Adobe misses revenue expectations September 19, 2012 ■ Adobe Systems, maker of Photoshop and Acrobat software, last night reported a third quarter that missed revenue expectations due to currency effects. Net income for the third quarter was $201.3m (£123.9m), or 58 cents per share. Adobe said that revenue rose slightly to $1.08bn from a year earlier, but missed Wall Street estimates of [...]
K2 Advisors sells out to Franklin September 19, 2012 ■ K2 Advisors became the latest fund of hedge funds to sell out to a much bigger rival, with a deal announced last night to sell a majority stake to Franklin Resources. Current management of K2 will receive no up-front payment under terms of the deal, Franklin Resources said in a statement. Franklin, which owns [...]
Capital & Counties gets cash to help it expand Covent Garden September 19, 2012 PROPERTY group Capital & Counties (Capco) yesterday raised £149.1m to help fund its ambitious plans for Covent Garden. The firm placed 68.4m shares at 218p per share, or a 1.1 per cent discount to Tuesday’s closing price. Capco said the funds will be used to help fund its £200m plans to snap up more properties [...]
Advisers capco’s £149m share placing September 19, 2012 SIMON MACKENZIE SMITH BANK OF AMERICA MERRILL LYNCH CAPCO’S push to improve Covent Garden has long been backed by Bank of America Merrill Lynch (BAML) and UBS. The former has been Capco’s financial adviser since it demerged from Liberty and listed in London and Johannesburg in 2010. BAML also contributes to the Covent Garden estate [...]
Tesco’s Clarke insists US chain is fighting back September 19, 2012 TESCO’S loss-making Fresh & Easy chain in the United States is “fighting nicely” in a tough market, the chief executive of the retailer said yesterday, underlining his belief that the chain can have a profitable future. Tesco boss Philip Clarke has this year rejected investor calls to withdraw from the US, though he told shareholders [...]
CVC sells ten per cent stake to three sovereign wealth funds September 19, 2012 CVC Capital Partners, one of the biggest private equity firms in the world, has followed rivals such as Apax Partners and TPG by selling a stake in its parent company to a group of private investors. It is understood the firm, which has investments in Formula One and theme park group Merlin Entertainment, has sold [...]
Asos defies downturn to make sales gains in UK and overseas September 19, 2012 ASOS cheered investors with accelerating sales growth in the UK over the summer, helping boost its shares 1.8 per cent yesterday. The online fashion retailer brushed off the malaise seen on the British high street to report 15 per cent growth in UK takings to £49.9m for the three months to 31 August. This takes [...]
Loss for French Connection as it unveils plan September 19, 2012 SHARES in French Connection tumbled eight per cent yesterday after it swung to a loss for the half-year and admitted that trading “continued to be very difficult”. The retailer recently completed a review of the business, pledging yesterday to focus on improving store operations, altering its product range and closing underperforming outlets. Chairman and chief [...]
Merger of casino giants held up by OFT as formal deadline passes September 19, 2012 CASINO operator Rank Group said yesterday that its takeover of Gala had been held up by competition concerns, with the formal deadline for the deal’s agreement passing at midnight yesterday. The Office of Fair Trading (OFT) referred the £205m sale to the Competition Commission last month over fears that the deal, which would create the [...]
Zara owner impresses with strong growth September 19, 2012 FAST-CHANGING fashion ranges and a drive to win new customers online and in emerging markets helped Spain’s Inditex, the world’s biggest clothing retailer and owner of the Zara brand, to beat first-half profit forecasts yesterday. First-half net profit was €944m (£760.5m).
