|Bid||112.10 x 0|
|Ask||112.20 x 0|
|Day's range||109.53 - 112.60|
|52-week range||98.66 - 171.45|
|Beta (3Y monthly)||1.93|
|PE ratio (TTM)||6.19|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
G A Chester sees a contrarian case for buying into British Gas owner Centrica plc (LON:CNA) and a FTSE 250 turnaround prospect.
The suspension of Neil Woodford's flagship fund has put the focus on a little known firm tasked with ensuring his investors were being looked after properly. While Woodford, one of Britain's highest profile money managers, picked the companies in which the LF Woodford Equity Income Fund invested, the fund's governance was overseen by a company with a much lower profile -- Link Fund Solutions. Link acts as Woodford's Authorised Corporate Director (ACD) and is the fund's legal owner.
Today we are going to look at Capita plc (LON:CPI) to see whether it might be an attractive investment prospect. In...
* European shares up 0.3% * EU expected to start infringement procedure against Italy * Italy's FTSE MIB lags, down 0.3%, as banks fall * Asian shares rise on signs of Fed interest rate cut * Norsk Hydro beats, NSF backs out of Provident bid June 5 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. "The key question is whether that is a short-term blip or a more sustained switch from 'momentum' investing back to a more fundamental approach of 'intrinsic value'," write Mirabaud Securities strategists.
The domestically-focussed FTSE 250, more exposed to outcomes of Brexit proceedings, rose 0.6 percent. Wednesday's parliamentary vote paved the way for another one on Thursday that could delay Britain's exit from the European Union until at least the end of June.
British business services group Capita posted a 26 fall in 2018 profit before tax on Thursday and a sluggish pipeline of new orders evidenced a difficult economic climate as it overhauls its business. Capita was nevertheless upbeat, having slightly beaten its own guidance, and CEO Jon Lewis said the group was on track to achieve its 2020 target of double-digit margins. Profit before tax was 282.1 million pounds versus a target of 250-275 million pounds.
Long term investing works well, but it doesn't always work for each individual stock. It hits us in the gut when we see fellow investors suffer a loss. For example,Read More...
Capita, which provides IT-led services for the public and private sector, has been disposing of non-core businesses to help control costs and pay down debt. Jonathan Lewis, who was appointed as chief executive in late 2017 after a series of profit warnings, is trying to simplify Capita after years of acquisitions.
Britain's government will take measures to identify and reduce risks taken by private firms that provide public services, it will say on Wednesday, in a bid to encourage companies that have become increasingly wary of taking on new government business. Britain, which hires private firms to run parts of its health service, schools, prisons and public transport, has been rethinking how it awards contracts after the collapse of contractor Carillion just over a year ago. "A more considered approach to risk allocation will make us a smarter, more attractive client to do business with," cabinet office minister Oliver Dowden will tell business leaders at the Confederation of British Industry on Wednesday.
From Britain's hospitals and schools to its prisons and armed forces, firms supplying essential public services have been asked by the government to outline plans for a no-deal Brexit. "The government has written to some of us asking us 'what are you doing in preparation for a no-deal?' - which is timely, at eight weeks to go," one industry source told Reuters, speaking on condition of anonymity. Private firms including Babcock, Capita, Serco, G4S, Mitie and Compass play a central role in providing Britain's public services, which means they have to procure medicines, toiletries, food, spare parts and labour, much of which come from the EU.
The public sector outsourcing giant Interserve (Frankfurt: 860509 - news) is closing in on a rescue deal that will involve swapping hundreds of millions of pounds of debt for shares in the company. Sky News has learnt that Interserve, which has been grappling with ways to avert a Carillion (Frankfurt: 924047 - news) -style collapse in recent months, could announce as soon as this week that it has reached an in-principle agreement with lenders about the restructuring. If successfully concluded, such an agreement will provide enormous relief to government ministers desperate to salvage the future of the provider of myriad public sector contracts and the employer of 45,000 people in the UK.
