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THE FTSE 100 Index edged higher yesterday, despite weakened mining stocks and speculation that the death of Osama bin Laden could trigger revenge attacks. The index closed up as investors fretted about how the UK will be affected by continuing high inflation. Meanwhile, on Wall Street, Dow Jones industrial average ended 0.15 % up, to close at 12,807.51, the S&P 500 fell 4.60, or 0.3 %, to 1,356.62, and the Nasdaq fell 22.46, or 0.8 %, to 2,841.62.
Recycling firm to float as it plans for growth by Alistair Houghton
LDP BUSINESS STAFF
alistair.houghton@liverpool.com
RECYCLING company Environmental Waste Controls (EWC) is floating on London’s Alternative Investment Market to fund its expansion plans. Knowsley-based EWC, which offers waste management services to the public sector and to hundreds of private firms, hopes to raise £4m from its stock market placing. That cash will help it to fund its growth plans, including opening more recycling centres around the UK.
EWC, which employs 370 people, operates household waste recycling centres for seven UK local authorities. Its Commercial Waste Management division collects and sorts waste from companies across the UK. In the year to last August, EWC posted sales of £23.8m, with a pre-tax profit of £2.1m. EWC’s chief executive, Bill Shaw, said the placing would also help raise the company’s profile and would give it the financial clout to bid for bigger tenders. He said: “We’ve got a fairly aggressive business plan to grow our organ-
isation quite rapidly. Being quoted has a lot of benefits. There’s a kudos in being quoted. It will help us by giving us more credibility when we bid for tenders. “Being a quoted company makes it easier to attract talent, and that’s something we’re keen on.” EWC plans to open three more large Material Recycling Facilities (MRF) centres, which sort waste that would otherwise go to landfill and then sell it other recyclers. It already has MRF sites in Knowsley, Neath Port Talbot and London. It has bought land in East Kilbride,
near Glasgow, and is now going through the planning process before opening a site there. The company also plans to open a site in Leicester and another in London. Mr Shaw said: “Recycling is a growth area, and with green legislation and financial penalties for landfill, it will continue to be a growth area. “To get the most benefit from waste, you need space to sort it. “MRFs give us the space to operate in. They enable us to do different things with waste.
CONTINUED ON PAGE 2
MARKET REPORT: PAGE 15
Chamber in cost cuts deal
inside
Professional Liverpool gets new rival THE ex-CEO of Professional Liverpool, Mark Chadwick, has launched a lobby group to promote the sector. PAGE 2
Concrete plan NUROCK hopes ecofriendly vehicle will drive growth. PAGE 4
Awards news THE first instalment of the Regional Business Awards shortlist. PAGES 8-9
From left, Gary Spengler, Chamber chief executive Jack Stopforth, and Alan Tune
BUSINESS EDITOR: BILL GLEESON 0151 472 2319
DEPUTY BUSINESS EDITOR: TONY McDONOUGH 0151 330 4918
BUSINESS REPORTER: NEIL HODGSON 0151 472 2451
BUSINESS REPORTER: ALISTAIR HOUGHTON 0151 472 2449
BUSINESS REPORTER: ALEX TURNER 0151 472 2321
When exceptional people come together, great things happen. When Weightmans and Mace & Jones merged to become one firm on 1 May something special developed. Weightmans and Mace & Jones. Together we are stronger. Find out more at www.weightmans.com
LIVERPOOL business insurance broker Butterworth Spengler has been appointed by Liverpool Chamber of Commerce to reduce members’ business insurance costs. Alan Tune, of Butterworth Spengler, said: “This is a big deal for us. Working with Liverpool Chamber of Commerce gives us a new dimension.” The Chamber’s head of client services, Jenny Stewart, added: “We want to share Butterworth Spengler’s experience with our members.”
BUSINESS REPORTER: PETER ELSON 0151 472 2502
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Plans for three recycling centres CONTINUED FROM PAGE 1 “For example, we deal with several hundred tonnes of copper wire, covered in plastic, a year. We traditionally sold it to a commodities dealer for about £1,800 a tonne. “But we invested in our MRF in Knowsley – we bought a wire stripper. We now have a couple of guys who, as part of their weekly work, strip the wire. “We can now sell the plastic at £200 a tonne and the copper at £5,500 a tonne.” Mr Shaw says EWC is considering opening further MRF centres. “One place in the country where there is a dearth of recycling facilities is the West Midlands,” he said. “If we’re going to have a seventh site, it will be there.” Mr Shaw, who left for London yesterday to take part in a series of investor roadshows, said he expected EWC to be well-received in the City. “It’s a cash-generative business,” he said. “We’re not convincing people to invest in a complex process with long lead times. “The whole nature of the business is that it’s very simple. It’s easily understandable. It’s something you see in action.”
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Former Pro Liverpool CEO sets up rival organisation by Tony McDonough
LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com
EX-PROFESSIONAL Liverpool (PL) chief executive Mark Chadwick is launching a rival to his former employer. Mr Chadwick was ousted as head of PL late last year, after it lost 80% of its funding due to Northwest Development Agency cutbacks. Earlier this year, he hit out at PL, claiming it had failed to react to the loss of funding and had reverted back to a “part-time, pro bono gentlemen’s luncheon club run as a hobby”. Mr Chadwick claims he has been approached by a number of professional firms in the city unhappy at the direction of PL. As a result, he is setting up Liverpool City Region: Business & Professionals, which will be based at 20, Chapel Street, and will be a not-for-profit community interest company. He told LDP Business: “The business, financial and professional services sector underpins and touches every part of our local economy. “With a sector valued at £12.25bn across the wider city region, it is absolutely essential that it is properly organised and has a clear and professional strategy aligned with the wider efforts of all stakeholders and partners so that businesses can maximise their opportunities and the local economy can recover and grow. “I am flattered and delighted that so many of our leading professional firms have approached me and have expressed a clear desire for a genuinely full-time strategic body run and operating in a similar fashion to that of Mersey Maritime. “I want to look forward, not backwards. This is a fantastic opportunity for us to build on earlier successes and recover lost momentum.” The new body will focus on five strategic development areas – business, lobbying, promotion, networking
Mark Chadwick – basing his new organisation at 20, Chapel Street, in Liverpool city centre Picture: GAVIN TRAFFORD
and research. It is also opening up membership to ordinary businesses while maintaining the focus on business, financial and professional services. Mr Chadwick added: “In unifying
business, finance and professionals through a common platform which provides an opportunity for access, interaction and the free and open exchange of information we will support our member interests while at the
same time looking to grow the local economy with our strategic partners. “The two are not, and should not be, mutually exclusive. Every major city region in the UK has a strategic body organising and promoting this sector.”
Business-friendly approach vital for recovery – FPB SMALL business lobby group, the Forum of Private Business (FPB), has called for a “twopronged” approach to boost economic growth in the UK. Commenting after UK GDP grew by just 0.5% between January and March, the FPB
says Britain needs to see two main measures in order to foster a meaningful economic recovery – swift businessfriendly policies from the Government, and an increase in business and consumer confidence.
FPB chief executive Phil Orford said: “An increase of 0.5% is as good as we might have hoped for. “However, it doesn’t indicate any great surge of economic activity. “If we want to see some real
growth next quarter, we need some radical and immediate measures from the Government which will tangibly improve conditions for smaller businesses on the ground. “If smaller companies are to foster a genuine and mean-
ingful recovery, they need to be freed from costly and timeconsuming red tape, benefit from a simpler and more sympathetic tax system, and see the soaring costs of essentials like fuel and utilities tackled.”
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Destiny calls for hi-tech firm that lets its software do the talking
Qire chief executive Guy Cooper pitches for investment at Liverpool Software City last year Picture: CHRISTOPHER WHITE/ Crystal Images
Alistair Houghton meets GUY COOPER, chief executive of Qire THE humble telephone call just got hi-tech. Liverpool-based Qire is growing rapidly, thanks to its Intelligent Voice Messaging (IVM) software that automates phone conversations. Qire’s software can make and receive phone calls and interact with callers. It can understand what they say and present them with options accordingly – all done using “human or human-like voices”. This year, Qire has already launched software that can be used by call centres to end the problem of silent calls. And later this year it will unveil a software package, called Qore, that Cooper believes will help it win business worldwide. Today, Qire employs some 20 people and turns over £4.8m. It works, says Cooper, with “anyone who has to talk to lots of people on a regular basis”, from banks to utility companies. Its clients include Co-operative Financial Services, utility companies Severn Trent and Scottish & Southern, and debt collectors Direct Legal Collections. Cooper believes Qore, which brings together IVM with other communications systems, will help Qire grow into a global business. “It’s software that will act as a single software solution for a company’s communications needs,” he said. “That single piece of software will act as an interface for all kinds of electronic communications, including landline calls, SMS, email, even Facebook and Twitter.
“You can communicate with an organisation through whatever channel suits you best.” The system can target those marketing calls more effectively so they suit the caller and the recipient. Cooper said: “It might be that you’re always available by mobile phone, but your wife might be a teacher, so it is pointless trying to contact her at certain hours. We can look at all that information and work out the best way of contacting you. “If you are a company making calls, you will be able to do things like, for example, asking the client ‘we will make a delivery at 4, will you be there’? “You will be able to do the kind of things it would be lovely to do if you had infinite resources.” Cooper, who studied electrical engineering at Imperial College, London, started his career at the Ministry of Defence. He said: “I used to design guided missiles.” In 1993, he moved into the telecoms industry with Cable Northwest, which installed the cable television network in the region. Among his tasks was designing the cable network in Liverpool city centre. As the company became part of
q&a Age: 46 Best advice: Don’t forget what you’re doing something for in the first place. Don’t get distracted Proudest achievement: When we got our system up to 1m minutes a month. That was when we stopped being a start-up and became established as a business Biggest regret: Not running my own business earlier Still to achieve: I’d like this to become a global business
Telewest and later NTL, Cooper moved through the ranks, designing cable installations for schools and hospitals throughout the country. In 1999, he started working with then Liverpool marketing agency Paver Downes, leading its EBusiness digital marketing arm. In 2003, Cooper moved on to research firm CACI, where he built a system to collect customers’ email addresses. But, after two years, he left CACI to co-found Origin, the company that became Qire. It was backed by Merseyside Special Investment Fund and won several big-name clients. But, in early 2008, the company was thrown into crisis by an Ofcom report on silent calls that suggested IVM services could become illegal. As a result of the uncertainty, MSIF took what it said was the “painful decision” to end its support for Qire. Facing the loss of its funding, Qire called in the administrators. But Cooper and his team were determined that Qire’s software could succeed and would win Ofcom’s approval. So they formed a company, Direct Data Services, to buy Qire’s name and assets. Later that year, Ofcom gave the green light to Qire’s services, setting the company on the path to growth. “It (the administration) was annoying, to say the least,” says Cooper. “It was hard at the time. “We managed to continue with the customers we had. But there was a bit of a hiatus with companies making the decision to go for it while they waited for Ofcom’s ruling to come through, particularly bigger organisations.” It was, Cooper says, “difficult” at first for a start-up business to win the trust of big corporations. “It takes a lot of resources before you get any benefit,” he said.
