New Look profit rises – but silence on IPO June 2, 2010 BUDGET fashion retailer New Look posted a 17.7 per cent rise in annual profit but has remained silent about its ambitions for a stock market return after postponing its flotation in February. The chain, which blamed volatile financial markets for derailing an expected £1.7-£2bn listing, said higher taxes and unemployment, and a weaker pound, would [...]
Primark and recovery boost AB Food outlook April 20, 2010 PRIMARK owner Associated British Foods said the global recovery was underway, prompting it to predict a “very good” rise in annual earnings after beating forecasts with half-year profits up 20 per cent. The London-based food and retail group reported strong momentum in many of its businesses around the world and even Britain showed signs of [...]
Primark profits rise by 18pc April 20, 2010 PRIMARK profits have rocketed by 18 per cent to £144m in the past six months, owner Associated British Foods (ABF) has said. Revenues rose 19 per cent to £1.26bn, with like-for-like sales – which do not include figures from new stores – going up by eight per cent. The chain, which has 196 European stores, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 14, 2010 FINANCIAL TIMES BP TO PRESS ON WITH CANADA OIL SANDS PLAN BP will press ahead with its plan to invest in Canada’s controversial oil sands, the company will signal at Thursday’s annual general meeting, in spite of protests from environmentalists and concerns among some shareholders. More than 140 investors have backed a resolution calling for [...]
Fashion week is far from pointless February 25, 2010 ANOTHER fashion week has finished and London has gone back to its (slightly) less glamorous self. The international circus of celebrity will return to wherever it came from for the six-month hiatus before the next round, and Somerset House will once again be a genteel government office complex and art gallery. Every time fashion week [...]
Strong sales at Primark boost profits for AB Food February 22, 2010 STRONG sales at cut price clothing retailer Primark have helped fuel a “substantial rise in profits” for parent company Associated British Food. The London-based group yesterday said in a trading update it expected a jump in half-year earnings and a strong full year. Its 196-strong discount chain Primark saw an eight per cent rise in [...]
Shareholders should hold tight February 22, 2010 TRADING updates don’t get more bullish than this. Associated British Foods yesterday said that first half profit would be “substantially higher” than last year in all divisions, with the exception of its agriculture business (even this is an anomaly, as grain prices were unusually high in 2009). That growth will continue in the second half, [...]
Primark fuels sales growth at Associated British Food February 22, 2010 PRIMARK growth has helped to fuel a predicted “substantial rise in profits” at parent company Associated British Food. The London-based group said in a trading update it expected a jump in half-year earnings and a strong full year. Its 196-strong discount chain Primark saw an 8 per cent rise in sales – with stores in [...]
THE TIPSTER TIME TO GO DEFENSIVE IN YOUR PORTFOLIO February 21, 2010 VOLATILITY has been rising since the start of this year and all of these extreme moves can make investors dizzy. Now is a good time to switch to a more defensive stance on equities and invest in the likes of supermarkets and energy providers. These companies tend to perform strongly when risk aversion returns to [...]
BEST OF THE BROKERS January 17, 2010 ASSOCIATED BRITISH FOODS Evolution Securities has upgraded its target price to 950p on its “buy” recommendation of ABF. Despite a recent rally, Evo said the company “still looks compelling value” with earnings forecast at 66p. It said all three of ABF’s largest divisions (Primark, Grocery and Sugar) are firing on all cylinders, and expects further [...]