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| Thu 12:00 | RNS |
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RNS Number : 7689C Office of Fair Trading 19 November 2009 Merger Update: The OFT has decided, on the information currently available to it, that a relevant merger situation, under the provisions of the Enterprise Act 2002, has not been created in the following merger: The acquisition by Carpetright plc of 15 stores previously operated by the Allied Carpets Group The text of this decision will be placed on the Office of Fair Trading's web site at www.oft.gov.uk as soon as is reasonably practicable. This information is provided by RNS The company news service from the London Stock Exchange END
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| Mon 12:05 | RNS |
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RNS Number : 5635C Carpetright PLC 16 November 2009 Carpetright plc Company Secretary Change Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, announces that Mr Robert Herga has been appointed as Company Secretary in succession to Mrs Patricia Dregent. N Page Group Finance Director 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 13-11-09 | RNS |
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RNS Number : 5280C Carpetright PLC 13 November 2009
London Stock Exchange
DIRECTORS'/PDMR INTERESTS IN SHARES The Company has been advised that 828 shares have been allocated at £8.97 under the Company's All Employee Share Ownership Plan ("AESOP") which total included 14 shares for each for Lord Harris, Mr M Harris, Mr N Page and Mr C Sollesse. Also included in the allocation were 14 shares for Mrs Caroline Sollesse. Shares allocated to Mrs Sollesse form part of Mr Sollesse's beneficial interest, below. The beneficial shareholdings for these directors are now:
Lord Harris 12,559,451 18.7%
AESOP shares were also purchased for Persons Discharging Managerial Responsibilities, as follows:
Moloney, T Moore
P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-11-09 | RNS |
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RNS Number : 4026C Office of Fair Trading 12 November 2009 Invitation to Comment acquisition by carpetright plc of 15 stores previously operated by the allied carpets group The Office of Fair Trading is considering whether arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002. Should it be found to be a relevant merger situation, the OFT will further consider whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services that warrants reference to the Competition Commission for investigation and report. Affected sector: Retail of carpets and floor coverings. Please send written representations about any competition or public interest issues to: Pat Fraser Office of Fair Trading Fleetbank House 2-6 Salisbury Square London EC4Y 8JX Email: pat.fraser@oft.gsi.gov.uk Fax: 020 7211 8916 to arrive by 18 November 2009. This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-10-09 | RNS |
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RNS Number : 6856B Carpetright PLC 30 October 2009
CARPETRIGHT PLC
DIRECTORS'/PDMR INTERESTS IN SHARES 1. The Board of Carpetright plc (the "Company") announces today that the following awards (the "Awards") to acquire ordinary shares of £0.01 each in the Company ("Ordinary Shares") granted under the Company's 2004 Long Term Incentive Plan were exercised by the following Directors/PDMR of the Company on 29 October 2009:
Directors:
PDMR:
2. This notification relates to transactions notified in accordance with DR 3.1.4R(1)(a). Patricia Dregent Company Secretary Date of notification: 30 October 2009 This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-10-09 | AFX UK Focus |
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The Times
SLAUGHTER MAY LOSE ITS LEGAL STRANGLEHOLD ON BANKING The Treasury is asking other law firms to tender for the role of the government's legal adviser on the banking crisis, threatening the position of the current occupier of the post, Slaughter and May. The law firm has been involved in the bailouts since the collapse of Northern Rock in 2007 and has generated 25 million pounds in fees. At this stage it is unknown which firms have tendered bids, but Slaughter and May is almost certain to keep some work, while its "magic circle" rivals, including Allen & Overy and Linklaters, are likely contenders.
BLACKS LEISURE SEEKS PACT TO LEAVE SHOPS AS DEADLINE LOOMS
FOR FINDING RESCUE PLAN Blacks Leisure's attempts to restructure its store portfolio have been met with opposition from landlords. Its lender, Lloyds Banking Group, wants the company to offload 89 closed stores through a company voluntary arrangement. However, the retailer has not found a compromise that is acceptable to landlords. Blacks has until the end of November to jettison the loss-making stores, but must convince Lloyds that is has produced a viable turnaround plan by Friday. Martyn Chase, DTZ's retail head, said CVAs were "an absolute disaster for the industry. It's a blatant abuse."