“The advantage that we have is that there are not a lot of options for customer. If you want this kind of system, you’ve got to buy it from a small company like us.” The company has been backed by Manchester-based Maven Capital Partners, which made two investments in the company totalling £1m. That investment helped it develop the technology, which it could then take to market. “It’s a utilisation-based service,” said Cooper. “Provided people like it and use it more and more, you get recurring revenue. The big advantage is that once we’ve sold it, we don’t have to sell it again month after month. “We have recently become profitable. Hopefully we can continue to be profitable from now on.” It was an Ofcom report on silent calls that caused Qire to wobble – but Cooper’s determination to keep developing technology means the company has now come up with a solution that he believes could solve the problem. Call centres use automated dialling systems to make them more efficient, meaning they can make more calls than there are agents. But if the phone is answered and an agent is not available to answer it, then the line goes dead, creating a silent call. One way to make a system more efficient was to use technology that cut off calls as soon as it recognised an answering machine. But because that software is not 100% accurate, many people still receive silent calls. Cooper says Qire’s new system solves the problem by ensuring people hear an automated voice system as soon as they pick up the phone. They can then choose to speak to an operator. Qire’s systems may be automated but they are, Cooper insists, far from
robotic in their sound. He said: “It’s automated conversation. We use real voices. It’s not like speaking to a robot. “A lot of other systems are done as text-to-speech – we only use that for things like numbers that aren’t available in advance. We try to make it as comfortable as possible.” Qire records the voices for its clients itself, and can call on a stable of voice artists. He said: “We can use different voices for different circumstances – a young female voice or a Scottish voice, for example – it depends what we’re trying to achieve. “You’d be surprised what difference it makes.” Liverpool is, says Cooper, a great base for a technology business. He says: “One good thing about Merseyside is that there’s some really good technical people here who don’t have a really wide range of exciting companies to work for. “There’s a great talent pool, and we’ve certainly found great people – people who’ve had firms like Google and Microsoft trying to poach them. We are having to fend off some big and glamorous names.” Cooper still lives in London, commuting between Merseyside and his home office in the capital. His ideal working week, he says, sees him in Liverpool from Tuesday to Thursday, giving him long weekends with his wife and two sons in London. “Even if I lived in Liverpool,” he said, “I’d still need to spend two days a week in London.” Outside work, Cooper enjoys playing football, as well as taking part in “adventure racing”. His next race this year will see him cross Scotland in a weekend by mountain-biking, running and kayaking. “I do that sort of thing three or four times a year, to the detriment of my health,” he smiled.
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LDP business .co.uk Business group appoints leader BUSINESSMAN Steve Bennett has been appointed leader of North West business group Private Sector Partners (PSP). PSP speaks for 25 business groups, representing 140,000 businesses in the North West that employ 1.3m people. Mr Bennett, 52, already sits on PSP as the representative of the Chartered Institute of Marketing, and replaces entrepreneur Len Collinson, who stepped down in April. Mr Bennett has held numerous senior roles in private businesses in the region over the last 30 years. He is founder and managing director of TransitionPlus and a business partner at Macclesfield-based executive search firm Wickland Westcott. He is a former North West regional vicechairman of the Institute of Directors. Mr Bennett said he will continue to fight to ensure the concerns of business across the region are heard, and to continue the strong presence of PSP. “I feel delighted and privileged to take on this role,” he said. “Len Collinson did a fantastic job founding then running PSP with tireless energy. His contribution to business in the region has been immense. I fully intend to follow Len in his passionate campaigning.”
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Nurock striking right mix to cement exciting future by Neil Hodgson LDP STAFF
neil.hodgson@liverpool.com
A KNOWSLEY concrete mixer manufacturer is forecasting bigger turnover and further expansion on the back of a new eco-friendly model. Nurock was formed by managing director Graham Jones and his father, Anthony, in 2001. In 2008, they received financial backing from Merseyside Special Investment Fund towards moving to their current Knowsley Business Park premises, complete with manufacturing facility. Last year, the company grew to a turnover of £930,000, from £315,000 the previous year, and is forecasting sales of £1.8m this year. And the company, which employs 10 staff, is in the process of raising second round funding to continue its expansion. The business develops and manufactures innovative concrete mixers and recently launched a new environmentally-friendly machine which will help the construction industry to reduce CO² outputs and landfill waste. Nurock is the UK’s and Europe’s only manufacturer of volumetric concrete mixers, and the NUVM 1.5 compact volumetric machine or “baby mixer”, uses a highly energy-efficient process to mix precise volumes of concrete on site, but in a more compact and affordable version than previously available. It carries all the unmixed ingredients in separate compartments before mixing the exact quantity on site, reducing pollutants in transportation and production and cutting waste. The mixers can also recycle excavated waste, normally destined for landfill, into re-usable cement. Nurock has recently been commissioned by Powys County Council to supply mixers for use on its Counties Highways and Infrastructure projects, in a contract worth up to £200,000 dur-
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The NUVM 1.5 compact volumetric machine, or ‘baby mixer’, designed by Knowsley-based Nurock ing 2011, and the firm is also in talks with several other councils, together with some civil engineering and utility companies. The company also supplies mixers to the Ministry of Defence and to construction and civil engineering firms across Europe, including France, Rus-
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sia, Belarus and other Baltic states. Graham Jones said: “Our mixers are effectively mobile batching plants which cut costs and carbon emissions and can reduce waste to landfill. These three factors are very high on the agenda for local authorities, civil engineering and utility companies and
we want to tap into these markets. The new mixer has opened up new markets for Nurock. “Whereas previously these organisations would probably have hired in mixers, our machine makes it economically viable and practical to own their own equipment.”
Healthy outlook at work as fewer employees call in sick SICKNESS absence is continuing on a downward trend among UK employees, according to a survey of sickness absence released today by EEF, the manufacturers' organisation. The EEF/Westfield Health 2011 Sickness Absence Survey shows that from 2007 to 2010 there has been a steady fall in sickness absence, with the average employee taking five days’ sickness in 2010, compared to 6.7 days in 2007. An all-time high of 45% of employees took no days off through sickness in 2010. While recessionary effects may have played a part, this trend began before the reces-
sion, with year-on-year improvements over the last five years, the EEF said. The survey shows a correlation between companies with strategies to train managers in sickness absence and with tougher absence targets, with falling absence rates. More than two-thirds are now achieving their targets, compared to half in 2007, while those companies who trained their managers are a third more likely to reduce their sickness absence. David Ost, North West region director for the EEF, said: “The continued downward trend in sickness absence is welcome recog-
nition of efforts by companies and government to get people back to work. “In particular, it is striking that the companies who have proactively contacted their GPs to discuss adjusting people’s working arrangements have seen the highest level of response. It is also clear that doing the basics, such as training line managers and GPs, pays dividends. “If we are to see the trend continuing to improve and the economic benefit to the UK economy this brings, it is vital the Government continues to fund the training of GPs in health and work issues.”
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Pick-up in trade fails to lift gloom over high street FIGURES showing slightly better-than-expected sales in the run-up to Easter failed to lift the gloom for downbeat retailers yesterday. The latest survey by business body the CBI showed a balance of 21% of retailers reporting that sales volumes increased in the year to April, up from 15% in the previous
month, and more than the 18% who had expected a rise. The survey, which covered the first two weeks of the month, suggests that retailers continued to enjoy a moderate pick-up in trade after official data showed a surprise boost for sales the previous month. But, worryingly for the economy, they feel the growth
may be short-lived. Retailers predicted that sales growth would decline marginally in May and remain worse than normal. CBI chief economic adviser Ian McCafferty said: “Despite slightly better year-on-year sales growth in April, this survey shows things are far from rosy on the high street.
“For the third month in a row, retailers considered sales to be unseasonably poor, stocks are running quite high and orders with suppliers are expected to fall. “With few signs of demand picking up rapidly in the coming months, conditions on the high street look like remaining tough for retailers.”
Average sales growth for the quarter, which the CBI said indicated the underlying trend, hit its lowest level since July. Howard Archer, chief economist at IHS Global Insight, said: “The CBI survey overall does little to dilute the underlying impression that consumers are becoming less willing and able to spend.”
Debts firm ‘upbeat’ and ready for the recovery by Alistair Houghton
LDP BUSINESS STAFF
alistair.houghton@liverpool.com
DEBT collection firm Intrum Justitia has hailed a strong start to the year and says it is set for growth as the world economy recovers. The Swedish group, which has its UK headquarters in Liverpool, saw profits rise in the first quarter, and says it expects demand for its services to increase. Intrum’s consolidated revenues fell 2.4% to £93.5m compared to the first quarter of 2010. But the group says that, adjusted for fluctuating exchange rates, sales rose 5.1%. Intrum’s president and chief executive, Lars Wollung, said: “Intrum Justitia has had a good start to 2011 and our operating earnings rose by 18% adjusted for currency effects and a loss in connection with our divestment of our associated company in Iceland.” Intrum’s Western Europe division, which includes Belgium, France, Ireland, Italy, the Netherlands, Portugal, Spain and the UK, saw revenues fall 16% to £31.6m, thanks to a revaluation in its Dutch business. Mr Wollung said the division had performed well overall. He said: “In the Western Europe region, currency-adjusted operating earnings rose by 9% and the margin strengthened to 16%. “Thanks to good cost control in the credit management service line and a
strong trend in purchased debt, we are succeeding well despite the continued challenging macro-economic climate. “In the Netherlands, measures to adjust the cost base have begun to take effect, although development for the quarter was unsatisfactory.” Intrum employs 35 people at its base in Old Hall Street, Liverpool, and another 25 in the UK. In its report yesterday, the company said: “We foresee a slow macroeconomic recovery in Europe with considerable differences between regions. “The opportunities to resolve debtors’ financial problems are better than they were in the midst of the global financial crisis. “However, collectability has not yet returned to the levels that existed from 2006 until the first half of 2008. The situation has nonetheless stabilised. “We see increasing demand for integrated credit management and financial services. Clients’ need to establish stronger and more predictable cash flow is increasing. The need to create further alternatives for the financing of working capital is also increasing. “In our assessment, Intrum Justitia’s strategic focus is well attuned to the market trend, with a broadening of credit management services and a link to risk reduction and financing services based on strong, market-leading collection operations. “We foresee good demand for services of this kind over the next few years.”
private business Asian growth drives sales rise
THE parent company of a Wirral transport equipment provider is reporting a 9.4% surge in revenues for the final quarter of 2010. Faiveley Transport, which owns Faiveley Transport (Birkenhead) said revenues for the period came in at euros 287m. Consolidated revenues for the full year 2010/11 totalled euros 914m, an increase of 4.3% compared to the previous financial year. At constant exchange rates and group structure, group revenues grew slightly (+0.5% organic growth), in line with forecasts announced at the start of the financial year. Currencies contributed to a favourable foreign exchange effect of 3.8%. The growth in revenues was helped by a strong performance in the Asia-Pacific region – up 25%. In the Americas, revenues grew 7% thanks to a strong performance in Brazil and the start of recovery in the US freight market. In Europe, the company saw sales decline, particularly in Spain and France. The order book at March 31, 2011, amounted to euros £1.45bn, compared to euros 1.3bn at March 31, 2010, representing a year-on-year increase of 11.6%. TONY McDONOUGH
LDP
CREATIVE We foresee good demand for services over the next few years – Intrum Justitia’s president and chief executive, Lars Wollung
Travel firm‘s volunteer project
Coffee for free
CHESTER luxury travel specialist ITC Classics is offering its customers the chance to combine their holiday with a bit of volunteering. The ITC Giving programme works in partnership with award-winning volunteer
BOLD Street Coffee, in Liverpool, is offering vouchers for a free cup of coffee to coincide with its first birthday. The outlet, set up by entrepreneur Sam Tawil, will offer the vouchers this Friday, May 6, and will also stage a photo exhibition featuring their customers throughout their first year in business.
organisation, People and Places. It will offers clients the opportunity to participate in a range of community projects., from education, health and social care to conservation and wealth creation in places
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including South Africa, Morocco, India and Thailand. A typical ITC Giving itinerary includes a minimum of five working days in the chosen community project, accompanied by luxury activities and excursions.
