Tate & Lyle says earnings are in line despite European weakness July 26, 2012 TATE & Lyle said its operating profit for the three months to June was in line with its expectations, as strong demand for its speciality food ingredients from the US and emerging markets offset weaker appetite in Europe. The London-based group, which makes sucralose zero-calorie sweetener Splenda, said yesterday operating profit in the sucralose division [...]
Contract wins lift Compass July 26, 2012 SHARES in Compass Group,the world’s biggest caterer, rose almost five per cent yesterday after it reported strong third quarter figures, boosted by large contract wins in emerging markets. The group, which caters for everyone from the armed forces to schools around the world, posted a 5.7 per cent rise in revenue in the quarter to [...]
PPR and LVMH see strong sales July 26, 2012 French luxury firms PPR and LVMH reported strong first-half profit growth yesterday. LVMH, the world’s largest luxury company which holds brands like Louis Vuitton, saw a 20 per cent rise in its profit from recurring operations, which reached €2.66bn. PPR also saw its recurring operating income rise 20.4 per cent. Its luxury division profit growth [...]
Hobbycraft sees surge in earnings July 26, 2012 Arts and crafts chain Hobbycraft yesterday reported an 8.3 per cent rise in total earnings before interest, taxation, depreciation and amortisation to £15.6m. The retailer, owned by private equity firm Bridgepoint Capital, saw an 11.9 per cent jump in revenue to £106.5m in the 12 months to 19 February. Hobbycraft, which opened 10 new stores [...]
AstraZeneca tops forecasts yet sales dive July 26, 2012 PRESSURE on the pharmaceutical industry from generic competition and government-squeezed prices was evident again yesterday as AstraZeneca reported a 21 per cent drop in second quarter sales. The loss of exclusivity on the firm’s top-selling antipsychotic drug Seroquel was responsible for 15 percentage points of the revenue decline, while pre-tax profits tumbled by a third [...]
UK still in top 3 for M&A despite European crisis July 26, 2012 THE MERGERS and acquisitions market is still in the doldrums, yet the UK and other established venues are not currently missing out on a swathe of lucrative deals at the expense of newer markets, according to research from Ernst & Young (E&Y) and the Cass Business School. M&A activity in developing markets has remained steady [...]
Exxon Mobil hit as price of gas and oil tumble July 26, 2012 EXXON Mobil, the world’s largest publicly traded oil company, posted lower-than-expected quarterly earnings yesterday as its oil and gas output sagged and weak margins hurt its chemicals business. Weaker global oil prices have weighed on earnings across the sector and Exxon also felt the sting of decade-low US natural gas prices, especially in the United [...]
Hammerson reveals Croydon centre plans to rival Westfield July 26, 2012 HAMMERSON yesterday unveiled its plans for the redevelopment of Croydon’s Whitgift Centre as the battle between the property developer and Australian rival Westfield escalated. Plans to revive the 1960s shopping mall came to a halt this year after its leaseholders – Royal London Asset Management and Irish Bank Resolution – and the freehold owners – [...]
Gambling firm 888 wins big July 26, 2012 Online gaming company 888 Holdings yesterday said second quarter revenues rose 17 per cent to $92m but added that it was not yet clear what effect the London Olympics would have on its business. The firm said third quarter trading started in line with expectations, with July’s average daily revenue 10 per cent above a [...]
New orders slide at Siemens July 26, 2012 Manufacturing giant Siemens yesterday posted a 23 per cent drop in quarterly new orders, steeper than expected, as customers wary of Europe’s debt crisis increasingly refrained from making investments. Order intake – a barometer of future sales – declined to €17.8bn (£13.9bn) in the third quarter, missing a €19.5bn forecast. Profit at at the firm’s [...]
