Next increases profit forecast after sales rise October 31, 2012 NEXT yesterday said it enjoyed a pick-up in sales in the third quarter of the year after seeing a slowdown around the time of the Olympics. The fashion and homeware retailer, led by chief executive Lord Wolfson, said stronger sales in late September and early October made up for the “unusually quiet” start to August. [...]
Phoenix Group hits targets October 31, 2012 Insurance consolidation vehicle Phoenix Group yesterday said it was “on track” to meet all of its financial targets for this year. Cash generation at the company, which operates closed-books of insurance, was £299m in the third quarter but its hefty debts remain a concern. Kevin Ryan at Investec retained his “hold” rating but said “the [...]
Were BP’s results what you were expecting? October 30, 2012 RICHARD HUNTER | HARGREAVES LANSDOWN The recently announced agreement with Rosneft leaves BP with exposure to the important Russian region without some of the previous distractions, and the hike in the dividend is proof of management’s optimism for prospects. JONATHAN JACKSON | KILLIK & CO The results are strong, and they provide reassurance that the [...]
Best of the Brokers October 30, 2012 BOOKER GROUP Investec upped its target price from 104p to 108p and reiterated “buy”. The broker said recent results showed Booker’s core still business has excellent momentum despite weather challenges. ARM HOLDINGS Jefferies has raised its target price from 485p to 693p and kept its “hold” rating after Arm posted better-than-expected quarterly figures last week [...]
Strong BP results fuel FTSE to a one per cent jump amid weak volumes October 30, 2012 BRITISH blue-chip index posted its biggest gain in two weeks yesterday after BP’s earnings topped forecasts, although volumes were among the lowest this year as US markets stayed shut. BP shares topped the FTSE 100 gainers, jumping 4.2 per cent after the oil giant lifted its dividend and delivered better-than-expected third-quarter earnings. The index closed [...]
End of recession boosts QE critics October 25, 2012 THE BANK of England’s next round of money printing could be put on hold, analysts said yesterday, after new GDP figures showed the UK’s economy grew well above expectations in the third quarter. GDP grew by one per cent in the third quarter, its fastest quarterly growth rate for five years, data from the Office [...]
Murder most mysterious in the Guildhall’s library October 25, 2012 GUESTS at The Game quiz evening, held in aid of St John’s Ambulance, were happily wining and dining in the Guildhall’s Great Hall on Wednesday when their supper was disturbed by a mysterious murder in the library. Donning forensic suits, teams from firms including KPMG, Investec, Hogan Lovells and Ernst & Young boldly set out [...]
FTSE 100 up as Britain leaves recession October 25, 2012 The blue chip index was up in early trading, as the economy expanded by one per cent in the three months to September, the strongest quarterly growth in five years. Companies announcing results also helped to buoy the FTSE 100, such as consumer giant Unilever, which added 3.36 per cent as it announced rising sales. [...]
Reckitt profits from emerging markets boost October 24, 2012 SHARES in Reckitt Benckiser climbed higher yesterday after the maker of Finish dishwasher tablets and Nurofen painkillers said strong emerging markets growth helped push third quarter like-for-like sales up by five per cent. Chief executive Rakesh Kapoor said the group had seen an “excellent” performance from emerging markets, and an improved performance in Europe and [...]
Break up Whitbread and let Costa star in its own show October 23, 2012 IN a day peppered with corporate disappointments, Whitbread and its shareholders will have been more than happy to have seen their first-half results described as “outstanding” on more than one occasion. The FTSE 100 leisure firm used the term itself in its results presentation, and analysts were also keen to heap praise on a close-to 30 [...]