Energy expertise key for growth, says chief exec May 23, 2011 RUBY McGregor-Smith yesterday unveiled a strong set of results at her FTSE-250 listed outsourcing company Mitie while predicting that energy advice would help to fuel future revenue growth. The trained accountant, with a reputation as a personable, effective operator, told City A.M. that government cuts had not dented its order book. On the contrary, she [...]
Euro woes and commodity falls leave FTSE low May 23, 2011 Fears of debt default in Greece, election upset in Spain and weakness in Italy’s economy caused the FTSE to tank to a two-month low today. Commodity stocks led the fallers as the FTSE 100 index plunged more than 100 points to close down 1.9 per cent at 5,835.89. Investors abandoned risky assets after rating agency [...]
FTSE buoyed by commodity price rebound May 18, 2011 The FTSE came within a nudge of 6,000 today as strong gains by commodity prices strengthened mining stocks, while property companies topped the gainers. The FTSE 100 closed at 5,923.49, above the 5,860 support level, as risk appetite returned to the market, helped by positive economic data showing UK unemployment fell for a second consecutive [...]
Serco bullish on the public sector May 9, 2011 OUTSOURCING giant Serco has said it is on track with its 2011 expectations after contract wins and is well-placed to achieve future revenue targets. Serco, which among other things runs London’s bicycle-hire scheme and Yarl’s Wood immigration removal centre, said yesterday it had won £1.6bn worth of work since the start of the year. The [...]
Serco “on target” thanks to contract wins May 9, 2011 Outsourcing group Serco said it was on track with its 2011 expectations after some strong contract wins and was well placed to achieve future revenue targets. Serco, which among other things runs London’s cycle-hire scheme and Dubai’s metro, said it had won £1.6bn worth of work since the start of its financial year on 1 [...]
THE WEEK AHEAD in association with GFT May 8, 2011 COMPANY NEWS ● Today, energy company Centrica delivers a trading statement and holds its AGM. ● Also today, HSBC delivers its first quarter trading update. The update includes more financial details than previous quarterly updates. Pre-tax profits are expected to rise. ● Serco also holds its AGM today. The FTSE 100 company was founded in [...]
US rate warning hammers FTSE to April’s lowest close April 18, 2011 BRITAIN’S top shares fell sharply yesterday as ratings agency S&P cut its US credit outlook to negative, but some investors doubt this will spur a much more significant flight from risky assets than already seen. The FTSE 100 closed down 125.93 points, or 2.1 per cent, at 5,870.08, its lowest close since 23 March. Just [...]
S&P’s US downgrade sparks stock sell-off April 18, 2011 Alarm over deteriorating public finances in the US, Greece and other peripheral eurozone nations hit markets today, pushing the FTSE down to its lowest close in four weeks. Credit rating agency Standard & Poor’s cut its outlook on the US’ rating outlook to negative, from stable, citing a lack of decisive action to rein in [...]
BEST OF THE BROKERS April 4, 2011 SERCO Morgan Stanley rates the outsourcing group “equal-weight” with a target price of 650p. The broker is disappointed by the small number of work and pensions contracts the firm picked up last week, and expects Serco’s revenues from welfare-to-work programmes to drop in the second-half of the year. While the impact on overall forecasts will [...]
BEST OF THE BROKERS April 3, 2011 TATE & LYLE RBS rates the UK speciality food producer “buy” and ups its target price from 580p to 625p following a positive trading update and the sale of its Fort Dodge ethanol plant to Cargill for £36m. Though the sale is at a significant shortfall to the £234m of investment it had made, the [...]