YELL'S RESCUE BID IN PERIL AS LENDERS FAIL TO BACK SCHEME Yell, the owner of Yellow Pages, has failed to convince its 300-plus lenders to approve its restructuring proposals and will now go ahead with a court application to impose the plan on the lenders. It is believed that just under 90 percent of the lenders by value agreed to the deal, five percent short of the required number. The deadline for the deal had been extended by three days, but yesterday's outcome means the courts could take up to eight weeks to approve a scheme of arrangement and leave Yell's share price in limbo until the new year. The Daily Telegraph
LLOYDS TO QUIZ INVESTORS OVER 25 BILLION POUND CASH CALL Lloyds Banking Group will ask its investors on Thursday whether it should raise 25 billion pounds of capital in a bid to leave the government's insurance scheme for its toxic debts. The bank will meet government officials and shareholders on Thursday morning to discuss commitment to a planned 11 billion pound rights issue in the light of its falling share price. The government fears questions over economic stability if the rights issue fails.
GSK SALES BOOSTED BY SWINE FLU GlaxoSmithKline has boosted its revenues through swine flu, toothpaste and its performance in emerging markets. On Wednesday, it announced third-quarter revenues of 6.76 billion pounds, up three percent in constant currency terms -- the first increase of that kind for over two years. Analysts are predicting sales of the swine flu vaccine Pandemrix will generate one billion pounds in revenue for GSK in the fourth quarter. Sales of its anti-viral treatment Relenza have already soared. Chief executive Andrew Witty said the results proved his diversification of GSK's investment strategy had worked.
CARPETRIGHT POINTS TO HAPPIER OUTLOOK On Wednesday, Carpetright reported its strongest quarterly increase in sales since August 2002, a sign that the consumer economy is recovering. Lord Harris of Peckham, its founder, revealed an increase of 5.6 percent in the three months to October 24. Despite analysts' scepticism over the results -- which follow a double-digit decline last year -- Harris remained optimistic about the economy. He praised Carpetright's "solid start", before backing the Conservative Party to win next year's election. Carpetright's share price fell 14 pence to 886 pence. The Independent
BAA LOSSES BALLOON ON LOW PRICE FOR GATWICK BAA, owned by Ferrovial, has revealed pre-tax losses of 785 million pounds over the first three quarters of 2009. It lost 261 million pounds because of an exceptional charge on its pension scheme deficit and 136 million pounds on financial instruments. There was also a 225 million pound gap between BAA's valuation of Gatwick Airport and its sale price. Passenger numbers declined 5.5 percent to 91 million across BAA's UK airports. Heathrow traffic has risen by 0.3 percent.
ROCK UP FOR SALE AS EU CLEARS SPLIT The EU Competition Commission has sanctioned plans to divide Northern Rock into "good" and "bad" banks, amid reports that it will take ten years for the tax payer to recoup the money used to bail the bank out. Under the deal struck with the competition watchdog, Northern Rock will also have caps imposed on its lending and deposits until 2011. In addition, it will not be allowed a top three ranking in Moneyfacts mortgage categories for two, three, or five-year fixed or variable mortgages during this period. In return for these concessions, Northern Rock will receive a further eight billion pounds in state funding and will be able to call on four billion pounds of "stand-by liquidity". The Guardian
TESCO RULES OUT NORTHERN ROCK TAKEOVER Tesco outlined plans for its new full service bank on Wednesday. The supermarket group will offer current accounts and mortgage products before eventually extending its offering to business banking. Tesco Bank chief executive Benny Higgins said the group had no interest in establishing a network of high street branches, describing the high street as "not where the future is". Tesco also ruled itself out of the running to take control of the "good" bank set to be spun off from Northern Rock.
CENTRICA FEARS UK GREEN ENERGY TARGET IS AT RISK British Gas owner Centrica has warned that the UK risks missing its 2020 renewable energy targets unless the government maintains current subsidy levels. Wind farms approved by March 2010 will receive an increase in subsidies known as renewables obligation certificates, but government officials announced yesterday there were no plans to make the arrangement permanent. Centrica has just announced plans to invest 725 million pounds in a wind farm off the coast of Lincolnshire and Sarwjit Sambhi, managing director of the group's power business, noted the fact that the increased subsidy was what allowed Centrica to undertake the project. TRADING SLUMP AT THRESHERS CHAIN PUTS 6,000 JOBS IN PERIL The management of First Quench Retailing, the firm behind off licence chain Threshers, confirmed on Wednesday that it is considering a number of restructuring options, one of which is understood to be a pre-pack administration. The group, which made a 30 million pound loss last year, is being advised by KPMG. First Quench has 1,300 stores, staffed mainly by part-timers, and 6,500 jobs are at risk.