The British outsourcing market shrank 27 percent to 2.5 billion euros (£2.2 billion) in 2018, weighed down by uncertainty around the nation's decision to leave the European Union, research firm Information Services Group (ISG) said on Friday. In Europe, the Middle East and Africa (EMEA) traditional business services contracted out to the sector, providing work for companies such as Capita, Serco and Mitie, rose 9 percent year-on-year however to 12.9 billion euros in 2018. Within that, traditional services which do not require cloud computing shrank 6 percent but other services which do expanded by almost half to 4.9 billion euros, the research found.
The British outsourcing market shrank 27 percent to 2.5 billion euros ($2.85 billion) in 2018, weighed down by uncertainty around the nation's decision to leave the European Union, research firm Information Services (NasdaqGM: III - news) Group (ISG (LSE: 3366.L - news) ) said on Friday. In Europe, the Middle East and Africa (EMEA) traditional business services contracted out to the sector, providing work for companies such as Capita (LSE: CPI.L - news) , Serco and Mitie , rose 9 percent year-on-year however to 12.9 billion euros in 2018. Within that, traditional services which do not require cloud computing shrank 6 percent but other services which do expanded by almost half to 4.9 billion euros, the research found.
Interserve (Frankfurt: 860509 - news) , the struggling outsourcing group, is drawing up plans to hand its £250m building materials unit to its lenders as part of an ambitious plan to secure the company's future. Sky News has learnt that Interserve and its advisers are examining the option of spinning off RMD Kwikform, one of its most profitable businesses, to the holders of hundreds of millions of pounds of its debt. If it pursued the proposal, it would leave the remainder of Interserve as a more focused support services business.
By Helen Reid and Muvija M LONDON (Reuters) - Weak economic data from China sent Britain's top stock index down on Friday as miners, consumer stocks and banks suffered from investors' mounting anxiety ...
Weak economic data from China sent Britain's top stock index sharply down on Friday as banks, miners and consumer stocks suffered from investors' mounting anxiety about the world's second-biggest economy. ...
The Reading-based outsourcer, which employs 75,000 worldwide and has thousands of UK government contracts to clean hospitals and serve school meals, said on Sunday it would seek to cut its debt to 1.5 times core earnings in talks with lenders it hopes to complete early next year. Chief Executive Debbie White said that the company was trading well and in line with expectations for 2018, and that the debt reduction plan, first floated in a refinancing in April, had government support. Carillion's (CLLN.L) collapse in a mass of debt and pensions dues in January forced the government to step in to guarantee services ranging from roadworks to school meals and led to a parliamentary inquiry into the extent to which private companies should be running essential services.
The likes of Mitie Group (Other OTC: MITFF - news) and Capita (LSE: CPI.L - news) have largely succeeded in convincing shareholders and, just as crucially, Whitehall - central and local government being big customers of the outsourcing sector - that they are entirely different beasts from the doomed company. Accordingly, another outsourcing and construction services specialist, Kier Group (LSE: KIE.L - news) , last month announced plans to tap shareholders for £264m in a bid to bolster its balance sheet, admitting it had been driven to taking action in response to "tighter credit markets". On Monday, after days of speculation, Interserve (Frankfurt: 860509 - news) said it is also going to have to undergo a financial restructuring .
Lenders to the troubled outsourcing group Interserve (Frankfurt: 860509 - news) have drafted in bankers to stitch together a make-or-break restructuring that is likely to see them take control of the company. Sky News has learnt that Interserve's creditors have appointed Lazard (Frankfurt: A0DQP8 - news) to help thrash out the details of a debt-for-equity swap and share issue that have become necessary to salvage its future. Interserve, which employs roughly 45,000 people across the UK and is one of the government's biggest private sector contractors, saw its shares plunge by more than half on Monday after warning that investors were likely to see "material dilution" from its debt reduction efforts.
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** Barclays cuts SEB to "equal weight" due to its relatively higher exposure to areas where broker expects ...