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. [...]
15m placing as Topps Tiles profits crack November 24, 2009 TILE and wood flooring retailer Topps Tiles yesterday reported a sharp 45 per cent dive in full-year profits and said it is set to raise £15.4m from a share placing to bolster its balance sheet against a possible double-dip recession. The company, which trades from 321 stores, reported that its annual pre-tax profit to 26 [...]
Investec bad debts peak over first half November 19, 2009 SOUTH African bank Investec yesterday said profits dipped by a tenth in the first half, though it added confidence is starting to return and that impairments appear to have peaked. Operating pre-tax profit at the group fell 10.7 per cent to £216m over the six months to September, mainly due to a 62 per cent [...]
BEST OF THE BROKERS November 18, 2009 INMARSATInvestec downgraded Inmarsat to “hold,” saying the company’s launch of its global satellite phone services (GSPS) and in-flight mobile services have presented significant long-term growth opportunities. This combined with the potent mix of Inmarsat’s high operational leverage and underlying fundamentals have driven the broker to upgrade its assessment, with the target price rising from 650p [...]
Capita slips as sales fall short of expectations November 18, 2009 CAPITA, Britain’s largest outsourcing company, was the FTSE’s worst performer yesterday on the back of a disappointing update that drew attention to its high trading multiple. The company’s paper lost 5.2 per cent to close the day at 721p after it revealed a slower than expected rate of organic growth. Capita won £1bn of work [...]
BEST OF THE BROKERS November 17, 2009 BT GROUPJP Morgan downgraded BT to “neutral”, saying that the group delivered on earnings in its first-half, but that there is reduced upside and scope for positive surprises. This and the increased pension liability drove the downgrade to the broker’s valuation, with the target price dropping to 170p. It believes the pending pension review will [...]
BEST OF THE BROKERS November 16, 2009 TULLETT PREBONNoble downgraded its stance on Tullett Prebon to “neutral” following its interim management statement, in which it said that 81 brokers had been poached by BGC Partners and that foreign exchange rates have started working against it. Noble estimates that these two factors could negatively impact its 2010 operating profit. LANCASHIREKBC Peel Hunt switched [...]
It’s mine and I’m here to stay November 11, 2009 POSSESSION is nine tenths of the law as they say, so few will begrudge the sight of Shane Geraghty running out at Twickenham in the famous all-white of England on Saturday. Rejuvenated by a move to Northampton from London Irish in the closed season, the stylish back impressed team boss Martin Johnson sufficiently enough to [...]
SHOULD THE MARKET BE ENCOURAGED BY VODAFONE’S RESULTS? November 10, 2009 JONATHAN GROOCOCK INVESTECNarrowing declines in Europe margins may indicate some stabilisation, and free cash flow is marginally stronger than forecast. Guidance looks conservative, and we expect to upgrade earnings per share forecasts by around three to five per cent. Vodafone is clearly on-track to deliver.MORTEN SINGLETON COLLINS STEWARTThere was headline operational weakness, but the £4bn [...]
BEST OF THE BROKERS November 9, 2009 PACEInvestec said that its analysis of Pace’s underlying numbers, coupled with a belief in the strong medium-term drivers for the industry, encouraged it to take a positive stance on the stock and initiate with a “buy” rating and a target price of 273p. The broker believes Pace will benefit from continuing take-up of high definition [...]