Prepared for Reuters by Durrants
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 29-10-09 | AFX UK Focus |
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Financial Times
LSE CLOSES IN ON DEAL TO ABSORB TURQUOISE A new joint venture between the London Stock Exchange and Turquoise could be finalised within as little as two weeks, pending discussions with the latter's backers. The pan-European share trading platform will be merged with the LSE's so-called "dark pool" block trading facility, Baikal, affording the LSE a 51 percent controlling stake and bolstering its position against such rivals as Chi-X Europe and BATS Europe. Ironically, Turquoise, which launched two years ago, had also been seen as a contender to the LSE's dominance, but a lack of profitability and subsequent shareholder apathy have contributed to the exchange's decision to embark upon the move.
LOVELLS IN MERGER TALKS TO CREATE TRANSATLANTIC LEGAL FIRM City law firm Lovells is rumoured to be discussing a potential tie-up with Washington-based Hogan & Hartson. The move is aimed at creating a law firm that will be slightly smaller than the UK's big four, Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy, and that will have a strong litigation focus. While transatlantic mergers have historically been mostly unsuccessful, a combined Lovells-Hogan partnership, which would result in a company with combined revenue of 1.9 billion dollars, would hope to succeed through offering a different perspective to the big four.
MGPA POISED FOR 90 MILLION POUND LAND DEAL Private equity group MGPA is in the final round of talks to acquire Land Improvement Holdings for 90 million pounds. MGPA has until the end of next week to take advantage of an exclusivity clause that will see it stave off a rival bid from Carlyle. Although the price of land in the UK has dropped dramatically in recent years, residential land is forecast to increase in value as the property and housebuilding markets begin to recover. Land Improvement's portfolio of land and land purchase options are believed to amount to approximately 50 million pounds. In addition, the company has about 40 million pounds in cash, although a certain portion of that is already allocated to various projects and costs.
YELL USING SCHEME OF ARRANGEMENT TO RESTRUCTURE Yell is depending on a court-sanctioned scheme of arrangement to force creditors to back the group's debt restructuring plans after failing to secure the requisite 95 percent backing within the specified timeframe. Even though some 90 percent of Yell's lenders were in favour of the rescheduling, there were others who were either legally unable to submit an approval or were hoping to have their debts paid off early by refusing to back the scheme. The legal challenge, which will take approximately four to six weeks to complete, requires 75 percent of creditors by value of debt and 50 percent by number to be accepted. Shares at the directories group fell 6.16 pence to 46.34 pence.
BAT FIRM ON PRICE INCREASE IN FACE OF SALES FALL British American Tobacco has said it is to push ahead with planned price increases in 2010 despite evidence that premium brand cigarette sales are slipping as consumers switch to cheaper brands or illegally-traded cigarettes during the recession. Paul Adams, chief executive, indicated there are a number of territories where price hikes are being explored. Like-for-like volumes for the nine months to September 30, excluding acquisitions gains, dropped three percent. With BAT reporting a two percent decline for the first half in June, analysts are suggesting the company could be facing an overall decline of five percent during the third quarter. Shares fell 33.5 pence to 19.57 pounds.
NANOCO MOVES TO RAMP UP QUANTUM DOTS An anticipated increase in business has led quantum dot manufacturer Nanoco to ramp-up its manufacturing operations. The company intends to enter joint development agreements with multinational electronic companies, providing raw material and claiming royalties on each product. Nanoco is currently the only company able to produce quantum dots -- fluorescent semiconductor nano-particles used to create light sources such as LEDs and mobile phone displays -- without the use of cadmium. Results released on Wednesday show revenue of two million pounds for the year to the end of July. Nanoco's broker Zeus Capital has forecast revenue of 5.1 million pounds for 2009, with earnings before interest and tax of 421,000 pounds.
DIVIDEND TO DOUBLE AS CARPETRIGHT PILES ON SALES A return to sales growth has led Carpetright to predict that its full-year dividend will more than double. Citing a boost in the housing market and the collapse of rival Allied Carpets as the reasons for the improved trading conditions, the UK's largest flooring retailer said it expected to pay a full-year dividend of about 20 pence in 2010. This figure is a marked improvement on the 2009 dividend which was cut to just eight pence in June. Despite a 10.3 percent increase in group sales in the 12 weeks to October 24 and a climb in like-for-like sales in the UK and the Republic of Ireland, Lord Harris of Peckham, group chief executive and chairman, sounded a note of caution. "I think (Carpetright's) over the worst. I've been through six, seven of these downturns and we're always first in, first out. But I don't think the country's over the worst," he said.
