Swann leaves WH Smith with a vision but no visionary October 11, 2012 UNDER its list of principal risks and uncertainties, yesterday’s WH Smith preliminary results included “reliance on key personnel”. The market agreed: despite a 10 per cent increase in profit before tax and a full-year dividend up 20 per cent, shares dropped sharply on the accompanying news that long-serving chief executive Kate Swann will step down [...]
Greggs warns of continuing sales decline October 11, 2012 GREGGS warned yesterday that sales will continue to fall for the rest of the year as cash-strapped customers cut back further on their visits to the group’s bakery stores along with the dampening effect of poor weather conditions. The UK’s largest bakery chain posted 2.6 per cent fall in like-for-like sales in the 14 weeks [...]
Treasury MP aims to see tech firms before committee next year October 11, 2012 TECHNOLOGY bosses are set to face Treasury MPs early next year, with parliamentary support over calls for US firms to pay more taxes in the UK broadening, Treasury Select Committee John Mann said yesterday. Labour MP Mann told City A.M. yesterday that politicians from all parties are keen to introduce measures designed to cut down [...]
AFC Energy gets lift as Roman Abramovich invests almost £9m October 11, 2012 AN industrial fuel cell firm that counts a Tory MP as its chairman received a boost to its coffers – and its shares – yesterday, after an fund led by Russian billionaire Roman Abramovich invested almost £9m. Aim-listed AFC Energy said yesterday that Ervington Investments was pouring £8.7m into the firm, a move it said would [...]
Clegg backs tough rules on payments October 11, 2012 BRITAIN will support tough legislation for energy, mining and forestry companies to declare payments made to governments for extracting natural resources – strengthening prospects Europe will adopt rules at least as rigorous as those in the United States. Deputy Prime Minister Nick Clegg said yesterday the coalition supports strict new rules as a way to [...]
City Views | Does the direct line float show public appetite for buying shares? October 11, 2012 NEIL CONNOLEY MORGAN STANLEY Floating is all well and good, but until we know where the economic climate is going the markets are still anyone’s game. Floating one firm isn’t a good guide really. JITAN KUNDALIA IBOS SOLUTIONS A successful and sizeable IPO for a company essentially owned by the taxpayers has to be a [...]
Analyst Views | Is Greggs taking enough measures to offset negative sales? October 11, 2012 DARREN SHIRLEY SHORE CAPITAL Despite ongoing challenges from the UK consumer, we continue to believe that Greggs’ medium-term multi-pronged growth strategy has considerable merit, with new stores, wholesaling and franchises offering long-term growth potential, underpinned by continued investment in manufacturing infrastructure. PHILIP DORGAN PANMURE GORDON Today’s statement is slightly disappointing, given the lack of a [...]
Rangers shoot for £20m junior market offering October 11, 2012 TROUBLED Scottish football club Rangers yesterday announced plans to raise up to £20m through a listing on London’s Alternative Investment Market as the team’s new owners seek to rebuild the business. Rangers has endured a disastrous year, with the club – who have won the league a record 54 times – declared insolvent and forced to restart life [...]
Direct Line’s success is just what the bankers ordered October 11, 2012 D IRECT Line was always going to be a major test for the London listings market. Finally, it has got away, so there will be relief all around about that, even though the insurance group will not jump straight into the prestigious FTSE 100 as many at the outset had hoped for. There was a [...]
Financial feast at the Mansion House October 11, 2012 TO Mansion House last night, the palatial pad of the Lord Mayor of the City of London, where the crème de la crème of Britain’s financial services sector raised a glass in toast to the industry. This year was the fourth and final time Lord Turner, chairman of the Financial Services Authority, addressed fellow diners. [...]
