Dip in confidence reveals risks to economic growth February 3, 2014 CONSUMER confidence dropped slightly in the fourth quarter of last year, adding a gloomier edge to a UK recovery which has so far been driven by an increase in consumer spending, according to figures released by Nielsen today. The UK’s confidence level fell from a score of 87 to 84, with any number above 100 [...]
Waterstones’ new owner cuts full-year losses February 2, 2014 HIGH street bookseller Waterstones has narrowed its losses by more than a third in its first financial year since being snapped up by Russian billionaire Alexander Mamut. Accounts filed last week on Companies House show that pre-tax losses fell to £23m in the year to 27 April from £37.3m the previous year. This includes £5.4m [...]
Best of the Brokers for 03 February 2014 February 2, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com SUPERGROUP Peel Hunt has a “buy” rating and 1,200p target ahead of the fashion retailer’s quarterly update on Thursday. The broker points out that SuperGroup has not historically done well after Christmas as it tends not to discount, but nevertheless forecasts 14.6 per [...]
3i sambas out of Brazil market in concerns over economic growth January 30, 2014 THE UK’S oldest private equity group has quit Brazil due to the Latin American country’s deteriorating economic promise. 3i Group, formed in 1945, said it will stop investing in the country and cease raising a Brazilian-focused fund due to slowing economic growth. Its Sao Paulo office, which contains eight staff, is also set to close. [...]
Investors back BSkyB despite drop in profits January 30, 2014 INVESTORS remained confident in BSkyB yesterday, despite a 18 per cent drop in half year profits, as Britain’s biggest pay-TV broadcaster added over 100,000 new customers during its second quarter. Shares in Sky closed up 4.4 per cent on the results, which included news of a new deal with HBO to secure exclusive access to [...]
M&B reports its biggest week of sales over Xmas January 30, 2014 CHRISTMAS saw pub group Mitchells & Butlers enjoy its biggest ever sales week, boosting the group’s trading for the year to date. The company, whose outlets include Harvester, Toby Carvery and All Bar One, yesterday said sales at pubs open over a year or more were up two per cent on a year ago for [...]
3i takes £14m write-down on Hobbs January 30, 2014 Private equity firm 3i denied reports today that it is looking to sell Hobbs after taking a huge write-down in the value of its investment in the fashion group, blaming poor sales over Christmas. The company, which bought Hobbs in 2004 from Barclays Private Equity for £111m, said it was forced to write down the [...]
193,000 Brits had their Christmas dinner in an M&B pub January 30, 2014 Toby Carvery owner Mitchells & Butler sold an impressive 193,000 meals on Christmas Day, as more people opted to bypass the culinary pressure. Milder weather meant more customers ventured out this year, M&B said. The pub chain, which also owns All Bar One and Browns, sold 6.9m meals in the three weeks to 4 [...]
Sky’s growing customers fail to stop profits falling January 30, 2014 Broadcasting giant Sky has reported a fall in profit before tax from £642m to £527m for the half financial year 2013/14 compared to a year earlier. In the six months to 31 December operating profit fell by a hefty 16 per cent. The company said it was moving through a year of investment, absorbing the [...]
Justin King’s reign over at Sainsbury’s January 29, 2014 JUSTIN KING yesterday said he would step down as chief executive of Sainsbury’s in July after a decade at the helm. The 53-year old is credited with transforming the fortunes of the UK’s third-largest supermarket chain, and the announcement comes just weeks after it said it had seen its “best Christmas ever”. “This was not [...]