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| Date/Time | Headline | Source |
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| 1 | ||
| 27-10-09 | AFX UK Focus |
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LONDON, Oct 27 (Reuters) - British sportswear retailer Sports Direct is ready to defend its claim to a 28.5 percent stake in outdoor goods firm Blacks Leisure, rejecting a counter claim by administrators of Kaupthing Singer & Friedlander.
"Sports Direct is in the process of taking an action against Kaupthing Singer & Friedlander and its administrators, Ernst & Young," Sports Direct said in a statement on Tuesday. "Those parties are aware of our determination to protect and vindicate our legal rights and the situation remains ongoing."
(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)
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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| 22-10-09 | RNS |
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RNS Number : 1849B Sports Direct International Plc 22 October 2009 Thursday 22nd October 2009 SPORTS DIRECT INTERNATIONAL plc Pre-close Trading Update Sports Direct International plc ("the Group"), the UK's leading sports retailer, today provides an update on current trading in advance of the end of the first half of its 2009/2010 financial year. In its Interim Management Statement on 9th September 2009 the Group reported that trading has continued to be ahead of last year and that the Board is very comfortable with its expectation of reducing net debt to below £400 million. Trading continues to be in line with the Group's expectations and the Board still expects, at current exchange rates, to achieve underlying EBITDA of at least £150 million this financial year. Sports Direct will announce its Interim Results for the 26 weeks ended 25th October 2009 on 10th December 2009. Ends Enquiries:
Dave Forsey, Chief Executive Bob Mellors, Group Finance Director
Jonathon Brill / Caroline Stewart / Alex Beagley This information is provided by RNS The company news service from the London Stock Exchange END
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| 19-10-09 | AFX UK Focus |
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The Times
FRESH TAKEOVER OFFER FOR NATIONAL EXPRESS The saga over the future of National Express has taken a new twist after the company confirmed on Sunday night that it had received a fresh all-share offer from Stagecoach, despite its rival's decision to withdraw its bid in September. In an unusual moment, National Express said it would consider the Stagecoach takeover approach, but added it wanted to push ahead with plans for a rights issue to shore up its finances. E.ON CONDEMNS OVERAMBITIOUS TARGETS FOR GREEN ENERGY Wulf Bernotat, the chief executive of E.ON, has slammed the government's ambitious 2020 plans to generate 30 per cent of UK electricity from renewable sources as unrealistic. He urged British politicians to stop misleading the public about what could be achieved and called for a better channel of communication with the industry. A spokesperson for the Department of Energy and Climate Change conceded that the target was "ambitious" but stressed that there is "a strategy to meet it by 2020."
FOR SALE: FORMER STYLE ICON IN NEED OF SOME STARDUST
by Sir Terence Conran, has been put up for sale by its Swedish owners. The Kamprad family, who also own Ikea, have appointed Lazard to conduct a strategic review of the chain, which has been a victim of the housing market downturn and the recession. It has also emerged that Sir Terence has been approached to offer his advice on how to restore the retailer to its former glory. "I was asked by one of the sons of Kamprad family a couple of months ago what I thought was missing. I said I thought charm and humour were missing, which always seemed to me important," Sir Terence said. The Daily Telegraph
GERALD RONSON SLASHES OWN PAY FROM 12.9 MILLION POUNDS TO
1.7 MILLION POUNDS
his pay package to 1.67 million pounds in 2008, down from 12.89 the year before, following the slump in the commercial property market. As well as slashing his own pay, Gerald Ronson's dividend declined from 83 million pounds to 20.1 million pounds. The property entrepreneur did not receive any payments under Heron's long-term management incentive scheme, which is associated with rises in net asset value at the group. Heron also reported a pre-tax loss of 9.9 million pounds, against a profit of 35.1 million pounds in 2007, primarily due to smaller profit on disposals.
MOULTON SET TO RETURN TO PRIVATE EQUITY - BUT THIS TIME IT'S
BETTER Just six weeks after quitting Alchemy Partners, Jon Moulton is poised to return to private equity this week with the launch of a new investment vehicle, Better Capital. It is understood that the new fund, which will focus on turnarounds, has not yet received regulatory clearance by the City watchdog, but it is widely believed that it could readily put together a 100 million pounds plus investment pot from pension funds and other strategic investors.
ODDBINS TELLS SUPPLIERS IT IS 'ALIVE AND KICKING' AFTER SPAT
rumours claiming that it faces financial problems by telling its suppliers that it is "very much still alive and kicking". The company's response comes after its former owner Castel, which also controls the Nicolas chain, lodged a claim against the business at Companies House following a disagreement over money. In a separate statement, Simon Baile, managing director, and Henry Young, chairman, said that Oddbins is expected to become profitable in 2010 "following substantial losses under its former owners and this action is not helpful to anyone". The Independent
SINO-INDIAN FIRM ADDS TO FIREPOWER Aim-listed private equity group Origo Sino-India has struck a merger deal with Origo Resources Partner, its separately listed natural resources fund, in a bid to reduce costs and expand its shareholder base. The agreement will provide the combined group with additional firepower, with an investment portfolio of 15 companies and an aggregate value of 53.8 million pounds, based on valuations earlier in 2009. In June, Origo Sino-India revealed an annual 200 per cent jump in revenues from investments predominantly in China and India.
ASHLEY PUTS 80 MILLION POUNDS PRICE ON NEWCASTLE
reduced the team's price tag from 100 million pounds to 80 million pounds, in a bid to sell the St James' Park club in one deal and not wait for a second cash instalment. Mike Ashley, who is also the majority stakeholder in the sportswear group Sports Direct, has publicly challenged Tyneside businessman Barry Moat to make a move. "If he wants to buy the club, he's got a one-off opportunity to come up with the cash, 80 million pounds upfront," Mr Ashley said. The football club could be worth up to 150 million pounds if it returns to the Premiership, Mr Ashley added.
