Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 16
Dated: 22 April 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKPKF'S SURVEY REVEALS THAT THE FOOT- AND-MOUTH OUTBREAK HAS HAD LESS IMPACT ON HOTELS THAN EXPECTED
Preliminary results from PKF's hotel consultancy services' industry surveys for March 2001 indicate that the industry suffered less than expected from the impact of the foot-and-mouth outbreak during the first full trading month affected by the disease. The surveys, based on 370 hotels around the country, provide some of the first hard data published on the industry's performance and contradict much of the anecdotal evidence presented to date.
With results in from over 285 UK regional hotels outside London, the figures reveal that occupancy has risen by three per cent on 2000 which was generally a good year for the industry. Results from 85 hotels in London, however, reveal that the capital fared less well with occupancy falling some five per cent on 2000 which was one of the best ever years for the industry. Average achieved room rate rose in both surveys and UK regional hotels showed an overall increase ahead of the rate of inflation in rooms yield. London hotels, however, fell short recording an overall decline.
Melvin Gold, Managing Director of Hotel Consultancy Services at PKF, sounded a cautionary note when announcing these results. He said:
"We are intrigued to see these (preliminary) results in the wake of all the publicity which gave indications to the contrary. However, despite the limited effect to date, we have to recognise the very significant impact of the foot-and-mouth outbreak in some rural areas and we have great sympathy with those operating businesses in those very difficult conditions.
"In addition to the foot-and-mouth crisis, the industry has also had to cope with a downturn in the US economy and an extended period of truly awful weather. These factors will have undoubtedly had an impact.
"We believe the US economy is responsible for much of the downturn in the London hotel market. This is particularly evidenced by relatively poor performance at the top end of the market.
"I do not believe, however, that these figures provide comfort for the months ahead as they only reflect the early weeks of the crisis. This may mean that there is a delayed impact and the situation is likely to worsen in the months to come. Furthermore, hotels have widely reported disappointing levels of future bookings and, consequently, there may be a more marked effect in the peak summer tourist months. But at least these initial results provide some relatively good news amongst the doom and gloom that has prevailed recently."
"WITHOUT AIRPORT EXPANSION UK MAY LOSE OUT TO COMPETITOR COUNTRIES" - CBI DIRECTOR-GENERAL
The Director-General of the CBI last Thursday called on the Government to expand airport capacity. He warned that passenger demand is expected to more than double from 160 million passengers in 1998 to 333 million in 2015.
Digby Jones made the plea in a speech to the Institution of Civil Engineers on the day the CBI published its submission to the government's consultation on airport policy. He said that it is essential for business and the economy that aviation is allowed to grow.
"Aviation is not just a major industry in its own right, it's a key driver of economic growth," he said. "If UK airports can't sustain a level of service throughput that is at least as good as that available to our competitors in Northern Europe there is a real danger of us losing out when companies take investment decisions.
"London and the South East, for example, have had little additional runway capacity in the past fifty years whereas other European countries have actively pursued a policy of meeting future demand. Moreover, a good, well-connected regional airport is the key to regional development. The planning system is working against job creation and a better standard of living in many areas of the UK".
The CBI recognises that there will be environmental impacts which need to be actively tackled, but in ways which do not jeopardise the wider economic benefits of airport expansion.
Digby Jones also said that in the past, getting projects through the planning system has taken far too long and that must not happen here.
"Additional capacity is needed now but the huge delay in coming to a decision over Heathrow's Terminal Five shows how wrong these things can go. The inquiry began six years ago this week and still we don't have an answer. In those six years the number of air passengers in the UK has gone up by around 50 per cent while both Charles de Gaul and Schiphol have added terminal and runway capacity - just imagine what that's done to UK competitiveness.
"The CBI is not saying legitimate concerns should not be heard but the process needs to become more streamlined, efficient and less confrontational. The Government needs to take the big political decisions on what kind of transport infrastructure the country needs while leaving public enquiries to concentrate on the details not the principles."
