Endgame approaches as bidders fight for Co-op pharmacy chain June 30, 2014 The sale of Co-op’s chemist business may be nearing its conclusion as several big bidders compete to be chosen as the winner of the long-running disposal. The Co-op group, which is also selling its farms business, is selling its chemist chain, including over 700 pharmacies employing around 6,500 staff. An outcome is likely in a [...]
US hedge fund slams top pay at First Group June 30, 2014 MANAGEMENT pay at First Group was slammed yesterday by Tom Sandell of New York-based hedge fund Sandell Asset Management, as he said the management team of the UK rail and bus operator had been “well rewarded for failure”. The comments came in an open letter from Sandell to John Macfarlane, chairman of the board of [...]
Anglo American to proceed with large asset sale June 30, 2014 Anglo American, the London- based mining giant, is looking to sell off assets at a number of sites, including some of its oldest platinum mines in South Africa. The sale comes as part of a strategic review of the company’s assets, led by chief executive Mark Cutifani. The FTSE 100-listed mining giant, which also owns [...]
Africa Oilfield Logistics gets Ardan boost June 30, 2014 AFRICA Oilfield Logistics, the Aim-listed oil and gas support services and logistics company, announced yesterday it had bolstered revenues thanks to its primary investment in Ardan Risk & Support Services. The company said it had revenues of approximately $9.5m (£5.5m) for the four-month period ended April 2014, representing an annualised run rate of $38m and [...]
Gatwick airport back in profit and aims for 2nd runway June 26, 2014 Gatwick yesterday made its case for a second runway, as it announced that a record 35.9m passengers had passed through the Sussex airport in the last financial year, up 4.8 per cent from 34.2m in the previous year. The UK’s second busiest airport was back in the black with pre-tax profits of £57.5m in the [...]
DS Smith hurt by fears weaker euro will weigh on earnings June 26, 2014 SHARES in cardboard maker DS Smith fell 5.9 per cent yesterday after it announced it expected earnings to be hit this year due to a weaker euro and difficult economic conditions in Europe. Although DS Smith posted good results for the last financial year – pre-tax profits more than doubled to £167m, up 104 per cent [...]
US giant Alcoa buys UK’s Firth Rixson for $2.85bn June 26, 2014 Alcoa, the huge US based aluminium producer, has continued its diversification as it announced it will buy UK based aerospace company Firth Rixson from owners Oak Hill Capital Partners, in a deal worth $2.85bn (£1.67bn). Firth Rixson, which is based in Sheffield but has facilities in the US, China and central Europe, manufactures aerospace [...]
All aboard for Stagecoach as profits increase June 25, 2014 BUS AND rail transport group Stagecoach yesterday reported 2.4 per cent jump in pre-tax profit for fiscal 2014 ended 30 April, with revenue growth in all divisions. The company said its profits were driven largely by its operations in North America, adding that it was taking forward talks with the UK government over extending current [...]
Analyst Views: Do Stagecoach’s results show it is on the road to success ahead? June 25, 2014 JOHN LAWSON | INVESTEC Stagecoach has not earned its reputation as a quality operator with a predictable trading performance by accident. It has taken years of attention to detail and strong management, especially at the local level, and today’s results demonstrate this strength yet again. We keep our add rating. GERALD KHOO | LIBERUM Results [...]
Toyota gears up for 2015 launch of hydrogen car June 25, 2014 Japanese car giant Toyota yesterday lifted the lid on plans to launch a hydrogen fuel-cell car into the Japanese, European and US markets throughout next year. Based on a concept car Toyota displayed at last year’s Tokyo Motor Show – dubbed FCV – the fuel-cell car will hit Japanese forecourts at around ¥7m (£40,500). However, a [...]
