ARE YOU IMPRESSED BY KINGFISHER’S RESULTS? December 3, 2009 DAVID JEARY INVESTEC“While Kingfisher’s impressive earnings momentum looks to have been sustained with the third-quarter results, we believe the market has largely priced in most of the self-help measures, particularly ahead of economic and demand uncertainties in 2010 and much tougher weather-related like-for-like trading comparatives from next Easter. We expect full year consensus pre-tax profit [...]
Food sales at Marston’s lift December 3, 2009 BREWER and pub operator Marston’s yesterday said that profits had continued to fall despite a surge in demand for cask ales and pub food. Marston’s, which owns 2,200 UK pubs including the Pitcher & Piano chain, reported pre-tax profits of £70.3m for the year ended 3 October 2009, down 13.5 per cent on the year [...]
Mining stocks lead weaker banking and power firms December 2, 2009 Britain’s leading share index ended 0.3 per cent higher yesterday as mining firms gained on the back of higher commodity prices, outpacing some weakness in banks and energy stocks. The FTSE 100 closed 15.22 points higher at 5,327.39, adding to Tuesday’s strength when the index recorded its biggest one-day gain in more than four months [...]
BEST OF THE BROKERS December 1, 2009 DIAGEOS&P Equity Research yesterday raised its 12-month target price for Diageo from 970p to 1,080p ,partly based on good results at Cointreau and Campari. But it kept its “hold” recommendation, saying Diageo’s earnings are holding up but that the stock is at a premium compared to Pernod Ricard, Campari and Constellation. QINETIQInvestec yesterday put out [...]
BEST OF THE BROKERS November 30, 2009 ATKINSInvestec said yesterday Atkins was weathering the economic downturn well, as it continued to adjust its resources to meet expected market demand. The group responded early to the recessionary challenges, it added, which shows in its results. The broker is keeping its “hold” view and raising its target price on the stock. DMGTInvestec also said [...]
ECONOMIST VIEWS: DO YOU EXPECT THE PMI TO SHOW STRONG GROWTH IN SERVICES IN NOVEMBER? November 29, 2009 HOWARD ARCHER IHS GLOBAL INSIGHTStronger business and financial sector activity is lifting services demand and output. In addition, there are indications that consumer spending on services may have bottomed out. However, the survey evidence currently needs to be treated with caution. DAVID PAGE INVESTECWe suspect that this month is likely to see a levelling off [...]
HOW WILL TOUR FIRMS FARE DURING THE DOWNTURN? November 29, 2009 ANDREW FITCHIE COLLINS STEWARTOperators have demonstrated the flexibility of their businesses to withstand demand pressures. On balance we remain lukewarm on the sector, given the likely impact of increasing unemployment over the next year and the constraints tax rises will put on discretionary spend. SAM HART CHARLESSTANLEYOutlook comments will be closely analysed. Booking patterns for [...]
CITY MOVES WHO’S SWITCHING JOBS November 29, 2009 Norton RoseThe law firm has appointed Kate Alliott to its banking practice in London as a debt capital markets partner.Alliott joins from legal giant Clifford Chance, where she was a partner in the capital markets group. She has wide-ranging debt capital markets and structured finance experience, with a specialist focus on project bonds and infrastructure [...]
BEST OF THE BROKERS November 24, 2009 BLACKS LEISURE Seymour Pierce yesterday upgraded to “Outperform” from “Sell” its rating on Blacks Leisure. It said the approval of a Company Voluntary Arrangement eighteen months into turnaround plans at the company was the catalyst for the upgrade. The terms return financial stability to the store’s portfolio, Seymour Pierce said, leaving it in substantially better [...]
Informa eyes German rival November 24, 2009 INFORMA, the trade magazine publisher and events organiser, yesterday confirmed it was eyeing a takeover bid for German rival Springer Science and Business Media. Shares in Informa, which publishes the world’s oldest newspaper Lloyd’s List, tumbled on the news that it was interested in acquiring debt-laden Springer, owned by private equity firms Candover and Cinven. [...]