AVIVA TO OFFER DELTA LLOYD AT A DISCOUNT Aviva, the insurance group which is aiming to list between 30 and 40 per cent of its Dutch division, Delta Lloyd, is reportedly set to offer the shares at a discount. The company is set to launch price guidance on the IPO on Monday morning, with analysts expecting it to bring in between one billion euros and 1.5 billion euros, while a bookbuilding process is likely to last up to two weeks. Bank of America, Merrill Lynch, Goldman Sachs, JP Morgan and RBS are handling the deal. The Guardian
NETWORK RAIL FACES CLAIM STAFF PAID OFF OVER DISCRIMINATION
investigation into Network Rail following accusations that the company spent millions of pounds of public money paying off staff forced out by discrimination and management bullying. According to the claims, made by a trade union and an MP, a series of staff departures was linked to the behaviour of one unnamed senior Network Rail manager who was accused of routinely demeaning female colleagues. The departure of 95 staff during 2007 and 2008 could potentially have cost up to six million pounds, Jim Devine, a Labour backbencher with close ties to the Transport Salaried Staffs Association, told MPs.
BANKS MAY FACE WINDFALL TAX OVER BONUSES
profits if they fail to curb executive bonuses amid growing public discontent following indications that a series of bailed-out investment banks will award key traders with seven-figure payouts. "If we cannot control bonuses by agreement, it is the iron fist inside the velvet glove," a government source has said. City minister Lord Myners, who has taken a tough stance on executive remuneration, pledged on Sunday that the Government would block banks in which it had a stake, such as RBS and Lloyds Banking Group, from paying large bonuses.
BUSINESS TOLD TO ESCAPE THE EMBRACE OF GOVERNMENT BANKS
consultants, has accused the government of blocking efforts aiming to revive the county's industry, arguing that state-owned banks have been impeding hundreds of companies they control or part-own through equity stakes or massive loans. The corporate turnaround specialist, who became best known for winding up the Millennium Dome, said indebted businesses needed to escape the embrace of state-owned banks and be allowed to restructure their borrowings. He urged the government to create a venture fund that would help "the banks restructure, write off debts, push through mergers and get industry motoring again". 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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| 15-10-09 | RNS |
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RNS Number : 8730A Sports Direct International Plc 15 October 2009 SPORTS DIRECT INTERNATIONAL plc On 14 October 2009 share awards were granted under the Company's Bonus Share Scheme 2009 in respect of Sports Direct International plc Ordinary shares of 10p to the following Directors and Persons Discharging Managers Responsibilities, as set out below.
The share price used in respect of the awards was £1.00 for the First Bonus Award and £1.25 in respect of the Second Bonus Award, being the price stated in the Rules of the Scheme. No payment was required for the grant of the share awards. The First and Second Bonus Awards will vest in June/July 2012 and 2013 respectively if the performance conditions and continued employment conditions applicable to them are met. This announcement is made in accordance with the requirement of DTR 3.1.4.
0870 838 7371 This information is provided by RNS The company news service from the London Stock Exchange END
RDSEELFFKBBZFBL More |
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| 14-10-09 | AFX UK Focus |
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The Times
ADMINISTRATORS APPOINTED AT RITBLAT'S PUBS CHAIN Veteran property tycoon Sir John Ritblat has suffered a blow to his pubs operation following the appointment of administrators to his Merchant Inns chain. Although the seven outlets are understood to have been trading strongly, administrators Deloitte said they had been called in after "the discovery of a number of previously unknown financial liabilities". The business has been put up for sale through Colliers Robert Barry, with analysts expecting it to fetch up to 25 million pounds. The agency is part of Colliers CRE, the consultancy chaired by Ritblat, who is tipped as a candidate to buy back Merchant Inns.
LSL MAKE A MOVE ON HALIFAX ESTATE AGENCY
LSL Property Services, the UK's number three estate agent,
is in talks with Lloyds Banking Group to buy Halifax
Estate Agency. Halifax Estate Agency became part of Lloyds after
the bank rescued rival HBOS. The business has 218 offices, which
includes 93 franchise operations. LSL, which was formed after
the management buyout of Your Move from Norwich Union, also owns
the Reeds Rains estate agencies and Chancellors and Barnwoods
surveying brands.
BOOKER BOSS STAYS PUT Marks & Spencer's bid to find a successor to Sir Stuart Rose suffered another setback on Tuesday after Charles Wilson, chief executive of Booker, became the third possible candidate to turn down the position. Wilson had been seen by many in the City as the most likely external candidate after Asda's Andy Bond and Justin King of Sainsbury ruled themselves out of the running. Wilson said on Tuesday: "All the headhunters know I'm totally committed to Booker. I'm not in the market for any job. Whether it's M&S or anywhere else." TEMPUS: Booker (hold) Connaught (take profits) CareTech (buy on weakness) The Daily Telegraph
JJB REVEALS NEW INVESTIGATIONS OF FORMER STAFF
Serious Organised Crime Agency and HM Revenue and Customs are examining the activities of former executives. The company, which is now caught up in five separate inquiries, made the disclosure on Tuesday, ahead of an extraordinary general meeting to approve a 96 million pounds fundraising. The documentation sent to shareholders also discloses that JJB has launched its own separate internal investigations into the apparent lack of due diligence carried out by former staff before the acquisition of Sports Direct's shoe chains OSC and Qube, which both have since fallen into administration.
WHITBREAD SAVOURS COFFEE CHAIN AROMA
the owner of Premier Inn and Costa coffee shop chain delivered better-than-expected first-half results. In the six months to August 27, pre-tax profit declined 9.6 per cent to 105.9 million pounds, but was just 2.7 per cent lower at 118.2 million pounds excluding exceptional costs associated to the leisure group's pension deficit. The company, which will hand out an unchanged 9.65 pence interim dividend, payable on January 5, saw Premier Inn's like-for-like sales fall 7.5 per cent in the period, while Costa's rose 2.5 per cent and pub restaurant sales increased 1.8 per cent. Chief executive Alan Parker said he did not expect the general economic situation to improve over the coming year, adding that the company was focusing on outperforming rivals without relying on any market trend.
