ANALYST VIEWS | CAN INVESTORS BANK ON A RECOVERY AT ROBERT WALTERS? August 2, 2012 ROBERT MORTON INVESTEC As expected, difficult trading conditions impacted significantly on the group in the first half and although gross profits were modestly ahead of last year – with all regions showing some growth – operating profits more than halved. We are not changing our forecasts or target price on the back of today’s results. [...]
ANALYST VIEWS | DOES NEXT WIN THE RETAIL OLYMPIC GOLD FOR ITS PERFORMANCE? August 1, 2012 KATE CALVERT SEYMOUR PIERCE While not quite a gold medal winning performance from the official Olympic supplier of clothing and homewares, Next has delivered a highly commendable one nonetheless, slightly above the top end of its guidance. Next is a well run and highly cash generative company. BETHANY HOCKING INVESTEC This statement is further evidence [...]
Our decisive central bank has been neutered by regulatory confusion July 30, 2012 THE TREASURY Select Committee has rightly questioned the arbitrary powers of regulators, particularly the Bank of England, over the boards and senior executives of private firms in the financial sector. Despite the mistakes of our cartelised banks, it’s unwise to assume that regulators can run businesses better than boards. Moreover, trends over the last 12 [...]
Next bucks the gloom and sets sights on China July 30, 2012 NEXT is to launch its website in Chinese this autumn as Britain’s second largest clothes retailer steps up its expansion overseas. The company will update the market on its online growth plans alongside its half-year results on Wednesday, with its catalogue and online Directory business again expected to have offset a fall in sales at [...]
High street’s unlikely innovator July 30, 2012 ONCE again it looks like Next will buck the depressing high street trend on Wednesday, as analysts predict a much more rosy set of results from the retailer than we’ve seen from its rivals. The chain’s garish bling-trimmed kit for Team GB may not have been a resounding success, but when it comes to business [...]
ANALYST VIEWS | WHAT DID YOU MAKE OF BSKYB’S FULL YEAR RESULTS? July 26, 2012 PAUL RICHARDS NUMIS SECURITIES Another solid operational performance given the challenging macro backdrop, combined with a robust financial performance. Churn is the standout operational number at 9.9 per cent and we expect a similar performance in 2013 retaining our positive stance and target price of 815p. PATRICK YAU PEEL HUNT This is a solid full-year [...]
Wealthy clients boost profits at St James’s Place July 26, 2012 WEALTH manager St James’s Place yesterday beat expectations as it announced a 20 per cent jump in first half profits to £220.5m. Analysts had thought sales would struggle as clients feared economic uncertainity in the Eurozone and kept their funds close to hand. But instead St James’s said that new business hit £353.9m in the [...]
Investec hurt by rand’s fall July 26, 2012 BANKING group Investec said yesterday it is trading in line with last year, though the falling South African rand has hampered its progress. The firm said its operations in South Africa were doing well on a constant currency basis – but the 17 per cent fall of the rand over the last year has impacted [...]
Hannon’s Maureen to bounce back from unlucky Newmarket run July 26, 2012 IT’S a relatively quiet weekend on the racing front as everyone eagerly awaits Frankel’s next start in Wednesday’s QIPCO Sussex Stakes. However, there is still some decent action and the main tip is Richard Hannon’s MAUREEN in tomorrow’s Princess Margaret Stakes at Ascot (3.25pm). The daughter of Holy Roman Emperor was an unlucky loser in [...]
ANALYST VIEWS | WHAT IS THE LONG-TERM OUTLOOK FOR ARM? July 25, 2012 JULIAN YATES INVESTEC We continue to see Arm as a standout tech holding, and see licence growth in recent years catalysing royalty upgrades from next year. Despite the negative stockmarket trends, we see material long term value in Arm. Buy. GARETH EVANS CANACCORD GENUITY Investors struggle to balance the extraordinary long-term potential against a difficult [...]