CONFIDENCE STABLE DESPITE SLOWER GROWTH
Confidence in the manufacturing sector has risen back to its highest level for a year, despite slower growth at home and abroad, and worsening positions on investment and cash-flow, according to the latest quarterly economic survey from the British Chambers of Commerce, published on Thursday 12 April.
The survey, the largest and most detailed of its kind, covering over 7,000 firms across all UK business sectors, shows that manufacturers report slower growth in home sales (+15 down to +11) over the last three months, particularly among small firms employing 1-19 (+21 down to +6). However, the balance of manufacturing firms more rather than less optimistic about improving turnover in the next twelve months has risen to +50 from +46 in the fourth quarter of 2000, with smaller firms reporting a 7 point increase (+45 up to +52).
The survey also shows that export growth in the sector remains weak, showing an overall balance of just +1 for both sales and orders, though smaller firms are improving their position overseas. Those employing 1-19 / 20-199 staff report export sales up from –5 to +5 / -1 to +10 and orders up from –23 to +9 / -5 to +8. Significantly, exchange rate concerns in the sector are waning, with 39 per cent of manufacturing firms expressing concern compared to 53 per cent in the previous quarter.
In the service sector, growth has edged back from a strong base, with firms of all sizes reporting slower sales levels at home and in export markets. The trend looks set to continue in the next quarter.
David Sears, Deputy Director General at the British Chambers of Commerce said:
"Despite further evidence of slowdown and retrenchment, underlying strength in the domestic economy remains, with manufacturers confident of avoiding the worst of the impact of the global slowdown.
“The Bank of England’s two pre-emptive strikes this year have steered the right course to shore up confidence. However, as this survey reveals little of the impact of foot and mouth across business sectors, both government and the Bank must monitor carefully in the coming months the need for further interest rate cuts and other measures to keep the economy on track.”
On investment, manufacturers report further scaling down both in equipment (down from +11 to +7) and training (down from +22 to +19). Service sector investment also slowed last quarter from +24 to +21 (equipment) and +36 to +32 (training).
The balance of service sector firms intending to raise prices has remained stable at +32 per cent, but pay settlements are impacting further up 4 points with 32 per cent of firms now citing pressure from this source. Among most sizes of manufacturing firms pressure to raise prices due to pay settlements is also up slightly, with only the largest firms (employing 500+) reporting a fall, 34 per cent reporting pressures down from 43 per cent in the previous quarter.
Three quarters (75 per cent) of manufacturing firms in the survey experienced difficulties recruiting staff over the last three months, up on the 73 per cent reported for the previous quarter. Service sector recruitment difficulties are up one point, with 66 per cent reporting problems, particularly in finding professional and managerial staff (34 per cent). Employment expectations over the next three months fell slightly in services (+24 to +23) but picked up significantly in manufacturing (+4 to +13).
Ian Fletcher, Head of Policy at the British Chambers of Commerce said:
‘’While service firms’ intentions to raise prices and the pressures coming from pay settlements remain strong, the survey provides some tentative signs of a scaling down in recruitment activity and a cooling in growth, possibly as a result of easing domestic demand and the early effects of the foot and mouth outbreak.”
Both sectors cite competition as their main concern (51 per cent of manufacturers, 40 per cent of service firms) and concerns over interest rate levels fell back three points in both sectors last quarter (to 16 per cent of manufacturers, and 17 per cent of service firms). Inflation is now of least concern to all firms (11 per cent manufacturing / 12 per cent service).
Public helps to track down defiant directors
Dodgy directors are running out of hiding places according to the latest DTI figures published on the 15 April which show an unprecedented 1,500 rogue directors were banned last year and 1,593 fresh proceedings were issued, both all time top records.
At the same time tip-offs from the public to the "Defiant Directors Hotline" helped the Insolvency Service catch up with and prosecute twelve company directors who had defied their ban and continued to act as a Director while disqualified.
