Tesco trading update sends investors running for cover January 13, 2011 BRITAIN’S leading share index fell yesterday as a disappointing trading update from Tesco upset food retailers and tobacco stocks were hit by a broker’s downgrade. At the close, the FTSE 100 was down 26.84 points, or 0.4 per cent, at 6,023.88, after hitting a 31-month closing peak on Wednesday. Tesco was the biggest FTSE 100 [...]
Provident Financial pre-Christmas sales help profits exceed market predictions January 13, 2011 DOORSTEP lender Provident Financial said 2010 results would be slightly ahead of market expectations after sales of loans strengthened further in the run up to Christmas despite disruption caused by heavy snow. “The group had a strong finish to 2010 and expects to report results slightly ahead of market expectations,” chief executive Peter Crook said [...]
Ferrovial returns to BAA talks January 13, 2011 SPAIN’S Ferrovial is in talks with investors to sell 10 per cent of UK airport operator BAA, which runs London’s Heathrow, by June, its chief executive said, in a move to halve a €24.5bn (£20.5bn) debt pile. Ferrovial will seek offers for the stake, estimated last year to be worth about €200m, in the last [...]
Christmas Star still burning bright! January 13, 2011 CHRISTMAS was lovely, but there was something missing – and I’m not talking about sprouts or brandy butter. Well, that something was Kempton’s King George which was claimed on Boxing Day by the frost and will finally be run tomorrow. Regular readers of this column were advised before Christmas to take the even money available [...]
Fallback in US data shakes faith in recovery January 13, 2011 US JOBLESS claims jumped to their highest level since October last week while food and energy costs lifted producer prices in December. However, a surge in exports to their highest level in two years helped narrow the US trade deficit in November, an encouraging sign for fourth-quarter economic growth. Despite a string of recent data [...]
Ferrovial revives plan to sell off BAA stake January 13, 2011 Spanish group Ferrovial is pushing ahead with a plan to sell a ten per cent stake in British airport operator BAA, operator of London’s Heathrow, a move aimed at halving its 24.5bn euro (£20.46bn) debt. The company said it would seek offers for the stake, estimated last year to be worth about 200M euros, in [...]
Dixons year profit to be at bottom end January 13, 2011 Dixons Retail, Europe’s No. 2 electricals retailer, forecast full-year profit around the bottom end of market expectations after Christmas sales in the UK were hit by December’s poor weather. The company, which runs the Currys and PC World chains in Britain, UniEuro in Italy, Elkjop in Nordic countries and Kotsovolos in Greece, said it expected [...]
Home Retail Group sales rally January 13, 2011 Home Retail said sales had fallen less than analysts expected at both its Argos and Homebase units in the run-up to Christmas, and forecast yearly profit in line with its own previous forecast. The company said it expected full-year pre-tax profit to be around the mid-point of its previously indicated range of £250m to £275m. [...]
Tesco sales hit by snow chaos January 13, 2011 Tesco posted a 6.2 per cent rise in Christmas sales as strong growth in its overseas markets helped offset a weaker than expected performance in its main British market. The supermarket group, which accounts for about one in every seven pounds spent at British retailers, said on sales at UK stores open over a year [...]
UK Mail blames poor weather conditions for profit warning January 12, 2011 SHARES in UK Mail dropped more than nine per cent yesterday after the delivery firm warned on its full-year profits, prompting Investec to cut its earnings and dividend forecasts and its target price to 400p from 420p. “Whilst we were able to manage our operations such that over 99 per cent of our Christmas parcel [...]