Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 5
Dated: 4 February 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKIT SECTOR DECLARES HIGHEST NUMBER OF PROFIT WARNINGS SINCE 1998
The Software & Computer Services (SCS) sector saw a threefold increase in profit warnings during 2000 according to business advisers Ernst & Young in its latest quarterly Analysis of Profit Warnings (and annual warnings review). Warnings overall rose again on the previous quarter, as they had steadily throughout the year, by 4 per cent in the fourth quarter of 2000.
The SCS sector accounted for 22 per cent (17) of the 77 profit warnings issued in Quarter 4, 2000, one of the highest number recorded for any sector in any quarter since Ernst & Young began its quarterly analyses in 1998. The IT Hardware and Telecommunication Services sector warnings for the same period bump this figure up to almost a third of the total profit warnings issued.
The impact of sales below forecast lay behind 53 per cent of profit warnings across several sectors. 14 per cent cited low or declining sales in their US markets, some of which arose from delays in obtaining major contracts where customers may have been reluctant to commit to large-scale purchases in the face of a global economic slowdown. Five out of the ten largest warning companies in TMT (technology, media and telecommunications)—including IDS, Telspec and Vega—indicate that IT spending may be one of the first casualties. And with the collapse of confidence in the Internet market, small-to-medium size enterprises (SMEs) appear to be concerned about the value of plans to go on-line. Over 50 per cent of the listed TMT companies issuing warnings were emerging enterprises with revenues in the £1m - £10m range.
John Harley, Ernst & Young corporate finance partner specialising in the TMT market says: "We are always concerned when over 5 per cent of companies in a given sector issue profit warnings. The percentage of SCS and IT Hardware warnings exceeded this figure in Quarter 4 2000 and the sector's weak capital markets suggest that this trend will continue into 2001." Financial software developers—favoured by analysts as one of the most dynamic sectors developing advanced service models for the business-to-business and business-to-consumer markets—dominate the list of SCS warners and Harley observes: "Some of these companies may be warning because of the high investment they have made in new business models and technologies for the financial services market. Profits may be down but they are well placed for growth. Others may be suffering because they have not changed business models or technologies fast enough in an increasingly competitive market—as the SCS market generally. The shift in business models spurred by the rise of web-enabled technologies will require yet more investment and more change. Such upheavals may push up profit warnings over the next quarters as a new realism begins to bite on the part of the capital markets and, indeed, companies themselves."
BANK’S FINE BALANCE POINTS TO FEBRUARY RATE CUT
Reacting to the publication on the 24 January 2001 of the minutes of the Bank of England’s Monetary Policy Committee January meeting, Ian Fletcher, Chief Economist at the British Chambers of Commerce said:
"With the MPC’s views so finely balanced in January, business expectations of an interest rate cut next month will be high.
"The BCC’s own quarterly survey, published last week, shows manufacturing still struggling on investment and in export markets. With inflation well below target for almost two years, the scope remains for the Bank to cut rates to bolster business confidence and give a fillip to investment in the sector.
"The Chancellor must also guard against further fiscal loosening in the March Budget. While there is scope for targeted tax cuts for business, we believe an interest rate cut of 0.25 per cent in February instead would bring far wider benefits."
RETAIL PROFIT WARNINGS DECLINE
While the General Retailers' sector dampened analysts' expectations in the run-up to Christmas by overstating concerns about the weather, internet shopping and the rail crisis, its profit warnings declined on 1999 by around 50 per cent in 2000. Tim Gordon, Ernst & Young partner specialising in consumer products says: "2001 will be tougher for the retail sector. There are, however, growth opportunities if High Street retailers and the so-called pure play Internet companies recognise that consumers want their favourite brands and products anytime, anyplace, anywhere. This means that a multi-channel future must be embraced. Increasing competition and continuing consumer price resistance mean that retailers must change the nature of their operations, consolidate or exit. Such upheavals may lead to an increase in retail profit warnings over the coming year."