RIO SEES FALL IN COPPER PRICE
prompted Bret Clayton, the head of Rio Tinto's copper division, to predict a drop in the price of the commodity over the next year. "We expect Chinese imports to slow down to 150,000-200,000 tonnes per month," he said. China's copper imports reached a record peak of more than 300,000 tonnes a month in the second quarter, but have been declining since then. Mr Clayton said he was optimistic about the price over the longer term, suggesting that new record highs could take place in the next two to five years. QUESTOR: Inmarsat (buy) SSL International (buy) The Independent
STANDARD HIT BY PERMIT PROBLEMS ON HOME TURF
free newspaper, following the decision by owner Alexander Lebedev to drop the 50 pence cover price and increase the print run to 600,000. However, the company, which is based just off High Street Kensington, was caught in an embarrassing situation after the paper's distributors were forced off the streets of Kensington and Chelsea because they did not have correct permits. A spokesperson for the group said that that was the only borough where permit problems were reported, adding that "it has all been resolved now".
TYNESIDE SAYS GOODBYE TO NEWCASTLE BROWN Heineken, the owner of brewer Scottish & Newcastle, has revealed plans to relocate Newcastle Brown Ale's production from Tyneside to Tadcaster, North Yorkshire, in the latest indication of the region's below average economic performance during the recession. The beer giant attributed its decision to shut down a factory at Dunston, in Gateshead, to declining sales. The site was operating at 60 per cent capacity and the beer, which has been brewed in the region since 1927, faced the danger of becoming uncompetitive, Scottish & Newcastle added. James Ramsbotham, the chief executive of the North East Chamber of Commerce, said the relocation was bad news for the area. SHIRE SETTLES ON ADDERALL XR COPY Pharmaceutical giant Shire and generic drugmaker Sandoz, a subsidiary of the Swiss pharmaceutical company Novartis, have settled all litigation over Adderall XR, a leading treatment for attention deficit hyperactivity disorder. The agreement does not involve any payment from the third-biggest drugs manufacturer in the UK to Sandoz, which will be able to sell an authorised version of the treatment if it gains approval from the US Food and Drug Administration. INVESTMENT COLUMN: SSL International (hold) Ferrexpo (buy) SDL (buy) The Guardian
GOOD RECEPTION FOR ITV'S U-TURN ON SALE OF DIGITAL OPERATOR
the City by abandoning the 200 million pound sale of SDN, its digital channel operator, and selling 135 million pounds of bonds to help tackle debt. SDN will now be used to provide "asset backing" for its pension fund. Interim chief executive John Cresswell said the group no longer needed a rescue rights issue and added that "the trend is improving" in TV advertising. The strategic rethink could be viewed as victory for the board's vision over that of former BSkyB boss Tony Ball, who had been lined up as chief executive.
GUARDED HOPES FOR VAUXHALL'S FUTURE AFTER JOBS DEAL IS
AGREED Canadian vehicle assembly group Magna has made tentative promises to protect the future of Vauxhall's two UK plants until 2013 and not make any compulsory redundancies in the event of a takeover. The agreement between Magna and Unite union was welcomed by business secretary Lord Mandelson. It is understood that the accord is conditional on receiving up to 450 million pounds in financial support from the government. Unite said Magna had agreed to make only half of its planned job cuts and in return workers would take a two year pay freeze and a cut in pensions. RED ALERT AT BELLWAY AS SLUMP IN LAND VALUES BRINGS FIRST
LOSS Despite axing jobs and slashing debt, Bellway has recorded its first-ever loss after it cut its land values by 66 million pounds. The development turned the housebuilder's annual results from a 20 million profit to a 47 million pound loss. Revenue plummeted 40 per cent to 683 million pounds while the average selling price of its homes dropped 15,000 pounds lower to 154,000 pounds. The group maintained its dividend and said reservations since August were 58 per cent higher than last year. Bellway has set aside 120 million pounds for a land-buying spree in readiness for an upturn in the market. 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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| 14-10-09 | AFX UK Focus |
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The Times
ADMINISTRATORS APPOINTED AT RITBLAT'S PUBS CHAIN Veteran property tycoon Sir John Ritblat has suffered a blow to his pubs operation following the appointment of administrators to his Merchant Inns chain. Although the seven outlets are understood to have been trading strongly, administrators Deloitte said they had been called in after "the discovery of a number of previously unknown financial liabilities". The business has been put up for sale through Colliers Robert Barry, with analysts expecting it to fetch up to 25 million pounds. The agency is part of Colliers CRE, the consultancy chaired by Ritblat, who is tipped as a candidate to buy back Merchant Inns.
LSL MAKE A MOVE ON HALIFAX ESTATE AGENCY
LSL Property Services, the UK's number three estate agent,
is in talks with Lloyds Banking Group to buy Halifax
Estate Agency. Halifax Estate Agency became part of Lloyds after
the bank rescued rival HBOS. The business has 218 offices, which
includes 93 franchise operations. LSL, which was formed after
the management buyout of Your Move from Norwich Union, also owns
the Reeds Rains estate agencies and Chancellors and Barnwoods
surveying brands.
