Serco back in favour after government MoU
12th Nov 2010 17:44
Serco, the support services group that recently fell out with the coalition after demanding a 2.5% rebate from suppliers to help cover the cost of spending cuts, seems to be back in favour with the government. The company, which operates prisons, transport infrastructure such as London's Docklands
Read moreFTSE 100 movers: Strong growth for Inmarsat
8th Nov 2010 14:30
Satellite operator Inmarsat achieved strong growth in its aeronautical and leasing services in the third quarter. Total revenue in the three months ended 30 September rose 19% to $308.8m from $260m the year before. Pay TV and internet service provider BSkyB has reached its target of 10m TV custome
Read moreFTSE 100 movers: Banks head lower
5th Nov 2010 13:21
There was a negative reaction to the bank figures today. Royal Bank of Scotland fell into the red in the third quarter. It recorded a loss before tax of £1,379 million, compared with a profit of £1,157m in the second quarter and a loss of £2,077m in the third quarter of 2009. HSBC warned that the
Read moreFTSE 100 movers: Funds growth for Man
4th Nov 2010 14:04
Hedge fund manager Man Group has risen more than 10% as funds under management grew in the third quarter of 2010. Man reported a rise in funds under management to $40.5bn (£25.2bn) from $38.5bn the previous quarter. The firm says that it was 'due to strong investment performance and favourable FX m
Read moreLondon close: More gains for Footsie after well-received results
2nd Nov 2010 16:36
A strong performance on Wall Street ahead of the US Federal Reserve's decision on whether to increase monetary stimulus measures - not to mention the mid-term election - helped sustain good gains in London. Sentiment here was buoyed by well-received results from some big names. Beleaguered oil gia
Read moreLondon afternoon: Footsie consolidates gains
2nd Nov 2010 14:26
Footsie moved sideways over the lunch time session, as investors digested a busy morning of big company announcements. Beleaguered oil giant BP comfortably beat third quarter profit forecasts though it has had to take an additional $7.7bn charge in respect of the Gulf of Mexico oil spill. The marke
Read moreFTSE 100 movers: Imperial Tobacco beats expectations
2nd Nov 2010 12:54
Cigarettes maker Imperial Tobacco topped market forecasts with its full year profits, and sharply reduced its debt. Adjusted profit before tax in the year to 30 September rose 10% to £2,467m from £2,233m the year before. The market had pencilled in a figure of £2.320m. Net debt was reduced by £1.5
Read moreLondon midday: Footsie builds on gains
2nd Nov 2010 12:15
Footsie has built on its earlier gains as investors react positively to updates. Beleaguered oil giant BP comfortably beat third quarter profit forecasts though it has had to take an additional $7.7bn charge in respect of the Gulf of Mexico oil spill. The market had been expecting underlying net in
Read moreLondon close: US breathes life back into Footsie
1st Nov 2010 16:42
A good early performance from Wall Street helped Footsie snap out of a weak spell to close in positive territory. US shares were boosted by a bigger than expected rise in factory output in October. The Institute for Supply Management's manufacturing index rose to 56.9 last month. Analysts thought
Read moreLondon afternoon: Banks and miners lead advance
1st Nov 2010 15:14
Footsie pulled out of its late morning slump over the lunch time session to move firmly back into positive territory, though investors are still reluctant to commit too heavily ahead of tomorrow's mid-term US elections, and the quantitative easing decisions expected this week from the Bank of Englan
Read moreLondon midday: Footsie subdued after buoyant start
1st Nov 2010 12:02
Footsie has failed to rediscover its early-morning buoyancy and sits in the blue by a few points. Among the laggards is Serco. The company, which carries out work for the government such as operating prisons and London's Docklands Light Railway, has taken a knock after it was forced to make a grove
Read moreSerco backtracks on rebate demand
1st Nov 2010 11:08
Pressure from ministers has forced outsourcing group Serco to scrap its demand that suppliers pay it a 2.5% rebate to help cover the cost of coalition spending cuts. The company, which runs prisons, nuclear facilities, schools and ports for the government, sent a letter to about 200 businesses requ
Read moreLondon open: Footsie charges higher
1st Nov 2010 08:32
High demand for banks and miners got the week off to a good start, offsetting weakness in the outsourcing sector. Banks are going well as trading updates loom. Lloyds Banking Group is getting ready for tomorrow's statement with a 2% jump, while Royal Bank of Scotland and HSBC are also making up gr
Read moreSunday newspaper round-up: Royal Bank of Scotland, Serco, BHP Billiton...
31st Oct 2010 10:42
Royal Bank of Scotland is poised to reignite the row over banker pay by hiring a City dealmaker who sued his last employer for refusing to pay him a bonus. A new hiring spree in the group's controversial investment bank has led to the appointment of John McIntyre, the former head of global strategi
Read moreSunday tips round-up: Serco, EasyDate, Vitec, Smiths
17th Oct 2010 14:01
When the coalition Government unveils its Comprehensive Spending Review on Wednesday following weeks of speculation, outsourcing companies will be watching particularly closely where the axe falls on public spending. Support services companies, such as Serco, have stressed that the spending cuts sho
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