News Column

EchoBusiness

February 21, 2014

Wealth firm in 22 per cent rise RATHBONES, the wealth management firm, posted a 22.2 per cent rise in funds under management in the year to December 2013, compared with the previous year, from [pounds]18bn in 2012 to [pounds]22bn in 2013. Profit before tax for the banking group totalled [pounds]44.2m for the year to the end of 2013, up 14.8 per cent from the [pounds]38.5m declared in 2012. Nick Swales, head of the firm's Newcastle office, said: "Our business in the North-East continues to go from strength to strength and 2013 saw significant growth in our private client, trust and charitable funds under management.We strongly believe that clients are attracted to Rathbones by our ability to provide a personalised service and construct investment portfolios that reflect their financial circumstances."

COSTS SLASHED:

Mobile phone firm EE posted a 10.1 per cent rise in underlying earnings to [pounds]1.6bn in 2013 and said it had beaten targets to reduce costs as a result of merging Orange and T-Mobile, with savings of [pounds]457m. The group, which is Darlington's largest private employer with about 2,000 workers, said it added 194,000 customers on a net basis in the fourth quarter, with the number of those on its 4G network growing by 68 per cent quarter-on-quarter to two million.

CASH CALL:

Regional airline Flybe has announced plans to raise [pounds]150m from City investors in a move that will strengthen its balance sheet and provide resources for future expansion, including through new routes.

SALES BLOW:

Drinks can group Rexam reported weaker-than-expected sales for 2013, up one per cent to [pounds]3.9bn. The group posted a four per cent rise in underlying pre-tax profits to [pounds]372m, but said adjusted earnings remained flat at [pounds]449m.

REVENUES SURGE:

Snoozebox Holdings, which provides portable hotel accommodation, said revenues for 2013 were about 80 per cent higher year-onyear at [pounds]6.5m. Sales for events this year are also substantially higher than last year, with the company due to operate a hotel for the host broadcaster at golf's Ryder Cup.

OMAN CONTRACT:

Petfrofac, the global oil and gas services provider, has been awarded a [pounds]720m contract with BP for the Khazzan gas project in Oman. The work will include engineering, procurement and construction of the central processing facility at the Kazzan field. The project is expected to be completed in 2017.


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Source: Northern Echo (England)


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