BOOKER BOSS STAYS PUT Marks & Spencer's bid to find a successor to Sir Stuart Rose suffered another setback on Tuesday after Charles Wilson, chief executive of Booker, became the third possible candidate to turn down the position. Wilson had been seen by many in the City as the most likely external candidate after Asda's Andy Bond and Justin King of Sainsbury ruled themselves out of the running. Wilson said on Tuesday: "All the headhunters know I'm totally committed to Booker. I'm not in the market for any job. Whether it's M&S or anywhere else." TEMPUS: Booker (hold) Connaught (take profits) CareTech (buy on weakness) The Daily Telegraph
JJB REVEALS NEW INVESTIGATIONS OF FORMER STAFF
Serious Organised Crime Agency and HM Revenue and Customs are examining the activities of former executives. The company, which is now caught up in five separate inquiries, made the disclosure on Tuesday, ahead of an extraordinary general meeting to approve a 96 million pounds fundraising. The documentation sent to shareholders also discloses that JJB has launched its own separate internal investigations into the apparent lack of due diligence carried out by former staff before the acquisition of Sports Direct's shoe chains OSC and Qube, which both have since fallen into administration.
WHITBREAD SAVOURS COFFEE CHAIN AROMA
the owner of Premier Inn and Costa coffee shop chain delivered better-than-expected first-half results. In the six months to August 27, pre-tax profit declined 9.6 per cent to 105.9 million pounds, but was just 2.7 per cent lower at 118.2 million pounds excluding exceptional costs associated to the leisure group's pension deficit. The company, which will hand out an unchanged 9.65 pence interim dividend, payable on January 5, saw Premier Inn's like-for-like sales fall 7.5 per cent in the period, while Costa's rose 2.5 per cent and pub restaurant sales increased 1.8 per cent. Chief executive Alan Parker said he did not expect the general economic situation to improve over the coming year, adding that the company was focusing on outperforming rivals without relying on any market trend.
RIO SEES FALL IN COPPER PRICE
prompted Bret Clayton, the head of Rio Tinto's copper division, to predict a drop in the price of the commodity over the next year. "We expect Chinese imports to slow down to 150,000-200,000 tonnes per month," he said. China's copper imports reached a record peak of more than 300,000 tonnes a month in the second quarter, but have been declining since then. Mr Clayton said he was optimistic about the price over the longer term, suggesting that new record highs could take place in the next two to five years. QUESTOR: Inmarsat (buy) SSL International (buy) The Independent
STANDARD HIT BY PERMIT PROBLEMS ON HOME TURF
free newspaper, following the decision by owner Alexander Lebedev to drop the 50 pence cover price and increase the print run to 600,000. However, the company, which is based just off High Street Kensington, was caught in an embarrassing situation after the paper's distributors were forced off the streets of Kensington and Chelsea because they did not have correct permits. A spokesperson for the group said that that was the only borough where permit problems were reported, adding that "it has all been resolved now".
TYNESIDE SAYS GOODBYE TO NEWCASTLE BROWN Heineken, the owner of brewer Scottish & Newcastle, has revealed plans to relocate Newcastle Brown Ale's production from Tyneside to Tadcaster, North Yorkshire, in the latest indication of the region's below average economic performance during the recession. The beer giant attributed its decision to shut down a factory at Dunston, in Gateshead, to declining sales. The site was operating at 60 per cent capacity and the beer, which has been brewed in the region since 1927, faced the danger of becoming uncompetitive, Scottish & Newcastle added. James Ramsbotham, the chief executive of the North East Chamber of Commerce, said the relocation was bad news for the area. SHIRE SETTLES ON ADDERALL XR COPY Pharmaceutical giant Shire and generic drugmaker Sandoz, a subsidiary of the Swiss pharmaceutical company Novartis, have settled all litigation over Adderall XR, a leading treatment for attention deficit hyperactivity disorder. The agreement does not involve any payment from the third-biggest drugs manufacturer in the UK to Sandoz, which will be able to sell an authorised version of the treatment if it gains approval from the US Food and Drug Administration. INVESTMENT COLUMN: SSL International (hold) Ferrexpo (buy) SDL (buy) The Guardian
GOOD RECEPTION FOR ITV'S U-TURN ON SALE OF DIGITAL OPERATOR
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 |
||
| 14-10-09 | AFX UK Focus |
|
|
The Times
ADMINISTRATORS APPOINTED AT RITBLAT'S PUBS CHAIN Veteran property tycoon Sir John Ritblat has suffered a blow to his pubs operation following the appointment of administrators to his Merchant Inns chain. Although the seven outlets are understood to have been trading strongly, administrators Deloitte said they had been called in after "the discovery of a number of previously unknown financial liabilities". The business has been put up for sale through Colliers Robert Barry, with analysts expecting it to fetch up to 25 million pounds. The agency is part of Colliers CRE, the consultancy chaired by Ritblat, who is tipped as a candidate to buy back Merchant Inns.
LSL MAKE A MOVE ON HALIFAX ESTATE AGENCY
LSL Property Services, the UK's number three estate agent,
is in talks with Lloyds Banking Group to buy Halifax
Estate Agency. Halifax Estate Agency became part of Lloyds after
the bank rescued rival HBOS. The business has 218 offices, which
includes 93 franchise operations. LSL, which was formed after
the management buyout of Your Move from Norwich Union, also owns
the Reeds Rains estate agencies and Chancellors and Barnwoods
surveying brands.
BOOKER BOSS STAYS PUT Marks & Spencer's bid to find a successor to Sir Stuart Rose suffered another setback on Tuesday after Charles Wilson, chief executive of Booker, became the third possible candidate to turn down the position. Wilson had been seen by many in the City as the most likely external candidate after Asda's Andy Bond and Justin King of Sainsbury ruled themselves out of the running. Wilson said on Tuesday: "All the headhunters know I'm totally committed to Booker. I'm not in the market for any job. Whether it's M&S or anywhere else." TEMPUS: Booker (hold) Connaught (take profits) CareTech (buy on weakness) The Daily Telegraph
JJB REVEALS NEW INVESTIGATIONS OF FORMER STAFF
Serious Organised Crime Agency and HM Revenue and Customs are examining the activities of former executives. The company, which is now caught up in five separate inquiries, made the disclosure on Tuesday, ahead of an extraordinary general meeting to approve a 96 million pounds fundraising. The documentation sent to shareholders also discloses that JJB has launched its own separate internal investigations into the apparent lack of due diligence carried out by former staff before the acquisition of Sports Direct's shoe chains OSC and Qube, which both have since fallen into administration.
