Serco profits plunge and warns of tough times ahead March 4, 2014 Troubled outsourcing firm Serco has seen its profit before tax plummet by 62 per cent to £106m. The company has been hit hard by profit warnings and large fines for overcharging on tagging prisoners. Ed Casey, acting group CEO, said: We have been through a difficult year and there remains much to be done to [...]
Fresnillo profits dive as gold production falls March 4, 2014 Fresnillo shares are down nine per cent in wake of the company's full year financial results. Mexico-focused miner Fresnillo has reported a collapse in profit before tax of 64 per cent to $418m for the year ended 31 December 2013. Attributable gold production suffered a fall of 10 per cent to 425,831 ounces, largely due [...]
Tate & Lyle could exit FTSE 100 to make way for St James’s Place March 3, 2014 TATE & Lyle, one of the original components of the FT 30, is on the verge of being demoted from the FTSE 100 as part of its quarterly reshuffle of the index, the London Stock Exchange (LSE) said yesterday. The food ingredients company will learn its fate tomorrow night when the exchange reveals the firms [...]
HellermannTyton rises as Asia and America drive up revenues March 3, 2014 Cable equipment maker HellermannTyton’s share price rose over two per cent yesterday, after full-year revenues were boosted by strong growth in the Americas and Asia. Overall revenue rose to €538m (£443.2m), up 11.1 per cent in constant currency, while earnings rose to €83m, up 11.8 per cent. Revenues in the Americas and Asia rose 12.8 [...]
Vodafone launches partnership with Malala Yousafzai March 3, 2014 Mobile technology could bring 5.3m people out of illiteracy by 2020, according to telecoms operator Vodafone, which has released it's Vodafone Connected Women report. The research undertaken by Accenture and Oxford University's Said Business School, concluded that limiting female illiteracy in developing countries would allow women to gain new employment opportunities leading to an increase [...]
Serco bags 3 leading lights as non-execs March 3, 2014 After announcing at the end of last week that it’s appointed a new chief executive – in the form of current Aggreko chief Rupert Soames – government contractor Serco has said this morning that its drafted in three impressive new non-executives. Rachel Lomax, former deputy Bank of England governor, Mike Clasper, ex-BAA chief and chairman [...]
Poundland and Pets at Home flotation offer prices unveiled February 28, 2014 Following a string of flotation announcements, IPO details are starting to come in from some companies. High street discount store Poundland has decided on a share offer price range of 250-300 pence, reports Reuters. The amount gives the company an implied market value of £625-750m when it lists on the stock exchange. Poundland is 76 [...]
Serco shares rocket on appointment of Aggreko chief February 28, 2014 Scandal-hit Serco has announced this morning that it’s appointed Rupert Soames, current chief executive (CEO) of Aggreko, as its new CEO. Shares have jumped over 10 per cent on the news. Source: Google Chris Hyman, the company’s last boss, left in October, following the string of fiascos concerning the electronic tagging of prisoners. Last [...]
Old Mutual shares jump on IPO confirmation and Intrinsic acquisition February 28, 2014 Old Mutual has posted promising 2013 results this morning, announcing it’s bought adviser firm Intrinsic for an undisclosed amount. The international group also confirmed it’s taking its US Asset Management business to market, with a minority initial public offering this year. Last year, it saw reported profit before tax of £1.5bn – a 9.5 per [...]
Pearson warns of falling earnings in 2014 after US education slowdown February 28, 2014 Publishing company Pearson has reported a fall in profit before tax of two per cent to £382m in its preliminary results for 2013. Adjusted earnings per share also fell by 15 per cent from 82.6p to 70.1p. However, sales at CER climbed two per cent to £5.2bn, while the company experienced growth in emerging markets. [...]