North-South divide reverses
London and the South East—the source of the bulk of the many Software & Computer Services warnings—accounted for 64 per cent of all profit warnings in the last quarter of 2000. For the North West, Yorkshire and the North East, and Scotland, the numbers more than halved on the previous quarter in real terms and as proportions of the total.
Warnings generate steepest mark downs for years
Stock market markdowns have been the steepest recorded by Ernst & Young since 1998, with the share price of warning companies sinking by an average 24 per cent on the day of trading following the announcement. The heaviest losses (40 to 60 per cent) were born by the Software & Computer Services sector.
The rise of the chronic 'warner' continues apace
Repeat warnings have also risen sharply with 21 of last quarter's warning companies (27 per cent of the total) already having issued one or more during the course of 2000. 35 companies issued two or more profit warnings and half the repeat warnings came in 2000's fourth quarter, suggesting that chronic warners are the first to feel the effects of a worsening economic climate.
Why aren't profit warnings higher?
Alan Bloom, Head of the Corporate Restructuring division at Ernst & Young says: "Given the general consensus that the world economy is slowing down, it is perhaps surprising that profit warnings are not higher. Some companies may be managing the markets' expectations carefully, setting their profit forecasts in line with the coming slowdown. Some may be delaying profit warnings when setting their forecasts for strategic reasons. Others, however, may not be accounting for the slow down and could be in for a nasty surprise when they review their next position. For a large proportion of corporates, this is the time of year when they would be re-evaluating their budgets for the coming year. We believe that it is quite possible that a number of companies will be caught out and that warnings from the middle market listed companies in particular, could increase this year.
"Companies should take the time now to review their positions, revise their profit forecasts and consider how and when to issue any appropriate warnings. There could be strategic advantages to getting the pain over with now and engaging in effective investor relations to secure the trust on which consistent and continuing investment by the markets depends."
JANUARY SALES PROVIDE NEW YEAR BOOST FOR RETAILERS - CBI
Annual retail sales rose in January at the fastest rate since May 2000, according to a survey published last Thursday by the Confederation of British Industry. Retailers had expected a slowdown in growth. They now expect annual sales to grow a little less strongly in February.
The CBI's monthly Distributive Trades Survey, carried out from 4 to 23 January, shows 57 per cent of retailers reporting a rise in sales volumes compared to a year ago while 21 per cent reported a fall. This gives a balance of 36 per cent, which compares with 16 per cent in December and 13 per cent in November. The balance for January 2000 was 29 per cent.
The three-month moving average, which smooths out month-to-month fluctuations in sales volumes, has risen to the highest level since July 2000. But underlying volume growth remains lower than the levels for the first half of 2000.
Retailers expect sales to increase more moderately in the year to February. Fifty-two per cent of retailers expect sales to go up, while 20 per cent expect them to come down. This gives a balance of 32 per cent and compares with an expectation of 21 per cent for February last year.
Stores reporting the fastest increase in annual sales volumes were those selling footwear and leather, durable household goods, books and stationery, furniture and carpets. Firms selling clothing, groceries, hardware and DIY goods reported smaller increases. Specialist food sales were unchanged while chemists reported a moderate fall. Off-licences experienced a sharp fall.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "Today's survey shows that shoe shops, furniture and carpets stores and clothes shops were among those to benefit from the January sales, following disappointing sales in December. However, trade over the whole Christmas and New Year period was less robust than a year ago. Therefore these results do not alter our view that a small cut in interest rates next week would not put the Government's inflation target at risk."
Retailers reported that sales volumes in January were well above average for the time of year, to the greatest extent since February 2000. They expect this to continue during February.
Orders placed on suppliers rose in the year to January despite expectations of little change in orders. Stock levels were run down sharply during January to the lowest level in relation to expected demand since the survey began in 1983. Stocks are expected to remain at a low level over the coming month.