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Wednesday, May 4, 2011
LDP business .co.uk Warning over rate appeals LIVERPOOL businesses have been urged to avoid “unscrupulous” companies offering to cut business rates bills. Business rates consultancy and chartered surveyors RatesRecovery.com says in the past up to 6,700 companies in the Liverpool area have signed up with unregulated rating agents, thinking they will obtain a refund. RatesRecovery director Nick Wright said: “The rates valuation and billing process can often be confusing, and for many the prospect of pursuing an appeal is daunting. “In the past, many unregulated agents have taken advantage of this situation by making false promises to local businesses in return for an up-front fee. Many appeals by these rates cowboys have little or no chance of success.”
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Work under way on £48m fire stations improvement
An artist’s impression of the new Belle Vale community fire station, due for delivery next year
CONSTRUCTION group Balfour Beatty has revealed artists’ impressions of some of the seven Merseyside fire stations to be modernised as part of the UK fire service’s largest-ever Public Private Partnership project. The project, worth £48m, involves a full rebuild of 16 community fire stations and includes design, construction, funding and provision of facilities management. Seven of the fire stations are in Merseyside, with five situated in Cumbria and four in Lancashire. Work has already begun on stations in Kirkdale, Formby, Newton-le-Willows and Bootle Netherton. Belle Vale, Birkenhead and Southport are next in line for the revamp, with work scheduled to commence in spring, 2012. As well as modernising operational facilities, the scheme will provide resources for community use, such as meeting rooms and multi-function lecture rooms. Bootle and Belle Vale stations will also include fire safety departments, while Southport’s remodelled facility will incorporate an ambulance station.
Energy firm on upward curve
To let
new build industrial units 6,775 – 12,091 sq ft Knowsley L33 7XN
by Neil Hodgson
LDP BUSINESS STAFF
neil.hodgson@liverpool.com
The Alchemy development is transforming bare land into one of the region’s shining commercial schemes. 93,107 sq ft have already been built with future phases to include design and build warehousing up to 300,000 sq ft together with a potential hotel and leisure related scheme. Units benefit from the following specifications - Contemporary design - Fully fitted first floor offices including carpeting, lighting and central heating
- Heating and lighting to warehouse - Planning for B1, B2 and B8 uses
www.langtreegroupplc.co.uk/alchemy
01925 273000 www.langtreegroupplc.co.uk
WIRRAL renewable energy products manufacturer Stiebel Eltron has had its most successful year since founding its UK operation in 2008. The firm has also signed a major partnership agreement with Leicester-based Underfloor Warehouse, one of the UK’s leading renewable energy distributors. German-owned Stiebel Eltron makes microgeneration heat pumps and solar panels, as well as heating and ventilating products. The global turnover of its parent company has risen from approximately £410m to £430m. Its UK managing director, Mark McManus, said the firm’s Bromborough-based UK operation had seen turnover increase by 18% in the last 12 months, while sales for March, 2011, are 85% up on March, 2010. He said: “We are delighted with this strong performance after three years of really hard work. “We achieved our target again last month and our turnover was 14% up on April the previous year, despite all the bank holidays. “Importantly, the growth is being driven by all divisions of the business across the UK – heat pumps, solar and home comforts. Our heat pump sales are increasing thanks to a number of large contracts in the commercial sector, including the Citibank building in Canary Wharf, and a fast rising number of domestic property owners looking to go green. “We expect heat pump sales to remain robust as the Government’s new cash-back scheme, the Renewable Heat Incentive (RHI), has finally been launched and is ramping up interest. Meanwhile, we have seen strong sales
UK managing director Mark McManus of our newly-launched Solar PV range helped by the Government’s other cash back scheme the Feed In Tariff (FiT).” The Underfloor Warehouse deal involves the supply of ground and air source heat pump technology to the independent distributor. Mr McManus said the partnership will lead to “substantial growth” for the business. “Geographically, this gives us much better coverage and offers a wealth of business development opportunities in the East Midlands and East Anglia. Underfloor Warehouse currently sells 80 to 100 heat pumps every month – a fantastic figure which is continuing to grow.”
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Time to stop Brussels’s red tape from smothering small businesses
Matt Johnson AS EVER, the balance between sensible legislation and wasteful bureaucracy continues to influence business performance across all sectors.
And it is not an issue entirely within our domestic control. According to the Federation of Small Businesses (FSB), 72% of the total cost of UK regulation now originates from Brussels. The overall cost of red tape to businesses in the EU is year and there have been more than 100,000 pages of new EU regulations since 1997, according to figures unearthed by the FSB. It is warning that new laws and regulations take a disproportionately heavy toll on the smaller, or micro, firms making up its membership. Examples it quotes hardly roll off the tongue, or captivate interest.
Try these: Agency Workers Directive; Regulation of working time for self-employed lorry and coach drivers; Parental Leave Directive; Pregnant Workers Directive and the Capital Rights Directive 4. The FSB is calling on government to push for stronger changes in the EU to ensure that this constant flow of extra burdens ceases. The calls will surely be applauded by many. It’s been said countless times in recent months by many business leaders and informed commentators
that it is the private sector which is best placed to lead the recovery from recession. Austerity measures, or budget deficit reduction policies, mean the public sector will not, for the foreseeable 124bn euros a future at least, be in a position to create as much of an economic impact as it once did. So the emphasis and focus will inevitably fall on the private sector. And here the role and importance of SMEs will be paramount. That’s why the case being put by the FSB is so important. FSB research shows that four in 10
‘It could free up SMEs to hire more people’
small firms believe that a moratorium on new regulations would have a positive impact on their business. If the burden is lifted from small businesses, they would be free to get on with creating wealth, jobs and growth. The scale of the opportunity is clear when you remember that, if only 50% of the EU’s small businesses employed just one extra person, there would be an additional 10m jobs. It’s a fact that should make purveyors of red tape stop in their tracks. ■ MATT JOHNSON is chief executive of Mando Group
Jobs bonanza as new Tesco store prepares for launch THE countdown has begun to the May 16 launch of the new Tesco Extra store, on Park Road, Liverpool. Store manager Richard Hatley, who has received the keys to the new store from Patton Construction operations director Brendan O'Reilly, said: “My team and I can’t wait to get inside and start stocking the shelves.” The store will be open 24 hours a day from Monday 6am to midnight on Saturday, and 10am to 4pm on Sunday. Almost 300 new jobs have been created by the store opening, after Tesco received 2,000 applications. Tesco, which has made the largest private investment in Toxteth since 1981, worked closely with local organisations during recruitment to ensure jobs were given to Liverpool residents – 65% of all new vacancies went to people living within L1, L8, and L17 postcodes, with the remaining jobs going to residents in surrounding areas. Of the 280 new jobs, 190 staff are permanent and 90 are temporary, and once the store is open the management team could offer additional permanent jobs.
Tesco store manager Richard Hatley, foreground, and Patton Construction operations director, Brendan O’Reilly
Lookers’ board frustrates investor’s bid to buy firm by Jamie Grierson
LDP CORRESPONDENT business@liverpool.com
VETERAN investor Jack Petchey yesterday confirmed that his plans to buy car dealership Lookers were being frustrated by the company’s board. Mr Petchey’s private investment vehicle, Trefick, said it had teamed up with real estate firm Moor Park and venture capitalist Brett Palos to move in on the Manchester-based company. But the investors said Lookers, which has a market value of around £260m, had failed to provide information needed to confirm the offer.
Lookers, which operates 11 dealerships across Merseyside and Cheshire, last week confirmed it had rejected an informal bid. Mr Petchey, 85, also manages property investment firm Petchey Holdings and Petchey Leisure, a management company for holiday resorts in Spain, Portugal and the UK. Isle of Man-based Trefick, which already holds a 17.3% stake in Lookers, focuses on stock-exchange listed, property asset backed businesses. Mr Petchey claims to be a genuine “rags to riches” businessman, rising from office boy at 14-years-old to a motor trade and property tycoon.
Mr Petchey, who was awarded the OBE in 2004, set up the Petchey Group after the Second World War, growing the business from a single mini-cab to controlling a fleet of cars and car showrooms, and then on to holiday properties abroad. The East Londoner set up the Jack Petchey Foundation in 1999 to help young people in the capital. He has donated more than £65m to schools, clubs and projects. Mr Petchey is a serial stake builder in property and car companies. He previously invested in and then exited from Reg Vardy, the car dealership group, in 2007 at a profit.
Lookers, which competes with Inchcape and Pendragon, reported betterthan-expected full-year profits in March, driven by a strong performance from its motor and car parts businesses and a reduction in costs. The company posted a 7.7% rise in group revenues in 2010 to £1.9bn, while adjusted pre-tax earnings were up 19% to £33.6m. Lookers operates 124 showrooms selling brands such as Ford, Vauxhall, Nissan and Toyota. The company’s largest shareholder is non-executive director Douglas Bramall, who owns just over 22% of the company.
Industry body pins hopes on progress A BODY representing the manufacturing sector has welcomed signs of progress in two areas it says are vital to small firms. EEF says small and medium-sized enterprises (SMEs) are the bedrock of supply chains which feed into larger firms, accounting for 60% of the private sector workforce. EEF regional director David Ost said: “They tend to be highly agile, have close relationships with their customers and are quick to respond to market needs. For this reason, their needs must be at the forefront of policymakers’ minds in terms of issues such as tax regulation, access to finance and ensuring they can get the skills they need.” He added: “Two critical issues are regulation and access to finance where there are some promising signs.” He said as banks have rebuilt their balance sheets SMEs have found it difficult to get access to finance and when they do the terms and conditions can be tough: “Tackling this is crucial if companies are to invest and grow and create the jobs we urgently need. “The Independent Banking Commission report provides a welcome first start, and the Government must now be bold and use this opportunity to bring greater competition to the sector. “There have also been positive signs on regulation, with Government absolving SMEs from new regulations and setting up the red tape challenge.”
