Best of the Brokers for 3 June 2015 June 2, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com BRITVIC Deutsche Bank initiated coverage of Britvic at “hold” with a 750p price target. The broker said the same three drivers of the investment case in 2005 apply in 2015: a top line driven by innovation, strong cost management and some hope on [...]
Dunelm founder Bill Adderley sells majority of his stake in Marks & Spencer May 31, 2015 Bill Adderley, the billionaire founder of homeware retailer Dunelm, has sold most of his shares in Marks & Spencer three years after building up a stake to become the firm’s largest private shareholder. Adderley has sold two thirds of his three per cent stake in M&S, telling the Sunday Times that there were “a couple [...]
B&M eyes more stores as sales jump by a third May 28, 2015 Bargain retail chain B&M has hiked its store expansion targets after reporting a near 30 per cent jump in revenue in its first year as a public company. The company, which sells everything from toys to electrical goods and furniture, yesterday said sales jumped 29.5 per cent to £1.6bn in the year to 28 March, [...]
City Moves for 29 May 2015 | Who’s switching jobs May 28, 2015 EC Harris The natural and built asset design and consultancy firm has appointed James Crawley as an associate partner in its development management and consultancy team. Based in Leeds, he joins from Calderdale Council. Crawley has also held roles at Muse Developments and M&G Real Estate. OM Asset Management Trevedi Tewari has been appointed head [...]
Cable Bay looks set to strike for in-form Hills at Haydock May 28, 2015 BILL ESDAILE PREVIEWS THE BEST OF THE WEEKEND’S RACING ACTION MY WEATHER forecasting days are numbered; my dreams of becoming the next John Kettley shattered. A week ago I guessed at what the ground was going to be like at Haydock two days later and my assumption that it would be soft proved to be [...]
Tesco keeps clawback of Clarke’s pay-off in sight May 21, 2015 TESCO said yesterday that it could still claw back a £1.5m pay-off made to former chief executive Philip Clarke if new evidence of misconduct during his time at the retailer came to light. Tesco was forced to suspend its own internal probe into practices that led the company overstating profits by £263m when the Serious [...]
Travel caterer SSP serves maiden dividend after booking a profit May 21, 2015 TRAVEL caterer SSP yesterday handed shareholders its maiden dividend since floating on the London stock market last year, as it reported a surge in profits. SSP, which owns and runs franchises in airports and train stations for retailers including Marks & Spencer, said operating profit rose by 28 per cent to £25.2m in the six [...]
Marks & Spencer smartens up: Marc Bolland says turnaround plan is finally working as profit rises May 20, 2015 Marks & Spencer chief executive Marc Bolland was cautiously optimistic yesterday that the high street stalwart had turned a corner towards recovery, as the retailer posted its first profit rise in four years. The retailer, which has been battling to revive its clothing arm, reported a 6.1 per cent rise in pre-tax profits to [...]
Marks & Spencer’s share price rises after it posts first profit increase in four years May 20, 2015 Marks & Spencer has beaten expectations as its returns to profit growth – but its full year results show a mixed performance across the group. Nevertheless investors were impressed with shares rising 1.4 per cent to 593p in mid-morning trade. [stockChart code="MKS" date="2015-05-20"] The figures Marks & Spencer has beaten expectations on its underlying pre-tax [...]
Michael Spencer says EU referendum vote must not be rushed as CBI boss Sir Mike Rake gives pro-European support May 19, 2015 City veteran and top Tory donor Michael Spencer yesterday warned against rushing into a quick referendum, arguing that the Prime Minister needs time to renegotiate Britain’s relationship with Brussels. The message is at odds with pleas from key City figures, including Bank of England governor Mark Carney, to cast the in/out vote as quickly as [...]