Wholesalers said sales volumes grew more quickly in the year to January following a slowdown in growth in December. The three-monthly average has also risen, indicating that the underlying trend in sales growth is now close to the levels reported last Autumn. Sales volumes are expected to rise much more slowly in the year to February.
Motor traders reported a further pick-up in annual sales volumes in January, the first survey in which substantial growth has been reported since September 1999. Sales are expected to increase a little more slowly in the year to February.
Nearly one in two insolvent companies fail because of poor management decisions, figures released on the 18 January 2001 by R3 reveal.
The 9th R3 Survey of Business Recovery in the UK lists financial or other managerial weakness as the major cause of insolvency in 46% of cases.
Even amongst those companies that had experienced previous financial difficulties, nearly half did not seek advice early enough to prevent failure, an increase from 32% in the previous year.
Stephen Gale, R3 president and partner of corporate recovery at Herbert Smith, said managers must either learn or be willing to buy in the necessary management skills.
"Poor management leads to corporate failure and puts jobs at risk. The government should ensure directors fully comprehend the consequences of their actions on their company's financial well-being.
"The government's recent report on the review of company rescue and business reconstruction mechanisms discusses the need for managers to become better educated. R3 fully supports this recommendation. In our opinion management education has been a low priority for far too long.
"520,000 jobs were put at risk and on average creditors lose 85% of their debt, primarily because bosses lack financial and managerial skills.
"Overall, company preservation rates have dropped to 18%. In 77% of cases, help was brought in so late that there were no possible actions which might have realistically averted failure."
The full results of the Ninth R3 Survey of Business Recovery can be viewed online at www.businessrecovery.org.uk
MORTGAGE POSSESSION STATISTICS - FOURTH QUARTER 2000
The Lord Chancellor's Department on the 31 January 2001 published figures for mortgage possession actions entered in the county courts of England and Wales for the fourth quarter of 2000.
Table 1 shows the number of mortgage possession actions entered for each year, by quarter, since 1994. During the fourth quarter of 2000, 17,525 mortgage possession actions were entered and a total of 12,690 orders were made - 7,634 of which were suspended orders.
The figures do not indicate how many houses have been repossessed through the courts; not all the orders will have resulted in the issue and execution of warrants of possession.
In the fourth quarter of 2000 the number of actions entered was 11.5% less than the fourth quarter of 1999. For the same period, figures show an increase of 0.3% in orders made (60.2% of orders made were suspended - 61.8% were suspended in the fourth quarter of 1999).
Explanatory Notes
Table 1 MORTGAGE POSSESSION ACTIONS
(Local Authority and Private)
Year Quarter Actions Entered Orders Made1
1994 1 21 968 17 776
2 22 178 19 362
3 22 803 20 772
4 21 009 19 771
87 958 77 681
1995 1 21 345 18 830
2 19 560 18 801
3 22 084 19 028
4 21 181 18 599
84 170 75 258
1996 1 23 987 20 297
2 19 253 18 825
3 19 092 16 953
4 17 526 15 128
79 858 71 203
1997 1 16 298 14 649
2 16 566 14 550
3 16 778 13 999
4 17 431 13 958
67 073 57 156
1998 1 18 536 16 497
2 19 449 16 247
3 22 919 17 101
4 23 932 16 210
84 836 66 055
1999 1 22 525 18 057
2 19 811 15 483
3 19 478 13 997
4 19 794 12 657
81 608 60 194
2000
1 20 371 11 685
2 17 343 14 261
3 17 786R 13 435R
4 17 525 12 690
1 Including suspended orders
R Revised since last publication
Statistics showing insolvencies in the fourth quarter 2000 were published on the 2 February by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,697 company insolvencies in England and Wales in the fourth quarter of 2000 on a seasonally adjusted basis. This was a decrease of 1.5% on the previous quarter and an increase of 6.7% on the same period a year ago.
1.1% of active companies became insolvent in the twelve months ended Q4 2000, the same as the previous quarter and slightly down on the corresponding quarter in 1999.
