G4S shakes off tagging scandal as earnings rise August 13, 2014 OUTSOURCING firm G4S yesterday showed that its turnaround was gathering momentum, as it posted a 13.2 per cent rise in first-half earnings on the back of £1.2bn worth of new contracts. The FTSE 100 company, which has undergone a corporate overhaul to shrug off the prisoner tagging scandal, saw earnings rise to £86m, while revenue [...]
Look out Serco, G4S is leaner and meaner – Bottom Line August 13, 2014 Serco should sit up and take notice of G4S’ progress. While both firms were in the mire last year due to a prisoner tagging scandal, G4S swiftly set about overhauling its management and streamlining the business. And it’s working. Admittedly, most of G4S’ growth is coming from emerging markets rather than the UK, but a [...]
E.On UK supply profits dive due to mild weather August 13, 2014 German energy giant E.On’s UK subsidiary yesterday posted a 31 per cent drop in first-half profit for its supply arm – but its generation earnings rose by the same percentage. The warmer weather lowered demand for energy, causing revenue from the supply part of the business to fall 9.7 per cent to £3.95bn over the [...]
Global banks lend £255m to Russia’s Evraz despite Ukraine tensions August 13, 2014 Russian steelmaker Evraz yesterday said it had signed a $425m (£255m) loan from international banks, showing that western institutions were still comfortable doing business there despite increasing tensions over Ukraine. FTSE 250-listed Evraz, which counts oligarch and Chelsea Football Club owner Roman Abramovich as its largest shareholder, said it had secured the five-year loan with [...]
Glencore share price slides after a mixed first-half output report August 13, 2014 Commodities powerhouse Glencore saw its share price slump over three per cent yesterday on a mixed half-year production report. The integrated miner trader said production of copper – the metal it makes almost half its profit from – rose 13 per cent to 741,000 tonnes. But the FTSE 100 company, which completed a $40bn (£23.9bn) merger [...]
Serco warns of lower revenue next year as profit dives August 12, 2014 The magnitude of the challenge facing Rupert Soames was revealed yesterday, as embattled outsourcing firm Serco reported a 66 per cent slump in first-half profit and confirmed that revenues would fall next year, missing industry forecasts. The results came ahead of today’s damning report from HM Inspectorate of Prisons into Serco’s management of Doncaster prison, [...]
Brent crude oil price at 13-month low despite Iraq risk August 12, 2014 The price of Brent crude sank to a 13-month low yesterday, after the International Energy Agency (IEA) said oversupply in the market had offset “worrisome developments” in Iraq and other major oil producers. The industry benchmark fell to $102.65 (£61.06) during the day, the lowest price since 1 July 2013. In its closely watched monthly [...]
SIG profits soar on UK recovery August 12, 2014 BUILDING supplies company SIG yesterday reported a 23.5 per cent jump in half-year profit, buoyed by the UK construction recovery. Pre-tax profit rose to £41.5m and revenue increased 6.5 per cent to £1.29bn. “Trading conditions in the UK have continued to gather momentum, led by the revival in the housing market,” said chief executive Stuart [...]
GlaxoSmithKline to investigate fresh bribery claims in Syria August 12, 2014 GlaxoSmithKline is facing new bribery allegations in Syria, the latest in a string of accusations flung at the drugmaker from countries across the world. The FTSE 100-quoted company is accused of bribing Syrian doctors and officials to boost sales of its medicines, by offering cash, trips and free medical samples. The latest claims emerged after [...]
ARMs puts $450m bond sale on hold due to market challenges August 12, 2014 ASIA Resource Minerals (ARMS), the scandal-struck miner formerly known as Bumi, yesterday said its main subsidiary Berau had postponed a $450m (£268m) bond refinancing due to challenging market conditions. The Indonesia-focused coal producer, which recently underwent a separation after a feud between its co-founders, said last month that its refinancing plans were on track and [...]
