Chemring boss replaced as bid talks continue October 23, 2012 DEFENCE equipment manufacturer Chemring yesterday announced the immediate resignation of chief executive David Price, amid its takeover talks with US private equity firm Carlyle. Price will be replaced by Mark Papworth with immediate effect. The management shake-up, which sent shares into a tailspin yesterday, came as Carlyle is discussing a deal to take over £625m [...]
Olympic tourists lift revenues at Channel Tunnel’s operator October 23, 2012 A LARGE number of international Olympics spectators drove to London rather than take the train across the Channel, according to figures out yesterday from Eurotunnel. Just a week after train operator Eurostar said it had seen no revenue boost from the Games, Eurotunnel yesterday cheered quarterly revenues of €275m (£223.8m), a 13 per cent rise [...]
Rising turnover at Laird puts it on track to meet expectations October 23, 2012 ELECTRONICS firm Laird yesterday posted a 10 per cent increase in revenue for the three months to 23 October, as it said it was confident it could meet market expectations for the full year. Revenue came in at £133m, compared to £121m over the same period last year. Quarter on quarter, revenue for the components [...]
Dev Secs cuts half-year losses October 23, 2012 DEVELOPMENT Securities yesterday said it has reduced its half year loss to £0.7m from £1.3m the same time last year and said it was optimistic about its strategy of realising gains from its property portfolio. The developer said it had generated returns of £11.9m in the six months to 31 August from disposal of assets [...]
Production jump at Dragon Oil October 23, 2012 ■ Aim-listed Dragon Oil yesterday announced a 13 per cent increase in production over the third quarter to 69,600 barrels of oil per day, up from 61,500 barrels last year. Over the three months to September, three wells were put into production. Around $91m (£57m) was spent on infrastructure and drilling over the period. The [...]
Capital Drilling warns on revenue October 23, 2012 ■ Emerging market-focused Capital Drilling yesterday warned on its full-year revenue, as a result of industrial action in Egypt and a weaker than expected performance in Tanzania, sending its shares down 17 per cent to close at 39p. Capital Drilling derives 40 per cent of its revenues from these two key countries. The drilling company [...]
EU airlines must pay for delays October 23, 2012 ■ European Union airlines must pay compensation for delayed flights unless the delay was caused by circumstances beyond their control, the bloc’s highest court said. Travellers should be recompensed for delays of more than three hours, the European Union Court of Justice ruled yesterday, reaffirming a right established three years ago in a case involving [...]
Who’s switching jobs October 23, 2012 BT Dan Fitz has been appointed company secretary of BT Group. He is currently group general counsel, and replaces Andrew Parker. Fitz has also previously served as group general counsel at Misys, and held the same position at Cable & Wireless. BlueBay Asset Management Erich Gerth has been appointed global head of business development at [...]
Best of the Brokers October 23, 2012 DIRECT LINE Nomura has begun to cover the newly listed firm with a “reduce” rating and a target price of 174p. Nomura said it was confident in Direct Line, but this was already factored into the price. LLOYDS Ian Gordon at Investec has advised investors to sell the bank’s shares and “seek refuge” in Barclays, claiming [...]
Fresh plunge on Wall Street on grim results October 23, 2012 US stocks fell yesterday, driving the Dow industrials to the biggest drop since 21 June, as weak results from index members DuPont and United Technologies showed profit growth is slowing. This earnings season has so far produced a string of disappointments from companies falling short of Wall Street’s expectations. With results in from 29 per [...]