INDIVIDUAL INSOLVENCIES
There were 7,192 individual insolvencies in England and Wales in the fourth quarter of 2000 on a seasonally adjusted basis. This was a decrease of 0.4% on the previous quarter and a decrease of 2.7% on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
Percentage change
1999 2000 2000 2000 2000 Q4 2000 on:
Q4 Q1r Q2r Q3r Q3p Q3 2000 Q4 1999
Companies 3,464 3,399 3,470 3,754 3,697 -1.5 % 6.7%
Individuals 7,390 7,598 7,524 7,223 7,192 -0.4 % -2.7%
p = provisional, r = revised
The Official Insolvency Statistics are the most comprehensive record of the number of insolvencies and bankruptcies and provide a more accurate picture for analysing business conditions. The figures include businesses and individuals, with a breakdown by type of insolvency procedure. The figures treat Scotland separately (as insolvencies are defined differently in Scotland) and give an industrial analysis (for which the figures for England & Wales are published one quarter in arrears).The statistics are derived from administrative records of the DTI Insolvency Service and Companies House Executive Agencies. The figures for company insolvencies are made up of compulsory liquidations (winding-up orders made by the courts) and creditors' voluntary liquidations registered at Companies House. Figures for individual insolvencies comprise bankruptcy orders and individual voluntary arrangements under the Insolvency Act 1986 and deeds of arrangement under the Deeds of Arrangement Act 1914.
Numbers of insolvencies are not directly comparable with numbers of new business formations. Statistics of business starts and stops that are directly comparable with each other have been assembled from VAT records and are published by the Department of Trade and Industry. Additionally, analysis into the number of firms in the United Kingdom estimated the total number of businesses at the start of 1999 at 3.7 million.
The X11ARIMA program (developed by Statistics Canada) is used for the seasonal adjustment of the insolvency statistics, this being the recommended program within UK National Statistics.
A company or individual with debts that they are unable to pay as they fall due is said to be insolvent.
Insolvent companies are dealt with under the Insolvency Act of 1986. They can either be the subject of a compulsory liquidation (winding-up) order obtained from the Court by a creditor, member or director or themselves pass a resolution, subject to the approval of a creditors' meeting that the company be wound up voluntarily (creditor's voluntary liquidations). A third type of winding-up, members' voluntary liquidation, is not included because it does not involve insolvency.
The Insolvency Act 1986 also introduced the procedures of company administration orders and company voluntary arrangements. The administration procedure gives a period of time during which creditors are restrained from taking action and a court appointed administrator puts forward proposals to deal with the company's financial difficulties. The Company Voluntary Arrangement procedure aids business by enabling a company in financial difficulty to come to a binding agreement with its creditors.
Receivership appointments comprise administrative receivers appointed under the 1986 Act and certain other receivership appointments, for example under the Law of Property Act 1925. Due to the use of the same statutory documentation for different types of receivership, it is not possible to give a breakdown between them.
For individuals the term bankrupt is used to indicate insolvency.
Insolvent individuals in England and Wales are dealt with mainly under the Insolvency Act 1986. A bankruptcy order is made on the petition of the debtor or his creditor when the Court is satisfied that there is no prospect of the debt being paid. (Figures for bankruptcy orders include administration orders, which are bankruptcy orders relating to the estate of a deceased debtor). There are also individual voluntary arrangements and deeds of arrangement, which enable debtors to come to an agreement with their creditors.
Insolvent individuals in Scotland are subject to sequestration under the Bankruptcy (Scotland) Act 1985. (There are no deeds of arrangement or individual voluntary arrangements in Scotland). The Bankruptcy (Scotland) Act 1993 amending the 1985 Act came into force on 1 April 1993 and will have affected the number of sequestrations in the Scottish Courts.
Insolvent partnerships may either be wound-up like an unregistered company under the Insolvency Act 1986, or the estate, if the partnership may fall to be administered following joint bankruptcy orders against the partners.