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LDP business .co.uk Bill Gleeson Two decades on from Maxwell, what’s changed? ONE OF my first beats as a junior reporter on an accountancy trade magazine was to cover corporate governance. Asil Nadir had flown the country after his Polly Peck empire had gone bust, Bank of Credit and Commerce International had collapsed, and Robert Maxwell had gone splash into the sea, taking with him millions owed to Mirror pensioners. As a result, Sir Adrian Cadbury, in his capacity as pre-eminent member of the list of great and good, chaired a review of corporate governance arrangement in British industry. I recall attending its launch. I was unimpressed. His report’s terminology seemed vague, the reforms weak. A board, we were told, should have at least two non-executive directors. That would stop the crooks in their tracks! There was also a lot of talk about improved financial controls and audit committees. Almost two decades on and we are still discussing what can be done to beef up business governance in the aftermath of the financial crisis. Auditors recently found themselves in the firing line again, when a House of Lords report on the profession’s role during the financial crisis was criticised. Their Lordships have suggested the profession should be referred to the Office for Fair Trading on competition grounds. The peers are concerned that, with only four major players in the international audit market, and with major firms only changing their auditors on average of once every 48 years, the relationships between auditor and auditee are still far too cosy. Mostly through merger, the upper echelon of big global accountancy firms have shrunk from the Big 8 when I started to just four today. Industry observers suggest that figure is
about to shrink to three. Those mergers have created very big firms. The fact is you need scale, particularly if you’re going to audit the world’s biggest banks. The audit of a global bank requires thousands of staff in offices around the world almost constantly working on the account. A big bank’s audit fee is worth tens of millions of pounds a year. The referral to the OFT implies a view that the audit firms should be broken up, but it’s hard to see how smaller firms could do the job. You would have thought that the implosion of Arthur Andersen, after the Enron scandal, would have kept auditors in line, but perhaps the shock of that event is wearing off. The Lords’ recommendations for periodic compulsory re-tendering is a necessary step and the incumbent auditor should be prevented from pitching. Preventing the sale of additional accountingrelated services such as tax advice would also be beneficial. DESPITE its less than catchy name, Liverpool City Region: Business & Professionals may just turn out to be a good idea. It’s been set up by Mark Chadwick, who ran Professional Liverpool until it lost its government funding due to the cuts. He is now setting up a not-for-profit community interest company to promote the city’s professional services community. It’s a bit of a risk. Why should it work where Professional Liverpool didn’t? But, should it work, it might be more effective than its forerunner, precisely because it’s no longer publicly funded. As such, it may turn out to be a more effective agent at growing the sector in Liverpool. We’ll just have to see if there are enough takers.
2011 awards s Today we start unveiling the shortlists for the Regional Business Awards Bill Gleeson reports THE Liverpool Daily Post today publishes the shortlist of finalists for this year’s Regional Business Awards. The shortlist has been drawn up following a meeting last week of the judging panel which had the difficult task of whittling down the chosen finalists from a bumper crop of entries. The winners of each of the categories will be unveiled at a gala dinner, which takes place on the night of June 23. About 500 guests are expected to attend the event being staged in the awesome setting of Liverpool’s Anglican Cathedral. Bill Gleeson, chairman of the judging panel, said: “As always with the Regional Business Awards, the Daily Post received a bumper crop of entries for this year’s competition. “It was noticeable, however, that as well as a good number of entries, the quality was very strong this year. “There were signs among some of the entries of the adverse affects of the recession, with many companies disclosing falling sales and tighter profit margins. “But all of the companies on our shortlist showed strong financial performance, despite the recent tough times.” Today, the Daily Post publishes the shortlist for six of the categories in the Regional Business Awards. Those categories are: Small Business of the Year, Medium Business of the Year, Investment of the Year, The Liverpool John Moores University Knowledge Business of the Year, The United Utilities Green Business of the Year, and the Jaguar Land Rover Corporate Social Responsibility award. The shortlists for the remaining four categories will be announced in next week’s LDP Business pullout. Mr Gleeson added: “Now almost two decades old, the Regional Business Awards are seen as the pre-eminent business event in the Merseyside calendar. The night itself represents an opportunity to rub shoulders with some of the biggest players in business in our region. “More importantly, it also gives the Liverpool Daily Post the chance to publicly recognise the achievements of some very successful businesses operating in our area. “The Government is counting on the private sector to pull the British economy out of the doldrums and into a new era of strong growth. “I have no doubt all the businesses on our shortlist are typical of those the Government is looking to for future growth. “The Daily Post is grateful to the scores of other companies that did not make the shortlist but took the time and trouble to submit an entry to our awards.” The Small Business of the Year category was open to any company operating in the Liverpool Daily Post’s circulation area that employs less than 50 staff, while the Medium Business category was open to companies employing between 51 and 250 staff. In both categories, the judges were keen to reward strong financial performance in the form of rising sales and profit margin growth. The Investment category was open to
Daily Post editor Mark Thomas addresses guests at last year’s awards any business that was either a fresh inward investment into our region since January 1, 2010, or re-invested in its operations locally, securing jobs for the future. The judges were looking to reward investments that had a substantial impact on the local economy. For the Corporate Social Responsibility category, the judges were looking to reward businesses that made a beneficial impact by giving something back to the wider community, whether that was in the form of money, paid staff time, or the use of some other resource. The Green category was for companies that can demonstrate they are responding positively to the low-carbon agenda, either through the invention of new products and services or changes to operational methods. Those wanting to attend the awards should contact the Liverpool Daily Post’s events team on 0151 472 2422. Seats cost £95 per person, plus VAT.
‘Chance to rub shoulders with big players’
Diners at the 2010 ceremony
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the big feature
shortlist is revealed Small Business of the Year
Medium Business of the Year
THE Small Business of The Year category is open to any firm operating in the Daily Post’s circulation area which employs fewer than 50 staff. The judges were looking to recognise firms that showed strong financial performance both in terms of top-line sales growth and bottomline profitability. The small business category was one of the best-entered in the competition, making the judges’ task even more tricky. Firms shortlisted in this category are: ■ Chester-based mobile phone market company Txtlocal; ■ Wavertree Technology Park hi-technology security systems firm, Human Recognition Systems; ■ Knowsley-based cement mixer manufacturer, Nurock.
THE Medium Business of The Year category was open to any firm in the Daily Post’s circulation area that employs between 51 and 250 staff. It was another category that attracted a good number of entries. The judges were looking for evidence of strong financial performance in terms of topline growth and improving profit margins. Other factors that featured high in the judges’ considerations were innovation and economic impact on the local region, especially in terms of job creation. The shortlist is: ■ Hooton-based web marketing firm Click Consult; ■ Jewellery chain Boodles; ■ Stock market-quoted information technology firm, GB Group.
Investment of the Year
Corporate social responsibility
THE Investment of the Year category was open to businesses that have invested in their operations in the Daily Post’s circulation area, in a way that has led to a substantial economic benefit for the region. The judges were keen to reward the injection of substantial sums of risk capital into an enterprise that creates jobs and can contribute to sustaining the local community. The shortlisted firms were: ■ Dairy products firm Danone; ■ Halewood carmaker Jaguar LandRover; ■ Speke-based discount retailer, B&M Retail.
THE Jaguar Land Rover Corporate Social Responsibility award is open to firms that can demonstrate that they go the extra mile to support the community in which they operate. This might take the form of donating company money or paid staff time to charities and other good causes. The shortlist for Corporate and Social Responsibility category is: ■ Construction firm Balfour Beatty Capital; ■ Housing association Riverside; ■ Health benefits mutual, Medicash.
Picture: GARETH JONES
Green Business of the Year
How to enter THE winners of all the categories will be revealed on Thursday, June 23, at the awards ceremony and gala dinner at Liverpool Anglican Cathedral, hosted by veteran BBC journalist and former Liverpool Echo reporter John Sergeant. The event will celebrate the determination and success of businesses like yours from across the region. The awards are an outstanding networking event, with the opportunity to raise the profile of your business and reward the hard work and dedication of your employees. Tickets to the awards are £95 per person, plus VAT, and can be booked by calling 0151 472 2422 or visiting the awards website at www.regionalbusinessawards.co.uk
THE United Utilities Green Award was open to all firms that could demonstrate a commitment to improving their impact on the environment, or offered innovative services and products that helped others achieve those ends. The judges sought evidence that a firm was changing its operations to take account of environmental considerations. The shortlist is: ■ Plant hire firm Speedy Hire; ■ Packaging firm Weir & Carmichael; ■ Renewable energy firm, Eco Environments.
This year’s awards will take place at Liverpool’s magnificent Anglican Cathedral
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LDP business .co.uk briefing Asia driving growth at Aberdeen SCOTTISH fund manager Aberdeen Asset Management doubled its underlying pre-tax profits in the six months to March 31 to £142.8m. The company said the record haul was driven by a strong performance from its Asia Pacific portfolio.
Compass buys Dutch unit FOOD service company Compass Group has acquired catering group Elior’s food-services operations in the Netherlands for an undisclosed sum. In addition Compass, which provides contracted catering facilities to a range of clients, also finalised the acquisition of Swedish catering firm BGP Resurs from Steringer Resurs for £1.6m.
Avon rises COSMETICS seller Avon Products more than tripled its profits in its first quarter, driven by higher selling prices and growth in its Latin America market. Avon, which sells beauty products in the UK and across the world, said its net income increased to £87m.
Man launch MAN Group said it had successfully launched a new fund in Japan, which has raised $(US)1.5bn (£909m). Man said the fund, called the Nomura Global Trend, began trading at the end of April.