VENTURE TO JOIN INDUSTRY WITH RESEARCH A new Coventry-based venture, funded by companies such as Rolls-Royce and Airbus UK, as well as 40 million pounds of public money, is being launched in a bid to pioneer manufacturing techniques and to address the UK's less-than-impressive track record for turning research into commercially viable products. The manufacturing technology centre, which will be officially announced on Thursday by Business Minister Pat McFadden, will bring academics and technical specialists together to solve practical problems. The MTC is due to open in 2011 and is expected to generate fee income from business of 13 million pounds per year.
Prepared for Reuters by Durrants
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 28-10-09 | RNS |
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RNS Number : 4740B Carpetright PLC 28 October 2009
28 October 2009 Carpetright plc Pre Close Trading Update For the 12 weeks to 24 October 2009 Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, today announces the following trading update for the 12 weeks ended 24 October 2009. Highlights for the 12 weeks to 24 October 2009
UK & RoI Rest of Europe Lord Harris of Peckham, Chairman and Chief Executive, said: "We are pleased with our overall performance during the period. "In the UK, we continue to take advantage of opportunities and have opened a net 11 new stores in the last twelve weeks. Our discussions with house builders and insurers have begun to secure us additional business and we expect to continue to make progress in this area during the second half. The underlying carpet margin has remained in line with last year, whilst the greater proportion of beds sales in the mix has resulted in the overall UK gross profit percentage dropping by around 60 basis points. "As expected, sales in The Netherlands and Belgium decreased as a consequence of slowing economic conditions. However, we believe we continue to grow market share and are well positioned to capitalise on this when trading conditions improve. "We expect to deliver a half year profit performance ahead of expectations and, whilst we remain cautious about the retail market in the balance of the financial year, we have made a solid start." Analyst conference call Lord Harris will host a conference call for analysts at 8.15 a.m. The dial in number is 0800 028 1243 with the passcode 4543012. Thereafter, for further enquiries please contact:
Lord Harris of Peckham, Chairman and Chief Executive
Neil Page, Group Finance Director
Angharad Couch / Lindsay Noton
A copy of this trading statement will be available on our website www.carpetright.plc.uk today from 7.00 a.m. Notes 1. All sales figures are quoted after deducting VAT. 2. Excludes Sleepright within Carpetright locations. 3. Like-for-like sales represent sales from stores which have been trading for 52 weeks at the start of the financial year. It includes the sales of beds, where these have been introduced into the like-for-like store base since the acquisition of Sleepright in December 2008. 4. The Group will announce its Interim Results for the 26 weeks to 31 October 2009 on Tuesday 15 December 2009. 5. There have been no significant changes to the Group's financial position during the period. 6. Certain statements in this report are forward looking. Although the Group believes that the expectations reflected in these forward looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. Because these statements contain risks and uncertainties, actual results may differ materially from those expressed or implied by these forward looking statements. We undertake no obligation to update any forward looking statements whether as a result of new information, future events or otherwise. This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-10-09 | RNS |
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RNS Number : 8006A Carpetright PLC 14 October 2009
London Stock Exchange
DIRECTORS'/PDMR INTERESTS IN SHARES The Company has been advised that 880 shares have been allocated at £8.53 under the Company's All Employee Share Ownership Plan ("AESOP") which total included 15 shares for each for Lord Harris and Mr C Sollesse and 14 shares for each of Mr M Harris and Mr N Page. Also included in the allocation were 14 shares for Mrs Caroline Sollesse. Shares allocated to Mrs Sollesse form part of Mr Sollesse's beneficial interest, below. The beneficial shareholdings for these directors are now:
Lord Harris 12,559,437 18.7%
AESOP shares were also purchased for Persons Discharging Managerial Responsibilities, as follows:
Moloney
P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 06-10-09 | RNS |
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RNS Number : 3413A Carpetright PLC 06 October 2009 6 October 2009 Carpetright plc
DIRECTORS'/PDMR INTERESTS IN SHARES The Company has been advised that 422 shares have been allocated at £8.28 in respect of dividend reinvestment under the Company's All Employee Share Ownership Plan (AESOP) which total included nine shares for each of Lord Harris and Mr C Sollesse and six shares for Mr M Harris. Also included in the allocation were seven shares for Mrs Caroline Sollesse. Shares purchased for Mrs Sollesse form part of Mr Sollesse's beneficial interest, below. The beneficial shareholdings for these directors are now:
Lord Harris 12,559,422 18.7%
AESOP dividend shares were also allocated to Persons Discharging Managerial Responsibilities, as follows:
P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 21-09-09 | RNS |
