parent company IAG yesterday reported a 3.5 per cent jump in traffic for July. The figure, measured in revenue passenger kilometres, grew to 16.1bn. However, the actual number of passengers decreased 2.7 per cent to 5m. IAG, which was formed by the merger between Spanish carrier Iberia and BA, was boosted by a [...]
Next sales rise defies gloom August 3, 2011 RETAILER Next saw total sales rise 3.2 per cent as the company’s directory business fuelled growth, it said in its half yearly trading statement yesterday. Next Directory, which consists of its home shopping catalogue and online store, reported a 15.1 per cent rise in sales in the 26 weeks to 30 July compared to the [...]
GKN upbeat as profits rise August 3, 2011 British industrials group GKN beat first-half profit forecasts, driven by new products and strength in emerging markets in its automotive business, and tipped its aerospace division to improve in the coming years. GKN, which produces components for Airbus and Boeing, reported a 14 per cent rise in pre-tax profit to £200m on sales 11 per [...]
Iron ore use drives Ferrexpo August 3, 2011 Ukrainian iron ore producer Ferrexpo yesterday posted an 86 per cent jump in core profit in the first half, in line with expectations, and said demand for the key steelmaking ingredient is expected to remain strong in the medium term. Pre-tax earnings surged to a record $401m (£244m) on a 50 per cent increase in [...]
Thomas Cook chief quits as profits plunge August 3, 2011 THOMAS Cook yesterday announced that chief executive Manny Fontenla-Novoa was quitting the company after a disastrous year punctuated by three profit warnings. The tour operator has been struggling against a backdrop of political unrest in holiday destinations in North Africa and the Middle East and a tough UK market. Industry insiders said that Fontenla-Novoa was [...]
