BEST OF THE BROKERS April 14, 2010 DEBENHAMS Numis reiterates its “buy” recommendation on Debenhams citing the retailer’s solid interim results, which place it comfortably ahead of Numis’ expectations. Numis raises August forecasts to £147m from £137m and sees scope for a rise in like-for-like sales. Despite a strong run, Numis believes the stock continues to offer value. BHP BILLITON A “buy” [...]
BEST OF THE BROKERS April 13, 2010 AIR FRANCE-KLM The Royal Bank of Scotland (RBS) has upgraded its recommendation of Air France-KLM from “hold” to “buy” after brightening revenue trends in both passenger and cargo numbers. RBS has raised its forecasts, reflecting the stronger demand environment offset by higher fuel costs. It raises its target price to €14. MARKS & SPENCER Marks [...]
Mining chief’s £27m package fuels row over executive pay April 11, 2010 XSTRATA chief executive Mick Davis banked a total pay of £27m last year, according to the company’s annual report. News of the bumper pay deal will inflame the simmering debate over bumper executive remuneration packages. While the FTSE 100 mining company boss’s basic pay and bonus for 2009 came to £4.9m, his earnings were massively [...]
Vanish chief cleans up with £90m packet April 7, 2010 RECKITT Benckiser chief executive Bart Becht took home almost £90m after the company had a strong financial year. According to the company’s 2009 annual report, which was published yesterday, most of the sum came from share options that Becht cashed in. His base salary rose to £987,000 last year. After pocketing a £3.5m bonus, his [...]
EMI boss quits ahead of key refinancing March 10, 2010 THE financially troubled EMI music label yesterday revealed that its chief executive Elio Leoni-Sceti is leaving after only 18 months in the post. Leoni-Sceti leaves with no job to go to. Having joined from Reckitt-Benckiser, he is said to have become disconsolate by the legal action between Citigroup, which funded EMI’s £4bn takeover by Terra [...]
Banks boost FTSE on hopes that RBS results bring cheer February 24, 2010 BRITAIN’S top shares rose 0.5 per cent yesterday, led by banks and echoing gains on Wall Street as US Federal Reserve chairman Ben Bernanke assuaged fears of an earlier than expected interest rate rise. The FTSE 100 ended 27.83 points higher at 5,342.92 buoyed by the Fed chairman’s statement and after it had closed 0.7 [...]
Reckitt hit by OFT report into market dominance February 23, 2010 THE Office of Fair Trading yesterday said Reckitt Benckiser may be deliberately abusing its dominance in the supply of heartburn medicines, adding to the National Health Service’s (NHS) vast drugs bill. The watchdog alleged Reckitt sought to limit choice during the prescription process and said it would await the company’s response before determining whether the [...]
Gaviscon maker accused of market monopoly plot February 23, 2010 HOUSEHOLD products company Reckitt Benckiser has been accused by the Office of Fair Trading of creating a monopoly in the market for its heartburn drug Gaviscon. Reckitt could be fined tens of millions of pounds and be forced to pay up to £40m to the National Health Service. In a statement, Reckitt – whose stable [...]
BEST OF THE BROKERS February 18, 2010 SEGRO The commercial property company’s prelims on 25 February will show the benefits of a strong upturn in UK industrial property values in the second half of 2009, reckons Execution Noble. Its shares are trading at a 13 per cent discount to Execution’s predicted full-year net asset value of 343p. Analyst Michael Burt rates the stock [...]
Reckitt defies recession with annual profit surge February 10, 2010 RECKITT Benckiser, which makes products including Nurofen, saw profits jump by 23 per cent last year despite the recession. The company said 2009 had been a good year and predicted growth in 2010. Reckitt’s drug Suboxone – a heroin substitute – accounted for 16 per cent of the profits. “Our five per cent target is [...]