Mothercare’s share price soars as group losses narrow under Mark Newton-Jones turnaround plan May 21, 2015 Mothercare's share price soared more than six per cent this morning as the turnaround under chief executive Mark Newton-Jones takes shape, with group losses narrowing by nearly a third. The figures Underlying pre-tax profits at the childcare retailer soared 37 per cent to £13m for the 52 weeks to March 28. After exceptional items [...]
National Grid profit pulled down as price controls helps energy consumers save May 21, 2015 The figures National Grid suffered a four per cent drop in pre-tax profits to £2.6bn, during a year in which it benefited from a new operating model and new business activities. The firm's share price remained relatively flat this morning, after energy regulator Ofgem announced it was launching an investigation to see if generators provided it [...]
Former Tesco chief executive Philip Clarke was paid £764,000 by the supermarket last year May 21, 2015 Ousted Tesco chief executive Philip Clarke, who had presided over a fall of nearly 30 per cent in Tesco's share price during his three years at the helm of the supermarket, was paid £764,000 by the supermarket last year. Tesco's annual report, published this morning, showed that although he stepped down in September last year, [...]
Banks clobbered by $6bn forex-rigging fine but share prices rise as penalties less severe than expected May 20, 2015 Six of the world’s biggest banks were punished with a mega $5.7bn (£3.7bn) fine by financial watchdogs yesterday after foreign currency traders were found to have rigged prices to rip off customers. Barclays, Royal Bank of Scotland, Swiss giant UBS and three US banks – JP Morgan Chase, Citi and Bank of America – [...]
Forex-rigging fines: Legal troubles continue to brew despite FX settlement May 20, 2015 European banks embroiled in the FX-rigging scandal saw their shares rise yesterday after regulatory fines came in lower than unexpected, despite further legal woes looming on the horizon in UK courts. FTSE-listed Barclays rose 3.37 per cent and RBS increased 1.78 per cent, while in Zurich UBS ended the day 3.23 per cent higher [...]
Marks & Spencer smartens up: Marc Bolland says turnaround plan is finally working as profit rises May 20, 2015 Marks & Spencer chief executive Marc Bolland was cautiously optimistic yesterday that the high street stalwart had turned a corner towards recovery, as the retailer posted its first profit rise in four years. The retailer, which has been battling to revive its clothing arm, reported a 6.1 per cent rise in pre-tax profits to [...]
Record number of tourists flock to London: British Museum, National Portrait Gallery and Southbank Centre draw millions May 20, 2015 A total of £11.8bn was spent in London by tourists last year London attracted a record number of tourists from abroad in 2014, with 17.4m people coming to enjoy its history, culture, food and shopping. The figure marks a 3.5 per cent climb in visitor numbers on 2013, the Office for National Statistics [...]
Co-op Bank says it is on track to meet Bank of England targets May 20, 2015 The Co-operative Bank said in a first-quarter trading statement yesterday that its turnaround plan is on track. The bank is undergoing changes to de-risk its balance sheet and meet revised deleveraging targets as set by regulators after the Bank of England stress tests last year. The bank completed a £1.5bn residential mortgage securitisation earlier this [...]
London’s property boom lifts value of Great Portland’s estate May 20, 2015 Great Portland Estates (GPE) yesterday reported an 18 per cent surge in the value of its portfolio over the year, thanks to London’s booming property market. The developer’s net asset value per share rose by 24.6 per cent to 709p over the year to 31 March while profit before tax was up 17.4 per cent [...]
UK Mail Group share price dips as firm delivers more packages but less profit May 20, 2015 Shares in UK Mail Group slipped yesterday after the package delivery firm’s pre-tax profits fell despite a rise in overall volumes. While delivery numbers for both mail and parcels rose 4.7 and 7.4 per cent respectively, the firm’s operating profits for both sectors declined as margins were squeezed. UK Mail particularly benefited from [...]