Consumer Affairs Minister, Kim Howells paid tribute to the public for its assistance in enforcing the bans. He said:
"Over 2300 calls have been taken by the Hotline since it started in January 1998 and nearly one in three of those callers has provided information which led to an investigation.
"To date there have been 12 convictions but these are only the tip of the iceberg. Many other cases are awaiting court hearings and over 100 are still under investigation."
He added:
"There will be no hiding place for unscrupulous directors who try to cheat the system. Protecting the public from their activities is a top priority for us alongside protecting the majority of businesses engaged in responsible risk taking. "The public and business need to be vigilant when dealing with new suppliers and customers. Establishing previous track records is an effective way of reducing the risks."
Section 6 of the Company Directors Disqualification Act 1986 allows the court to make a Disqualification Order of between two and 15 years for unfit conduct as a director.
Section 13 of the Company Directors Disqualification Act 1986 makes it an offence to contravene a disqualification order.
Section 216 of the Insolvency Act 1986 makes it an offence for a person to be a director of any company that is known by a prohibited name. Such a name becomes prohibited if it is a name by which a liquidating company was known or is similar to that name.
CASE STUDY FROM DEFIANT DIRECTORS HOTLINE
RONALD BLADEN
Ronald Bladen was sentenced to nine months' imprisonment - suspended for two years - and disqualified from acting as a director of a company for ten years after Shrewsbury Crown Court heard evidence against him which the DTI had received directly from a member of the public via the hotline.
Bladen, who claimed he was innocent right up to the eleventh hour, was found to be using a pseudonym Anthony John Baker. The court heard how Ronald Bladen used to hire vehicles on 'A J Baker's' account and went as far as trying to sell 'A J Baker's' business posing as a friend to solicitors and buyers alike. Bladen, who even used his old trading address as A J Baker, told the Official Receiver that A J Baker was a friend who trusted him.
Only when the DTI compelled Ronald Bladen's solicitor to give evidence was it revealed that A J Baker had never visited her and in fact Ronald Bladen had acted for him at all times.
In sentencing him His Honour Judge Mander told Bladen he was a "cunning, conniving, crafty cheat."
UK COMPANIES: MOST IMPROVED PAYMENT PERFORMANCE IN EUROPE
UK companies are now the second fastest in Europe for paying their bills on time and their payment performance has improved the most out of six European countries according to the latest research by Dun & Bradstreet, the business information company. It also found that the smaller the company the faster they pay.
The survey is based on the D&B European Trade Payment Database which holds over 11 million trading experiences from 1,300,000 companies across six European countries between October and December 2,000. The other countries covered were: Germany, France, Italy, the Netherlands and Belgium.
Mr Philip Mellor, Senior Analyst at D&B, said: “These are the first real signs that the Government’s legislation, allowing smaller companies to charge interest on late payments, is after a few years playing a part in changing the culture of paying debt in the UK. The UK’s stable economy has been another major contributory factor.”
UK companies pay their bills on average only 14.2 days late. Belgian companies had the worst average payment performance (18.4 days late), followed by the Dutch (17.7), Italy (16.6) and France (16.0). German companies have the best payment performance: their companies pay on average only 8.9 days late.
Although all national performances have improved since the previous survey which covered July to September 2000, UK companies produced the greatest improvement. This was 1.3 days down on their previous record. All the other performances were less than a day better than their previous performance as the table below shows:
The survey also found that smaller companies pay their bills more promptly than larger companies. Over all six countries 45% of companies with less than five employees paid their bills on time as compared with only 28% of the largest companies with more than 250 employees.
Payments
In the UK this was particularly noticeable among businesses who paid their bills on time or early: 41.5% of very small companies (with fewer than 5 employees) paid their bills early as compared with 32.6% of small companies (5 to 49 employees), 19.9% of companies with 50 to 249 employees and only 10.6% of large companies with more than 250 employees.
INSTITUTE’S NEW HEADQUARTERS OPENS ON SCHEDULE
The Institute of Export opened its new headquarters building on schedule.
