Hotelier M&C cautious on pace of recovery
6th May 2011 07:48
Hotels group Millennium & Copthorne posted higher revenues and profits in the three months to 31 March, but warned that the recovery this year will be more subdued than that seen in 2010. Total revenues rose to £174.2m from £160.5m in the same period the previous year, while profits climbed to £19.
Read moreMillennium & Copthorne hotels hit by NZ earthquake
1st Mar 2011 14:21
Two of Millennium and Copthorne's hotels in the Canterbury region of New Zealand are yet to return to full service following the earthquake on 22 February. While one building has been cleared for re-entry, the Christchurch Central hotel has been issued with a 'restricted use notice' and the Christc
Read moreNew Zealand quake could cost $12bn
23rd Feb 2011 12:38
The earthquake in New Zealand could cost insurers $12bn (£7.5bn), the US bank JP Morgan has estimated. Analyst Michael Huttner, who notes that last year's earthquake in New Zealand cost an estimated $6bn, says the latest quake will cost more because buildings may need to be rebuilt rather than repa
Read moreLondon close: Rally falls short as Libya casts shadow
22nd Feb 2011 17:00
Strong consumer confidence figures in the US sparked an impressive rally from the top share index this afternoon following earlier gloom over the Libyan turmoil and the higher oil price, but worries re-emerged and the FTSE 100 finished below 6,000. BHP Billiton is one of those that has limped into
Read moreLondon afternoon: Modest rally continues
22nd Feb 2011 14:12
Shares continued to pare the morning's losses over the lunch time trading session, and from a position at the mid-morning stage where only five FTSE 100 constituents were in positive territory, by 2pm that number had grown to around 20. BHP Billiton is one of those that has limped into the black. T
Read moreSwann raises £1.6m from WH Smith sale
17th Feb 2011 16:42
Kate Swann, the boss of WH Smith has raised more than £1.6m from selling shares in the retailer. Swann sold shares in November and the latest sale means that she has raised nearly £3m in three months. On 16 February, Swann sold 345,846 shares at 476.09p each. That raised £1.65m. In November, the
Read moreThursday tips round-up: Millennium & Copthorne, Morgan Crucible, Game Group
17th Feb 2011 06:35
Richard Hartman, chief executive of Millennium & Copthorne, said last May that he wanted to retire by the end of the year, but he was still there yesterday fielding questions on the hotel group's 2010 results. M&C is unusual in the sector because it owns most of its assets. The big five managed chai
Read moreFTSE 250 movers: Premier Foods extends gains
16th Feb 2011 14:36
Premier Foods is extending gains on yesterday's results after it announced that net debt fell £103m over the course of the year to £1,261m. However, total sales in 2010 eased to £2.57bn, from £2.66bn in 2009, a fall of 2.5%. Not far behind is Morgan Crucible, which set itself a target of doubling u
Read moreRoom at the top for Millennium & Copthorne
16th Feb 2011 07:57
Hotels group Millennium and Copthorne (M&C) saw a strong rise in revenue per available room (RevPAR) in 2010, and the upward trend has continued in 2011. RevPAR in the fourth quarter of 2010 was £65.21, up 11.0% in constant currency terms, from £56.13 in the final quarter of 2009. For the year as
Read moreFriday tips round-up: Charter, RSA, Tate & Lyle...
5th Nov 2010 06:49
Charter shares have been the subject of much bid gossip these past couple of weeks, with an American predator mentioned. They remain on a lowly nine times this year's earnings. That might look cheap; but unless you fancy a punt on a takeover, there seems little reason to chase says the Times. House
Read moreLondon close: Two-year high for blue chips
4th Nov 2010 17:01
Footsie hit a two-year high as investors piled into blue chips after yesterday's larger-than-expected stimulus package unveiled by the US Federal Reserve. But the good sentiment was not universal, with some hefty fallers on the back of disappointing trading updates. Hopes that the Bank of England's
Read moreLondon afternoon: Morning's gains consolidated
4th Nov 2010 14:23
Since the Bank of England's noon announcement extinguished the small hopes of Britain joining the US in reviving its quantitative easing programme, leading shares have marked time. Miners are still doing particularly well on hopes that the Fed's stimulus measures will help sustain the global econo
Read moreLondon midday: Market follows Man higher
4th Nov 2010 12:54
After a morning of holding its breath waiting for the Bank of England's pronouncement on quantitative easing, the admittedly small hopes that the Bank would follow the US central bank's lead and resume its asset buy-back programme were crushed by the announcement of maintenance of the status quo. N
Read moreLondon open: Shares jump after US launches second stimulus phase
4th Nov 2010 08:30
Yesterday's announcement of a second phase of quantitative easing in the US has sent shares soaring. Miners in particular are going well on hopes that the stimulus measures will help sustain the global economic recovery. BHP Billiton, Kazakhmys and Xstrata move ahead. In other sectors, Anglo-Dutc
Read moreMillennium & Copthorne doubles profits
4th Nov 2010 07:30
International Hotel Group Millennium & Copthorne nearly doubled profits in the third quarter as it took advantage of improved economic conditions to lift room rates. In the three months to September 30, pre-tax profits were up to £41.7m from £21.9m over the same period the previous year. Revenues r
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