Breaking News in association with Money AM

Friday, 20th November 2009

RM pre-tax profit rises 6% to £16.3m

7:32am

Story provided by Business Financial Newswire...

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Downturn stunts Northumbrian Water

7:32am
Northumbrian Water Group said revenue increased by 1% to £351.2m in the half-year to end-September and pretax profit rose 12.8% to £87m.

However, the group said it continues to be affected by the economic downturn.

Adjusted EPS were up 18.5% at 12.85p and an interim dividend of 4.39p per share was proposed, up 2.3% from 4.29p.

Net debt at period end was £2.25bn, up 3.5% from £2.174bn in the prior year period. Regulated capital investment in the period wasf £108.7m (2008: £109.3m) and the group is meeting regulatory targets,...

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Confident outlook at Mitie Group, dividend raised 12.1%

7:17am
Security firm Mitie Group reported strong growth in operating profit before other items of 10.9% to £42.8m and organic growth of 6.7% in the half-year to end-September. Basic EPS was up 10.8% to 9.2p and dividend up 12.1% to 3.7p.

The group said margins improved 20bps to 5.3%.

Basic EPS before other items was up 10.8% to 9.2p and dividend up 12.1% to 3.7p.

The group reported strong cash conversion - 90.8% of EBITDA converted to cash on a rolling 12-month basis - and a strong balance sheet, with net debt...

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FTSE tipped to open firmly higher, with Cadbury in focus

7:02am
PRE-OPEN REPORT: Headline shares are tipped to open thirty-two to thirty-seven points higher today, according to financial websites, with a weak dollar pushing up metals prices and gold hitting yet another new high.

Cadbury is a likely focus on reports that Nestlé isabout to enter the bid battle for the chocolate maker.

ASIAN MARKETS

In Asia today, the Nikkei was down 51.79 points at 9,497.68, while the Hang Seng ended the morning ahead 122.8 points at 22,578.64.

Crude oil traded at $78.27 a barrel on Nymex,...

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The Press Roundup

7:02am
A brief summary of Monday's main business news.......... Extensive coverage of the ongoing union battle at British Airways and reports that Nestlé is about to join the battle for Cadbury.

Financial Times

BA chief warns cabin crew over strike - Walsh says he will not compromise this time

BBVA set to raise Chinese bank stake - Spanish group aims to cement position with 1.1bn investment

Microsoft and News Corp eye web pact - Companies look to join forces and...

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FTSE ends modestly lower as holiday companies slump

5:02pm
END-OF-DAY REPORT: Headline shares ended the session modestly lower, as a stronger dollar hit base metals prices, turning miners weaker, and with holiday companies tumbling following broker downgrades.

At the close of play, the FTSE100 was down 16.29 points at 5,251.41 with the FTSE250 off 69.3 points at 9,167.6 and the FTSE Smallcaps 13.94 points weaker at 2,790.68.

NEW YORK

US stocks were moderately lower in late morning trade with technology stocks again leading the decline, and a rising dollar hitting commodity plays.
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