UK profits strong at Investec in spite of weakness in South Africa September 17, 2009 INVESTMENT bank Investec said yesterday that profits in the UK and Europe are holding up, despite a weaker performance in its South African and Australian divisions forcing it to lower forecasts for the first half of the year. Investec said in a pre-close briefing that first-half net operating income and operating profits would be below [...]
ARE YOU CHEERED BY KINGFISHER’S UPDATE? September 17, 2009 RICHARD HUNTER HARGREAVES LANSDOWNThe inadvertent leak of the positive surprise has today been confirmed by Kingfisher, which has enjoyed a 35 per cent hike in profits. Good weather, the removal of competition such as MFI, a close eye on cost and stock control and the revamping of its offerings have all helped. MATTHEW MCEACHRAN SINGER [...]
WHAT IS THE OUTLOOK FOR NEXT? September 16, 2009 KATHARINE WYNNE INVESTECNext remains on of our preferred retail investments, and we would again highlight the cash generation. The interims confirmed the margin control that management retains, as well as the strong cash generation which remains undervalued by the market in our view.RICHARD HUNTER HARGREAVES LANSDOWNNext’s full year profits could yet match those of last [...]
BEST OF THE BROKERS September 15, 2009 BARRATT DEVELOPMENTSInvestec said that Barratt Developments is geared up disastrously to pay peak values for land and Wilson Bowden. The broker said that, at £1.3bn, net debt is still surprisingly high. With the firm reported to be considering a highly dilutive £500m rights issue at the end of the month, the broker rates the stock [...]
Poor sales in Europe drag Kesa down September 10, 2009 KESA, the group which owns Comet, said yesterday its first quarter sales had slumped 3.9 per cent year on year, as the downturn in Europe outweighed a slight UK recovery. Sales at Comet went up 0.3 per cent, compared to the same period last year, but the company’s French unit Darty saw sales drop by [...]
CITY MOVES WHO’S SWITCHING JOBS September 10, 2009 WH IrelandThe stockbroker has appointed Lindsey Hamilton as head of wealth management. Hamilton brings with her a team from her previous employer Allied Irish Bank, where she led the national high net worth independent regulated sales force in the UK. “We have previously set out our intention to grow the private wealth management offering and [...]
HOW SUCCESSFUL IS SPORTS DIRECT’S STRATEGY IN COMPARISON WITH ITS CLOSEST COMPETITORS? September 9, 2009 JONATHAN PRITCHARD ORIEL SECURITIESSports Direct is benefiting from better demand on the high street for its wares but also making hay whilst its competition is struggling, and as we approach the World Cup next June we see sales growth accelerating further. Given the problems at JJB and the change of tack at JD Sports, Sports [...]
Thorntons says the end of recession is now in sight September 9, 2009 CHOCOLATE retailer Thorntons yesterday posted a 4.5 per cent fall in full-year profit, as tighter margins offset a rise in sales, but said the recession appeared to be easing and trade was improving. The 98-year-old chocolate maker on reported a pre-tax profit of £81m for the year to June 27, including a one-off £1.8m pension [...]
Johnson says it is confident on the year ahead September 9, 2009 DRY cleaning-to-clothes-hire firm Johnson Service Group posted a surge in first-half adjusted pre-tax profit yesterday, aided by robust trading amid tough market conditions. It said it was confident of achieving satisfactory results for the year. The company also said it would resume dividend payments with an interim payout of 0.25p per share. “Against a difficult [...]
BEST OF THE BROKERS September 9, 2009 JOHN WOOD GROUPJP Morgan upgraded its rating for John Wood to “overweight” with an increased price target of 365p. The broker said that the shares are 13 per cent lower since 25 August, on concerns for Well Support’s exposure to onshore gas. It believes that these concerns are overdone and that earnings resilience is underappreciated. [...]