Fidessa trading in line for year August 1, 2011 Trading systems developer Fidessa reported a resilient interim performance yesterday, despite tough market conditions, and the firm expects full year results to be in line with expectations. Adjusted operating profit rose to £21.1m for the six months ended 30 June from £19.5m a year before. Revenue increased to £137m from £128.5m a year earlier. Pre-tax [...]
Ultra Electronics profits up August 1, 2011 British defence company Ultra Electronics reported a nine per cent rise in first-half adjusted pre-tax profit yesterday, offsetting the impact of spending constraints in its key UK and US markets. However, the group expects an impact on contracts going forward. Adjusted pre-tax profit between January and June was £52.1m, compared with £47.6m last year, boosted [...]
HORNBY REMAINS ON TRACK THANKS TO CHINA August 1, 2011 Toy maker Hornby said yesterday it was trading well, with weakness in Europe being offset by an improved supply chain in China. The company, which is renowned for its model railways, said in a trading update: “The effect of pent-up demand in Europe, now being satisfied by improved supplies from China, and the positive impact [...]
Miners help Intertek post higher profits August 1, 2011 BRITISH testing firm Intertek posted a 14 per cent rise in first-half profit yesterday, as a booming mining industry in Asia and the Pacific rim drove strong growth in its commodities division. Intertek, which tests products from toys and clothes to oil and renewable technology, said its adjusted pre-tax profit grew to £110.6m on revenues [...]
Keller blames Australian floods for poor first half August 1, 2011 BRITISH construction group Keller posted a 70 per cent drop in its pre-tax profit for the first half yesterday, hurt by the floods in Australia and political unrest in the Middle East and North Africa. However, the company, whose largest market is in the United States, said several large jobs will lead to a much [...]
Porsche boosts earnings thanks to China boom August 1, 2011 GERMAN sports car maker Porsche said its quarterly profits have surged thanks to demand for luxury cars in China and North America. First-half operating profit jumped 37 per cent to €1.07bn (£940m), the company jointly owned by Porsche SE and Volkswagen said yesterday. Revenues were up almost 19 per cent at €5.22bn, implying a first-half [...]
CITY MOVES | WHO’S SWITCHING JOBS August 1, 2011 Oracle Coalfields The mining company, which is developing a 1.4bn tonne coalfield in Pakistan’s Sindh Province, has appointed Adrian Loader, the former president of Shell Canada, as chairman of the board of directors. Loader’s former board appointments include Alliance-Unichem, Alliance-Boots and Candax Energy. He is currently a director of Holcim, a member of the Garda [...]
BEST OF THE BROKERS August 1, 2011 BARRATT DEVELOPMENTS Goldman Sachs has upgraded the house builder from “neutral” to “buy” with a target price of 159p. The broker has also upgraded rival Persimmon to “buy” after reviewing the property sector, and now expects broadly flat new-build house prices over the next two years, thanks to low build volumes and stable unemployment. Goldman [...]
FTSE has a rollercoaster day as US data undoes debt rally August 1, 2011 BRITAIN’S top share index shed 0.7 per cent yesterday after a rollercoaster session, with early strong gains on relief over a debt deal in Washington wiped out later by weak ISM data which threw the spotlight back on a faltering US economy. At the close, the FTSE 100 index was down 40.76 points, or 0.7 [...]
Wall Street slides on manufacturing August 1, 2011 THE S&P 500 fell for a sixth day yesterday as time runs out for the government to pass a deal to avoid default and the economy showed further signs of stalling. The market pared losses late in the day before Congress was expected to vote on a debt deal backed by the White House, which [...]