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RNS Number : 3529Z Carpetright PLC 18 September 2009
London Stock Exchange
DIRECTORS'/PDMR INTERESTS IN SHARES The Company has been advised that 887 shares have been allocated at £8.66 under the Company's All Employee Share Ownership Plan ("AESOP") which total included 14 shares for each for Lord Harris and Mr C Sollesse and 15 shares for each of Mr M Harris and Mr N Page. Also included in the allocation were 15 shares for Mrs Caroline Sollesse. Shares allocated to Mrs Sollesse form part of Mr Sollesse's beneficial interest, below. The beneficial shareholdings for these directors are now:
Lord Harris 12,559,413 18.7%
AESOP shares were also purchased for Persons Discharging Managerial Responsibilities, as follows:
Moloney
P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 21-09-09 | RNS |
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RNS Number : 3530Z Carpetright PLC 18 September 2009
London Stock Exchange 2004 LONG TERM INCENTIVE PLAN ("the Plan") The 2009 awards under the Plan were made today to Directors over ordinary shares of 1p each in Carpetright plc as follows:
C Sollesse 65,650 The price used to determine the value of the awards was £8.53, the closing mid-market price on the trading day immediately prior to the awards being made. The awards will vest, subject to the terms of the Plan (including performance conditions being met), in September 2012. P Dregent (Mrs) Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-09-09 | RNS |
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RNS Number : 1213Z Carpetright PLC 15 September 2009 15 September 2009 Regulatory News Service London Stock Exchange CARPETRIGHT PLC (THE "COMPANY")
EMPLOYEE BENEFIT TRUST The Company has received notification from Equity Trust (Jersey) Limited in its capacity as trustee of the Carpetright plc Employee Benefit Trust (the "Trustee" and the "Trust" respectively) that 16,500 ordinary shares in the Company have been purchased by the Trustee at a price of £8.67 per share. The Trustee's current holding of 40,043 shares represents 0.059% of the issued share capital of the Company. The Executive Directors of the Company have an interest in the shares acquired by the Trustee as they are potential beneficiaries of the Trust. The Trust was established to facilitate the operation of the Company's 2004 Long Term Incentive Plan (the "LTIP") and it is intended that the shares will be used to satisfy awards made under the LTIP. P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 11-09-09 | AFX UK Focus |
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The Times
DESIRE'S PLAN TO TAP FALKLANDS WELLS FUELS OPTIMISM British energy firm Desire Petroleum unveiled plans on Thursday to launch a large drilling programme on the Falkland Islands next year. Desire will drill up to eight offshore wells from February, having agreed a deal with rig and equipment supplier Diamond Offshore Drilling to drill at least four wells with options on a further four. The move will mark the first time in more than a decade that any oil-drilling has been time in more than a decade that any oil-drilling has been carried out on the islands. The announcement sent Desire's share price up 25 pence to 90 pence.
CARPETRIGHT'S CHAIRMAN STRIKES AN OPTIMISTIC NOTE Lord Harris of Peckham, founder, chief executive and chairman of Carpetright, said he was "cautiously optimistic" about the short-term future of the economy at the company's annual meeting. Sales in the 2008-09 financial year plummeted at Carpetright due to the collapse in the housing market and declining consumer confidence. Recent improving mortgage approval data has given the company reason to be optimistic, with much of its turnover generated from people moving house. The collapse of Allied Carpets, which went into administration in July, has left Carpetright the undisputed UK market leader.
THOMAS COOK GETS AWAY IN STYLE AS SHARES ARE PLACED The placing of a 43.9 percent stake in Thomas Cook was completed on Thursday, making it a fully independent quoted company for the first time in its 168-year history. Most of the placing, which raised 904 million pounds, went to institutions based in the UK, returning the company to British majority ownership following 17 years of German control. The stake was placed on the market due to the recent collapse of Arcandor.
TEMPUS Galliford Try Genus Hilton Food The Daily Telegraph
ITV'S NEW CONTROLS ITV is to bring in a "double compliance" procedure to ensure its programmes do not breach Ofcom's broadcasting code. Ofcom has increased the financial penalties for breaches of the code and ITV said the move was in response to a lack of confidence in Channel Television's compliance process. The double compliance will not cost producers any extra. ITV said in a statement that: "ITV plc is today writing to Ofcom and PACT to alert them to these new arrangements". Channel TV said it was "dismayed" that ITV had questioned its record on this issue.
BAA TRAFFIC DOWN DESPITE HEATHROW Record passenger numbers at Heathrow was not enough to prevent total traffic at BAA's seven airports falling by 3.1 percent in August. 6.4 million people travelled through Heathrow, a 0.3 per cent increase, but group-wide numbers fell to 14.4 million people. Colin Matthews, chief executive of BAA, said, "Industry conditions remain difficult. A continuation of the improving trend at Heathrow depends on business travellers re-establishing face-to-face contact with global markets." 94 million passengers have been handled by BAA so far this year, a fall of 6.1 percent.
