News

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

Unilever sales surge but no Cadbury bid

November 5, 2009

CONSUMER goods giant Unilever yesterday beat City forecasts with a 3.6 per cent rise in third-quarter underlying volume sales, and ruled out launching a bid for confectionary group Cadbury. News of a potential candidate ruling itself out of a bidding war will not help matters for Cadbury who may have been counting on a white [...]
Charles Stanley bullish as it returns to pre-crash levels

November 5, 2009

STOCKBROKER Charles Stanley yesterday posted a 6.8 per cent increase in its first-half pre-tax profit and gave a bullish outlook for the rest of the year. The independent broker said it was back to “pre-Lehman Brothers” levels of performance, driven by an increase in income from its Private Client division and the benefit of recent [...]
BEST OF THE BROKERS

November 5, 2009

BBA AVIATIONPanmure Gordon raised its rating on BBA Aviation to “buy”, from “hold”, saying that it looks as if a long-awaited broad-based recovery in the US business jet market may have begun. The broker raised its target price from 155p to 190p to anticipate the US recovery and to take advantage of a recent retreat [...]
Segro reports market stability

November 5, 2009

Segro Europe’s largest industrial landlord said yesterday its capital values have stabilised in the UK while lettings and lease renewals for the nine months ended in September settled at 6.7 per cent below valuers’ estimated rental values. Segro, which bought rival Brixton in August, reported that its vacancy rate excluding the Brixton portfolio improved from [...]
Rok results to meet forecasts

November 5, 2009

Property repair and maintenance specialist Rok said yesterday that its full year results are in line with expectations. The firm saw success in having won 48 new appointments in 2009, totalling over £700m to underpin its future revenues. The group said it would focus on its strategy of favouring of higher margin, lower risk contracts.
Soco says it’s robust financially

November 5, 2009

Soco International reported yesterday that its balance sheet remains strong with a cash and liquid investment balance of over $310m (£187m). Soco is exploring offshore in the Republic of Congo and onshore in the Democratic Republic of Congo, as well as planning a 12-month exploration programme in the Cuu Long basin off Vietnam starting in [...]
CITY MOVES WHO’S SWITCHING JOBS

November 5, 2009

Association of British InsurersThe ABI has appointed Kerrie Kelly, currently chief executive of the Insurance Council of Australia (ICA), as its new director general, effective from next February. Kelly has led the ICA since 2006, having formerly been CEO of the country’s Financial Planning Association. She is currently a non-executive director at HSBC in Australia, [...]
RSA reports an overall rise but UK slumps

November 5, 2009

RSA Insurance, the motor and commercial insurance giant, yesterday reported a four per cent rise in premiums over the first nine months of 2009 amid signs of recovery in its international and emerging markets businesses. RSA, formerly known as Royal & Sun Alliance, said net written premiums were £5bn compared to £4.85bn at the same [...]
Man Group funds down as institutional investors pull out in search of liquidity

November 5, 2009

MAN Group, the world’s biggest hedge fund, has continued to bleed funds over the past six months as institutional investors seeking liquidity outweighed a resurgence in personal investment. Man’s funds under management were down six per cent to $44bn (£26.5bn) in the six months to 30 September and 41 per cent lower over a 12-month [...]
SUITS YOU SIR

November 5, 2009

SHIRTMAKER TM LEWIN yesterday showed it was shrugging off the slump, reporting record sales as City workers sharpen their suits in a competitive environment. The retailer said sales rose 11 per cent to £38.2m in the 26 weeks to 29 August. Underlying profits in the year to the end of February rose 16 per cent [...]