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Excel ace aims to unravel mystery of spreadsheets by Neil Hodgson
Traci Williams and her trusty laptop, crammed with Excel info
LDP BUSINESS STAFF
neil.hodgson@liverpool.com
TRACI WILLIAMS’S skill for bringing numbers to life has provided her with the perfect career path. Her Excel Ace business provides specialist advice on Microsoft Excel spreadsheets, that can be a boon to company chiefs, but also equally as daunting to anyone less computersavvy. Ms Williams, 33, from Bidston, explained: “An Excel spreadsheet is basically like a piece of paper and you can write into different boxes information on anything from accounts to ordering materials, a work rota or stock control.” But she said most people hadn’t a clue just how much capability the Excel program could offer a business. She discovered her personal flair for Excel as a trainee accountant, as part of a GNVQ course after a damning assessment from her school careers advisor who told her she wasn’t intelligent enough to do A-Levels, which makes her success even more satisfying, explaining to owners of small and large firms alike how they can harness computer skills to save valuable time and money. Ms Williams said she loved the finance and legal side of her original course, which involved a requirement for a week’s work experience: “When a list was circulated, it was full of solicitors but only one accountant, and I saw that as a sign so went there, and loved it.” The firm, Hirst Alderson, has since merged with two others, but Ms Williams said: “I was doing filing and making the tea and if I was good they would let me do a trial balance, which is basically the first snapshot of a balance sheet. I preferred the analysis side of accountancy.” She was able to develop her analytical skills over nearly eight years at Unilever, in Port Sunlight, where she produced data for three factories, such as calculating price variances on materials purchasing. From there, she spent a year at foods group John West in Liverpool: “I was doing sales accounting on the theme of telling the stories of the numbers.” But she said she began to find the task too repetitive and was eager for a new challenge. “I realised I would have to go out into the big, bad world. So I asked myself, ‘what do you enjoy doing and what could you adapt’? “Everyone I worked with used Excel, but they didn’t use it the same way I did. I wondered if there was a business in it. I was aware of functions and shortcuts that to me were obvious, but hardly anybody else was aware of. “For example, I absolutely love Pivot Tables – a function that can save you a massive amount of time if you are doing monthly statistics.” So, in February, 2008, Excel Ace sprang from Ms Williams’s kitchen table. “At the time, I was temping with Blue Orchid, in Liverpool, and they said they would guarantee me three days a week for six months. “I did a lot of networking and Blue Orchid referred me to companies they
Picture: GARETH JONES/ grj280411business-1
A ‘dashboard’ which translates statistics into a graphic illustration knew, so I picked up clients in the first six months. Most of my clients are from networking or referrals.” However, three years on, Ms Williams says her original business plan has changed and evolved: “I thought I would go into businesses, look at their existing spreadsheets and make them more simple. “But I realised not many business owners are comfortable with managing their own numbers. So I developed a book-keeping model.” The majority of computers around the world have Microsoft, so people already use Excel. But Ms Williams has tailored the model for each individual business. “I will sit down with them and
understand how they work and build it specific to them.” Clients also get continuing support: “Every month they can send me their files and I will double check them. I can also check things like whether they have put a receipt in for an item on their banking account. “It helps improve things when they give their accounts to their accountant at the end of the year.” But she says there is much, much more to an Excel spreadsheet than people realise: “They learn the basic Excel but then go back to their office and their spreadsheets and don’t know how to apply what they have learned. “Generally, people use about 10% of Excel’s capabilities. I only use 50% and
am learning stuff all the time. But I try and bridge the gap between the 10% and my 50%. I always say ‘it is easy when you know how’.” Her “shortcuts” have cut the time some clients used to spend on their spreadsheets by as much as 75%. And she said programmes unknown to many Excel users can help bring huge clarity to a business. “People aren’t aware of functions like a dashboard that shows all the information on a normal spreadsheet, but in a series of charts and graphs. “A bar chart of people who owe money and the longest outstanding account allows people to see straight away who they need to be chasing. “People hate a page of numbers, but if they can see a graph it makes things easier to follow.” Her clients range from one-man bands to Liverpool Chamber of Commerce, but no matter how big or small, her aim is to make processes more efficient, slick and easy. Some of the more unusual spreadsheets she has helped create include a holiday and sickness tracker, a book of remembrance and a scoring system for a pub crawl. She added: “Even my karaoke machine at home has an Excel spreadsheet for all the artists and songs – but it can’t make coffee yet, which is a bit of a pain.” ■ MS WILLIAMS is running a series of workshops over the next three months in Liverpool. Contact info@excelace.co.uk
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Warm weather is cold comfort for chocolates retailer CHOCOLATIER Thorntons issued a profits warning yesterday, as it blamed the record temperatures in April for a meltdown in Easter sales. The company said the hot weather put customers off buying chocolate and saw same-store sales plunge 23% over the crucial Easter week. Thorntons said it now expects pre-tax profits to be between £3m and £4.5m for the year to June 25, compared with £6.1m the previous year. City analysts previously expected earnings for this financial year to be around £6m. The warning comes as supermarkets step up promotions and discounts on chocolate Easter eggs and as cocoa and sugar prices continue to soar, piling pressure on smaller stores. Thorntons’ dismal Easter trading period follows a similarly weather-hit Christmas season.
Retail chain Thorntons said the warmer weather over Easter put people off buying chocolate
Picture: FIONA HANSON
Recovery fears as growth in manufacturing slows by Jamie Grierson
LDP CORRESPONDENT business@liverpool.com
THE best days of the industrial recovery are over, economists warned yesterday, as a worrying slowdown in domestic orders saw manufacturing growth plunge to a seven-month low. The Markit/CIPS Purchasing Managers’ Index, where a reading of more than 50 indicates growth, fell to 54.6 in April from a downwardly revised 56.7 in March. As new orders from within the UK dropped to an eight-month low, analysts said the figures revealed further weaknesses in the economy and signalled another drop in consumer spending. The mediocre performance will raise concerns over the economy’s ability to withstand the Government’s fiscal squeeze while persistently high
prices weaken the prospect of an interest rate hike at the Bank of England. The manufacturing sector has enjoyed stellar growth in recent months, with Chancellor George Osborne singling out the sector for praise within last week's economic growth figures. Companies have benefited from decent orders both at home and overseas, the competitive level of the pound and an ongoing rebuilding of stocks after they had been slashed during the recession. But David Noble, chief executive at Chartered Institute of Purchasing & Supply, said April’s survey revealed a bleaker outlook for UK manufacturing. “The sector was racing ahead just a few months ago but there are now clear signs that it is running out of steam,” he said.
“The marked slowdown in new orders in April will definitely send a shiver down the spine of many.” Mr Noble said UK manufacturing was currently a “tale of two markets” as exports grow, but domestic demand suffers as a result of falling consumer confidence and spending. Howard Archer, chief UK and European economist at IHS Global Insight, said the survey will reinforce worries over the economy’s ability to withstand the Chancellor’s fiscal squeeze as it starts to increasingly bite. The Chancellor is rolling out an £81bn package of spending cuts, which includes hundreds of thousands of public sector job losses, to tackle the bulging budget deficit. Mr Archer said: “The risk is that jobs growth will wane further if manufacturing activity continues to lose momentum. This is worrying for
hopes that private sector employment improves to compensate for the public sector job losses that are now increasingly on the way.” A moderate slowdown in input price inflation, revealed by the survey, will alleviate pressure on the Bank of England to raise interest rates. The Bank has held rates at an historic low of 0.5% as it grapples with soaring inflation – which is currently double its 2% target – and faltering growth. James Knightley, economist at ING Bank, said: “Today’s report further diminishes the likelihood of a rate hike this week, with November looking the most likely point for policy tightening at present.” Elsewhere, the survey said there had been a “sharp lengthening” in supplier delivery times, as a consequence of the knock-on effect from the Japanese earthquake and tsunami.
William Hill buys US bookmaker
Open later
BRITAIN’S biggest bookmaker, William Hill, yesterday announced another acquisition as part of its drive to become a key player in the US betting market. It has paid £8.5m for
SUPERMARKET group Morrisons is set to increase the opening hours for 398 out of its 439 UK stores. The group will ensure opening times are uniform from Monday to Saturday, with the majority staying open until 9pm. The move comes following research into shopping habits.
Brandywine Bookmaking, which operates 16 sportsbooks in the state of Nevada under the Lucky’s brand, and one in St Kitts, in the Caribbean. Brandywine is also
involved in a partnership which runs the Delaware State Sports Lottery and operates in three casinos in the state. The acquisition comes a month after
William Hill made its first move into the US market by snapping up American Wagering Inc (AWI) and Club Cal Nevi businesses, which also operate in Nevada and Delaware.
news
Oil and power workers’ action THOUSANDS of workers at new power station and oil refinery sites across the UK could be involved in a national day of action in a worsening dispute at a bio-ethanol plant. Hundreds of workers have been laid off at the site in Saltend, near Hull, sparking unofficial industrial action which has brought work to a standstill. The protest continued yesterday when electricians and scaffolders are believed to have refused to cross picket lines at the new plant, being built by Vivergo for BP. It is believed that union shop stewards from across the engineering construction industry will meet next week to discuss organising a national day of protest unless the row is resolved. The action would involve thousands of workers from power station and oil refinery sites across the country and would be the worst outbreak of industrial unrest since a row over foreign labour at the Lindsay oil refinery, in North Lincolnshire, two years ago. Another row was brewing yesterday over the employment of welders on the Drax and Ferrybridge power stations, in Yorkshire, after the GMB union claimed that overseas workers might be recruited. Regional officer Jimmy Skivington said: “We are concerned that, despite several meetings with us about their legal responsibilities, Doosan Babcock still intends to fill some of their jobs for welders on these two sites with non-EU labour.”
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UK construction sector set to defy ‘slump’ figures on road to recovery
view point
by Barry Donoghue, director at Denizen Contracts
WHILE last week’s reported slump in the construction sector is clearly unwelcome, we should be wary of regarding the figures as too much of a shock or concern.
Stepping away from the broader debate over whether ONS figures for the first quarter of 2011 indicate a growing or stagnant economy, it’s important that we don’t lose sight of the nuances of our own industry. The construction sector accounts for a significant portion of the UK economy. However, its invariably volatile nature creates a challenging environment for any analyst trying to identify a long-term trend, thus rendering any conclusions risky at best. It is also worth noting that, for the large part, we remain at the will of investors, developers and owners,
each of whom must have the confidence and resources to commence projects. As public purse strings continue to tighten, a fullblown renaissance will only occur with significant private sector investment. This remains unlikely, as wavering confidence in the UK’s economic recovery makes the risk of many major projects difficult to justify. However, from our perspective as hospitality construction specialists, it’s certainly not all doom and gloom.
A steadily-growing demand for new building stock and the significant value of some contracts has given us room for much optimism. To this end, the private sector is living up to its responsibilities to lead the country out of the recession. International brands such as Hilton, Intercontinental Hotels and Wyndham continue to award franchise and management opportunities to ambitious developers and operators such as one of our principal clients, Sanguine Hospitality,
‘Demand has given us room for much optimism’
The Bromborough warehouse that has changed hands
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which in turn have led to burgeoning demand for specialist design and build support. Our recent work with the Hilton group, which has involved refreshing its portfolio of show suites, demonstrates an appetite for further growth in this sector. Therefore, I think any intense focus on the hospitality sector might be somewhat misplaced. Instead, as hospitality operators move forward with muted confidence, perhaps it is time for other sectors to follow suit and allow construction professionals to support those ambitions, just as we continue to do.
Warehouse in Wirral snapped up in £8m deal by Tony McDonough
LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com
A WIRRAL distribution warehouse has changed hands in a deal worth more than £8m. Agents at Liverpool-based Mason Owen secured the property in Bromborough on behalf of Invista Real Estate Investment Management. Invista will develop the 170,000 sq ft warehouse in conjunction with Hampton Brook Estates and the Northwest Development Agency. The warehouse has already been pre-let to Great Bear Distribution for a period of 10 years, with a fixed rental uplift in the fifth year. The warehouse is located in
Thermal Road, opposite Cereal Partners’ factory in Bromborough. Great Bear currently has a contract to warehouse and distribute Cereal Partners products so this new facility will reduce its carbon footprint. The development is due to be completed in December 2011. The facility will be rated BREEAM (BRE Environmental Assessment Method) excellent, Mason Owen said. Property agents Legat Owen represented Great Bear and Hampton Brook Estates and Mason Owen represented Invista. Lawyers Howes Percival represented Hampton Brook Estates, Eversheds for Great Bear, Platt and Fishwick for the NWDA, and DLA Piper for Invista’s clients.
