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Royal Liver posts strong results despite challenging market
Financial services group Royal Liver has delivered positive interim results for the six months to 30 June, despite turbulence in the mortgage and investment markets and lower consumer demand for products. The iconic Liverpool society has experienced better than anticipated new business volumes and margins in its Progress and Caledonian Life subsidiaries, as well as lower operating costs, so that it generated an operating income surplus of almost £2.4m. But distribution arm Park Row recorded losses of £1.6m, while income was 16 per cent lower than its £8.7m target at £7.4m. Financial director George McGregor told Insider this morning that the results were pleasing, but the firm remains cautious. “The first half of the year has been remarkably good for us given the market conditions, but we remain cautious because we do expect further tough times ahead,” he said. “Overall we’re in really good shape and our restructuring over the last five years has created a more focused group.”
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More delays for new Anfield
Liverpool FC has revealed that its plans for a new £400m stadium in Stanley Park are to be delayed yet again, amid reports that the club's American owners Tom Hicks and George Gillett have had trouble raising the cash needed for the project. A club statement said: "Our commitment to building a new world-class LFC stadium is undiminished. Like many other major development projects in the UK and overseas we are affected by global market conditions and as such work on the project will be delayed in the short term." However, the club added that it will use the time to revisit the plans and look into ways of increasing the capacity to 73,000.
Mando secures law firm contract
Liverpool web development group Mando has signed a three-year online development contract with national law firm Hill Dickinson. The new site will go live in 2009 and will include an improved navigation and interface. It will allow staff to add new content and update the website more regularly. Mando has been working with the law firm since 2002 and this will be the third web development project it has provided for the firm.
Downturn? What downturn?
The fear of a downturn is casting a long shadow over the business landscape but almost half of companies in the north claim not to have seen any sign of it. Forty-five per cent of small northern businesses said in a survey by Bacs Payment Schemes that they had experienced no visible indicators of economic slowdown compared with 28 per cent of southern businesses and 36 per cent in the Midlands. Northern businesses were also less likely to have suffered from concerns such as having to cut back on business travel and receiving payment later than usual.
People in green houses
Skelmersdale-based Construction Partnership UK is set to create its first eco-homes in Manchester. The company has negotiated a £1.9m contract with Crosby Lend Lease to construct a new apartment development, which will aim to set new standards in green construction in the North West. The company will build 24 one and two-bedroom apartments in Whalley Range, near Manchester city centre. The apartments will be the first Crosby Lend Lease development built in accordance with the government's new Code for Sustainable Homes, which includes minimum standards for energy and water efficiency.
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Something for the weekend
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Deal of the week
It's been a quiet, four-day week for deals, but Liverpool's top deal is a lesser-spotted management buy-in (MBI). Knowles Surfacing, an Ellesmere Port company specialising in road surfacing and civil engineering work, has undergone an MBI by experienced businessman Karl Owen, backed by The Royal Bank of Scotland. The MBI of the £4.6m-turnover company sees Owen acquire the shareholding of Mark Knowles, who founded the company 20 years ago.
Rage against the machine
So-called e-rage is sweeping the nation, but it seems your attitude towards that annoying heap of metal and wires on your desk depends on where you live. A survey by ISP Eclipse Internet found that 10 per cent of workers in Manchester would resort to hitting their computer, but only 3 per cent in Liverpool would literally lash out at their PCs. Almost as chilled out as the people of sunny Southampton, where only 1.7 per cent would hit their computer when their email crashes. Must be something to do with the sea air.
Burn, baby, burn
Looking for something fun to do over the weekend? Fear not, because the World Firefighters Games 08 are still in full swing in Liverpool and the remaining treats include arm wrestling, indoor climbing, something odd called Bucket Brigade, horseshoe pitching - "competitors will be expected to provide their own horseshoes" - and wrestling. What more do you need?
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M1 3HY
Telephone: +44 (0)161 907 9711
Email:
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