Serco profits surge by 30pc February 26, 2010 SUPPORT services firm Serco has posted a 30 per cent profit rise and predicted that the government would outsource more work after the general election. The group made a full-year pre-tax profit of £177.1m, with revenues 27 per cent higher at £3.97bn. Serco hiked its final dividend by a quarter to 6.25p a share while [...]
GDP grows by 0.3pc February 26, 2010 A stronger services sector and higher industrial production levels boosted economic growth to 0.3 per cent in the fourth quarter of 2009. The second GDP estimate from the Office of National Statistics revises the initial figure up by 0.2 percentage points from 0.1 per cent. However, this shows that while some sectors of the economy [...]
John Lewis sees a further sales jump February 26, 2010 JOHN lewis and Waitrose have reported further rises in weekly sales – fuelling hopes of a high street recovery. The department store’s overall sales were up 15.1 per cent year-on-year. Sales at the group’s supermarket rose 13.7 per cent. John Lewis’s stores in Oxford Street, Bluewater and Kingston were among the leading lights in the [...]
House prices hit by the big freeze February 26, 2010 HOUSE prices fell back in February for the first time in 10 months as poor weather deterred would-be househunters. Nationwide’s latest monthly survey revealed that prices fell by 1 per cent to £161,320 during the month following a 1.4 per cent rise in January – the largest for five months. Economists warned that although the [...]
William Hill profits plunge in recession February 26, 2010 BOOKMAKER William Hill said profit dropped last year as recession-hit Brits cut back on wagers. Pre tax profit slumped 59 per cent to £120.9m, down from £293.3m in 2008. William Hill’s telephone operations lost £1.8m last year on competition from bet exchanges and offshore rivals, according to the company. It said in statement “Our telephone [...]
Lloyds in £6.3bn loss February 26, 2010 PART-NATIONALISED Lloyds Banking Group has reported an operating loss of £6.3bn for 2009. The lender is still saddled with bad debts but the loss is less than the record £6.7bn reported in 2008 after the bank’s rescue of stricken HBOS. The bank is 41 per cent-owned by the state, down from 43 per cent after [...]
Greek bond delay fuels global fears February 25, 2010 FEARS that the global economy could slip back into recession deepened yesterday as Greece pushed back a crucial bond issue because of market jitters over a possible downgrade of its sovereign credit rating. Athens will wait until next week to tap gilt investors for up to €5bn (£4.4bn) on a 10-year bond, in what will [...]
Portsmouth falls victim to Premiership excesses February 25, 2010 DEBT-RIDDEN Portsmouth will officially become the first Premier League club to go into administration today. Owner Balram Chainrai took the decision after failing to strike a deal with four potential buyers in time for the winding-up order in the High Court on Monday. Portsmouth will now be docked an automatic nine points – a move [...]
Your chance to let politicians know what you really think February 25, 2010 THE City is the engine room of the British economy, but you wouldn’t know it from the policies of the main political parties. Few politicians are interested in reflecting or listening to the concerns of the hundreds of thousands of people who work in London’s business and financial sectors. With an election just weeks away, [...]
Green rules pushing up energy prices February 25, 2010 ENERGY prices are too high in Britain, even after the recent cuts in gas prices. But those tempted to join in the populist rage at British Gas-owner Centrica’s results yesterday – UK profits hit a new record, though global earnings fell – need to understand all of the forces at play. It is true that sometimes [...]