The new building, on the prestigious Minerva Business Park in Peterborough, brings to fruition plans developed over the past eighteen months.
"The former Export House in Clifton Street London EC2 has been sold for redevelopment. Our new state of the art building, equipped with the very latest in information and communications technology, establishes the Institute firmly in the 21st century", said Ian Campbell, Director General.
Minerva Business Park lies fifteen minutes west of Peterborough City Centre, three minutes from junction 17 of the A1M, near the East of England Showground, with excellent road, rail and air links to all parts of the UK and the rest of Europe.
Completely new computer and communications systems have been installed under a sponsorship agreement with Canon (UK) Ltd, Microsoft and Hewlett Packard, featuring the most up to date hardware and software. The Institute will become the UK's first reference site for Microsoft's Small Business Server 2000.
"Export House is set to be a 'Centre of Excellence' showing other small and medium sized enterprises how to become e-enabled", said Ian Campbell. "Understanding and managing e-commerce and e-business will be vital to any company seeking to grow its business internationally. The Institute can now not only offer training in international trade skills and competence, but it can also demonstrate how the practical applications of new technology can enhance competitiveness."
Careful logistical planning and project management meant that the Institute was actually up and running in Peterborough before the London office finally closed its doors on 30th March. Mail, telephone and fax calls to the London address are being automatically re-directed and full email access continues on institute@export.org.uk
New contact details are:
The Institute of Export
Export House
Minerva Business Park
Lynch Wood
Peterborough PE2 6FT
Telephone: 01733 404400
Fax: 01733 404444
Fuller details of the new property, and pen portraits of new staff, can be found in the Institute's official journal International Trade Today, to be published on 10 April and available free of charge to Members and by subscription to others. For details of membership, email membership@export.org.uk or visit the website at www.export.org.uk and select "Membership" from the main menu.
The Institute of Export, founded 1935, is the UK's only national professional body for those engaged in international trade. Enjoying Royal Patronage it is a registered charity. Its core functions are education and training, provision of information and advice, and membership representation.
Courses leading to its professional qualification are available at over 50 colleges of further and higher education and by distance learning. It also undertakes research into trade-related issues and serves as a key advisory body to government on international trade policy.
Brian Green and Roger Oldfield of KPMG Corporate Recovery on the 19 April 2001 were appointed joint Administrators to Cammell Laird Holdings Plc which owns Cammell Laird Group Plc, the trading subsidiaries to which PricewaterhouseCoopers are the appointed Receivers.
The Administrators will focus on pursuing claims from the Italian company Costa Crociere and realising the assets for creditors of the Holding company. Cammell Laird Holdings Plc entered into a €80m contract with the Italian company to supply and fit the middle section of a luxury liner. Costa Crociere failed to deliver the ship to Cammell Laird in November 2000.
Brian Green of KPMG Corporate Recovery said:
“We will be making every effort to maximise the recovery of assets for the creditors of Cammell Laird Holdings Plc through the pursuit of claims under the contract with Costa Crociere.
“We are working, where appropriate, alongside PricewaterhouseCoopers, the receivers of the trading subsidiaries.”
The requirement to appoint an Administrator to Cammell Laird Holdings Plc follows on from the appointment of Receivers to the trading subsidiaries. Administration was deemed to be the most appropriate procedure for the Holding company.
NAYLOR FOOD GROUP PLC: IN ADMINISTRATIVE RECEIVERSHIP
Business turnaround specialists are fighting to save jobs at a well-established Yorkshire food services group.
Peter Terry and Paul Flint, joint administrative receivers from KPMG Corporate Recovery, are hoping to find a buyer or buyers for Naylor Food Group Plc which boasts excellent freehold, purpose-built cold storage and distribution facilities at two locations in the region.
There are six companies in the group with four trading out of its site in Pontefract Lane, Leeds – Naylor Food Group Plc, Naylor Foods Ltd, Sea Harvest (Leeds) Ltd and G. Wragg (Leeds) Ltd – and two which are based at Knaresborough – Naylor Logistics Ltd and Naylor Distribution Ltd.
