OECD bullish on UK prospects November 12, 2012 Growth is due to pick up in the new year in the UK, according to OECD predictions released yesterday. The Paris-based group’s leading indicator ticked up to 100.2 for the UK in September from 100.1 in August, where 100 represents the long-term average. The indicators continue to forecast weak growth across the Eurozone and in [...]
Sudden fall in charitable giving November 12, 2012 Donations to charity fell by 20 per cent in real terms during 2011-12, according to a report released this morning by the National Council for Voluntary Organisations (NCVO). The British public gave £1.7bn less to charity than the previous year, it said. “I’d ask people to commit to regular donations through direct debit, and give [...]
Rusal drops to a loss on weak metal outlook November 12, 2012 ALUMINIUM producer Rusal made a net loss of $118m (£74.3m) over the three months to September, against a profit of $432m a year earlier, as it eyed a rebound in consumption of the metal in the fourth quarter. Revenue came in at $2.56bn during the quarter, down from $3.16bn over the same period in 2011, [...]
Explorers San Leon and Aurelian agree £150m all-share merger November 12, 2012 OIL AND gas explorer San Leon Energy is to acquire fellow Aim-listed explorer Aurelian in an all-share merger worth around £150m. Under the terms of the tie-up – which represents a “compelling strategic and cultural fit” according to the boards of both companies – shareholders will receive 1.3 new San Leon shares for each Aurelian [...]
Heritage Oil exits Kurdistan as it sells interest to Genel Energy November 12, 2012 EXPLORER Heritage Oil yesterday confirmed it would exit its Kurdistan asset, by selling its remaining 49 per cent interest in a gas field to Genel Energy to repay a $294m (£185m) loan. FTSE 250-listed Heritage will sell its stake in the Miran gas field in a deal that will see it exiting Kurdistan completely and [...]
Cape dives on profit warning as its chief financial officer departs November 12, 2012 SHARES in energy support service provider Cape plunged yesterday as it issued a profit warning, prompting the departure of its chief financial officer. Finance director Richard Bingham stepped down with immediate effect. It is understood he was close to the former chief executive, and the latest profit warning was a catalyst to his departure. Cape, [...]
What are your thoughts about Cape’s trading statement? November 12, 2012 ANDY HANSON | NORTHLAND CAPITAL PARTNERS The issues now appear more than just simply deterioration in trading, and raise questions on the internal controls in the business first highlighted with issues experienced on a project in the UK followed by the larger cost overrun in Algeria. SANJEEV BAHL | NUMIS SECURITIES We have placed our [...]
Wincanton swings back to profit November 12, 2012 Supply chain company Wincanton returned to profit in the six months to September, posting pre-tax profits of £13m, up from a loss of £13.6m over the same period in 2011. Over the past six months, it has won several contracts in the retail sector, notably with B&Q and with Morrisons to operate a convenience distribution [...]
Interserve confirms guidance November 12, 2012 Support services and construction firm Interserve yesterday said trading remained in line with expectations, and it reiterated its guidance for 2012. Since 1 July, it has won more than £500m worth of new work from clients such as the NHS, Viridor, Scottish Power Networks and the Ministry of Justice. Interserve has also netted £124.5m in [...]
Kentz eyes strong growth in 2013 November 12, 2012 FTSE 250-listed engineering and construction group Kentz said yesterday it expected to deliver 2012 earnings in line with expectations and hit double-digit growth next year. Its prospect pipeline increased to $13.1bn (£8.2bn) in the period since 1 July. Kentz, which has operations in 29 countries, had a backlog of $2.53bn at the end of September, [...]