WHITBREAD SAVOURS COFFEE CHAIN AROMA
the owner of Premier Inn and Costa coffee shop chain delivered better-than-expected first-half results. In the six months to August 27, pre-tax profit declined 9.6 per cent to 105.9 million pounds, but was just 2.7 per cent lower at 118.2 million pounds excluding exceptional costs associated to the leisure group's pension deficit. The company, which will hand out an unchanged 9.65 pence interim dividend, payable on January 5, saw Premier Inn's like-for-like sales fall 7.5 per cent in the period, while Costa's rose 2.5 per cent and pub restaurant sales increased 1.8 per cent. Chief executive Alan Parker said he did not expect the general economic situation to improve over the coming year, adding that the company was focusing on outperforming rivals without relying on any market trend.
RIO SEES FALL IN COPPER PRICE
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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| 10-10-09 | AFX UK Focus |
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Financial Times
WARNING OF ENERGY PRICE RISE The energy industry regulator Ofgem has warned that consumers face the prospect of large increases in their gas and electricity bills to fund infrastructure investments of 200 billion pounds over the next decade. The regulator predicted that bills could increase 60 per cent by 2016 in its assessment which took account of factors including; new legislation relating to climate change, the effect of the credit crunch and the effect of green stimulus packages. NO TIME TO STOP INTERVENTION, DATA SHOW Official figures on manufacturing output were released this week and have revealed that the sector fell back into recession during August, casting doubt on separate claims that the overall economy is improving. The economic think tank Niesr said that the weak industrial production figures suggested that the performance of the UK economy had actually been flat over the quarter. This is opposed to the growth predictions made by the polling company Markit who suggested that positive results from its purchasing managers' index were consistent with economic growth of between 0.5 and 0.6 per cent in the quarter.
HOUSE PRICES RISE FOR FIFTH MONTH According to figures from the Financial Times House Price Index for September, house prices in England and Wales rose for the fifth consecutive month. The survey showed that prices increased by 0.6 per cent during the month to bring the average house price in England and Wales to 205,338 thousand pounds, compared to the peak of 231,804 pounds recorded by the index in February 2008 and 5.6 per cent lower than they were a year ago. INSIDERS TO SET OUT STALLS FOR M&S JOB At Marks & Spencer's investor day next week Ian Dyson and John Dixon, internal candidates to succeed Sir Stuart Rose as chief executive, will put their case to the City. Dyson, as head of the firm's "2020" plan, is expected to outline significant cost savings and an expansion of online retailing capabilities. Analysts expect that changes to its supply chain could lead to savings of between 150 and 200 million pounds. Dixon, widely seen as the leading internal candidate, will update the market on developments in the food business.
WOOD GROUP WARNS OF DELAYS Oil services company John Wood Group says that full-year results will be in line with expectations despite concerns over a slowdown in the pace of progress in existing oilfield contracts. The group said: "In our development-related engineering activities, we are continuing to see delays both in the pace at which projects are being progressed and in further awards and, although we have a good prospect list, these two factors will continue to impact both activity and margins". Shares closed up 0.7 pence at 326.8 pence. DONINGTON PARK RACES FOR FUNDS TO MEET GRAND PRIX DEADLINE Donington Park was seeking 145 million pounds on Friday as it looks to secure its future as the home of the British Grand Prix. Formula One's commercial rights holder Bernie Ecclestone had warned that the July 11 2010 event would take place at Silverstone if Donington Ventures Ltd had not arranged the funding by Friday's deadline. Sources close to the situation said that further talks between Donington and potential investors are to take place Monday. Donington said: "We hope to be able to clarify the situation very soon".
ROBERT WALTERS REPORTS RISE IN HIRING BY BANKS Recruitment agency Robert Walters said that investment banks are once again taking on temporary and permanent staff amid a sustained boom in debt and equity markets. Banks are also recruiting newly qualified chartered accountants for the first time in 18 months. However, the recruiter's chief executive Robert Walters warned that the rise in hiring could be a "blip" due to overcorrection, with banks having cut too many jobs earlier in the year.
GROWING DAISY SIGNALS FRESH IT ACQUISITIONS Daisy Group is considering making further acquisitions in the telecommunications and IT services market having already acquired five companies in the previous quarter. Chief executive Matthew Riley said: "We are actively looking into a number of things right now". Philip Carse, head of research group Telecom Equity, "forecast annualised revenue of 231 million pounds and underlying profits of 16 million pounds". Carse said that the low profitability of distressed acquisitions would lower Daisy's historic margins of 21 per cent.
JJB SHARE PLACING HITS DELAY JJB Sports has been forced to temporarily postpone its planned 100 million pound fundraising until next week after concerns were raised by investors over an alleged loan made by the sportswear retailer's executive chairman Sir David Jones to Mike Ashley, the owner of rival retailer SportsDirect. The planned money raising, announced on Friday morning and expected to be completed by the end of the day, was stalled initially by the UK Listing Authority with a query on possible legal issues, which is now understood to have been cleared up, followed by requests from several other investors asking for more time to consider the proposal. JJB's two largest shareholders, Harris Associates and Crystal Amber, said that they would have been happy to participate in the fundraising.
LOSSES PUSH INLAND TO RECONSTRUCT ITSELF AS A HOUSEBUILDER Inland reported pre-tax losses of 10.5 million pounds in the year to July on revenue of 5.2 million pounds. The land trading vehicle's Net Asset Value per share fell to 24.9 pence from 32.88 pence. The company's ten million pound lending facilities with the Royal Bank of Scotland expire in nine weeks and the company is yet to secure another agreement. Inland chief executive Stephen Wicks said: "This has been a truly awful year".
