APR Energy to buy GE rental unit for £194m October 23, 2013 TEMPORARY power provider APR Energy yesterday said it has agreed to buy General Electric’s power rental business for $314m (£194m), in a deal which its chief executive called “transformational” for the company. John Campion told City A.M. that the acquisition of GE Power & Water in Houston, which rents mobile gas turbines to provide temporary [...]
Asos, Sports Direct and Home Retail results stronger – but this is a success for e-street not the high street October 23, 2013 We've seen trading updates from a host of retailers this morning. Asos saw full year pre-tax profits beat consensus forecasts, Home Retail's Homebase and Argos saw like-for-like sales up 5.9 per cent and 2.3 per cent respectively in 26 weeks, and Sports Direct saw total sales up by 15.1 per cent in nine. But don't [...]
Asos on track to hit £1bn of sales by 2015 as profits beat analyst expectations October 23, 2013 Online retailer Asos has posted a whopping 23 per cent rise in full year pre-tax profit to £54.7m in the year to 31 August. Analysts had expected the company to post a profit of just £44.5 to 54m. That's not stopped Asos shares dropping on the open though. Shares are now trading about 4.7 per [...]
Best of the Brokers for 21 October 2013 October 20, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com ASOS HSBC has kept its “overweight” rating on the online fashion store and hiked its target from 4,380p to 7,160p ahead of full-year results on Wednesday. The broker moved its target after changing its value measure to enterprise value and sales growth. DEBENHAMS [...]
London Report: GDP figures and housing prices reveal recovery October 20, 2013 GROSS domestic product (GDP) figures due on Friday are expected to reveal the UK’s solid recovery prospects, coupled with further good news from Nationwide and Rightmove housing figures earlier in the week. Analysts predict further improvement in the economy, with third quarter GDP expected to rise. “We expect GDP to rise 0.8 per cent quarter-on-quarter. [...]
Japan looks to private help with reserves October 13, 2013 THE JAPANESE government is set to look for private sector assistance in managing its enormous foreign currency reserves, according to the country’s finance ministry. Prime Minister Shinzo Abe’s government wants to lift the current ban on private involvement, enlisting the services of financial institutions. The country holds around $1.27 trillion (£795.8bn) in foreign exchange reserves, [...]
Bottom Line: A global web player that is best of British September 19, 2013 ANYONE who said there was no space in the internet retail revolution for British business may have to start eating their words. On the heels of Ocado’s return to form thanks to a licensing deal with Morrisons comes this startling set of numbers from Asos. They confirm the online fashion retailer’s extraordinary achievement. In little [...]
Asos on trend with stellar set of sales figures September 19, 2013 ONLINE fashion retailer Asos saw its share price soar to a record high of nearly £55 yesterday after stunning the city with a stellar set of quarterly sales figures. The clothing site, which sells clothes to the lucrative 18 to 24 year old fashion market, said sales rose by almost 50 per cent across June, [...]
Asos sees sales soar with strong UK market and new growth in US and Russia September 19, 2013 Online retailer Asos has announced UK retail sales up 47 per cent for the three months to the end of August with 49 per cent growth in the UK. (Release) Retail sales for the year were up 40 per cent year-on-year. The company had 7.1 million active customers at the end of August, up 42 [...]
Bottom Line: Results are also a game of two halves September 18, 2013 LUCKY for JD Sports that rival JJB went into administration at the end of last year. That helped it to score a 7.5 per cent increase in like-for-like sports sales in the UK and Ireland in the first half, with group profit before tax up 111 per cent to £6.1m. Without it, these results could [...]