Stuart Rose set to join Bridgepoint September 13, 2010 OUTGOING Marks & Spencer boss Sir Stuart Rose will join private equity group Bridgepoint as an adviser, the firm will announce today. The controversial M&S chairman will take a place on the Bridgepoint advisory committee, which is chaired by former chief secretary to the treasury Alan Milburn. A Bridgepoint spokesman told City A.M. Rose is [...]
Morrisons in move towards online sales September 9, 2010 SUPERMARKET giant Morrisons has reported pre-tax profit of £412m for the first half of the year – as it confirmed that it was considering a move into retail. The profit was eight per cent down on the same period last year, but in line with forecasts. Underlying profit was up taking into account a one-off [...]
ANALYST VIEWS: HOW HAS MORRISONS DONE IN ITS FIRST SET OF RESULTS UNDER NEW BOSS DALTON PHILIPS September 9, 2010 SAM HART | CHARLES STANLEY New chief executive, Dalton Philips, came across very well on his first outing in front of the analyst community. His strategic update highlighted a number of opportunities to drive the top line and improve operational efficiency. We expect Morrison to deliver low double-digit growth in underlying JONATHAN JACKSON | KILLIK [...]
Morrisons eyes move into online grocery September 9, 2010 Supermarket giant Morrisons has reported pre-tax profit of £412m for the first half – as it confirmed that it was considering a move into online retail. The profit was eight per cent down on the same period last year, but in line with forecasts. Underlying profit was up taking into account a one-off payment in [...]
Ocado September 7, 2010 OCADO chiefs were yesterday upbeat about the company’s prospects and had seemingly justifiable reasons for optimism with an almost 30 per cent sales hike. But the figures cannot be looked at in isolation and come on the back of a torrid flotation which saw chief executive Tim Steiner and crew pitched against some analysts who [...]
Ocado sales surge by 30pc after flotation September 7, 2010 ONLINE grocer Ocado reported a 30 per cent jump in third-quarter sales as it seeks to boost confidence in the business following a turbulent initial public offering (IPO) in July. Ocado, whose shares are trading 13 per cent below an IPO price which had already been cut by almost a quarter from the company’s original [...]
Food inflation to benefit UK supermarkets September 6, 2010 UPWARD pressures on food prices appear to be here to stay. Global demand is increasing while droughts and fires last month hit harvests in Russia and Ukraine. Market researcher Kantar Worldpanel anticipates that UK grocery inflation will rise to an annualised 4 per cent by the end of 2010 from its current rate of 2 [...]
DO YOU THINK MORRISONS’ SHARE PRICE WILL RISE FURTHER AND IF SO WHY? September 6, 2010 JAMES MONRO | S&P EQUITY RESEARCH The share price is likely to stay flat, although it could edge slightly up. Our target is 315p over the next year. The management is not expected to announce much at the interim results, which may disappoint investors. KEITH BOWMAN | HARGREAVES LANSDOWN The consensus is that Morrisons’ shares [...]
Morrison to offer internet sales September 5, 2010 Dalton Philips, the new chief executive at supermarket Wm Morrison, will use his first big presentation to the City to unveil plans to move into online grocery shopping this Thursday. The announcement will be part of the firm’s half-year results. Analysts have predicted a pre-tax profit of around £400m, a rise of 10 per cent [...]
BEST OF THE BROKERS September 5, 2010 BAE SYSTEMS Execution Noble retains a “hold” rating on the defence giant, with a fair value price of 325p. The broker has looked at the possible outcomes of the UK strategic defence review out in October, and believes the firm will see EPS rise once the spending cuts are made public. WM MORRISON Seymour Pierce [...]