Evraz climbs as dividend plan offsets losses April 9, 2014 RUSSIAN steel-maker Evraz saw its share price soar over seven per cent in early trading yesterday, after a surprise promise of a dividend and cost cuts offset wider losses in its full-year results. The FTSE 250-quoted company reported losses of $572m (£342m), a 34.6 per cent increase from 2012, while revenue fell 2.1 per cent [...]
Why one analyst loves construction firm Carillion April 9, 2014 Construction services firm Carillion’s share price has soared over five per cent today, after an upgrade from Cantor Fitzgerald. The research note put a “buy” recommendation on the FTSE 250 firm and increased its target price to 420p from 350p, in part due to a strengthened order book and downsizing of the struggling UK construction [...]
Rolls Royce lands $100m defence contract April 9, 2014 Aerospace and defence giant Rolls Royce has been awarded a $100m contract by the US Department of Defence. The company will provide support for the F405 (Adour) engines that power the US Navy's T-45 training aircraft. Rolls Royce will be responsible for providing depot level maintenance and logistics support for over 200 Adour engines. The [...]
Brand Index: Cheaper supermarket brands are outflanking Morrisons April 8, 2014 GERMAN discounters Aldi and Lidl continue to expand their reach in the UK at the expense of the so-called “big four” chains, with Aldi increasing its market share by more than a third. Tesco, Asda, Sainsbury’s and Morrisons have all experienced a decline in sales, though Asda has proved the most resilient and Morrisons has [...]
Lloyds struggling to identify a non-exec to reform IT system April 8, 2014 LLOYDS is having trouble finding a non-executive director who can understand its ageing IT systems and bring the bank into the modern world, its former chairman Sir Win Bischoff said yesterday. Currently Lloyds’ computer setup is made of decades-old systems from several banks, forced together over years of mergers. “We as a bank are looking for [...]
London Report: FTSE slumps to a two-week low as Sports Direct falls April 8, 2014 THE UK’S blue chip share index hit a two-week low yesterday, with Sports Direct leading losses after a share sale by founder Mike Ashley and technicals pointing to a bearish market outlook in the near term. Sports Direct, Britain’s biggest sporting goods retailer, slumped 9.2 per cent after Ashley sold 25m shares, while financial stocks [...]
Lloyds struggles to hire IT director April 8, 2014 Lloyds is having trouble finding a non-executive director who can understand its creaking IT systems and bring the bank into the modern world, its former chairman Sir Win Bischoff said today. Currently its computer setup is made of decades-old systems from several banks, forced together over years of mergers and acquisitions. “They have been bolted [...]
Victrex reports strong trading but warns of currency headwinds April 8, 2014 Hi-tech plastics company Victrex has reported continued growth in the company's trading for the first half of the year. Victrex enjoyed a strong second quarter with trading "well ahead" of its expectations. Victrex's biomaterial solutions business Invibio saw revenue for the first half of the year reach £26.9m, compared to £24.2m for the same period [...]
Billionaire Mike Ashley offloads a £218m stake in Sports Direct April 7, 2014 SPORTS Direct founder Mike Ashley is to sell £218m of his majority stake in the retailer in the latest twist in a series of events that saw him snap up a stake in House of Fraser just days ago. Ashley is selling up to 25m shares in Sports Direct through an accelerated bookbuilding run by [...]
Robust results for Cranswick as pig rearing grows April 7, 2014 Cooked meats producer Cranswick has reported another solid set of results, despite tougher market conditions. Against a backdrop of a weaker UK grocery market and record pig price levels, total sales increased 13 per cent last year, with underlying sales (which excludes bolt-on acquisition activity) up 12 per cent, according to a trading update. The [...]