Showing posts with the label The Telegraph | City Briefing.
City briefing LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA Not much of a Glorious Twelfth for Richard Glynn at Ladbrokes . The chief executive was shooting for interims that proved his turnaround plans were paying off but today's results - which show first half pre-tax profits have halved - could put him in the firing line instead. The bookmaker has reported pre-tax profits of £27.7m, down from £55.1m last year, despite insisting that it had a "good World Cup." The bookmaker had warned that its interim results would miss their targets after a digital overhaul at the business which took longer than expected to implement. Today Ladbrokes has said that the focus on operational improvements meant that "financial performance would inevitably lag behind." Glynn has insisted that the company has "made substantial progress" and is now "well positioned for growth." He has
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City briefing LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA There's a window into Britain's high street today with a raft of results from retailers. Burberry has put its best foot forward with first quarter results it hopes will pacify a looming shareholder pay revolt at tomorrow's annual meeting. The luxury brand has presented a 9pc rise in revenues to £370m and comparable sales - effectively like-for-likes - up 12pc. Burberry has claimed double-digit growth in Asia Pacific and the Americas, as well as across all three main product categories. However, it has also warned that current exchange rate levels could reduce retail and wholesale profits by about £55m and hit licensing revenues by £10m. Chief executive Christopher Bailey , whose £20m pay packet is the target of investor ire, has said he's "confident" about the future, despite an "uncertain external environment."
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Wednesday, March 12, 2014 Viewing on a mobile? City briefing LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA The troubled security giant, G4S has failed to reach agreement to lift its ban on winning Government contracts, despite taking a £136m pre-tax charge in its full year results. The company, famed for the botched security contract during the London Olympics, is still under criminal investigation after it admitted it overcharged the Ministry of Justice for electronic tagging contracts. The troubles have pushed G4s into the red: the company has reported a £170m pre-tax loss, despite underlying profits of £314m. G4S says it had been "an extremely challenging year." Prudential is about to publish its full year results after the close in Hong Kong. Analysts are expecting the London and Hong Kong-listed insurance giant to publish profit growth of 10pc to £2.8bn driven by growth in As