Former Tesco chief executive Philip Clarke was paid £764,000 by the supermarket last year May 21, 2015 Ousted Tesco chief executive Philip Clarke, who had presided over a fall of nearly 30 per cent in Tesco's share price during his three years at the helm of the supermarket, was paid £764,000 by the supermarket last year. Tesco's annual report, published this morning, showed that although he stepped down in September last year, [...]
Buyout barons dig deep to raise cash for charity May 13, 2015 THE GREAT and good from the M&A world were at The Savoy earlier this week to raise money at Norwood’s inaugural private equity dinner. Entrepreneur Luke Johnson, chairman of Risk Capital Partners, was special guest speaker at the event, which helped raise £135,000 for the charity. Top notch auction and raffle prizes, including two tickets [...]
Best of the Brokers for 12 May 2015 May 11, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com ELAND OIL & GAS Cantor reiterates its buy rating and 78p target price. Eland has announced that its joint venture company Elcrest Exploration and Production Nigeria has received consent from the Department of Petroleum Resources, and that Elcrest has fulfilled its obligations. UNILEVER [...]
Tesco moves £90m media account to WPP’s Mediacom ending 20 years with IPG’s Initiative April 30, 2015 Tesco boss Dave Lewis has done some more kitchen-sinking, ditching the company that has been in charge of placing its advertising for the last 20 years. The beleaguered supermarket has switched its media planning and buying account – worth £90m a year – to WPP's Mediacom from IPG's Initiative after a review, MediaWeek reports. It's [...]
Dave Lewis admits long road ahead for Tesco recovery April 22, 2015 Tesco boss Dave Lewis admitted yesterday that he faced a larger task than expected turning around the struggling supermarket giant, as it reported the worst results in its 96-year history. Lewis – known as “Drastic Dave” for his radical overhaul of businesses at Unilever and now at Tesco – acknowledged that the task of turning [...]
Tesco set to report record loss. Is new boss Dave Lewis the man to lead a turnaround? April 20, 2015 Dave Lewis arrived at Tesco with the nickname “Drastic Dave” – earned after he streamlined Unilever UK in 2007, cutting 40 per cent of costs and 300 jobs. When he took up the role of Tesco chief executive in September he had every reason to live up to that moniker. Facing a £263m accounting error, [...]
Best of the Brokers for 20 April 2015 April 19, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com JUPITER Analysts at Shore Capital have concerns over Jupiter’s ability to resist ongoing fee deflation, adding that its high exposure to the UK retail market sector leaves it vulnerable to a highly competitive online market. The firm has a “sell” recommendation on the [...]
FTSE off its record high as Pearson’s shares are knocked – London Report April 16, 2015 BRITAIN’S top share index slipped off record highs on Thursday, with media group Pearson underperforming after a newspaper report of a glitch in a lucrative contract. The blue-chip FTSE 100 index initially rose to an all-time high of 7,119.35 points but then edged back and closed down 0.5 per cent at 7,060.45 points. Pearson fell [...]
Weak euro helps Unilever deliver better-than-expected sales growth April 16, 2015 The figures The slowdown in emerging markets hasn't stopped Unilever from recording a 12.3 per cent increase in turnover to €12.8bn (£9.22bn) in the first quarter of 2015. Even when your economy isn't growing as rapidly as it once did – looking good still remains a priority. Shares rose by over three per cent in [...]
Retail sales helped by early Easter and likely to continue – London Report April 12, 2015 RETAIL sales data from the British Retail Consortium due out this week is expected to show decent sales growth due to the fact that Easter occurred at the very beginning of April this year. The report will also show that UK consumers are highly unlikely to hold back on making purchases due to the possibility [...]