Mitie seeks out overseas deals as sales jump May 21, 2012 OUTSOURCER Mitie yesterday said it was eyeing international growth as it reported record revenues. The FTSE-250 company, which has dozens of UK government contracts, has a brimming order book with services including security and maintenance growing. Its pre-tax profits jumped 5.9 per cent to £94.5m for the year to the end of March. Mitie’s order [...]
FTSE drained by Spain and greece woes May 18, 2012 THE FTSE 100 tracked losses across Europe this morning as fast moving events in Greece and Spain drained investor confidence. Moody’s downgraded Spanish banks overnight and Fitch cut its debt rating for Greece as the Eurozone crisis deepened. Spain has lurched into recession and its borrowing costs jumped at an auction yesterday while its banks [...]
WHO’S SWITCHING JOBS May 15, 2012 Bank of Ireland Adrian Olsen has been appointed as Bank of Ireland’s new head of business banking in the UK. He has been with the bank for 12 years as a managing director and head of global project finance for its UK corporate banking division. Olsen has also previously held senior positions at Dresdner Kleinwort [...]
BEST of the BROKERS May 15, 2012 BT GROUP Following fourth quarter results, Espirito Santo has upgraded the telecom group from “sell” to :neutral” and ups its target price from 180p to 210p. The broker sees opportunities for cost cutting that should help reduce pressure on revenue and help Ebitda growth for 2012-13. It also expects BT Retail to be able to [...]
Here’s the real Plan B for Britain: We need a competition revolution May 14, 2012 NO ONE can dispute that the UK economy needs more growth. It seems that the coalition’s essential austerity measures are not enough. But despite its cheerleaders, the usual Plan B, based on debt-financed infrastructure spending, won’t make any difference to growth – while denting confidence. One such plan suggested £30bn in spending. Over three years, [...]
BT hikes payout as profits grow on cost cut plan May 10, 2012 BT yesterday announced a full year dividend hike of 12 per cent and said its shareholder payout will grow by an annual 10 to 15 per cent over the next three years. The country’s leading telecoms company posted a full year adjusted pre-tax profit of £2.42bn, an increase of 16 per cent, as operating profit [...]
Pesky regulators dash hope of top line growth May 10, 2012 IT SHOULD come as no surprise that BT chief Ian Livingston, a well-respected former bean counter, can cut costs. Operating costs fell by six per cent last year, enabling the group to grow earnings before interest, tax, depreciation and amortisation (ebitda) by three per cent to £6.1bn. That means the company has met its £6bn [...]
FTSE lurches higher after a volatile day of bank and commodity swings May 10, 2012 A BOUNCE back by risk-sensitive banks and commodity stocks hauled Britain’s stock index higher yesterday after a roller-coaster session, with worries over the global growth outlook easing following benign US jobless claims. At the close, the FTSE 100 index was up 13.90 points, or 0.3 per cent at 5,543.95, holding above key technical support at [...]
LONDON REPORT May 7, 2012 THE bank holiday began a short trading week in London that is nevertheless crammed full of corporate results, as well as the much-anticipated Bank rate decision. Results are expected today from Hiscox, HSBC and Tui. Tomorrow’s announcements are set to come from EasyJet, Inmarsat, ITV, Sage, Glencore, ICH Group, Balfour Beatty, Prudential, Carphone Warehouse, Weir [...]
THE TIPSTER | BT having difficulty dialling profits May 7, 2012 Concerns about its substantial pension deficit have hobbled BT’s rally in recent days, with the shares making little progress in a choppy market. Still, its cash generation remains attractive, as does the possibility of further dividend growth. IG’s price on BT is 216p-217p. Easyjet’s earnings release tomorrow will hopefully show that the airline carrier’s performance [...]