London’s West End drives Euro growth PRIME office rents across Europe grew “modestly” during the first quarter of 2011, according to research. Jones Lang LaSalle’s European Office Rental Index was up 1.5% over the quarter. The firm says this increase was almost entirely driven by continued rental
growth in London’s West End (+4.6%) and Moscow (+17.6%) with Lyon (+4.2%) and Dusseldorf (+2.2%) being the only two other index markets to experience growth. Debt problems in Spain, Portugal and Ireland continued to be a drag on rents in these countries. Spain’s office mar-
kets recorded rental declines over the quarter (Madrid -0.9% and Barcelona -1.3%). Rents remained stable in Dublin and Lisbon, but values are expected to soften further. The report added: “Healthy levels of demand and limited supply are likely to drive prime rental growth.”
13
Wednesday, May 4, 2011
LDP business .co.uk Additional auction date named EDDISONS has added an additional date to its North West auction calendar, in response to vendor demand. The next auction will now take place on May 10 at the Premier Inn, Trafford Park, Manchester. In total, 61 lots are scheduled to come under the hammer, most of which are offered on the instructions of PwC, who are acting as joint administrators. The catalogue includes a range of tenanted and vacant residential properties across the North West, with guide prices starting from £25,000. They include a mixed-use property in St Helens. The part-retail, part-residential property incorporates a restaurant, a takeaway and an apartment.
IN ASSOCIATION WITH
LIVERPOOL’S INVESTMENT SPECIALISTS
location
MWBrecoverysluggishas officesdivisionlosseswiden by Tony McDonough
LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com
Silkhouse Court, in Tithebarn Street, Liverpool city centre, which offers 1114 workstations in the MWB property portfolio
SHE’S BACK... Also starring...
Martina Navratilova Richard Krajicek Mansour Bahrami Greg Rusedski
THE LIVERPOOL INTERNATIONAL TENNIS TOURNAMENT 2011
A Northern Vision Event
16TH - 19TH JUNE, CALDERSTONES PARK
Tickets from £9
echoarena.com ticketmaster.co.uk 0844 8000 400 0844 847 2332 Hospitality from £95.00 + VAT 0151 227 5940
THE serviced offices division of MWB Group saw a slight increase in occupancy in the second half of 2010, but also saw losses widen. MWB Business Exchange saw revenue for the six months to December 31 rise to £55.1m from £54.3m. Pre-tax losses were £2.8m, against £2.2m in the first half of the year. Its portfolio of serviced office space includes Silkhouse Court, in Liverpool city centre, where it offers 114 workstations. MWB says that, during the half-year period, total occupancy improved “marginally” to 84%. The division’s chief executive, John Spencer, said: “There is little doubt that the last six months of 2010 were more demanding than anticipated, with the business environment remaining challenging. “As a result, our recovery has been slower to materialise than we initially planned. “Workstation rates, however, began
to stabilise and there were some early indications of more positive market conditions, particularly in our core area of activity – central London.” Mr Spencer added that the second half of 2010 witnessed a stronger commercial property lettings market, driven by an improving economic climate which, coupled with a lack of supply of Grade A space, is now seeing rents and therefore workstation rates improve in central London. “One of our key focuses has been to re-balance our revenue streams, in order to reduce our exposure to a small number of market sectors,” he said. “I am pleased to report that we are now beginning to reap the rewards of this strategy.” The Daily Post reported earlier this week that MWB Group had reported widening losses for the half-year period, with pre-tax losses increasing from £7.8m to £11.6m. The company’s hotels division operates the Malmaison, in Liverpool’s Princes Dock. MWB is currently in talks with its lenders to reduce its £302m debt burden.
liverpooltennis.co.uk
14
Wednesday, May 4, 2011
LDP business .co.uk Aerospace & Defence
31634 25138 Forgn & C 32334 206
Index 3389.06 ▼ 11.02 8512
258
Avon Rbbr
251
+2
36978 29434 BAE Systems 32934xd +178 73612 51958 Chemring 25878
19214
Cobham
65512
-1412
226
35538xd -358
665
63712xd
Rolls-Royce
15912 10438 Senior
-4
15414
+112
+638
528
40978
4678
87512 610
Bco Santander 740
-2434
73078 59614 HSBC
66212xd +718
15018 1934 Ireland
2258
-38
5218 3758 Ryl Scotland
4178
+38
1959 1525 Stan Chart
166512xd+612
Beverages Index 9703.06 ▲ 115.09
31278
Cble&W Wwide
-114
KCOM
6234
+1
Sainsbury
70
70
Thorntons
1182 918 730
AB Foods
90712 74212 Cranswick
753 40014
1226
+8
2306 1827 SABMiller
2276
+4112
2044
+41
Construction & Materials Index 4171.34 ▲ 32.60 35714 22934 Balfour Beatty 32912xd +134 265
18512 Costain
1987
+45
Forestry & Paper
Electricity Index 8294.39 ▼ 44.03 44434xd +478
44858 28412 Intl Power
33278
+214
1358 1010 Scot&Sthrn
1348
-10
38312 Domino Ptg
661
179
9834 Laird
14314
316
16712 Morgn Cru
314
+4
774
256
Oxford Inst
732
-1312
Volex Gp
32334
+734
Equity Inv Instruments Index 6171.68 ▲ 22.63 29312 Alliance
14012 105
Br Assets
1922 1154 Schroders
General Industrials Index 3309.22 ▼ 92.86 720
36738 Cooksn Gp
71612
1258
478
Coral Prod
1058
718
338
Cosalt
334
39058 29038 Rexam
38814
-214
226
21412
-238
1256
-76
366
2112 289
334 AEA Technology 241 Albany Inv Tst
92
2012 Anglesey Mining
594 1258 118212
22934 Balfour Beatty 29 Beale 49258 Compass Gp 47 8
2514 1214 Ashley L
IMI
108
4312 Molins
94 xd
220
115
MS Intl
20712
45
23
Renold
38
+4
2039 1344 Spirax Srco
2039xd +30
1934 846
1934
Weir Gp
+10
Industrial Transportation Index 2639.95 ▲ 13.04
Dixons Retail
1458
+18
777
777 xd
+4
39914
+414
31134 21114 Resolution
28058 18812 Home Retail
21714
-234
255
414
36418
-14
173
38438
-358
847
415
-478
59412 433
2885 1724 Signet Jwlrs
2575
-3858
46978
-18
4 34
479
-12
+18
28612
9112 +1
96412
Standard Life 22734xd +158
BSkyB
847
D Mail Tst
49512
1159 864
1149xd
-2 +9
32214 easyJet 5934 IS Pharma 683 JD Sports Fashion
+2
+29
21212
1112 JJB Sports
7512
-4
+814
3512
1534 Johnson Serv
32912 xd
+134
+314
49934
355 Nichols
589
Coral Prod
1058
89712 Dee Valley
118212
+412 +1312
12112
8312 NWF
4012
1934 Park Gp
1257 +25
14614
76212
Rathbone
9712 Redrow
Price
8812 88812 2434
Var 5Day
+434 +1214 +14
-114
-34
+934
11312 xd
+112
+2
4012
+34
+14
1182 xd 13138
+17
Vernalis
Antofagasta
-512
35314 28438 Big Yellow Gp 344
-1 4
10234 7134 Psion
10012xd
-1
16014 10234 Spirent Comms 14138xd -458
Tobacco
266612 1959 Br Am Tob
266612xd+5512
2150 1753 Imperial Tob
2150
Index 4806.21 ▲ 3.55 3153 2037 Carnival
2457
1682 801
Fresnillo
1598xd +93
42734 28012 Gt Portland
1671 965
Kazakhmys
1333xd -46
79112 545
1642
+10
33114 25014 SEGRO
6655 4425 Randgold Res 4976
+56
1983 1355 Lonmin
4712 2812 Rio Tinto
429212 -6712
5514 3234 UK Coal
4214
821
575
Inmarsat
626
41814 Brit Land
49258 Compass Gp 589
+412
479
32214 easyJet
+434
35234
13914 8438 Enterprise Inns 9618
-22 +178
1887 1266 Whitbread
1666
-14
+34
14714 10134 Logica
13558xd +34
302
28634
+134
65912 48278 Pennon Gp
Ashtead Gp
65912
1513 1086 Severn
1507
63112 507
631
434
+18 -1
Utd Utils
20114
-7 8
26
51612xd
-3
1514 412
783
658
Bunzl
74612
+212
81612
63512
Capita
73112xd
-412
984
54912 De La Rue
791
+80
712
API Gp
2514
Armour Gp
518
564
19012 Cape
134
1
Crimson Tide 112
214
112
Dawson Intl
2
812
414
Eckoh
838
307
20214 Electrocmps
27978
+134
-50
819
572
Experian
81312
+7
28234
23734
G4S
27918
+278
21212 1112 JJB Sports
452
24134 Hyder Cons
361
-112
3512 1534 Johnson Serv 3338 xd
1202
+2
28114xd +14
86
3034 Man Brnze
49
540
-112
12
4
Metalrax
1112
34634 15214 Northgate
33418
-778
30834 20838 Prem Farnell
28834
+314
550
355
Portmeirion P 49212xd
12734 8414 Rentokil
95
79
3412 1914 Speedy Hire
Burberry Gp
1321
+26
1127 709
409
267
PZ Cussons
32958
+134
2261 1223 Wolseley
Travis & P
14312
11434 RSA Insurance
3412
1914 Speedy Hire
49
3534 Sportech
13778 xd
Var 5Day
+14
+218
30
-114
+114
4412
+12
+114
4114
2514 Telme Gp
4114
+2
+2
5514
3234 UK Coal
4214
+134
+2
Ultima
1995
1688 Unilever
63112
507 Utd Utils
158 1987
30
-1 8 -114
1071
-4
2168xd
-18 +45
- 18 -1
631 +3812 +1012
231.10
0.51
Jpan Spec Sits
-
130.50
0.10
Spec Sits
-
2004.00
0.01
Sth East Asia
-
770.40
0.01
GARTMORE FUND MANAGERS Euro Sel Opps
17312 55
Redhall Gp
5112 1112 Scapa Gp
934.72
1.09
-
213.87
3.59
- 159.49
170.90
4.33
Index-Linked Acc
- 497.74
523.93
-
International Acc
-1013.03 1066.34
-
Pacific Acc
-244.96
257.85
-
Property Bonds
-1995.83 2078.99
-
HSBC INVESTMENT FUNDS (UK) Balanced
-
British
107.60
-272.30
Gilt & FI
-
Gilt & Fixed
-
0.99
272.30 3.02
63.63
-214.40
Monthly Inc
3.50
214.40 3.22
134.50
3.58
HENDERSON HORIZON FUND
UK Equity Inc A
-
1069.00
- 53.85 -
UK Advantage Inc
-
56.26 4.40
456.50
-
273.10
-324.39
2.95
1.10
337.38 1.10
European
-
846.60
0.70
Far East
-
569.20
1.80
Inc & Gwth
-
210.40
3.30
International
-
431.80
0.40
North Amer Acc
-
471.80
0.10
7112
-2
5014
-1 2
115
Swallowfield
120
67
Uniq
7638
+138
670
510
Young A
612
-10
223.29
0.37
FUNDS Low Funds
Price
Var
Consols
£90932
£761132 Cons 4% .................£7734
£582732
7634
-
In order to give a greater range of Unit Trust information, covering a larger number of trusts, the list of funds changes each day as follows: UNIT TRUST MANAGERS DAYS PUBLISHED A to Com ................................................... Tuesday F to Inv....................................................Wednesday JP to Pru...................................................Thursday Roy to T .........................................................Friday
High
14212
£50 Cons 212% ............ £53116
Conversions
£8134 £1091316
