Comment: Cash-strapped consumers turn off the taps
2nd Jun 2009 17:19
Results from water companies show just how frugal UK householders are being as they cope with the credit crunch. South West Water, which serves 1.6m people in the West Country, saw revenues climb by 2.5% to £431.7m in the year to March 31, but owner Pennon said customers switching from unmeasured t
Read moreLondon close: Late rally not enough
2nd Jun 2009 16:46
A rally in the afternoon session was not enough to lift the Footsie out of negative territory, though second-liners were moderately firmer on balance. Bank Barclays was the day’s worst performing blue-chip after news of the sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC,
Read moreLondon afternoon: Shares stuck in the red
2nd Jun 2009 14:40
Shares remain in the red after failing to find inspiration on Wall Street, which opened sluggishly. Bank Barclays is nursing a double-digit percentage decline after news of the impending sale by IPIC broke overnight. Khadem Al Qubaisi, managing director of IPIC, said that the sale did not represen
Read moreLondon midday: Profit takers move in
2nd Jun 2009 11:55
Profit taking was the theme of the morning as investors reduced equity exposure after yesterday's sharp rise while Barclays tumbled on the revelation that Abu Dhabi's International Petroleum Investment Company (IPIC) is to bank profits on its Barclays stake. Barclays is nursing a double-digit perce
Read moreLondon open: Barclays divestment sinks Footsie
2nd Jun 2009 08:33
London has opened lower in the wake of the decision by Abu Dhabi's International Petroleum Investment Company to bank profits on its Barclays stake. Barclays is down by 13%. Khadem Al Qubaisi, managing director of IPIC, adding that the sale did not represent a lack of faith in Barclays, its managem
Read moreLondon pre-open: Sale of Barclays stake dampens mood
2nd Jun 2009 07:41
Despite the strong showing by Wall Street overnight London is set to open lower in the wake of the decision by the International Petroleum Investment Company (IPIC) to bank profits on its Barclays stake. City sources expect the FTSE 100 will open around 16 points lower than the previous close of 4,5
Read morePennon ahead of forecasts
2nd Jun 2009 07:07
South-West water utility Pennon posted profits ahead of market forecasts last year boosted by a good peformancae from waste arm Viridor. Revenue for the year to March rose by 8.9% to £952.9m, operating profit rose by 7% to £259m, while profits before tax were £159.1m, up from £149.6m. Brokers had b
Read moreTuesday preview: Pennon, Ryanair, Kingfisher
1st Jun 2009 16:40
There has been a stream of announcements from water companies in the last few days and Tuesday sees Pennon add to the torrent. Market consensus on pre-tax profit is £155m on revenue of £964m. The full-year dividend is expected to be raised to 20.42p from 19.81p the year before. An update on bad d
Read moreBroker tips: Water companies, ITV, Johnston Press, Topps Tiles
27th May 2009 12:27
Brokers are queuing up to reappraise the water companies ahead of the sector's results season, which starts this week. After Merrill Lynch weighed in yesterday with downgrades for Pennon and Northumbrian Water, Credit Suisse has dealt another blow to Pennon, chopping its price target from 667p to 6
Read moreBroker snap: Rally in water stocks to continue, says CS
27th May 2009 12:08
Brokers are queuing up to reappraise the water utility companies ahead of the sector's results season, which starts this week. After Merrill Lynch weighed in yesterday with downgrades for Pennon and Northumbrian Water, Credit Suisse has dealt another blow to Pennon, chopping its price target from 6
Read moreBroker tips: Cable & Wireless, water companies, Holidaybreak
26th May 2009 13:13
Telecommunications group Cable & Wireless has been stuck in reverse since its results last Thursday, which were below many analysts' expectations. Credit Suisse has responded to the disappointing figures by downgrading its earnings forecasts 'to reflect a more cautious outlook and recent currency m
Read moreBroker snap: Water companies sunk by downgrade
26th May 2009 12:53
Water companies are firm favourites of income investors but Merrill Lynch warns that in a potentially deflationary environment, shareholders should not be expecting much in terms of dividend growth. Merrill Lynch has cut its ratings on Pennon and Northumbrian Water from 'neutral' to 'underperform'
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