BEST OF THE BROKERS May 11, 2011 RECKITT BENCKISER Goldman Sachs rates the consumer goods producer “buy” but has taken the firm off its “conviction buy” list, and has cut its 12-month target price by 160p to £41.70. The broker thinks the firm contains an increased execution risk following a change in management, though recent quarterly results were encouraging. Goldman is still [...]
Sir David Michels to quit M&S May 5, 2011 Marks & Spencer is undergoing a boardroom reshuffle, with deputy chairman Sir David Michels and non-executive director Lady Patten both stepping down. Michels, who has served five years on the board, will leave after his term ends in February while Patten, who has been with M&S since 2006, will go after the firm’s annual meeting [...]
The man to take the place of St James’s founder May 5, 2011 CHARLES Gregson (pictured), the chairman of money broker ICAP, is to succeed St James’s Place founder Mike Wilson when he steps down later this year. City grandee Wilson will relinquish his post as chairman almost 20 years after he founded the fund manager alongside Lord Rothschild and Sir Mark Weinberg. He will become a “life [...]
Commodities drag on FTSE but high street names rally May 4, 2011 COMMODITY stocks pulled Britain’s top share index lower yesterday, ending the FTSE 100’s recent rally as disappointing US manufacturing data spoiled investors’ appetite for risk. The FTSE 100 closed down 98.81 points, or 1.6 per cent, at 5,984.07, with the FTSE volatility index up 11.4 per cent, hitting a near five-week high. The FTSE 100 [...]
Uniq narrows its losses but wary on future April 26, 2011 UNIQ’S full-year pre-tax loss narrowed, helped by an improvement in its desserts business following a restructuring, but its said raw material prices and increasing competition were taking their toll. The company, which sells desserts, sandwiches and salads to retailers, including Marks & Spencer and Costa, reported a pre-tax loss of £11.2m last year against £18.5m [...]
HENDON, LONDON April 14, 2011 DOWNAGE, NEAR PARSON STREET Price: £1.35m This five-bedroomed detached family home stretches across 3,030 sq ft and three floors. It has a landscaped garden, two separate garages and a long driveway with space for more than one car. Contact: Aston Chase on 020 8455 3538 or go to www.astonchase.com TENTERDEN GROVE Price: £699,950 This mews [...]
Asos profit estimated at top end April 13, 2011 online fashion firm ASOS said full year profit was likely to be towards the top end of expectations after a jump in fourth quarter sales. The fast-growing firm said retail sales increased 70 per cent to £93.4m in the three months to 31 March, its fiscal fourth quarter. That compares with a rise of 59 [...]
M&S poaches top man from Wm Morrison April 7, 2011 MARKS & Spencer chief executive Marc Bolland has poached one of his former Wm Morrison colleagues, Christopher Taylor, to take charge of his convenience stores . Taylor, who was leading Morrisons’ expansion into smaller convenience stores, is the first of Bolland’s former executives to be hired by M&S since Bolland was himself poached as chief [...]
BEST OF THE BROKERS April 7, 2011 BRITVIC Goldman Sachs has downgraded the soft drinks firm to “sell” and cut its target price by 77p to 384p. The broker thinks the firm’s sales mix will continue to suffer as UK and Irish customers look for better value. It also expects Britvic’s management to admit rising input costs during interim results next month [...]
Carpetright issues another profit alert April 7, 2011 Carpetright, Britain’s biggest floor covering retailer, warned on profits for the second time in as many months, as shoppers hold back on expensive purchases amid rising bills and government cuts. The group, which trades from around 700 stores in Britain, Ireland, the Netherlands and Belgium, said profit before tax and one-off items for the year [...]