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Today's comment - 24 July 2001 Debenhams:
a high-street fashion sucess Top-end
brand emporium Debenhams has got its product
offering 'absolutely right' say analysts and
today's buoyant trading update confirms that view.
But Doug
Smith argues
that the best option may be to take profits while
the going's good. Photo-Me
shares took off today despite flat sales and
product disappointment. Behind the price rise were
relief that the photobooth group had no further
nasty surprises and partly revived hopes for its
digital mini-labs, writes
Caroline
Sefton. The
second quarter was poor for Volvo, Europe's
second-largest lorry builder, and the outlook is
for more of the same. Avoid the shares,
writes
Magnus
Grimond. The
pioneer internet bank, owned 80% by the Pru, says
it is on course to break even later this year. But
following their fantastic seven month run, the
shares are beginning to look over egged. By
Steven
Frazer. |
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Another
Epic performance Another
excellent set of figures from e-learning
specialist is a beacon in the current
earnings gloom. The only question is
whether the prospects are in the price. By
Tom
Stevenson. Yurko
bows out as Invensys warns on
profits Rick
Haythornthwaite, hero of the Blue Circle
turnround, is to succeed Allen Yurko as
chief executive at Invensys. First-half
profits will be 30% lower than first
expected at
the electronics group. Egg,
the internet bank majority-owned by
Prudential, says pre-tax losses for the
the first six months of the fiscal year
narrowed by 21%, boosted by 370,000 new
customers and a 130% rise in operating
income. ABB,
the European engineering giant, has cut
its 2005 target for
earnings-before-interest margins to 9-10%
of sales, from 12%. Over the next 18
months it wants to lose 8% of its workers
- 12,000 jobs to counter difficult market
conditions. Topps
Tiles retail group says like-for-like sales jump
11% in first seven weeks of current year. Pre-tax
profits rise 17% to £9.4m on flat margins, in
line with recent warning. Also
reporting: Epic,
Parthus,
Toad,
Power
Leisure
MITIE:
continuing a winning formula MITIE
may not have quite the scale City darlings Capita
and Serco but it certainly doesn't want for an
enviable track record. Despite the chunky rating
MITIE remains attractive compared to its peers,
argues Douglas
Smith. Siemens'
chip spin-off is having to face up to many of the
cyclical issues which affect every manufacturer -
overcapacity, price pressure etc. The shares are
cheap but they deserve to be. By
Steven
Frazer. Fear of bouncing Czechs hits Provident
Monday's news - 23 July 2001 ARM
profits jump despite semiconductor
downturn Microchip
designer ARM Holdings sees flat licensing,
consulting and development revenues, offset a
slowdown in royalty income in second quarter. The
group 'remain confident' of the full year
outcome. Financial
services group reiterates its confidence for the
future as it unveils a 15% increase in customer
numbers in interim results with pre-tax profits up
8% to £70.2m. Fast-growing
support services group Mitie grows profits 30% to
£25.1m in year to March and lifts dividend
payout 25%. Quietly confident management reports
good start to the new trading year. John
Laing, the ex-construction group rapidly re-rated
as a services stock, will take a bigger than
expected hit on the sale of its construction arm.
The deal will trigger a £30m loss and
larger-than-forecast cash outflows. Also reporting: Eurotunnel, Quadranet, Energy Technique |
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20/7/01
Bioglan Pharma |
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