Siemens dips on healthcare July 28, 2011 SIEMENS, Europe’s largest engineering group, has warned that the global economy is becoming riskier, as its healthcare unit dragged quarterly results below expectations. Fiscal third-quarter net profit from continuing operations fell 47 per cent to €763m (£668m), lower than an analysts’ consensus of about €1bn, and while the group brushed off concerns that emerging markets [...]
Hyundai gains market share as Renault hit by Japan quake July 28, 2011 SOUTH Korea’s Hyundai Motor yesterday posted a 37 per cent rise in quarterly net profit after it logged record global vehicle sales and gained market share from Japanese rivals reeling from the 11 March earthquake. Meanwhile French car maker Renault said the impact from Japanese disruption, which depressed profit by a fifth in the first [...]
Lloyds and AIB weigh sale of Robert Dyas hardware chain July 28, 2011 ROBERT Dyas, the hardware store chain, is likely to be sold soon as its co-owners Lloyds and Allied Irish Banks are hiring an adviser to review its options, City A.M. has learned. Lloyds and AIB held meetings with several advisory firms over the past few days to review options for the sale of the 139-year-old [...]
RANK RESILIENT AFTER TAKEOVER DRAMA July 28, 2011 MECCA Bingo owner and takeover target Rank Group yesterday posted an underlying pre-tax profit of £26.4m, up 8.6 per cent on last year. The firm, which is keeping its London listing after Guoco snapped up most of its shares earlier this month, said it also received a £162m rebate from HM Revenue & Customs for [...]
Tate & Lyle is off to sweet start to year July 28, 2011 BRITISH sweetener and starches maker Tate & Lyle said it had made an encouraging start to the new financial year and expected another year of profitable growth amid growing demand for its speciality ingredients. The London-based group, which makes sucralose zero-calorie sweetener Splenda, was giving an update for its first quarter trading ahead of its [...]
AG Barr weathers well as sales rise despite rainfall July 28, 2011 AG Barr said yesterday it has defied bleak weather over the last six months to increase its sales. The Irn Bru maker, which also owns the Rubicon juice brand, said in its latest trading statement that sales for the six months to 30 July were up 3.5 per cent compared with the same period last [...]
Compass finds its way to revenue growth to keep it on track for year July 28, 2011 COMPASS Group, the world’s biggest caterer, said its expectations for the full year were unchanged after delivering a good performance in the third quarter of its fiscal year. The company, which serves around 4bn meals each year in over 50 countries, said constant currency revenue increased by over eight per cent in the quarter to [...]
Earnings jump at Coca-Cola Enterprises July 28, 2011 COCA-COLA Enterprises yesterday reported higher-than-expected 24 per cent rise in quarterly earnings, helped by volume increases and foreign currency movements. Western Europe’s biggest bottler of Coca-Cola drinks said net income rose to $246m (£150m) from $199m a year earlier. On a per-share basis, earnings were 74 cents. Revenue rose 22 per cent to $2.41bn, while [...]
GKN TO BUY GETRAG IN £295M DEAL July 28, 2011 GLOBAL engineering giant GKN is buying automotive components business Getrag Driveline, for £295m, it said yesterday. GKN, whose chief executive is Sir Kevin Smith (pictured), will pay £283m in cash and equity followed by £12m if Getrag hits targets on the future trade it generates. It is privately owned by the Hagenmeyer family.
CITY MOVES | WHO’S SWITCHING JOBS July 28, 2011 Cisco Systems One of the world’s largest global IT companies has appointed Phil Read as operations director for its finance and professional services business. Read rejoins Cisco after a four-year stint as a sales and marketing director at BT. In his new role, he will be responsible for the sales and engineering teams responsible for [...]
