The finance director of pub chain Fuller Smith & Turner (FSTA) has stepped down after 11 years. James Douglas is moving to Germany for his wife’s work.
Britain’s biggest housebuilder is celebrating a record year after cashing in on the taxpayer-funded Help to Buy scheme. Barratt Developments (BDEV) raked in profits of £835.5million in the 12 months to June 30 – up 9% on the previous year and the equivalent of £95,000 an hour. The company sold 17,579 new build homes, just 184 more than a year earlier, generating revenues of £4.9billion.
Womenswear retailer Quiz (QUIZ) has said the demise of House of Fraser will cost it £400,000. The company has 11 concessions in the chain’s stores and sells clothes on its website. It said House of Fraser’s collapse into administration and subsequent £90million takeover by would leave it out of pocket.
Berkeley Group Holdings (The) (BKG) has warned stamp duty is suffocating the London housing market as it saw a revolt over a £28million payout to its bosses. Official figures have shown prices in the capital are falling at the fastest pace since the financial crisis, which Berkeley blamed on stamp duty rises introduced in 2014 by then-chancellor George Osborne.
William Hill (WMH) has secured a tie-up deal with US casino group Eldorado, in a move which has triggered a share price rise over 6% for the bookie. Tighter regulation of the gambling sector in the UK and a landmark ruling liberalising the industry in the US means British betting firms are ploughing ahead with expansion plans across the pond at pace. William Hill said the deal will give it access to ‘one of the largest and most attractive’ casino chains, with Eldorado boasting 23million customers across the US
Investors cheered as William Hill (WMH) made further gains in the US after the sports betting ban was lifted. It inked a 25-year partnership with US casino operator Eldorado Resorts, giving it access to a growing pool of 23m customers across 11 US states. UK betting firms have been pouring into the US since the Supreme Court ruling in May which lifted the ban. The country became even more important to the sector after a crackdown on gambling machines in the UK that pushed William Hill’s shares to a five-year low in August.
Footasylum (FOOT) continued its slide, meaning it has now sunk about 60% since its Monday profit warning. It fell 12.42%, or 4.75p, to 33.5p amid a damning note from analysts at Peel Hunt who recommended investors start dumping stock. The team noted: ‘Our conversation with the company did not leave us feeling that the business is about to stabilise, nor that the shares have stopped falling. Management seems to have lost its confidence.’
Shares in diamond miner Gem Diamonds Ltd. (DI) (GEMD) jumped as it posted an 81% rise in half-year sales to £129million, its best half since 2011. Sales have been helped by a record haul of ten diamonds greater than 100 carats from its Letseng mine in the African kingdom of Lesotho. Liberum analysts said: ‘The turnaround has been staggering and management are confident there is more to come.’
Sliding currencies in Turkey and South Africa battered packaging firm Mondi (MNDI) which has a strong presence in both countries. Adding to the Turkish lira’s freefall, the rand weakened as South African data confirmed the country was in recession. Turkey also weighed on tour operator Thomas Cook Group (TCG) while South Africa dented Mediclinic International (MDC)
Fresh from selling its US shale oil wells to BP in an £8billion deal, splashed out around £27.4million to get a better grip on copper. The Anglo-Australian miner, under pressure from activist investor Elliott, bought a 6% stake in Australian miner Solgold (SOLG), which owns the promising Cascabel copper-gold project in Ecuador. Miners are keen to get more copper projects as demand is expected to grow, but major projects are thin on the ground.
Investors in troubled Chemring Group (CHG) were cheered after it was hired by the US department of defence to help it detect chemical weapons. Shares plunged 20% in August after a worker died in an explosion at its key site in Salisbury.
