What you need to know before the open May 20, 2014 A mixed open for European markets this morning. Yesterday, the Dax and Cac managed to finish on a positive note, but the 10 per cent drop AstraZeneca shares saw kept the FTSE in negative territory. On the data front, the Office for National Statistics will be releasing several key data at 9.30 this morning, with [...]
M&S profit falls less than expected as Bolland stresses step by step approach May 20, 2014 Marks and Spencer has reported a fall in profits for the third year in a row: in the year ended in March, the store saw a 3.9 per cent decrease in underlying pre-tax profit, to £623m. That is, however, considerably better than the 7.5 per cent drop analysts have been predicting. Pressured chief executive Marc [...]
Amanda James joins FTSE female top execs after Next promotion May 19, 2014 NEXT has promoted the finance boss of its retail division Amanda James to group finance director after announcing yesterday that David Keens is to stand down. Keens, who has held the post for 23 years and who has been at Next for 28 years overall, will retire from the group shortly after its full-year results [...]
M&S braced for a third year of falling profits May 19, 2014 MARKS & Spencer boss Marc Bolland is tomorrow expected to flag the beginning of a new era for the retailer, marked by improved margins and increased shareholder returns, despite a third year of falling profits. The 130-year-old firm is expected by analysts to report a 7.5 per cent decline in full-year pre-tax profits from £665m [...]
Suitmaker Bagir crashes after M&S slashes orders from firm May 15, 2014 ONE OF the country’s biggest listed menswear suppliers crashed nearly 70 per cent in trading yesterday after its largest customer, Marks & Spencer, signalled a reduction in orders for the firm. Bagir Group, which floated last month, was forced to issue a profit warning due to the reduction in M&S orders, sending shares down 68 [...]
Bottom Line: Internet of things has no room for tradition May 15, 2014 LAST month, my aunt and uncle upgraded their Aga. The new model fits perfectly into their country kitchen – a tasteful pastel exterior and exposed, rustic hob – but there’s one big difference: this is an iAga, which can be controlled remotely by text or from a laptop (it even replies to tell you it’s [...]
Best of the Brokers for 16 May 2014 May 15, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com VODAFONE UBS keeps its “buy” rating on the telecoms group but trims its target from 275p to 255p ahead of the firm’s fourth-quarter results next Tuesday. The broker expects revenues of £43.9bn and adjusted operating profits of £4.9bn, both higher than consensus estimates. [...]
What the other papers say this morning – 02 May 2014 May 1, 2014 FINANCIAL TIMES Ebay settles DoJ ‘no poach’ probe Ebay is the latest Silicon Valley company to settle with US authorities over allegations it struck illegal agreements with rivals to not hire their employees. The ecommerce company will pay California $3.75m, some of which will go to compensating employees affected by a so-called “no poach” agreement [...]
Fat Face unveils London listing to pay off debt May 1, 2014 FAMILY friendly retailer Fat Face yesterday became the latest private equity-backed retailer to tee up a listing on the London stock market, after announcing plans to raise £110m to cut debt. The business, which has about 200 stores across the UK, will offer shares to City fund managers after private equity backer Bridgepoint moved to [...]
Marks & Spencer recruits Silicon Roundabout entrepreneurs for new website May 1, 2014 MARKS & Spencer has been recruiting Silicon roundabout’s finest to help develop its new website and to help lure the 19m customers a year who shop in its stores but do not use its website. The 130 year-old high street retailer broke away from its technology supplier Amazon and launched its own custom-built £150m [...]