The group, which has a number of blue-chip clients, was formed from the original Charles F Naylor Company which started business in Leeds over 120 years ago. Its combined turnover is £25 million. The Knaresborough operation has 29 employees and is continuing to trade as normal. The Leeds site, which employs 50 staff, also continues to trade but has scaled its level of activity down.
Naylor Food Group Plc has been experiencing intense competition within the food distribution sector and has also come under pressure from an increased cost base.
Peter Terry, the joint administrative receiver, commented: “We have already sold the Sea Harvest division and are talking to interested parties about the rest of the company. I am hopeful that parts of the business will be saved.”
*** FORTHCOMING CREDITORS MEETINGS ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 23/04/2001 to 01/05/2001 Number of Creditor meetings : 155 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 25/04/2001 Streamline Roofline Systems Ltd 11.00 am Glasgow 27/04/2001 Liv-Mac Ltd 12.00 pm Livingstone 01/05/2001 Hutek International Carbon Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 23/04/2001 Hallis Hudson Group Ltd 11.00 am Preston NRC Refrigeration Ltd 11.00 am Northampton 24/04/2001 New World of Leather Ltd 11.00 am London New World of Leather Ltd Partnership 11.00 am London 26/04/2001 Unsco Steels Ltd 11.00 am Sheffield 01/05/2001 Capsulam International Ltd 11.00 am Guildford 48 Receiver calling unsecured Creditors Meeting 23/04/2001 Coutts De Vere Services Ltd 11.00 am Leeds Longclose Group Ltd 11.00 am Sheffield Southeast 123 Ltd 11.00 am London 24/04/2001 Hilton Precision Ltd 10.30 am Washington Vi-Tec Enamel Ltd 11.30 am Wolverhampton 25/04/2001 Stort Valley Coaches Ltd 11.00 am Milton Keynes 26/04/2001 Tranromen Vehicles Ltd 11.00 am St Albans 27/04/2001 1st Class Leisure (Properties) Ltd 10.00 am Leicester 30/04/2001 Virginia Stock Ltd 10.30 am Bristol 67 Scotland - Receiver calling Meeting of unsecured Creditors 25/04/2001 Chilli Palmers Euro Cafe Bars Ltd 03.30 pm Glasgow 98 Creditors Voluntary Liquidations 23/04/2001 100 Per Cent Ltd 12.00 pm London Admirantys Marketing Ltd 10.15 am Worthing Arthur Johnson Ltd 10.30 am Leeds Bargrove Enterprises Ltd 11.00 am Luton City Fashion Ltd 02.00 pm Dudley Container Manage & Repairs Serv Ltd 11.00 am Tadcaster County Box Co Ltd - The 02.15 pm Birmingham DEF Con 1 Eyewear Ltd 11.30 am Worthing G M Fabrications Ltd 11.00 am Warrington H W F Digital Media Ltd 10.00 am London Hello Business Ltd 11.30 am London International Ironworks Ltd 12.30 pm Nuneaton Linx Midlands Ltd 03.00 pm Nuneaton Linx Trading Ltd 11.30 am Preston Microplus Computers Ltd 12.00 pm London Network Specialists Ltd 11.00 am London Package Ltd 11.30 am Bristol Paragon Accessories Ltd 11.00 am Harrow Solitaire Ltd 03.00 pm Northwood Tower Forestry Holdings Ltd 12.00 pm Manchester Unique Screenprint Ltd 10.30 am Wakefield Universal Resources Ltd 10.30 am Milton Keynes Vine Telecom Holdings Ltd 12.00 pm London Vine Telecom Ltd 12.00 pm London Vine Telecom Networks Ltd 12.00 pm London Wiltonplan