Entrepreneurs now have their own pressure group – at last November 18, 2013 LISTEN up, entrepreneurs: you are about to get your own trade union. Yes, you read that right – a union, or at least a pressure group, specifically set up to fight for those who create and set up businesses. This new Entrepreneurs’ Alliance is an excellent idea. There are lots of groups that support established [...]
Bottom Line: Hot competition in retail revolution November 5, 2013 PRIMARK doesn’t sell food, but if it did, it’s unlikely the range would compete with Marks & Spencer. Unfortunately for the 129-year-old high-street stalwart, its younger rival does sell clothes – a lot of them. Yesterday’s contrasting results from the two retailers were a stark reminder of just how much the British high street has [...]
Japan’s Mizuho in the clear over loans to yakuza October 28, 2013 MIZUHO Financial Group did not intentionally cover up loans to yakuza mobsters, an outside panel said yesterday, a verdict that increases the likelihood Japan’s second-biggest bank by assets will escape serious penalty over the scandal. Mizuho said its president and CEO, Yasuhiro Sato, would keep his job but have his pay suspended for six months. [...]
Asos ramps up investment on growth abroad October 23, 2013 ASOS announced plans yesterday to ramp up spending over the next two years as it moves to improve its distribution network to cope with an ever expanding business. The online fashion retailer will invest £110m over the next two years, increasing capital expenditure to £55m a year from a planned £35m and stepping up investment [...]
Analyst Views: What was your reaction to Asos’s Full-year results? October 23, 2013 WAYNE BROWN CANACCORD GENUITY “What makes this result even more commendable is that the pre-tax profit of £54.67m is depressed by £6m of start-up losses in China. Stripping this out shows that Asos delivered a 36.5 per cent increase versus the 23 per cent profit announced. We are encouraged by comments that the current year [...]
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. [...]