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Top story
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Region's FTSE companies remain resilient
The North West's quoted companies were fighting back this morning as the global financial markets assessed the impact of US politicians rejecting a planned $700bn financial bailout plan. The FTSE pulled its way back this morning after an initial plunge and at midday shares in Bodycote, the Macclesfield-based testing and thermal processing giant, were up 3.65 per cent and home retail giant N Brown had seen a 1.49 per cent rise, despite ongoing gloom in its sector. Shares in marine services group James Fisher in Barrow rose through the morning and PZ Cussons, the Stockport-based maker of soaps and other domestic products, was also on the up following a positive AGM yesterday. United Utilities, the region's largest quoted company, was also on its way back after a busy morning of trading.
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Deals
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BWA under Bahrain ownership
In the latest Middle Eastern takeover in the North West, specialty chemicals business BWA Water Additives has been acquired by United International Bank (UIB), an investment bank based in Bahrain, from Close Brothers Private Equity. Manchester-based BWA develops specialty chemicals for water treatment, with a turnover of $100m and sales in 85 countries. UIB is an investment bank licensed and regulated by the Central Bank of Bahrain and BWA has a significant presence in the Middle East. "This offers UIB the opportunity to support BWA in its drive through the next phase of growth," said UIB's general manager and acting chief executive Abdulla Janahi. Senior financing was provided by a club of banks led by The Royal Bank of Scotland in Manchester and including HSBC. Close Brothers bought BWA in 2006 in a £45m deal.
Renold finalises Indian deal
Renold, the Wythenshawe-headquartered chain-engineering group, has completed it acquisition of a 75 per cent stake in Indian chain business LG Balakrishnan & Bros (LGB), after it received shareholder approval in August. The deal gives Renold new products and an established manufacturing base and sales distribution network that will enable the group to promote its product range into India's rapidly growing market.
The Sparling expands to Lytham
Restaurant brand The Sparling has secured a funding package from Barclays that will allow it to expand into Lytham. Building on the success of its existing gastro pub at Barton, near Preston, the move will see the company convert the former Conservative Club building on Hastings Place in the town into a high-quality restaurant, bar and conference venue. An official launch will take place next month and the business estimates that 35 new jobs will be created.
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Business
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Flooring the competition
James Halstead, the Manchester-based commercial flooring manufacturer and distributor, has bucked the economic downturn with a record year according to its preliminary results released to the Stock Exchange this morning. Revenue was up 15.7 per cent to £158.7m and record pre-tax profits hit £29.9m, up 27 per cent. Chief executive Mark Halstead said: "Despite adverse raw material and energy cost increases we maintained the gross margin with our premium products delivering record turnover on the back of strong sales representation and initiatives."
Impact plans share rejig
As the stock markets struggle with falling prices this morning, Manchester-based lender Impact Holdings, which lends to solicitors and the property industry, is proposing a capital reorganisation to help improve the marketability of its shares on AIM and allow it to issue new shares. Shareholders will be asked to approve the move at the company's AGM on 5 November. Impact's preliminary results for the year to the end of March revealed operating losses of £615,763 and total assets up 53 per cent to £9.2m.
Optare prepared for further investment
Bus and coach builder Optare, which was acquired by Blackburn-based Darwen Holdings for £15.95m in a reverse takeover in June, is set to continue to invest in restructuring over the second half of the year, producing long-term cost savings and operational efficiencies. Stating its interim results for the six months to the end of June this morning, the AIM-listed company said it expects to sign a lease on new premises in Lancashire shortly. "Despite the investment that this will require, we expect to end the year with a strong cash position," said chief executive Andrew Brian. Optare recorded turnover of £7.8m in the six months to 30 June 2008, with pro-forma turnover for the enlarged group of £38.4m.
Vision Media sees losses widen
Cheadle-based digital outdoor advertising company Vision Media Group has reported wider pre-tax losses on lower revenues, but remains confident that the second half of the year will show improvement following a restructure of the business earlier this year. For the six months to 30 June, pre-tax loss stood at £2.93m against a loss of £2.42m a year earlier, while turnover declined 32 per cent to £710,000. Executive chairman Mike Cottman said the group's relationships with "leading players" should ensure a better second half. Vision also said it has signed an exclusive agreement to outsource its entire local and regional sales function to WRT Group.
Losses at RTS, but hope for life sciences
Irlam-based technology business Robotic Technology Systems (RTS), which supplies robotic systems to automate scientific and industrial processes, has reported a first-half loss after tax of £1.8m in its interim results for the six months to the end of June, including £1.1m of exceptional costs due to ongoing contract disputes. The group said that a growth in orders in the RTS Life Science business should lead to improved performance in the second half of the year. It has secured orders worth over £5m to supply major pharmaceutical companies and has launched a new small blood fractionation system, which has already won its first order and generated significant interest. Trading in RTS Flexible Systems is expected to be weak for the second half of the year due to a reduced opening order book and difficult market conditions.
New ticket machines for Metrolink
More than 200 new ticket machines will be installed on the Manchester Metrolink network over the next three years as part of a £5.4m project. Transport bosses at Greater Manchester Passenger Transport Executive have appointed international company Scheidt & Bachmann to design, build and install the new touch-screen machines, which will replace all of the ticket machines on the network, which were installed when Metrolink was built.
Pinsent Masons makes four appointments
The Manchester office of law firm Pinsent Masons has added two partners and two senior associates to its ranks. Howard Ridley has joined as partner in pensions after moving from Rowley Ashworth in Leeds, while Vincent King has relocated from the firm's Leeds office to be partner in outsourcing, technology and commercial. Senior associates Simon Colvin and Ian Fyffe complete the new appointments. The firm is planning for a move to the top two floors of 3 Hardman Street later this year.
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Property
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More than a third sliced off land values
The value of urban development land in the North West has dropped by more than a third in the past year, the second fastest faller in the UK. According to Knight Frank's first annual Residential Development Land Index, the region saw a 41 per cent in brownfield land values, while greenfield sites are worth 36 per cent less. Jon Neale, head of development research at Knight Frank, said: "Many developers are selling sites to raise cash and bolster their balance sheets which has dramatically increased the supply of land on the market, further depressing values."
Hip to be Square
IT software licensing and security provider Softcat is the latest company to sign up for space at the Frogmore Northern's Universal Square scheme located close to Manchester city centre. The business has taken 1,650 sq ft of space on the first floor of the building and joins other occupants including Sport England, Input Media and Sigmun Financial Recruitment.
Centurion marches on
PPG has appointed Knight Frank and King Sturge as joint agents to market the second phase of development of the Centurion Way scheme in Leyland. It comprises of a 34,163 sq ft industrial unit with first floor offices and is available on a leasehold or freehold basis. The first phase of development at the park saw the construction of three warehousing and industrial units, now occupied by Chorley & South Ribble PCT, Leyland Service Centre and Leyland Exports.
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