British Land asset value rises May 23, 2011 British Land posted a 12.5 per cent increase in its net asset value per share and said it expected strong demand for prime office and retail property to continue. The property company confirmed a full-year NAV per share of 567 pence, from 504 pence a year earlier. Its underlying pre-tax profit was £256m, up 2.8 [...]
Morrisons is leading race for Iceland May 22, 2011 SUPERMARKET chain Morrisons is being touted as the frontrunner in the race to buy into rival Iceland, after majority owner Landsbanki officially launched a sales process for its holding in the company. The Resolution Committee for Landsbanki said last week that according to advisers UBS and Bank of America Merrill Lynch, “market conditions are currently [...]
Deal would shake up the supermarkets May 22, 2011 COMPETITION objections notwithstanding, Iceland’s 780 stores would be a huge boost to Morrison’s forecast earnings, giving it the foothold in the convenience store industry that chief executive Dalton Philips made central to its growth plans last year. They would also cement Morrison’s presence in the south of the country. Though the Bradford-based company has made [...]
Labelux ties up Jimmy Choo shoe deal for £500m May 22, 2011 LABELUX luxury goods group yesterday announced the acquisition of Jimmy Choo, the upmarket shoe brand. Labelux was founded by Austria’s Benckiser family in 2007 with the aim of creating a significant new global player in the expanding luxury goods sector. Its existing portfolio includes Swiss luxury shoe brand Bally, acquired in 2008, and Italian accessories [...]
THE WEEK AHEAD in association with GFT May 22, 2011 COMPANY NEWS ● British Land announces its results today. Recent good news includes the fact it has pre-let around a third of its Cheesegrater skyscraper to Aon. ● On Tuesday, Marks & Spencer will deliver its results. In 1941, the Westminster based retailer raised £5,000 to pay for a Spitfire fighter called “The Marksman”. Shareholders [...]
THE TIPSTER May 22, 2011 NO FRILLS airline Ryanair has seen its share price on the up since March, and with oil prices falling, the stock is finding further support. It is due to report figures today and the expectations are that passenger numbers have increased. Capital Spreads quotes 3.54p-3.58p. Optimism has increased about tomorrow’s first quarter Marks and Spencer [...]
Next IMF boss shouldn’t be European May 20, 2011 FAR too much time and energy is being wasted on trying to work out who the International Monetary Fund’s (IMF) new boss will be. The truth is that it is unlikely to matter that much: the individuals entrusted with the running of large transnational bureaucracies almost invariably find it impossible to break away from the [...]
Next IMF boss shouldn’t be European May 19, 2011 FAR too much time and energy is being wasted on trying to work out who the International Monetary Fund’s (IMF) new boss will be. The truth is that it is unlikely to matter that much: the individuals entrusted with the running of large transnational bureaucracies almost invariably find it impossible to break away from the [...]
Booker cashes in as shoppers look for cheap deals in grim consumer climate May 19, 2011 BRITAIN’S biggest cash and carry wholesaler Booker yesterday said it was benefiting from consumers’ “search for value” as it beat forecasts with a 25 per cent jump in annual profit. The firm, which runs around 172 branches supplying convenience stores, restaurants, pubs, schools and prisons, made a pre-tax profit of £71.4m. Chief executive Charles Wilson, [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF LAND SECURITIES’ FIGURES? May 18, 2011 KEITH CRAWFORD | PEEL HUNT Land Securities has the best niche exposures amongst leaders thus is our core recommendation within leader stocks. There appears to be little ‘drag’ factors in the results with all major categories of property showing material gains in the second-half. MIRANDA COCKBURN | MATRIX GROUP Management is showing it can beat [...]