WEEKEND SHARE WATCH Cranswick - Pendragon -
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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| 07-10-09 | AFX UK Focus |
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Oct 7 (Reuters) - UK MID-CAP RETAILERS:
115P
700P
price target of 155P 550P
of 700P (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)
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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| 02-10-09 | PRN |
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SECURED PROPERTY DEVELOPMENTS PLC
The unaudited results for the six months to 30th June 2009 can be compared with those for the same period in 2008 and for the year 2008 as follows:-
2008
GBP GBP GBP
TURNOVER 72052 76036 143032
GROSS PROFIT 72052 76036 132267
OPERATING (LOSS)/PROFIT FROM 42759 (20274) 36366
CONTINUING OPERATIONS
(LOSS)/PROFIT ON ORDINARY (4759) (46844) (18422)
ACTIVITIES BEFORE TAXATION
(LOSS)/PROFIT AFTER TAXATION (4759) (46844) (18422)
Bearing in mind the very low returns available on the Group's cash deposits and the need to stay in a positive cash position during the present difficult economic climate the loss of £4759 for the six months ended 30th June 2009 is not unexpected. However, every effort will be made to contain the position for the full year. Philip Cottam Chairman 21st September 2009
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| 22-09-09 | RNS |
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RNS Number : 4868Z Sports Direct International Plc 22 September 2009 22nd September 2009 Sports Direct International plc ("the Company") Holding(s) in Company The Company was notified on 22nd September 2009 that Schroders plc holds an interest in 29,275,926 ordinary shares of the Company, which represents 5.08% of the issued ordinary share capital of the Company with voting rights. Ends This information is provided by RNS The company news service from the London Stock Exchange END
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| 14-09-09 | AFX UK Focus |
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Financial Times
LABOUR SET FOR U-TURN ON TV PRODUCT PLACEMENT Culture secretary Ben Bradshaw is expected to propose regulatory reforms which would allow commercial broadcasters to receive payment for featuring brands in TV programmes. The reforms would bring Britain's regulatory practices in line with those of Europe and the US and could take effect as early as next year. Broadcaster ITV said that the proposed changes would be "warmly welcomed", with product placement potentially an "important new revenue stream".
BANKING START-UPS PUT OFF BY REGULATION Advisers such as KPMG and PricewaterhouseCoopers have seen a near-threefold increase in interest from clients looking to obtain UK banking licenses, compared to the years before and during the financial crisis. However, the advisers say that few formal applications have been filed, with companies deterred by higher capital ratio and liquidity requirements set by the Financial Services Authority. China Construction Bank Corporation is the only institution this year to have received FSA approval. Seven banking licenses were granted in 2008 and three in 2007.
TUC FEARS RISK OF RIOTS AS JOBLESS TOTAL RISES Brendan Barber, general secretary of the Trades Union Congress, warned on Sunday that public spending cuts could lead to a "double-dip" recession and unemployment above four million. The warning came as public sector unions told Labour and the Conservatives that they would hold industrial action ballots if jobs were threatened. Business secretary Lord Mandelson will say on Monday that Britain faces "a period of public spending constraint" and that problems will not be solved "by throwing money at them".
HOUSE PRICE RISE IS 'FALSE DAWN' A report to be published on Monday by leading economic consultancy the Ernst & Young Item Club concludes that the recent stabilisation of the UK housing market is the result of an acute shortage of properties. The numbers of available properties per surveyor is at its lowest since the Royal Institution of Chartered Surveyors began tracking the ratio in 1978. The Item Club describes the recent rise in prices as "a false dawn" and warns that prices will not return to their 2007 peak for another five years.
LAWYER SAYS FORMER JJB CHIEF IS A SCAPEGOAT Tony Barnfather, lawyer for former JJB chief executive Chris Ronnie, says that Ronnie is being made a "scapegoat" in an Office of Fair Trading investigation into possible price fixing between JJB and Sports Direct. On Thursday, following a raid on the offices of both firms, a statement from JJB named Ronnie and there have since been reports that JJB provided the OFT with information regarding Ronnie's expenses claims. The Serious Fraud Office is also investigating alleged price-fixing between the retailers.
GALA CORAL'S MEZZANINE LENDERS ASSESS THEIR OPTIONS Lenders to Gala Coral have begun work with financial adviser Rothschild to assess their options in the event that the gambling group should breach the terms of its financing. According to people familiar with the situation, Gala's two largest holders of mezzanine debt, ICG and Park Square Capital, have been trying to assess options including a potential debt-for-equity swap. Gala is scheduled to present full-year earnings at the end of September and has retained Lazard to examine options to release 250 million pounds ($417.4 million) of cash on its balance sheet for investment.
TYLER SET TO TAKE SAINSBURY CHAIR J Sainsbury is expected to announce within the next few weeks that David Tyler will succeed Sir Phillip Hampton as chairman of the retailer. Tyler, currently chairman of Logica, has extensive retail experience having spent nine years as finance director for Argos and Homebase owner GUS. Tyler's appointment would see Sainsbury overcoming competition from credit checking agency Experian, which is also looking for a new chairman and where Tyler is currently a non-executive director.
CADBURY ATTACKS KRAFT STRATEGY Cadbury has made public a letter sent from its chairman Roger Carr to Kraft chief executive Irene Rosenfeld. The letter defended the confectioner's decision to reject an indicative 745 pence-a-share takeover offer and included Carr's assertion that Kraft has a "less focused" business mix than the Cadbury model. Kraft shares have fallen seven percent since it announced the indicative offer, a fall which Carr equates to meaning that Kraft's proposal is of "uncertain value" to shareholders. Kraft has issued a series of statements regarding the offer in the past week but said that they would not be responding directly to the Cadbury letter. BECKWITH, PARKES JOIN FORCES FOR EUROPEAN PROPERTY FORAY Gerald Parkes, the former head of Lehman Brothers' European real estate private equity division, has joined Sir John Beckwith's business - which includes the established asset management groups Lion Trust, Thames River Capital and Europa Capital - to explore opportunities in the European property markets. Beckwith is said to be compiling a team to explore options to exploit depressed housing market conditions, including talking to bankers about raising money potentially through a public offering, for which Oriel Securities is expected to be appointed as an adviser.
