EasyJet drives FTSE 100 recovery ahead of US employment report October 3, 2014 The FTSE 100 is up 53 points, ending four days of losses, as EasyJet moved to the top of the pack after hiking its profit forecast for the year. The budget airline expects a full-year pre-tax profit of between £575m and £580m. Previous estimates were for a pre-tax profit of between £545m and £570m. EasyJet [...]
Air France pilot strike bumps EasyJet revenues by £5m October 3, 2014 EasyJet has hiked its profit forecast for the year, seemingly benefitting from the two-week long Air France pilots' strike last month. The budget airline expects full-year pre-tax profit to be between £575m and £580m, an increase on previous estimates of between £545m and £570m. In a trading statement, EasyJet said the Air [...]
UK supermarkets vs German discounters: Morrisons gets tough as Buffett attacks Tesco October 2, 2014 Britain’s embattled supermarkets have finally begun their fight back against German discounters Aldi and Lidl who have been eating their lunch in recent months with double-digit growth in the sector. Morrison, the UK’s fourth biggest supermarket, will launch its first customer loyalty card today, along with a price-matching scheme that its chief executive has labelled [...]
Virgin Money IPO: Challenger bank to float on stock market October 2, 2014 Challenger bank Virgin Money is floating on the stock market, chief executive Jayne-Anne Gadhia announced yesterday. The sale of the 25 per cent stake in the bank is expected to value the lender at between £1.5bn and £2bn. Major owners Virgin Financial Investments and US investment guru Wilbur Ross’ investment fund will sell down parts of [...]
A year of IPOs may make Virgin Money a tricky sell – Bottom Line October 2, 2014 What a boom year! What a great time for flotations! What a great stroke of luck Virgin Money has had, planning this listing of shares on the stock market. Well, maybe not. In fact, Virgin Money might have to begin with a relatively conservative valuation. Investors are burned out. Sure, there was massive pent-up supply [...]
Virgin Money IPO: Retail investors denied place in yet another float October 2, 2014 Virgin Money defended its choice to sell its shares exclusively to institutional investors – as revealed yesterday in City A. M. – arguing it made for a smoother flotation. Small investors have missed the chance to invest in the majority of IPOs over the past year – the last very large float with a [...]
Balfour Beatty share price falls despite sale of Pinderfields and Pontefract Hospital stake October 2, 2014 Balfour Beatty’s £61.5m sale of its stake in Pinderfields and Pontefract Hospital will not be enough to buoy shareholder confidence following the firm’s profit warning on Monday, analysts have said. The company disposed of its 50 per cent interest in the public-private partnership (PPP) yesterday, selling to an HCIL subsidiary, and also announced three new [...]
Ted Baker defies retail gloom with strong international and web sales October 2, 2014 Ted Baker profits rose 24 per cent to £14m in the last half year, as the fashion retailer benefited from international sales. The brand’s revenue also lifted 17.4 per cent to £182m and web sales rose 49 per cent, to £14m. UK and European sales soared 15.1 per cent to £104.5m, American and Canadian sales [...]
Triumphant Germans provide Tui Travel reason to cheer as sales rise October 2, 2014 TUI TRAVEL yesterday revealed optimistic profit forecasts for the year after strong sales over the summer, particularly from the UK and Germany which are both expected to hit record profits. There was a significant surge in bookings for Tui from Germany after victory in the World Cup, with package holiday sales up 22 per cent. [...]
Sports Direct now owns 11 per cent of Debenhams October 2, 2014 Sports Direct has just upped its exposure to underperforming department store chain Debenhams, buying a further £33m-worth of shares. The move comes months after the Mike Ashley-owned retailer took its original punt on the high street business, which was ultimately converted into a put option valued at £64m. The new investment equates to a 4.6 [...]