Gulf Marine Services losses sink by $124.3m due to Covid and boat repairs May 14, 2021 Offshore industries boat provider Gulf Marine Services reported losses of $124.3m this morning, despite its revenue sinking by just six per cent last year. Despite boat utilisation surging 81 per cent, up 12 per cent from 2019 figures, its sales fell by $3.7m from 2019 to $70.9m, the group said in its full year unaudited [...]
Sanne Group rejects private equity firm Cinven’s £1.35bn buyout offer May 14, 2021 UK private equity firm Cinven said this morning that Sanne Group, an alternative asset and corporate services business, has rejected its £1.35bn buyout offer. The company said it is now considering all options, and has until 11 June to make a firm offer or walk away. Earlier this month Cinven made a proposal of a [...]
Crest Nicholson sells stake in Surrey film studio for £45m May 14, 2021 UK property developer Crest Nicholson has sold its 50 per cent stake in a film studio joint venture for £45m. Crest Nicholson, which usually focuses on house building, said it has entered into an agreement with JV partner Aviva to sell its share of Longcross Studio in Surrey. The transaction, which is expected to complete [...]
Sage Group’s profits take a tumble but share price up on recurring revs spike May 14, 2021 Software giant Sage Group’s pre-tax profits sank 31 per cent to £190m in the first half of its financial year, as it wired investment towards its cloud software and took a hit from a fall in disposals. The group’s revenue also fell by 4 per cent to £937m, in the six months to the end [...]
Poundland owner sets discount price for budget retailer’s Warsaw listing May 14, 2021 Poundland’s owner has set a discount price for the budget retailer’s Warsaw listing, giving the company a market capitalisation of 23bn zlotys (£4.38bn). South African conglomerate Steinhoff, the parent company of Poundland owner Pepco, set the price of shares in the firm at 40 zlotys. The pricing is towards the lower end of the 38 [...]
Downing Street hits out at EU ‘threat’ to City over financial services deal May 14, 2021 Britain has criticised the European Union after reports that France may halt negotiations on financial services following a row about fishing rights. French President Emmanuel Macron has been looking to pressure Britain into granting European fisherman access to European waters. Tensions were high a few weeks ago after a dispute over licences led to more [...]
IPO: London commodities dealer Marex looks to float on LSE in £500m move May 14, 2021 London commodities dealer Marex looks to float on LSE in £500m move
The Works ‘encouraged’ by post-lockdown sales but warns of ongoing uncertainty May 14, 2021 Arts and books retailer The Works said sales have been “very encouraging” since most of its stores reopened, but warned it is too early to judge whether the spike is due to pent up demand or “strong underlying performance”. The high street chain said online sales have reduced since its branches reopened but that they [...]
Moral hazard: Covid has created a generation of investors with a skewed sense of risk May 14, 2021 The financial industry has a penchant for complex terminology. Contango and backwardation, to name two – are designed to describe a particular event or scenario in ‘finance’ speak. Moral hazard is another one. The use of two surprisingly normal words creates an opaqueness that is hard to puncture. Moral hazard is thrown around a lot. [...]
Embracing technology to become better chartered accountants May 14, 2021 Gareth Lewis CA, chief executive and co-founder of Delio, and the 2019 winner of ICAS’ Top 100 Young CAs Technology category, talks about the changing profession and why it’s time for chartered accountants to embrace technology. Over the last decade, multiple technological developments have impacted the accountancy profession, financial services and the wider world of [...]