CBS VENTURES INTO NEW FRONTIER WITH UK'S CHELLO CBS Studios, the content arm of the U.S. television network CBS, has signed a programming deal with Chello Media, which operates seven channels on satellite and cable television in the UK. The joint venture will see CBS provide hundreds of hours of television shows for Chello's channels. The full terms of the joint-venture have not been disclosed but will involve the renaming of the Chello channels to include the CBS brand. CBS Studios' president, Armando Nunez, said, "This is our first deal outside the US which will utilise the CBS brand and we hope we can grow it and expand from this." Prepared for Reuters by Durrants ($1=.5990 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 : 8575Y Sports Direct International Plc 10 September 2009 10th September 2009 Sports Direct International plc OFT and SFO Investigations Sports Direct International plc ("Sports Direct") confirms that it is assisting and cooperating fully with the Office of Fair Trading ("OFT") and the Serious Fraud Office ("SFO") in connection with investigations that they are carrying out. The OFT has indicated that it is conducting an investigation into a suspected overarching agreement to dampen competition in the sports retail market. As part of those investigations, representatives from the OFT and SFO are visiting Sports Direct's Head Office in Shirebrook today. Sports Direct cannot comment further on the investigations at this stage. Sports Direct's philosophy is to promote competition in the sports and leisure market and its record demonstrates this. Sports Direct continues to offer best value to consumers.
For further information, please contact: Financial Dynamics
This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-09-09 | RNS |
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RNS Number : 8006Y Sports Direct International Plc 09 September 2009 9th September 2009 Sports Direct International plc Result of AGM The Company announces that at the Annual General Meeting held earlier today, all the resolutions proposed were duly passed.
For further information, please contact: Sports Direct International plc
Bob Mellors, Group Finance Director Financial Dynamics
This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-09-09 | AFX UK Focus |
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Investec re-initiates its coverage on PartyGaming with a "buy" rating and 310 pence target price, saying new product launches will drive attractive revenue growth, offsetting a difficult poker market.
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Trinity Mirror drops 3.7 percent, under pressure after Citigroup double downgrades its recommendation on the stock to "sell" from "buy".
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Sports Direct shares rise 5.8 percent after Britain's biggest sporting goods retailer raises its full-year profit forecast after its first quarter performance exceeds expectations.
Reuters messaging rm://james.davey.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS =2 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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| 09-09-09 | AFX UK Focus |
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Sports Direct shares rise 5.8 percent after Britain's biggest sporting goods retailer raises its full-year profit forecast after its first quarter performance exceeds expectations.
Reuters messaging rm://james.davey.reuters.com@reuters.net
Keywords: MARKETS UK STOCKSNEWS/
Sports Direct shares rise 5.8 percent after Britain's biggest sporting goods retailer raises its full-year profit forecast after its first quarter performance exceeds expectations.
Reuters messaging rm://james.davey.reuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS 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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| 09-09-09 | AFX UK Focus |
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Sports Direct shares rise 5.8 percent after Britain's biggest sporting goods retailer raises its full-year profit forecast after its first quarter performance exceeds expectations.
Reuters messaging rm://james.davey.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ 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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| 09-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 7345Y
Sports Direct International Plc
09 September 2009
9th September 2009
Sports Direct International plc
Interim Management Statement
Sports Direct International plc ("the Group"), the UK's leading sports retailer, today announces its Interim Management Statement relating to the period from 27 April to 8 September 2009. It will hold its third Annual General Meeting in Shirebrook at 3pm today.
Current Trading Update
At the AGM, Dave Forsey, Chief Executive, will provide the following update on trading:
"The Board is pleased with the progress made in the year to date. Group revenue for the 13 weeks ended 26 July 2009 increased 10% to £375m (2008: £336m) and the corresponding Group gross profit increased to £157m (2008: £150m).
"Since the end of July, trading has continued to be ahead of last year and we are very comfortable with our expectation of reducing net debt to below £400 million. The Board now expects, at current exchange rates, to achieve underlying EBITDA of at least £150 million this financial year."
Business Highlights
UK retail has opened 5 new stores including 3 Field &Trek stores, and closed 2 stores, one of which was a relocation.
International retail opened a store in both Belgium and Slovenia and closed a smaller store in each of those countries.
On 7 August the Office of Fair Trading (OFT) made a referral to the Competition Commission (CC) concerning the acquisition of certain retail stores from JJB. We continue to co-operate fully with the enquiry and work with the CC on the matter.
- Ends -
For further information, please contact:
Sports Direct International plc
Dave Forsey, Chief Executive T. 0870 333 9400
Bob Mellors, Group Finance Director
Financial Dynamics
Jonathan Brill / Caroline Stewart / Alex Beagley T. 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 07-09-09 | AFX UK Focus |
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They lift their full-year forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) to 161 million pounds from 135 million and upgrade the stock to a "buy" rating from "hold."
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"Although no new financial information emerged, this meeting reinforced our conviction that the group's re-branding plans will provide a significant impetus to its long term organic growth prospects and prove complementary to a number of other fundamental attractions," the broker says in a note.
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"The second quarter performance reflects a business that is stabilising and one where the like-for-like comparisons become less demanding going forward," says KBC Peel Hunt analyst Nick Batram, who upgrades the group to "buy" from "hold".
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Shares in AIM-listed Pennant International Group add 6.7 percent after the logistics services company reports a return to profit, despite challenging trading conditions, prompting WH Ireland to repeat its "buy" rating.
