FCA limits payday lender rates November 11, 2014 THE FINANCIAL Conduct Authority (FCA), the UK’s financial regulator, announced a cap yesterday on the amount payday loan companies can charge. Coming into force on 2 January 2015, the new rules put a 0.8 per cent cap on the daily cost of borrowing, limit fixed default fees at £15 and confine the total cost of [...]
Liontrust doubles first-half profits November 11, 2014 LIONTRUST Asset Management, the UK-based independent fund management group, announced yesterday that it had more than doubled profits year-on-year in the first half of its financial year. For the six months to 30 September, Liontrust saw its profit before tax rise to £3.2m, from £1.3m in the same period last year. Revenues for the period [...]
Drinks giant Diageo drops KPMG for PwC as new rules come in November 11, 2014 Diageo announced yesterday that it had replaced its auditor KPMG with rival PwC, to bring it in line with new regulations compelling companies to consider changing their accountants every decade. The alcoholic drinks giant – which produces Guinness – said PwC’s appointment would take effect for Diageo’s financial year ending 30 June 2016, subject to [...]
E-cigarette ad gets first airing on British TV November 10, 2014 UK TELEVISION viewers yesterday saw the first ever advert showing someone smoking – or “vaping” – an e-cigarette. While adverts for e-cigarettes have been airing for some time, the device itself and the act of “vaping” were prohibited until an amendment to advertising regulation came into force yesterday morning. Cigarette adverts have been banned in the [...]
Mid-cap firms outperform big companies amid stall in sales November 9, 2014 AVERAGE sales growth at UK companies remains sluggish, with profit margins under pressure, leading retail stockbroker The Share Centre said yesterday. The overall weak figures, however, conceal a strong disparity between different sized companies, with UK mid-caps outperforming their blue chip counterparts, according to the company’s latest Profit Watch UK report. The total annual revenues [...]
Encore Capital back again for luxury health club acquisition November 9, 2014 ENCORE Capital, the London-based investment firm focused on entrepreneurial growth businesses, yesterday completed the acquisition of the 37 Degrees health and fitness club from venture capital investor Albion Ventures. The move comes as Encore looks to expand in the broader healthy lifestyle segment and follows on from the group’s purchase of luxury gym operator The [...]
Bank advisers left red-faced by collapse in OW Bunker share price November 6, 2014 One of Denmark’s biggest ever flotations crashed more than 50 per cent below its issue price yesterday, raising more questions for banks serving up a spate of under- performing IPOs this year. Danish marine fuel company OW Bunker, which issued shares at 145 kroner in March, might declare bankruptcy after a scandal at its [...]
Pensions sales drive strong third quarter results for Royal London November 6, 2014 Royal London Group – the UK’s largest mutual life and investment company – posted strong third-quarter results yesterday, with pensions sales up 39 per cent year-on-year. Group pension sales were a key driver for company’s positive results, up 101 per cent to £1.72bn from the third quarter of last year. Individual pensions and drawdown sales [...]
Adidas share price up as sales growth in third-quarter boosts revenue November 6, 2014 German sports conglomerate Adidas yesterday outperformed analysts’ expectations by posting a nine per cent constant currency sales growth in its third-quarter results. The company saw a 21 per cent sales increase in retail over the period and a six per cent boost in wholesale. Warburg Research analyst Jorg Philipp Frey said the company’s “third-quarter, top-line [...]
Dairy Crest share price soars as company strikes £80m deal with Muller for its dairy assets November 6, 2014 Britain’s largest dairy products company Dairy Crest yesterday announced it was selling the assets of its dairy operations to Muller UK & Ireland Group for £80m. Under the deal, Muller’s UK division – Muller Wiseman Dairies – will take over factories at Foston, Derbyshire, Chadwell Heath, in east London, and Severnside, Gloucestershire. The two companies [...]