RETAILERS CALL IN RECEIVERS
Partners The Stationers Ltd on the 24 January 2001 went into receivership, citing poor trading conditions as the reason for its demise.
The company, whose head office is in Crewe, announced that administrative receivers from KPMG have been called in. The company employs over 1000 people and has over 100 shops nationally with a focus towards the Midlands and North-West, retailing principally in stationery and computer accessories.
The company is the sole trading subsidiary of Partners Holdings plc, a fully listed company. Trading in shares in Partners was suspended on Monday (January 22nd).
Commenting on the appointment, Myles Halley, the administrative receiver from KPMG in Birmingham, said:
'The company acquired a new head office and warehouse complex but their growth was slower than expected, meaning they were unable to meet the added costs of those facilities. Additionally, the business was affected by poor Christmas sales and the directors therefore requested that the bank appointed receivers. The business will continue to trade as we are hopeful of achieving a sale as a going concern and have already had several expressions of interest. We have today announced the closure of 20 stores with effect from Thursday January 25th.'
RECEIVERS IN AT PARCEL FIRM
Receivers have been appointed at Midlands-based domestic and international parcels and freight forwarding business, the Fastrack Group plc, a Stock Exchange listed company.
Mick McLoughlin and Allan Graham of KPMG were appointed as the administrative receivers on January 23rd after shares in the company were suspended. The Fastrack Group comprises two subsidiaries – Fastrack Parcels Ltd and Newco Delivery Ltd – and delivers between 7,000 and 10,000 packages a day to businesses.
With around 280 employees, the group is based out of Nuneaton and Wellingborough with major depots in Bradford, Nottingham and Basildon and other depots across the country. The domestic business has a turnover of £32 million while the international arm turns over £12 million. Joint administrative receiver Allan Graham announced: 'Whilst there has been some interest in the business, there is a possibility that cost-cutting measures will have to be implemented. Any parties interested in the business should contact the administrative receivers at the group’s Head Office in Nuneaton.'
COMPANY WINDING UP AND BANKRUPTCY PETITION STATISTICS - FOURTH QUARTER 2000
The Lord Chancellor's Department on the 2 February 2001 published statistics for company winding up, and creditors' and debtors' bankruptcy petitions issued in the High Court and county courts of England and Wales during the fourth quarter of 2000.
In the fourth quarter of 2000 the following number of petitions were issued:
Table 1 shows the number of company windings up, and creditors' and debtors' bankruptcy petitions issued for each year by quarter, since 1995.
Figures on insolvency petitions are published on a quarterly basis. The publication date for the figures covering the first quarter of 2001 will be Friday 4 May 2001.
The 2000 figures are provisional and liable to revision to take account of any late amendments.
No assumption can be made from these statistics about the number of companies that go into liquidation, or the number of individuals made bankrupt.
INSOLVENCY
A company or individual with debts that they are unable to pay is said to be 'insolvent'.
COMPANY WINDING UP
When it becomes necessary to terminate a company's existence, whether owing to insolvency or for some other reason, the process is called 'winding up'.
There is a restriction on proceeding that may be commenced in county courts which is based on the paid-up capital of the company. Well over half of winding up proceedings are commenced and handled in the Chancery Division of the High Court at the Royal Courts of Justice in London and at the eight provincial High Court centres.
Company winding up proceedings will normally be commenced at the court centre local to the registered office of the company, which will not necessarily be situated in the same geographical area as the company's base or operational area. The relative regional levels of winding-up activity do not therefore necessarily reflect the geographical distribution of the companies involved.
INDIVIDUAL BANKRUPTCY
For individuals the term bankrupt is used to indicate insolvency.
Proceedings for bankruptcy can be commenced at county courts with the appropriate jurisdiction, or in the Chancery Division of the High Court, either by a creditor (the person to whom the debt is owed) or by a debtor (the person who owes the debt).
