of 3.3 million pounds over the six months to July 31.
Domino's Pizza (hold)
Cluff Gold (buy)
MCGEORGE TO STEP DOWN AS MATALAN CHIEF EXECUTIVE
Alistair McGeorge is vacating his role at Matalan
after four years as its chief executive. Although the reasons
why McGeorge is stepping down are unclear, sources suggest that
he does not see eye-to-eye over flotation plans and was
disgruntled at missing out on a payout when founder John
Hargreaves refinanced the company. Hargreaves, whose family
trust owns 100 percent of Matalan's shares, withdrew from a
potential sale in February after private equity firms rejected
his 1.5 billion pound price tag. Finance director Paul Gilbert
will take over the day-to-day handling with a replacement
expected to be hired by January.
Rockhopper Exploration (hold)
Moss Bros (hold)
SMITHS GROUP SAYS COALITION CUTS COULD HIT SALES
Smiths Group, the engineering and technology
company, reported a 17 percent increase in pre-tax profits to
435 million pounds in the year to July 31. But chief executive
Philip Bowman said government spending cuts will affect sales
growth. A fifth of Smiths' 2.7 billion pounds of sales came from
government-related contracts, with the UK accounting for four
percent of revenues across the group. The company's best
performing division was the detection unit with a 43 percent
increase in operating profit to 90 million pounds. Sales
increased by 15 percent to 574 million pounds.
Keywords: PRESS DIGEST British business Sept 30
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