CO-OP PLANS TO EXPAND ITS BANKING PRESENCE The Co-operative Group has opened bank branches in two of its retail outlets in a pilot scheme which will draw comparisons with Tesco. Co-operative Bank, part of the Co-operative Financial Services division, is looking to exploit the problems experienced by its rivals by expanding its presence and filling a gap in the lending market. Neville Richardson, chief executive of CFS, said: "There will be a change in the landscape, which is an opportunity for an organisation like ours - strong in financial services and retail."
QUESTOR BG Group Gulfsands Petroleum The Independent
WAITROSE PAYS PRINCELY SUM FOR DUCHY DEAL Waitrose has bought the exclusive rights to make, license and sell the Prince of Wales' Duchy Originals range of organic food. When it was founded in 1990, Duchy Originals hoped to popularise organic food and support small farmers and manufacturers, but has recently run into trouble due to a steep rise in the cost of organic ingredients and a decline in demand for more expensive organic food during the recession. Waitrose intends to expand the Duchy range from 200 to 500 products. BOLLAND OF MORRISONS RULES OUT TOP M&S JOB Morrisons has recorded a 45 percent rise in pre-tax profits to 449 million pounds in the six months to August 2, and raised its interim dividend by 35 percent to 1.08 pence. "The profit momentum is somewhat stronger than what we anticipated at the start of the year," noted Richard Pennycook, the supermarket's finance director. Morrisons was also boosted by an announcement from the chief executive Marc Bolland that he was ruling himself out of the running for the job as chief executive of Marks & Spencer. HOMEBASE, COMET SIGNAL REVIVAL Further indications appeared on Thursday that UK consumer spending and the housing market are both returning to normal. Positive statements coming from Home Retail Group, Carpetright and Comet indicate that a recovery is taking place. The Kesa-owned electrical retailer Comet posted a like-for-like sales growth of 0.3 percent due to an increase in white goods sales, whilst Home Retail Group benefited from strong kitchen sales at its Homebase stores to record a 2.8 percent rise in like-for-like sales in the 26 weeks to 29 August.
INVESTMENT COLUMN Royal Bank of Scotland Galliford Try Falkland Island Holdings The Guardian SHARES FALL AT JJB, SPORTS DIRECT AS FRAUD POLICE INVESTIGATE News of investigations by the SFO and OFT into price fixing and fraud allegations at JJB Sports and Sports Direct sent their shares tumbling 17.4 percent and 21.5 percent, respectively. The two companies, which are already embroiled in a Competition Commission inquiry over the transfer of stores, face scrutiny after JJB tipped off the OFT about potentially anti-competitive practices in January, in return for immunity. Price fixing is now a criminal offence and the OFT, which called in the SFO, has said it will use the agency as a back up.
NATIONAL EXPRESS PREPARES TO ACCEPT 765 MILLION POUND BID Transport group National Express is close to accepting the 765 million pound ($1.27 billion) offer from the CVC-Cosmen consortium. The consortium, which must lodge a formal bid by today, is likely to sell the group's UK rail and bus operations. The Department for Transport has approved the transfer of the c2c and East Anglia rail franchise to the Stagecoach group in a 100 million pound deal. The Office of Rail Regulation said it would help the Office of Fair Trading scrutinise the deal if it goes ahead.
MORRISONS RINGS UP 45 PERCENT RISE IN PROFITS Wm Morrison Supermarkets has reported a 45 percent increase in half-year profits as its recent move into smaller stores reaps rewards. The retailer had snapped up several dozen smaller sites from Somerfield and the Co-op and converted them into the Morrisons format. These sites have increased sales by 50 per cent. However, chief executive Marc Bolland warned that growth would slow in the second half of the year as commodity prices dip and inflation remains low. Prepared for Reuters by Durrants ($1=.6043 Pound) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 11-09-09 | AFX UK Focus |
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The Times
DESIRE'S PLAN TO TAP FALKLANDS WELLS FUELS OPTIMISM British energy firm Desire Petroleum unveiled plans on Thursday to launch a large drilling programme on the Falkland Islands next year. Desire will drill up to eight offshore wells from February, having agreed a deal with rig and equipment supplier Diamond Offshore Drilling to drill at least four wells with options on a further four. The move will mark the first time in more than a decade that any oil-drilling has been time in more than a decade that any oil-drilling has been carried out on the islands. The announcement sent Desire's share price up 25 pence to 90 pence.