£69 Cnv 312%.................£7212 £10158 Cnv 9% 11 ............£10158
-132
£50 Tr 212% ...................... £51
-12132
Treasury
Currency
Tourist
Buy
Sell
Australia
dollars
1.44
1.512
1.517
dollars
-
GUARDIAN
-3 8
Country
Canada
203.40
-
+112
£ ABROAD
▲ 1.20% Price
+3 4
Smiths News 10078
1321
Low
-114
29634 18312 Interserve
61212
High
2434
545
126
-
Sing ASEAN
-178
33734 Menzies J
4.34
Income Plus Japan
INVESCO FUND MANAGERS
450
1416xd -17
1.65
564
-458
+9
+6 +3812
458
2336
332.10
Capital
Index 915.24 ▼ 5.90
51912 36014 Berendsen
20778 77
+212
AIM
1786xd
-
HILL SAMUEL UNIT TST MGRS
48414 National Grid 61612
Index 4665.29 ▲ 12.93 AEA Tech
Gwth & Inc
Sterling Bd Unit Tst
118212
22234 Sage
0.32
EuropeanSmllrCosA
Utilities
629
Index 21768.93 ▲ 372.36
78
+612
118212 89712 Dee Valley
-18
1950
+18
24534
-214
-2912
-838
TUI Travel
-114
+14
-914
23812
16114 Thomas Cook 17138
27178 190
33814
Personal Goods
2
237
+612
10312
Oil Equipment & Services
AMEC
+634
79112
36414 23014 Invensys
Index 8795.25 ▼ 50.09
Tullow Oil
42734
12612 85
Oil & Gas Producers
1493
20814 Restaurant Gp 32534
324 xd +318
2112 334
99112
335
14818xd -258
34618 26412 Centrica
1787 1157 Aggreko
2336 1554 Ryl D Shell B
15234 9434 Rank Gp
-3 8
-214
13778xd
2140 1085 Premier
+214
Punch Taverns 78
+26
185458xd +414
Cairn Energy
Mitchells&Btlrs 33114
5414
14312
49314 366
+12
24678 16034 Stagecoach
Support Services
1504xd
274
10878
1636
186114 124378 Marsh McL
BG
Ladbrokes
1975 1271 Autonomy
1674
30278 BP
-114
15078xd
6112 3012 Emblaze
1753 1238 Admiral Grp
RSA Insurance
+134
12234
Index 4724.41 ▲ 25.48
Index 1651.11 ▼ 5.55
11434
21278 Intl Cons Airlns 240
15214
+2
Nonlife Insurance
+5
285
Index 732.20 ▲ 4.58
Kewill
-
1841.00
+678
Holidaybreak 275 xd
+38
32958xd +412
613.40
-
Income
Intercontl Htls 1300xd -11
Yield
-
Pratical Inv
240
Offer
Price Gross
Amer Spec Sits
-13
360
Price
American
-138
49612
Bid
Terms
FIDELITY INVESTMENT SERVS
32314
Software & Comp Servs
+134
611
Land Secs
+78
Cancel Fund
1460 1042 Go-Ahead Gp 1401
41258 31114 FirstGroup
9038 58
604 xd +312
+42
594
361
+1158
+43
Travel & Leisure
11718 8978 Marston’s
2990 2157 Daejan Hldgs 2748
-27
3338 xd 49934 xd +1214
39
31
-35
-158
-7
50
-3712
up 14.58
35234
+1012
2487
+5
59012 46058 Reed Elsevier 539 xd
Low
+72
1316
1332
-358
7438
Pearson
3062
131812 1095 GlaxoSmthKln
Index 1958.11
Index 26106.25 ▼ 133.05
9312 4814 ITV
1202
3012
602 xd -1812 2412
1435 982
3385 2772 AstraZeneca
263112 168412 BHP Billiton
1251 764 53612
Index 9402.59 ▲ 129.40
Real Estate
Index 4307.13 ▼ 5.11
42712 32638 M & S
523
30458xd +178
Media
62712 382
+14
1634 761
567 +1
8414
3115
156412 984
45014xd +312
High
3437 2254 Anglo Amer
BBA Aviation 21712xd +12
48914 Prudential
Pharma & Biotechnology
Index 26418.64 ▼ 398.43
+12
Index 4691.51 ▲ 28.22
-15
-434
18234 12912 Vodafone Gp 17214
12334xd
Var 5Day
77412
-412
47778 29414 Aviva
39814 WH Smith
WPP
1096xd
2114
2222
84612 608
-63 +3
1096 578
12334 7214 Lgl & Gen
Mothercare
140
Index 3935.29 ▲ 15.89
-14
23718 Inchcape
UTV
-1014
6734
34814 Halfords
Utd Business
106
37712
Debenhams
30
725 151
38734 18314 Fenner
Brown (N) Gp 29514
550
To assist in the analysis of the market two figures are given for each sector. Firstly an index (set at 100 on January 1 1992) to give a comparison in the performance of various market sectors. Secondly an indication of the percentage change in the price of all the securities within a sector since the previous close.
+212
Mobile Telecoms
31114 221
1134
-12
51 59912xd
Life Insurance
-814
16712
82512xd +878
7738 53
Price
39 Adv Medical
+38
388 xd +478
Charter
DAILY POST REGIONAL INDEX 1215.24
764 AMEC
3912
18212 Bodycote
Index 1730.40 ▼ 14.75
2313 1868 Next
1251
35714
388
85312 567
+34
+1
13138
4314 2214 Taylor Wimpey 3914
-112
+538
66012 53012 Edin US Trkr Tst 645 xd
137 xd +212
24034 175
-4
46818
96
Smith DS
27012
142
Low
-38
27714 19812 Kingfisher
10034 Dunedin Sml
High
+1
13938
Candover Inv 61412
Edin Invst
+8
-7
17118 Dunedin IncGth 224 xd
46818
1906xd
88812
577
142
-1
JD Sports
835
McBride
Index 7491.90 ▲ 30.89
-3
96412 683
228
196
524
ICAP
385 xd +312 +178
+138 +612
Industrial Engineering
London Stk Ex 86812
-12 +258
11314 71312
+512
General Retailers
705
Barratt Dev Bellway
+512
544
Index 3183.07 ▲ 13.32
12514 70 74512 511 114
STV Group
48018
Aga Rngmstr 12314xd +14
816
1429 1008 Smiths Gp
Electronic & Electrical
74
Close Bros
933
108
Those securities which have increased in value since the previous close are shown in bold type.
Mining
3i
34158
-58
66
Index 6632.25 ▲ 163.47
27912
57012
+234
Household Goods
14614 9712 Redrow
1007
12412
662 xd +412
Index 6174.86 ▲ 43.58
1182xd +17
12412 7834 Marshalls
53712 Smith Nph
3648 3015 Reckitt Benck 3419xd +95
88812 664
-12
742
168
14514 4534 Trinity Mirror
General Financial
1033 72812 Provident
61
385
59612xd +412
22838 ARM Hldgs
49612 37614 Greene King
138
1257 76212 Rathbone
1360xd +30
126
+1
22812xd +214
6312 2834 Low Bonar
377
+14
1995 1688 Unilever
340
T W T F
May 3, 2011
Index 3718.41 ▲ 24.38
+11
25178
M
Share price (pence)
Nov 3, 2010
Health Care Equip & Serv
149758xd +13
1383 88612 Kier Group
45018 32614 Drax Gp
73
Premier Foods 3314
61012 36758 Mondi
2100 1460 Johnsn Mat
THORNTONS
-12
60412
1881xd
Apr 25 - Apr 29
FTSE-Rebased
-134
Index 6425.12 ▲ 48.48
-78
180014 105338 CRH
+19
40918 Tate Lyle
Chemicals
60
651
3814 1934 BATM
Index 30909.48 ▲ 636.02
s............ dealing suspended xd.............price ex-dividend xs ......... price ex-scrip issue xr ........ price ex-rights issue xc ..... ex-capital distribution xa................................ ex-all £......price value in £ sterling
72312xd +312
42478 33934 Dairy Crest
1258 1025 Diageo
16518
Apr 18 - Apr 22
90 75
1026
47712 Carrs Mill
607
16934 5834 Elementis
Apr 11 - Apr 15
105
-1014
3160.85 ▲ 0.18%
UNIT TRUSTS
Index 788.04 ▼ 19.79
KEY
5850
Index 5295.96 ▲ 111.03
+114
Index 7498.44 ▲ 41.40
5910
Food Producers
41034
Croda
350
+134
112
3314 16
1885 901
+318
406 xd +212
+19
36412 Britvic
20-Day Moving Average
120
29778
6018.33 ▲ 0.06%
FT ALL-SHARE up 5.82
SPOTLIGHT
44058 37712 Tesco
1394
518
Barr (AG)
-12
4678
7534 4134 Nth Foods 1394 900
-112
Index 4785.69 ▲ 31.57
-238
7758 5012 Lloyds Banking5878
6030
6082.88 ▲ 0.21%
20 DAY MOVING AVERAGE up 3.79
FTSE-100
Food & Drug Retailers
395 +378
FT-SE 100 INDEX up 12.98
5970
19414
30614 25758 Morrison W
28614
+412
6278 4438 Cble&W Comm 4578
Banks
25538 Barclays
528
19534 10978 BT Gp
22438xd +138
Index 4766.97 ▲ 38.45 344
Witan
-38
Index 2364.25 ▼ 24.67
6512 41
Index 5246.62 ▲ 32.73
25018
FTSE 100 INDEX
6090
Tech Hardware & Equip
Closing Indices
Fixed Line Telecoms
92
Automobiles & Parts
23718 10914 GKN
36478 27314 Law Debenture 36478
-218
38078 26134 Meggitt 535
+34
18614 Scot Am
Keep track of all the major share moves of the day with our live FTSE ticker at www.ldpbusiness.co.uk
31358xd +118
Hend Smllr Cos 31112
252
LondonStockMarketatClose
1.50
1.568
1.570
£61 £1171516
£109 Tr 9% 12................£11018
+38 +132
Denmark
krone
7.96
8.284
8.294
£10738 £1032132 Tr 5% 12............. £1031116
European Union
euro
1.07
1.111
1.112
£121516 £1152532 Tr 8% 13.............. £116716
+316
Japan
yen
128.17
133.940
134.040
£114332 £109532 Tr 5% 14................£11058
+516
New Zealand
dollars
1.92
2.052
2.057
Norway
krone
8.31
8.674
8.675
Poland
zlotys
3.87
4.374
4.382
Sweden
krona
9.54
9.957
9.967
Switzerland
francs
1.37
1.423
1.424
£112
£105732 Tr 734% 12-15........£10614
£324732 £3031132 Tr 212% IL 16 ....... £324732
+12132
£142316 £1322132 Tr 834% 17 .......... £1352932
+12
£147132 £1332732 Tr 8% 21............. £1382532
+58
Turkey
new lira
2.38
2.531
2.541
War
United States
dollars
1.59
1.653
1.654
£8334
£6712 War Ln 312%......... £771316
+34
Last night, the pound was worth: $1.6534 (down 0.0155) ..... 1.1116 euros (down 0.0108) ..... 128.17 yen (down 1.58) ..... Its trade weighted index was 78.70 (down 0.90) Metals in $ per troy ounce: Gold 1540.25 (up 4.75) ........................ Silver 43.61 (down 5.09) ........................ Platinum 1858 (up 23) ........................ UK base lending rate 0.5%
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Wednesday, May 4, 2011
LDP business .co.uk London market THE FTSE 100 Index edged higher yesterday despite weakened mining stocks and speculation that the death of Osama bin Laden could trigger revenge terrorist attacks. The blue-chip index closed up 13 points at 6082.9, in its first day of trading after a four-day break, as investors fretted about the country’s economic recovery and how it will be affected by continuing high inflation. World markets were boosted on Monday after bin Laden’s death was confirmed by US President Barack Obama, triggering gains in Asia, Europe and the US, before the risk of repercussions dampened the rally. But recent moves by India and Russia to raise interest rates in the face of spiralling prices have raised further questions about the strength of the global recovery. And with commodity prices starting the week on the back foot, copper miner Antofagasta sank to near the bottom of the blue-chip index, dropping 35p to 1332p, while fellow copper giant Kazakhmys slipped 47p at 1332p. Downbeat surveys on the retail and manufacturing sectors also weakened sentiment. The latest retail sales survey from the CBI suggested a pick up in trade in April but worryingly for the economy, companies feel the growth may be short-lived. The top Footsie risers were Man Group, up 8.3p at 258p, Reckitt Benckiser, ahead 95p at 3419p, Tui Travel, up 6.5p at 245.7p, and AstraZeneca, ahead 72p, at 3062p. The top Footsie fallers were Smiths Group, down 76p at 1256p, Randgold Resources, off 244p at 4976p, Kazakhmys down 47p at 1332p, and Arm Holdings, off 18.5p, at 602p.
