News

Your daily news update straight from the City PM newsroom in London

BOVIS BANKS ON RECOVERY

November 18, 2009

BOVIS chief executive David Ritchie had good news for hard-hit homeowners yesterday. The company, which has seen sales of private homes rise 83 per cent in 2009, said the property recovery showed no sign of ending. Prices have pushed to a point where Bovis is likely to revise the value of its land bank upwards [...]
House prices set for a rise

November 18, 2009

SIGNS of a tentative economic recovery have given a boost to consumers’ confidence in the housing market, a survey from property website Rightmove has shown. Rightmove said yesterday that 56 per cent of consumers now expect average house prices to be higher in 12 months time, marking a sharp upturn in confidence since January, when [...]
CITY VIEWS: DO YOU THINK HOUSE PRICES ARE SET TO RISE OR FALL?

November 18, 2009

STEPHEN FERRARI FERRARI BUSINESS DEVELOPMENT“I think the housing prices will increase because there is a short supply of nice houses on the market. Although I don’t think it’s going to be easy to borrow money, until the supply meets the demand for houses, I think we’ll see a rise in prices. There may be apparent [...]
Land Securities gives bullish outlook on property market

November 18, 2009

LAND Securities yesterday said it was certain there was a boost in confidence in the market and added there are now more buyers than sellers entering the market. The property firm yesterday reported it had narrowed its pre-tax losses from £1.6bn a year ago to £4.6m in the six months to 30September. The group posted [...]
Entertainment One posts loss

November 18, 2009

Entertainment One, the company behind the Twilight vampire films, said yesterday its first-half losses widened 44 per cent to £7.9m, compared to £5.5m in the previous year, as higher interest charges and write-offs offset higher revenues. The Aim-listed firm reported turnover 25 per cent higher at £164m, with underlying profits 38 per cent higher at [...]
Trafficmaster shares swerve

November 18, 2009

DRIVING services firm Trafficmaster said it was “upbeat” about prospects for 2010 despite a 25 per cent drop in sales of consumer services like stolen vehicle tracking. Shares in the company fell 7.9 per cent as broker Panmure Gordon cut its price target from 56p to 52p on valuation grounds. Trafficmaster insisted operating profit would [...]
Belt tightening hits Restaurant

November 18, 2009

RESTAURANT GROUP, the retailer behind Garfunkel’s and Frankie & Benny’s, yesterday warned of falling revenues. Sales were down three per cent year-on-year between January and October despite the opening of 17 new eateries. The company said rising unemployment, tight credit markets and high levels of household debt had made 2009 a “challenging” time to run [...]
Mothercare to focus on larger stores

November 18, 2009

MOTHERCARE, the pregnancy and early childhood retailer, will increase the number of its large-format stores as it prepares to close up to 90 smaller high street locations. Chief executive Ben Gordon said the company’s out-of-town parenting centres, which combine the Mothercare and Early Learning Centre brands under one roof, account for 40 per cent of [...]
PAY OF ALLIED IRISH BOSS IS CAPPED

November 18, 2009

COLM Doherty, the new head of Allied Irish Bank, has accepted a 20 per cent pay cut to take the reins at the bailed-out bank. Doherty, who led Allied Irish’s investment banking arm on a salary of €633,000 (£565,000), has had his pay packet capped at €500,000 after nationwide outrage at remuneration at state-backed banks. [...]
Capita slips as sales fall short of expectations

November 18, 2009

CAPITA, Britain’s largest outsourcing company, was the FTSE’s worst performer yesterday on the back of a disappointing update that drew attention to its high trading multiple. The company’s paper lost 5.2 per cent to close the day at 721p after it revealed a slower than expected rate of organic growth. Capita won £1bn of work [...]