BEST OF THE BROKERS September 20, 2009 JD WETHERSPOONInvestec Securities has reiterated its buy recommendation for JD Wetherspoon, noting that potential obstacles should be overcome by the company’s strong cash generation and market share gains. The planned VAT increase is not expected to damage JD Wetherspoon, with price increases and accentuated value relative to peers predicted to compensate.ROYAL BANK OF SCOTLANDEvolution Securities [...]
CITY MOVES WHO’S SWITCHING JOBS September 17, 2009 Virgin MediaThe media group has appointed Eamonn O’Hare, previously UK finance director of supermarket giant Tesco, as its new chief financial officer. O’Hare, who will assume his new role in November, has been at Tesco for the past four years. Prior to that, he played a key role in the turnaround of Energis, where he [...]
Waitrose benefits as shoppers return to high-end supermarkets September 15, 2009 UK FOOD shoppers are regaining confidence and returning to upmarket grocery chain Waitrose, according to the latest figures. TNS Worldpanel said yesterday that sales at Waitrose were up 11.2 per cent in the 12 weeks to 6 September, outperforming the supermarket sector, which grew by 5.5 per cent. Waitrose also grew its market share to [...]
SWEETPICKINGS The ADVISERS September 13, 2009 Fittingly for one of the largest M&A deals to be proposed so far this year, Kraft and Cadbury have appointed an army of advisers to stand behind them in their respective quests – a move which could cost the two firms upwards of $90m (£54m) in fees. Cadbury is taking advice from Goldman Sachs, UBS [...]
Energy and bank stocks push FTSE 100 back below 5,000 September 10, 2009 THE FTSE 100 drifted lower yesterday, unable to stay above the 5,000 level as energy and bank stocks weighed heavily. It closed down by 16.62 points, or 0.3 per cent to 4,987.68, having closed above 5,000 for the first time since late September 2008 on Wednesday. “We’re taking a bit of a pause from what [...]
HOW WOULD YOU RATE WM MORRISON’S PERFORMANCE? September 10, 2009 NICK BUBB PALI INTERNATIONALThe results were in-line with expectations, but that shouldn’t take anything away from what was a very good performance. Dare I say it, it was better than Sainsbury’s. The stores they bought from the Co-operative Group opened earlier than expected, and that bodes well for the longer-term push into smaller stores. SAM [...]
BEST OF THE BROKERS September 10, 2009 TESCOJP Morgan said that 2009/10 will be a year of two halves for Tesco in terms of like-for-like growth, margin development and competition. The broker reiterated its “underweight” rating and 335p target price, saying that the chain remains a company with great assets and management track record but that it faces challenges. GAME GROUPGame’s current [...]
Kraft may have to sweeten deal September 7, 2009 KRAFT’s £10.2bn approach to Cadbury may have been rejected by Todd Stitzer’s board, but it did not surprise those who have been anticipating more M&A activity since Mars’s high-profile takeover of Wrigley was announced in April last year. The deal – which saw Mars pay $23bn (£14.1bn) in cash for America’s largest chewing-gum maker – [...]
Market to eye consumer purse while MPC mulls rates September 6, 2009 THIS week will be all about consumers’ purse-strings and just how tightly they are pulled. Results from across the retail and leisure sectors will go some way to answering that question, while the Bank of England Monetary Policy Committee’s decision on interest rates and quantitative easing will tell us what the experts think about any [...]
Recession boosts McBride September 3, 2009 McBride, Europe’s biggest maker of retailer own-brand household products, posted a 34 per cent rise in annual profit yesterday as cash-strapped consumers downgrade in the downturn. The firm, which supplies supermarkets like Tesco and Carrefour with own-label goods ranging from dishwasher tablets to deodorant, said it made operating profit before one-off items and goodwill of [...]