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 [...]
Best of the Brokers for 22 May 2015 May 21, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com MARKS & SPENCER Numis reiterated its “hold” rating on the retail group, following a positive full year results presentation. The broker noted that while the 2015 financial year “clearly did not progress according to plan”, the company’s strategy is looking “increasingly robust and focused [...]
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 [...]
The world’s best business universities and MBAs: Three UK schools named in top 10 May 20, 2015 Three of the top 10 business schools in the world are based in the UK, according to a new university ranking guide. The QS world universities rankings for 2015 has named London Business School as the world's top university for business and management studies, based on a combination of its academic reputation, reputation among employers [...]
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 [...]
Icap’s revenue slumps seven per cent to £1.27bn despite increasingly choppy markets May 19, 2015 The figures: The trading platform Icap said revenue was down seven per cent to £1.27bn in the year ending 31 March. Additionally pre-tax profit fell 21 per cent to £95m, down from £121m posted a year earlier. Why it's interesting: While the London-based firm didn't manage to achieve full-year growth it was helped by increased market volatility due to the [...]
Three things to expect from the M&S full-year results on Wednesday May 18, 2015 If City analysts are anything to go by, this Wednesday could be a good one for Marks & Spencer's chief executive Marc Bolland. The troubled high street giant is forecast to post its first full-year rise in profits for four years. M&S has invested billions of pounds trying to improve the 798-strong store portfolio, up [...]
Flurry of economic data to shed light on British recovery – London Report May 17, 2015 A STEADY flow of economic data is expected this week, with figures on house prices, producer prices, retail sales and public sector borrowing all scheduled for release. Data out tomorrow is expected to show that the UK experienced unchanged consumer prices year-on-year in April, as was the case in both March and February – although [...]