Serco profit up on overseas performance August 24, 2011 British outsourcing group Serco posted a 12 percent rise in first-half profit, boosted by a strong performance in its overseas business, and said it expected growth to continue despite continued UK and U.S. austerity headwinds. Serco, which among other things runs London’s cycle hire scheme and the Dubai metro, on Wednesday said adjusted pretax profit [...]
FTSE bounces up but all eyes move to Fed’s announcement August 9, 2011 BRITAIN’S top share index bounced off 13-month lows yesterday, along with indexes across the Atlantic, as investors hoped an announcement by the US Federal Reserve would calm nerves over global debt and growth problems. “There has been some chatter that the Fed will bring forward the FOMC meeting to announce QE3 [quantitative easing] to the [...]
BEST OF THE BROKERS July 28, 2011 RENISHAW Citi rates the global healthcare company as a “sell” with a target price of £14.92, after this week’s preliminary results revealed a three per cent consensus earnings miss. As the results were in line with the broker’s estimates, though, it views the miss a sign of miscommunication with investors rather than a symptom of [...]
Nervous FTSE ends higher as EU solution for Greece looms July 21, 2011 FINANCIALS drove gains on Britain’s top share index yesterday, as hopes a solution could be found to Europe’s sovereign debt crisis boosted investor sentiment. The UK’s benchmark index closed up 46.07 points or 0.8 per cent at 5,899.89, having endured a choppy session, trading in a 137 point range as nervous investors jostled positions awaiting [...]
FTSE steadied by Greek breakthrough July 21, 2011 The FTSE 100 started solidly this morning as it emerged that France and Germany had reached an agreement on a second bailout for Greece. Banks led the way as investors gained confidence in stocks recently buffeted by fears of exposure to the debt crisis which has engulfed the Eurozone. Leaders of the 16-country bloc will [...]
FTSE breaks eight day streak on jitters over China and Euro July 6, 2011 THE FTSE 100’s eight-day winning streak came to a halt yesterday as worries over debt contagion in Europe and the demand outlook in China hit banking and commodity stocks. The top share index closed 21.11 points or 0.4 per cent lower at 6,002.92, having risen more than six per cent in the previous eight sessions [...]
Banks in retreat after Portugal downgrade July 6, 2011 The FTSE 100 lost ground on opening today after Moody’s cut Portugal’s credit rating to “junk” sending banking shares down. As the Eurozone crisis deepened investors abandoned risky equities as banks’ exposure to the crisis in the eurozone came under the spotlight. The euro fell sharply after the Moody’s four-notch downgrade to Ba2, with the [...]
Serco aims for revenues of £5bn next year despite UK uncertainty June 28, 2011 OUTSOURCING group Serco expects its revenues to hit £5bn by the end of 2012, it said in a pre-close statement yesterday. The firm, which operates immigration centres, health services and the Docklands Light Railway, said it expects good organic growth through the year, giving an adjusted operating profit margin of 6.3 per cent. But the [...]
FTSE falls again as fears over economy continue June 2, 2011 BRITAIN’S top shares slid for a second day as worries over weak economic data drove investors from risky assets ahead of Friday’s US non-farm payroll numbers. The FTSE 100 closed down 80.69 points, or 1.4 per cent, at 5,847.92, with volume 93 per cent of its 90-day average. The index fell one per cent in [...]
BEST OF THE BROKERS June 1, 2011 FRANCE TELECOM Nomura rates the company a “buy” and has a target price of €19.20 (£16.84). The broker has raised its earnings forecasts ahead of consensus following an investor day. The broker also thinks that the company is well placed to step up its investment phase in the near term, and sees an opportunity for [...]