Ltd 11.45 am Sutton 24/04/2001 AY Distribution & Marketing Ltd 12.00 pm Salford Airclear Contracts Ltd 03.30 pm Southampton Animex Ltd 12.00 pm London Christian Care Training Ltd 11.00 am Kennford Derwent Contracts Ltd 10.30 am Nottingham Deva Mills Ltd 12.00 pm Ewloe Fairfreight Forwarding Ltd 11.00 am Guildford Fresh Meat Fayre Ltd 12.00 pm Woodford Green Geoff S Ogden & Co Ltd 03.00 pm Swansea Goss Challenges Ltd 11.00 am Southampton Goss Composites Ltd 03.00 pm Southampton Hartleys International Northern Ltd 01.30 pm Manchester Hitec Accoustic Maintenance Ltd 11.00 am Liverpool Idealfeature Ltd 02.00 pm Newport Imperial Palace Ltd 03.00 pm Manchester Insulwatt Ltd 11.00 am Swansea Kinch Transport Ltd 11.30 am Sileby Manucci Ltd 10.00 am London Masters Templeton Associates Ltd 03.00 pm Manchester Monro Homes (Lincoln) Ltd 11.00 am London ND & SJ Conboy Trading Ltd 10.30 am Sheffield P & B Drylining Ltd 03.00 pm London Powervision Ltd 11.30 am Sheffield Process Control & Drives Ltd 11.00 am Leeds Race Pro Ltd 01.00 pm London Retail Telecommunications Ltd 12.00 pm Cambridge Ricasso Ltd 03.00 pm London Roboweld (UK) Ltd 02.30 pm Birmingham Startgate Ltd 11.00 am London Steve Armitage Furniture Ltd 11.00 am London Sunray Promotions Ltd 01.30 pm London Tarlan Ltd 11.00 am Gosforth Technofinish Ltd 11.30 am Gerrards Cross Tibo Fashions Ltd 11.00 am London Top-Notch Foods Ltd 03.15 pm Portsmouth Warmhouse Devon Ltd 11.15 am Kennford 25/04/2001 Artfolio Ltd 10.05 am London Blue Top Communications Ltd 10.00 am Reading Claire Clark Ltd 10.30 am West Byfleet Dep Contracts (Barfitting) Ltd 02.00 pm London Family Policy Studies Centre Ltd - The 04.00 pm London Frisby Engineering (Witney) Ltd 02.30 pm Birmingham Heating Engineers & Allied Trades Ltd 10.30 am Liverpool Instant Image Group Ltd 10.30 am Weybridge J Trouser Co Ltd 11.00 am Tong Jordell Contracts Ltd 10.30 am Eastcote Juicemoose UK Ltd 10.30 am London Kastlekat Music Ltd 12.00 pm London Labyrinth Projects Ltd 11.00 am Lytham St Annes Lgen Ltd 02.15 pm London Mango Gate Ltd 12.00 pm London Park Engineering (Deeside) Ltd 11.00 am Chester Raftery Building & Civil Engine Ltd 11.00 am Birmingham Right Now Ltd 10.30 am London SKS Biomedical Instruments Ltd 03.00 pm London Sailant Ltd 12.00 pm London Shamrock Social Club Ltd 11.00 am London UK Planned Services Ltd 12.00 pm Manchester XZ Leisure Ltd 11.00 am London 26/04/2001 Alemoco Ltd 11.00 am London Amazon Manufacturing Ltd 11.00 am Bolton Barrie Newman Site Services Ltd 03.00 pm Leeds Calder Woodturning Ltd 10.30 am Halifax Catherine Miller Residential Home Ltd 10.30 am Southend-on-Sea Fox Security Ltd 02.00 pm Halesowen Hudson Agricultural Services Ltd 11.00 am Birmingham MDD Ltd 10.30 am Guildford Mastercraft Design & Build Ltd 10.15 am Bradford Multiprime Ltd 11.00 am London Natural Silk Co Ltd - The 12.00 pm London Premier Kitchens (NW) Ltd 11.30 am Manchester Real Group Ltd 03.00 pm Exeter Smart Axis Ltd 12.00 pm London St James Alehouses (Liverpool) Ltd 10.00 am Newcastle-u-Tyn 27/04/2001 D & L Textiles Ltd 11.30 am Southampton Dukehouse Ltd 11.00 am London Emeritor UK Ltd 11.00 