CARPETRIGHT'S CHAIRMAN STRIKES AN OPTIMISTIC NOTE Lord Harris of Peckham, founder, chief executive and chairman of Carpetright, said he was "cautiously optimistic" about the short-term future of the economy at the company's annual meeting. Sales in the 2008-09 financial year plummeted at Carpetright due to the collapse in the housing market and declining consumer confidence. Recent improving mortgage approval data has given the company reason to be optimistic, with much of its turnover generated from people moving house. The collapse of Allied Carpets, which went into administration in July, has left Carpetright the undisputed UK market leader.
THOMAS COOK GETS AWAY IN STYLE AS SHARES ARE PLACED The placing of a 43.9 percent stake in Thomas Cook was completed on Thursday, making it a fully independent quoted company for the first time in its 168-year history. Most of the placing, which raised 904 million pounds, went to institutions based in the UK, returning the company to British majority ownership following 17 years of German control. The stake was placed on the market due to the recent collapse of Arcandor.
TEMPUS Galliford Try Genus Hilton Food The Daily Telegraph
ITV'S NEW CONTROLS ITV is to bring in a "double compliance" procedure to ensure its programmes do not breach Ofcom's broadcasting code. Ofcom has increased the financial penalties for breaches of the code and ITV said the move was in response to a lack of confidence in Channel Television's compliance process. The double compliance will not cost producers any extra. ITV said in a statement that: "ITV plc is today writing to Ofcom and PACT to alert them to these new arrangements". Channel TV said it was "dismayed" that ITV had questioned its record on this issue.
BAA TRAFFIC DOWN DESPITE HEATHROW Record passenger numbers at Heathrow was not enough to prevent total traffic at BAA's seven airports falling by 3.1 percent in August. 6.4 million people travelled through Heathrow, a 0.3 per cent increase, but group-wide numbers fell to 14.4 million people. Colin Matthews, chief executive of BAA, said, "Industry conditions remain difficult. A continuation of the improving trend at Heathrow depends on business travellers re-establishing face-to-face contact with global markets." 94 million passengers have been handled by BAA so far this year, a fall of 6.1 percent.
CO-OP PLANS TO EXPAND ITS BANKING PRESENCE The Co-operative Group has opened bank branches in two of its retail outlets in a pilot scheme which will draw comparisons with Tesco. Co-operative Bank, part of the Co-operative Financial Services division, is looking to exploit the problems experienced by its rivals by expanding its presence and filling a gap in the lending market. Neville Richardson, chief executive of CFS, said: "There will be a change in the landscape, which is an opportunity for an organisation like ours - strong in financial services and retail."
QUESTOR BG Group Gulfsands Petroleum The Independent
WAITROSE PAYS PRINCELY SUM FOR DUCHY DEAL Waitrose has bought the exclusive rights to make, license and sell the Prince of Wales' Duchy Originals range of organic food. When it was founded in 1990, Duchy Originals hoped to popularise organic food and support small farmers and manufacturers, but has recently run into trouble due to a steep rise in the cost of organic ingredients and a decline in demand for more expensive organic food during the recession. Waitrose intends to expand the Duchy range from 200 to 500 products. BOLLAND OF MORRISONS RULES OUT TOP M&S JOB Morrisons has recorded a 45 percent rise in pre-tax profits to 449 million pounds in the six months to August 2, and raised its interim dividend by 35 percent to 1.08 pence. "The profit momentum is somewhat stronger than what we anticipated at the start of the year," noted Richard Pennycook, the supermarket's finance director. Morrisons was also boosted by an announcement from the chief executive Marc Bolland that he was ruling himself out of the running for the job as chief executive of Marks & Spencer. HOMEBASE, COMET SIGNAL REVIVAL Further indications appeared on Thursday that UK consumer spending and the housing market are both returning to normal. Positive statements coming from Home Retail Group, Carpetright and Comet indicate that a recovery is taking place. The Kesa-owned electrical retailer Comet posted a like-for-like sales growth of 0.3 percent due to an increase in white goods sales, whilst Home Retail Group benefited from strong kitchen sales at its Homebase stores to record a 2.8 percent rise in like-for-like sales in the 26 weeks to 29 August.
INVESTMENT COLUMN Royal Bank of Scotland Galliford Try Falkland Island Holdings The Guardian SHARES FALL AT JJB, SPORTS DIRECT AS FRAUD POLICE INVESTIGATE News of investigations by the SFO and OFT into price fixing and fraud allegations at JJB Sports and Sports Direct sent their shares tumbling 17.4 percent and 21.5 percent, respectively. The two companies, which are already embroiled in a Competition Commission inquiry over the transfer of stores, face scrutiny after JJB tipped off the OFT about potentially anti-competitive practices in January, in return for immunity. Price fixing is now a criminal offence and the OFT, which called in the SFO, has said it will use the agency as a back up.