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| 05-09-09 | AFX UK Focus |
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The Times
RECESSION AND PRESSURE ON PRICE PUT THE PRICE ON PRODUCE
SUPPLIERS A new survey by Plimsoll has revealed that more than 25 percent of fruit and vegetable suppliers have made a loss in their most recent reported results, hit by recession, increasing costs and pressure from grocers to slash prices. The market research group studied the finances of 1,000 companies in the sector and found that 288 have plunged into the red. For more than 50 percent of these groups, 2008-09 was the first year in which they reported an annual loss, and 131 made a loss for the second year in a row. Robert Balicki, the head of apple specialist World Wide Fruit, which saw a five percent drop in sales in 2008, said: "Pricing is keen. The number of promotions has definitely increased and there is more competition."
FSA ORDERS RBS NOT TO REPAY BONDS NEXT MONTH BECAUSE OF
TAXPAYERS' INTEREST IN BANK The Financial Services Authority has banned Royal Bank of Scotland from making repayments on bonds worth 920 million pounds in October because of the part-nationalised bank's reliance on billion of pounds of public funds to remain afloat. RBS is in advanced talks with the European Commission over what remedies will be imposed on the bank in return for its government funding. Brussels is likely to force the bank to cut its share of the small-business banking market, among other measures.
IT IS BUSINESS AS USUAL BEHIND THE SCENES AS RIO AND CHINA
SUSPEND IRON ORE BATTLE Negotiations over iron ore prices between Rio Tinto and China have been suspended, the world's second biggest miner announced on Friday. The news suggests a shift to softer diplomatic relations between the two parties, but analysts said that behind scenes it was very much business as usual and Rio Tinto has quietly secured the pricing it wanted from the beginning. The row between the miner and its biggest client comes after six years of price increases for iron ore, the raw material used to produce steel. But a collapse in steel demand amid the recession prompted Beijing to push for a steep discount of between 40 percent and 50 percent off 2008's benchmark price. The company has insisted on a 33 percent discount, which has already been accepted by Korean and Japanese mills. The Daily Telegraph
WHITBREAD LATEST COMPANY TO CLOSE FINAL-SALARY SCHEME Whitbread, the owner of Costa Coffee, has become the latest company in the UK to end its final-salary pension scheme to existing staff, in a move that would affect about 800 employees, or three percent of the workforce. The leisure group denied it was closing the scheme because of its 233 million pounds deficit, which has surged from 33 million pounds a year ago following the collapse in the stockmarket. Pensions director Lesley Williams said: "The changes will bring the pension benefits across the business into line and ensure that we offer fair provision of pension benefits to all."
INSOLVENCY SERVICE PROPOSALS UNDER FIRE Industry professionals have warned that the implementation of the government's draft proposals aimed at helping distressed companies' access to rescue financing could exacerbate the credit crisis. Philip White, chief executive of financing group Syscap, said the measures proposed by the Insolvency Service could increase the cost of credit and further reduce incentives to lend. Vivien Tyrell, of City law firm Reynolds Porter Chamberlain, said creditors were expected to regard the measures as an "unwelcome continuation" of the practise towards "pre-pack" administrations. The Insolvency Service's consultation ends on Monday.
SOUTH KOREAN PENSION FUND TARGETS LONDON PROPERTY The National Pension Service of Korea (NPS), the world's fifth-largest pension fund, is the latest foreign investor to try to acquire "trophy" property assets in London in a bid to take advantage of a 45 percent drop in UK asset values and the deterioration in the value of the pound. It is launching a 1.8 billion pounds fund seeking to snap up "landmark" London office and retail properties with strong tenants on long leases. Rockspring Property Investment Managers, the British-based fund manager which has been given the mandate to make the investments, said it is "evaluating a number of possible options". The Independent
WILKINSON SALES AT RECORD AFTER WOOLIES COLLAPSE Cut-price retailer Wilkinson saw its annual sales hit a record 1.4 billion pounds in the year to the end of January. The family-owned group, founded in Leicester in 1930, reported a 6.2 percent increase in revenues in the year that saw the collapse of its rival Woolworths. It revealed ambitious expansion plans as it seeks to take advantage of Britain's pursuit of value amid the downturn. It aims to open 15 new outlets in 2009 as part of a drive to expand to more than 500 stores by 2012.
GDP FIGURES SET TO GET A BOOST FROM CONSTRUCTION Construction output volume in the UK fell 0.5 percent in the second quarter of the year, the Office of National Statistics reported on Friday. The data, a vast improvement on the estimated 2.2 percent drop used in last week's estimate of second-quarter gross domestic product, could add 0.1 percentage points to GDP over the period. Analysts said the figure, if accurate, fuels hopes the economy is slowly starting to show signs of recovery. The Guardian
BANGERS-FOR-CASH SCHEME FUELS RISE IN CAR SALES New figures from the Society of Motor Manufacturers and Traders (SMMT) reveal sales of cars rose for the second successive month in August thanks to the car scrappage scheme. Sales rose six percent compared to the same month last year, and July's rise of 2.4 percent was the industry's first month's increase in sales since last April. SMMT's chief executive Paul Everitt was cautious, saying: "The scrappage incentive scheme is having a positive impact but with consumer and business confidence still fragile, there remain significant risks ahead. It is essential that these early signs of recovery are sustained into 2010." Car sales are still lower than historic averages with August sales being 15 percent below the average between 1999 and 2008.
WORLD CUP LIKELY TO BE WINNER FOR SHIRT SELLERS Shares in Sports Direct were the top risers on the FTSE 250 on Friday as positive broker comment focused on the company's prospects for the longer-term. Jonathan Pritchard of Oriel Securities said: "We'd put the shares towards the top of our buy list. With the potential impact of the World Cup and the Olympics not sufficiently discounted by forecasts at this market leader, we're making major further upgrades to our numbers ahead of next week's trading statement. The shares closed at 102 pence, up 14 percent. Rival JJB closed up 4.7 percent at 27.75 pence but JD Sports closed at 513 pence, down 1.1 percent.
Prepared for Reuters by Durrants
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