am Slough Hartons Group Plc 12.00 pm London Horsham Engine Centre Ltd 11.00 am Dorking Hotel Tennyson Ltd 11.00 am Hull Imagen (Advertising & Stationery) Ltd 11.00 am London Jane Hardy Ltd 02.00 pm Nottingham Keendrive Ltd 12.00 pm London Landmaster Groundcare Products Ltd 12.00 pm Ashford Lowford Construction Ltd 12.00 pm Birmingham Max Internet Ltd 11.30 am Manchester Northern Kent Glass & Glazing Ltd 02.00 pm London Regalcroft 2000 Ltd 10.30 am Manchester Services on Site (2000) Ltd 11.00 am London Skakespeare Renovations Ltd 03.00 pm Marlow Toolbase Ltd 02.30 pm London Type Easy Ltd 11.00 am Bristol Vibur Ltd 03.45 pm Willingdon West London Express (UK) Ltd 10.30 am Hertford 30/04/2001 Alpha Business Services Ltd 11.00 am London Bright Accommodations Ltd 11.00 am London Cromwell Manor Essex Ltd 11.15 am Basildon Goalnet Internet Services Ltd 03.00 pm Barnet Havana Leisure Ltd 11.30 am Worcester J P I Haulage Ltd 10.30 am Shedfield Southern Auto Spares Ltd 11.00 am Guildford 01/05/2001 Countdown Services UK Ltd 11.30 am Sileby Filtration Assemblies Ltd 11.15 am Lancaster Giftware International Plc 11.30 am Lutterworth KZN Media Ltd 10.30 am London Litronic Services Ltd 11.00 am St Albans Phoenix North West Ltd 11.15 am Preston QSS Ltd 10.30 am Weston-Super-Ma Toybox Ltd 10.15 am London Westdraft Design Services Ltd 12.00 pm Glasgow
TW LW TW LW
USA 1.44 1.43 Canada 2.24 2.24
Austria 22.46 22.26 Portugal 327.23 325.90
France 10.70 10.66 Belgium 65.84 65.57
Finland 9.70 9.66 Italy 3160.47 3147.67
Germany 3.19 3.18 Sweden 14.77 14.67
Holland 3.59 3.58 Switzerland 2.48 2.46
Spain 271.58 270.48 Ireland 1.28 1.28
Australia 2.84 2.89 Denmark 12.17 12.12
Hong Kong 11.25 11.21 Euro 1.63 1.62
Africa Com 11.68 11.56 Saudi Arabia 5.41 5.39
India 67.79 67.14 Malaysia 5.48 5.46
Singapore 2.60 2.59 Norway 13.18 13.13
Japan 179.20 179.10
TW This week LW Last week.
Hewlett-Packard, the American computer manufacturer, said that profits would not match expectations and that it would get rid of 3,000 employees. It blamed a worldwide drop in IT spending.
Shares in Intel jumped after it revealed that net profits in the first quarter were $485m, down 82% compared with a year earlier. Recent gloomy warnings from the world's biggest chip maker had depressed expectations to a level so low that the market responded with relief.
Amid gloom, glimmers of light. IBM's first-quarter net profits rose by 15%, thanks to strong growth in its services. And Apple Computer also bucked the trend, thanks to buoyant demand for its new lap-top computer. It returned to profit in its second quarter.
Cheer at AOL Time Warner suggests marriage of old and new may work. The world's biggest media company said that earnings before interest, tax, depreciation and amortisation were 20% up in the first quarter as against the year before (assuming completion of the merger in January 2000). Revenues were up 9% to $9.1 billion. The company said that online and cable-television subscriptions had grown strongly.
Britain's GKN and Australia's Brambles Industries announced the long-awaited $9.9 billion merger of their industrial-services arms.