NATIONAL EXPRESS PREPARES TO ACCEPT 765 MILLION POUND BID Transport group National Express is close to accepting the 765 million pound ($1.27 billion) offer from the CVC-Cosmen consortium. The consortium, which must lodge a formal bid by today, is likely to sell the group's UK rail and bus operations. The Department for Transport has approved the transfer of the c2c and East Anglia rail franchise to the Stagecoach group in a 100 million pound deal. The Office of Rail Regulation said it would help the Office of Fair Trading scrutinise the deal if it goes ahead.
MORRISONS RINGS UP 45 PERCENT RISE IN PROFITS Wm Morrison Supermarkets has reported a 45 percent increase in half-year profits as its recent move into smaller stores reaps rewards. The retailer had snapped up several dozen smaller sites from Somerfield and the Co-op and converted them into the Morrisons format. These sites have increased sales by 50 per cent. However, chief executive Marc Bolland warned that growth would slow in the second half of the year as commodity prices dip and inflation remains low. Prepared for Reuters by Durrants ($1=.6043 Pound) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 10-09-09 | RNS |
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RNS Number : 8911Y Carpetright PLC 10 September 2009 10 September 2009 Regulatory News Service London Stock Exchange Annual General Meeting Carpetright plc ("the Company") confirms that all resolutions put to the Annual General Meeting, held today, were passed. The proxy vote figures are available on the Company's website (www.carpetright.plc.uk). . P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 10-09-09 | RNS |
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RNS Number : 8909Y Carpetright PLC 10 September 2009
London Stock Exchange
PDMR INTERESTS IN SHARES On 8 September 2009 Mr T Moore, a person discharging managerial responsibility, sold 1,200 ordinary Carpetright shares of £0.01 each at a price of £8.59 per share. P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 10-09-09 | RNS |
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RNS Number : 8121Y Carpetright PLC 10 September 2009
Carpetright plc AGM Statement Carpetright, Europe's leading specialist carpet and floor coverings retailer, will hold its Annual General Meeting ("AGM") at 1200 today at Harris House, Purfleet Bypass, Purfleet, Essex, RM19 1TT. Historically, Carpetright has not provided any additional information on trading performance at the AGM, since it falls only five weeks after the first quarter trading update given in early August. While this position remains unchanged, at the meeting today Lord Harris, Chairman & Chief Executive, will be making the following statement, re-iterating the Company's belief in the continued improvement in trading conditions in the UK. "The last financial year was extremely challenging for the Group. Market conditions and consumer confidence declined throughout the year, leading to a significant reduction in sales volume. Throughout this period we remained profitable and I am more confident about the future prospects for a number of reasons. "We have seen our principal nationwide competitor, Allied Carpets, enter into administration and significantly reduce its number of stores. We are securing more insurance business each week and have secured contracts to supply a number of house builders. We have a central warehouse and cutting facility which has the capacity to significantly increase volumes at minimal additional costs. Finally, the mortgage approval data is providing an indicator that the market will be stronger in the Spring of next year. "All these factors make me cautiously optimistic ahead of our important Autumn trading period, although it is too early to say to what extent this will impact on the full year financial results" Carpetright's next trading update will be made on Wednesday 28 October 2009 and will cover the trading performance for the first 25 weeks of the financial year to 24 October 2009.
Enquiries:
Lord Harris of Peckham, Chairman and Chief Executive Neil Page, Group Finance Director
Kevin Smith / Angharad Couch This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-09-09 | RNS |
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RNS Number : 5175Y Carpetright PLC 03 September 2009 3 September 2009 Regulatory News Service London Stock Exchange
SUBSTANTIAL INTERESTS IN SHARES The Company has been advised by Harris Associates L.P. of Chicago that their notifiable shareholding in Carpetright plc has reduced to 4,682,004 shares, representing 6.97% of the issued share capital. P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-09-09 | RNS |
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RNS Number : 4383Y Carpetright PLC 02 September 2009
London Stock Exchange
DIRECTOR'S INTERESTS IN SHARES On 2 September 2009 Mr Neil Page, Group Finance Director, purchased 3,050 ordinary Carpetright shares of £0.01 each at a price of £8.02 per share. Mr Page now has an interest in 9,204 Carpetright shares. . P Dregent Company Secretary 01708 802000 This information is provided by RNS The company news service from the London Stock Exchange END
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