LIVERPOOL’S INVESTMENT SPECIALISTS
IN ASSOCIATION WITH
market comment
WhyUSdebt warning causedjust rippleson themarkets
THE recent decision by Standard & Poor’s to publicly put the credit rating of America’s debt on notice of a possible downgrade from the unimpeachable “triple A” status caused only a brief ripple in equity markets. The rationale for the move was stated as being that America has far greater budget deficits than countries with similar debt ratings. Standard & Poor’s was not just flagging the estimated deficit of over $1.5 trillion (or 11% of GDP) in the current fiscal year, but also the fact that there is no “clear path” to dealing with the problem as the debt burden becomes ever greater. The USA now has $14.3 trillion in total debt, already equivalent to 97% of GDP by the end of March this year. Why have investors been so sanguine about the move? Stock markets only declined for a fleeting moment, while bond prices (which one would have thought should have been most disturbed by the news) are actually higher today than when the move was announced. The simplest explanation is that the facts of the matter amounted to a statement of the obvious that was already fully accounted for in investors’ minds. A more subtle explanation may be that this move is actually a sign that at last some momentum is building to tackle the difficult financial problems that face America over the coming decade. Viewed dispassionately, the evidence abounds that Standard & Poor’s action is only part of a process of America taking their situation more seriously. The rise of the “tea party”, a loose
affiliation of right wing politicians with little in common aside from a commitment to cutting the size of the deficit (or government itself, depending upon who is asked), is its most obvious manifestation. This phenomenon has made the state of the nations’ finances a key issue for the 2012 Presidential election. In reality, America’s debate on the sustainability of its finances is one that mirrored in the rest of the developed world. Eye-catching figures put the true size of the Government Debt burden (if future unfunded commitments are included) at close to $50 trillion – a figure which suggests the debt to GDP ratio will rise to over 300% if spending is left unchecked. That then, is the nub of the problem. America and Europe are facing the bill for the social contracts written between electorate and government when the maths of the situation were very different. Pensioners were not supposed to live much beyond 70 and the medical treatments were never envisioned to be available for such a broad array of ail-
The US debt crisis will be on voters’ minds next year as they decide whether to re-elect President Barack Obama Picture: EVAN VUCCI ments (both fatal and inconvenient) – certainly not at such a high cost. The track record of America is that once a problem is identified, they do not flinch from grasping the nettle. My own view is that this will be the case again, which will ultimately be good for stock markets and for the US Dollar. In the short term, however, the politics of claiming the high ground that
will enable the lead to be taken in the shaping of solutions will dominate. As a result, investors will need to be braced for congressional brinkmanship and bluster such as the threatened holding-up of an increase in the deficit ceiling which must occur this month. John Haynes, Head of Research, Rensburg Sheppards
For regular news updates, log on to www.ldpbusiness.co.uk
business diary Wednesday, May 4 The Hilton Hotel, in Liverpool One, is the venue chosen to host this month’s Fish! Networking event for the city’s aspiring businesses and professionals. The event is free and will commence at 5.30pm, running until
8pm. Please RSVP to joel@ubiquitypr.co.uk or text Ubiquity PR 07710 436125 for a guest list. Friday, May 6 The monthly Daresbury Science and Innovation Campus Business breakfast network event brings
together around 100 people working for hi-tech companies. The breakfast is at Daresbury Innovation Centre, starting from 8am. For more details, see www.daresbury sic.co.uk/events Tuesday, May 10 The Liberty Business Builder seminar is for SMEs which are looking for some fresh thinking on how to
build their business. Prices are from £95 per person. It is at Suites Hotel, Knowsley, from 8.30am-1pm. For more information, see http://libertycoaching solutions.co.uk/?p=39 Tuesday, May 10 Employment solicitor Mark McKeating will give an overview of the recent changes in employment law and look at what businesses
should expect for the coming year at the latest Liverpool Chamber of Commerce Quarterly HR Forum. The meeting will take place at Hill Dickinson, Old Hall Street, from 8.30am-10.30am. It is free for Liverpool Chamber members and £15 for non-members. To book, call 0151 227 1234. Wednesday, May 11
Better Business Finance seminar, with Liverpool Chamber of Commerce, between 9.30am to 1.30pm, at Radisson Blu Hotel, in Old Hall Street. Free to finance directors, finance managers and controllers as well as business owners who need help and advice about the banking services. Thursday, May 12
UKTI Northwest is encouraging North West businesses to attend a free event to find out about the latest Incoterms 2010 rules and how they can assist in international trade success. It is at UKTI NW, Trafford Park, Manchester, M17 1LB. For more information, email events@ukti northwest.co.uk
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Wednesday, May 4, 2011
LDP business .co.uk trading gossip ■
TODAY, Trading Gossip pays tribute to one of the great unsung heroes of the business world – the PA. We know only too well that taking a letter and fetching the tea is but a fraction of the contribution these ladies (and one or two gentlemen) make to the smooth running of an organisation. So it’s a well done to Zara Dyer, PA to the managing director of Liverpool Football Club. Zara, below, has made it to the final six in the PA of the Year awards, organised by Hays Recruitment. Competition was
tough, with entry numbers up 60% on last year, but Zara’s dedication and proactive attitude saw her through to the final stage successfully. The overall winner will be announced on May 19 at an awards ceremony in central London attended by the final six. Said Zara: “I am thrilled to have been named as one of the UK’s top PAs. People often don’t realise the impact PAs can have on an organisation, so it’s great to have my hard work and input recognised.” We will be willing Zara on to win, not least because it’s the only trophy Liverpool FC has a chance of lifting this May.
LDP CREATIVE FOR the latest news from the creative sector
www. ldpcreative. co.uk
IN ASSOCIATION WITH
LIVERPOOL’S INVESTMENT SPECIALISTS
the back page
Directing web traffic on ‘super highway’
working day
Peter Aland is managing director of iprogress, a specialist web design, e-commerce and email marketing company in Liverpool. He lives with wife, Cath, and daughter, Eva, in St Michaels
5.30am: My daughter, Eva, wakes up and wakes me up with her. After getting up, I have some breakfast and get Eva ready to be dropped off at the child minders. 6.45am: I’m a member of the LIMA BNI chapter and today we have a very early meeting at the Catholic Cathedral’s Piazza. We recently celebrated the chapter’s 10th birthday and being part of the organisation has really supported our business over the past few years. 9am: I arrive at our offices on Bixteth Street and check my emails and work schedule for the day. One of the big areas we work with our clients on is search engine optimisation (SEO), the process of improving their web visibility and search engine rankings. I check the latest stats for Sales Training International and as their traffic has increased by 90% on last month, it’s a good start to the day. 10am: Next, it’s a short walk through town to meet with Livesmart, as we’re developing a new events calendar for its 08 card website. The calendar is designed to optimise interactivity and it allows cardholders to give feedback, link events to social networking sites and add to an online gallery. The calendar gets a complete signoff so we can progress incorporating it into the website. 11.30am: Third meeting of the morning, and this time it’s with Purple Haze Couture, an online designer retailer. They are holding a fashion event at the Sir Thomas Hotel in the city, where they will be showcasing new designer ranges. Of course, it is important that people can find event information easily and we also have two new key phrases to incorporate to our SEO, so we discuss the steps we’ll take to enhance their online presence. 2pm: It’s time to stop for lunch, so I grab a sandwich and read some web
Peter Aland, managing director of iprogress, winds down by running home from his office design review websites. As it’s an industry that is constantly evolving, it’s crucial to be aware of any new developments that could take our business forward, and it’s something I make sure I do regularly.
site. We consider the answers and run through concepts for the site. I really enjoy the creative side of our work and how in just six weeks or so a website can go from an idea to a working reality.
2.30pm: The team gets together to work on concept designs for a new e-commerce website. Whenever a new client comes on board, we provide them with a content and design questionnaire so we can have a more thorough understanding of what they want from their new web-
4pm: I sit down to finalise a proposal and SEO research for a new prospect. The business we’re working with isn’t getting as much web traffic as it should, so there’s a lot of creative thinking into its content, niche key words and concepts that can boost the company’s online prominence.
6pm: I run home to St Michaels. I love running, and recently ran the Liverpool Half Marathon. I’ve been a member of Run Liverpool for a couple of years now, and I’ve found that it’s such a good way to wind down. 7pm: I’m feeling particularly hungry after finishing the run home, so I make a hearty dinner for my wife, Cath, and myself. Then we sit down with a bottle of wine for a bit of competitive University Challenge watching.