Tesco share price edges down as shareholder group ramps up legal battle for “substantial” compensation May 28, 2015 A group of Tesco shareholders seeking compensation from the supermarket claim the troubled supermarket "committed serious violations" by overstating its profits. Tesco Shareholder Claims Limited (TSC), which launched proceedings in March this year, argues there is a “strong case” and that the ultimate claim will be “substantial”. Back in September, the supermarket's incoming boss Dave Lewis [...]
Mike Ashley’s Sports Direct share price rises after raising profit outlook May 28, 2015 Sports Direct's share price shot up more than four per cent ahead after upping its profit forecast for its most recent financial year, ahead of its AGM today. The sportswear retailer's employees and major third party suppliers will gather to hear updates on the group's current and future performance, raised its profit and earnings outlook for [...]
Former Thomas Cook boss Harriet Green gives up £3m following Corfu deaths scandal May 27, 2015 Former Thomas Cook boss Harriet Green has pledged to donate a third of her multi-million pound bonus to charity amid a growing backlash against the firm over the deaths of two British children in Corfu. Green, chief executive between 2012 and 2014, came under fire after it emerged she was in line for up [...]
Banks in scramble for Barclays’ coveted broking ticket as Deutsche and Credit Suisse invited to re-pitch May 27, 2015 Barclays, the international London-based bank led by Antony Jenkins, has decided to put its broking mandate up for review after four years. The group is currently served by Deutsche and Credit Suisse as joint brokers. A source close to the bank, which is valued at around £45bn, said yesterday the decision to look for new [...]
De Le Rue share price dips but boss Martin Sutherland defiant on firm’s future May 27, 2015 De Le Rue boss Martin Sutherland said he was “slightly surprised” at the decline in the company’s share price yesterday, after it announced a £40m drop in revenue during the year to 28 March. The banknote printer saw sales drop from £513.3m in the 2014 financial year to £472.1m, while pre-tax profit fell to [...]
HSS Hire share price edges back above tool firm’s list price May 27, 2015 Tool hire giant HSS saw its shares rise yesterday after reporting first-quarter trading in line with expectations. The company – which made its stock market debut in February – said it remains on track to open 50 new branches in the current financial year. Revenues in its first quarter came in at £72.5m, HSS reported – [...]
Rolls-Royce in €80m contract to deliver new British Army tanks May 27, 2015 Power systems manufacturer Rolls-Royce has signed an €80m (£57m) contract with General Dynamics European Land Systems to deliver 589 MTU Series 199 diesel engines for new British Army armoured vehicles. Delivery of the engines is to start in 2016, with the last engines to be delivered in 2022. According to Rolls-Royce, this will be the [...]
Plus500 shareholders vent fury as UK customers accounts stay frozen May 27, 2015 Under fire spreadbetter Plus500 was forced to defend itself against angry shareholders yesterday as it admitted all UK customers were frozen out of their accounts. The Israeli business, which has plummeted in value since the financial watchdog clamped down on its controversial customer recruitment practices, admitted in its annual meeting it has lost about $4m [...]
AG Barr sales lose fizz against Commonwealth games last year May 27, 2015 Irn-Bru maker AG Barr announced yesterday that it plans to expand its state-of-the-art canning plant at Milton Keynes to support future expansion, after reporting a decline in first quarter sales. The Tizer and Rubicon maker, which held its annual general meeting in Glasgow yesterday, said total group sales fell by 1.1 per cent in the [...]
UK M&A firms punching above their weight: Being bold, moving fast and paying cash key to takeover triumphs May 27, 2015 The study examined 265,000 deals over 20 years Companies pursuing aggressive merger and acquisition strategies deliver higher returns for shareholders than firms which act with more caution, a study finds. Businesses offering all-cash bids, and those that pursue overseas targets and avoid large transformational deals outperform their peers on a total shareholder return [...]