General Motors announced net profits of $225m in the first quarter, 88% down on a year earlier, narrowly beating Wall Street's expectations.
Source - The Economist
Henry Boot, the construction and property group, announced pre-tax profits of 12.2 million pounds, on turnover of 226.8 million, for the year ending 31st December 2000. Earnings per share stand at 36p on reduced capital.
Illuminator announced pre-tax losses of 16 million pounds, after exceptional charge, on turnover of 1.74 million, for the year ending 31st December 2000.
James R Knowles announced pre-tax profits of 0.7 million pounds, after exceptional charge, on turnover of 14.5 million, for the six months ending 31st January 2001.
MERGER NEWS
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by Dennis Eagle Ltd of the Refuse Collection Vehicle Sales and Services business of Jack Allen (Sales and Services) Ltd
Acquisition by Deutsche Lufthansa AG of 20% shareholding in British Midland Plc
OCTAGON MOTORSPORTS/BRITISH RACING DRIVERS CLUB MERGER TO BE REFERRED TO THE COMPETITION COMMISSION
Acting on the advice of the Director General of Fair Trading (DGFT), Stephen Byers, Secretary of State for Trade and Industry, on the 17 April 2001 referred the acquisition of certain assets of British Racing Drivers Club Limited by Octagon Motorsports Limited (formerly known as Brands Hatch Leisure Group Ltd) to the Competition Commission.
Mr Byers considered that the acquisition raises competition concerns in respect of the market for the provision of circuits for motor racing and related activities. The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Commission to report on this after investigation. The Commission are to make their report by 6 August 2001.
Mr Byers has also asked the DGFT to seek interim undertakings from the parties that they will not do anything which might impede any action which may be warranted in the light of the Competition Commission's report.
Byers launches first Government manufacturing website
The first step in the creation of a new interactive website designed to offer expert advice and information to manufacturers was launched on the 19 April by Trade and Industry Secretary Stephen Byers.
The website, which went live last week, will initially provide information on the Government's Manufacturing Advisory Service. Funding worth £15 million for the Service was announced in this year's White Paper, Opportunity for All in a World of Change.
www.dti.gov.uk/manufacturing invites manufacturers to join a national database of manufacturing expertise that will put companies in touch with experts in their field at the touch of a button. Stephen Byers said:
"This website will be a practical tool to help manufacturers stay at the top of their game by providing a one-stop shop for manufacturing advice and information.
"The UK has manufacturing expertise in abundance. But often companies are unaware of other companies and organisations in their field that are ready, willing and able to provide information and advice.
"This database will be a valuable resource for the manufacturing industry, especially new small and medium-sized firms. Providing assistance on tap from experts in the field will give SMEs a competitive edge in the global economy.
"We want as many people as possible in the manufacturing industry to sign up to this database."
As well as bringing sources of manufacturing knowledge together the website will also provide information on the Government's Manufacturing Advisory Service (MAS).
MAS has been set up to enable small and medium sized manufacturers to improve their productivity and competitiveness by making available to them expert advice and assistance.
The Service's two main strands of activity will be:
The website's address is: http://www.dti.gov.uk/manufacturing
23 to the 24 April FCIB Corporation - A Global Association for Managers in Finance, Credit & International Business FCIB's 106th International Round Table Conference In Europe Hilton Budapest Hotel Hess Andras Ter 1-3, H 1014 Budapest, Hungary Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org 21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visit www.garp.com or contact GARP on tel. +44 (0)20 7626 9300. 22 May The Institute of Credit Management National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 European Outlook ICM Members £165.00 - Non-members £190.00 Retired & Student members £95.00 all plus vat Buffet Luncheon 8.30am to 5.00pm To register telephone 01780-722907 Fax 01780-721333 Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. 22 June The Institute of Credit Management Fellows' Luncheon Dartmouth House Mayfair, London Tickets £42.00 plus vat To reserve places telephone 01780-722907 E-mail training@icm.org.uk Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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