INSOLVENCY AND BANKRUPTCY PETITIONS FILED
Table 1
Year Quarter Companies Creditors Debtors
winding-up bankruptcy bankruptcy
petitions petitions petitions
1995 1 3 684 6 797 2 774
2 3 074 6 095 2 434
3 3 020 5 658 2 504
4 2 979 5 215 2 427
12 757 23 765 10 139
1996 1 3 094 5 603 3 030
2 2 865 5 314 2 617
3 3 025 5 269 2 614
4 2 996 5 082 2 428
11 980 21 268 10 689
1997 1 2 998 5 209 2 613
2 2 724 5 231 2 431
3 2 695 4 812 2 380
4 2 741 4 291 2 212
11 158 19 543 9 636
1998 1 3 122 4 157 2 665
2 2 849 4 616 2 500
3 2 840 4 562 2 522
4 2 960 4 420 2 693
11 771 17 755 10 380
1999 1 3 294 4 748 3 230
2 2 748 4 433 3 221
3 2 748 4 466 3 006
4 2 525 3 849 2 936
11 315 17 496 12 393
2000 1 2 940 4 546 3 314
2 2 560 4 166 3 074
3 2 699 4 229 3 158
4 2 801 4 279 3 211
11 000 17 220 12 757
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For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 05/02/2001 to 13/02/2001 Number of Creditor meetings : 264 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 12/02/2001 Caledon C & E Ltd 11.00 am Glasgow 13/02/2001 Boondoggle Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 06/02/2001 Christiani & Neilsen Ltd 11.00 am Birmingham Wasey Exhausts (Manufacturing) Ltd 11.00 am Manchester 12/02/2001 Premium Petcare Ltd 10.30 am Manchester Procol Solids Control Equipment Ltd 12.00 pm Nottingham 13/02/2001 Gill Aviation Ltd 11.30 am Newcastle-u-Tyn 48 Receiver calling unsecured Creditors Meeting 05/02/2001 Main Road Garage (East Boldon) Ltd 10.00 am Newcastle-u-Tyn 06/02/2001 Auto Alloys (Foundries) Ltd 03.00 pm Nottingham TY Derwen Ltd 10.00 am Cardiff 08/02/2001 Watsons Transport (Leeds) Ltd 02.00 pm Manchester 09/02/2001 Allbuild Merchants Ltd 10.30 am Manchester 12/02/2001 AEW Ltd 11.30 am Birmingham Autogem (Holdings) Ltd 11.30 am Birmingham Autogem Ltd 11.30 am Birmingham Brackley Clutch Ltd 11.30 am Birmingham Ferraris Piston Service Ltd 11.30 am Birmingham Finelist Group Ltd 11.30 am Birmingham J6093F Ltd 11.30 am Birmingham MW Group Realisations Ltd 11.30 am Birmingham MW Realisations Ltd 11.30 am Birmingham Spigot 29 Lts 11.30 am Birmingham Tuberex Ltd 11.30 am Birmingham Veco Automotive Ltd 11.30 am Birmingham XL Component Distribution Ltd 11.30 am Birmingham 13/02/2001 Auto Grinding Machine & Engin Co Ltd 10.30 am Preston C G M Ltd 10.00 am London T F Corner Ltd 11.00 am Co Durham 67 Scotland - Receiver calling Meeting of unsecured Creditors 12/02/2001 Adam Cunningham & Sons Ltd 11.00 am Glasgow Clyde Ventilation Systems Ltd 03.00 pm Glasgow Snakco Ltd 11.00 am Glasgow 98 Creditors Voluntary Liquidations 05/02/2001 APM Precision Engineering Ltd 11.30 am Sileby Acetron Enterprises Ltd 10.00 am London Adamas Contracting Ltd 10.15 am Salisbury Admit One (DVD) Ltd 10.30 am Hornchurch Aei Leisure Ltd 11.00 am Nairn Alldest Services Ltd 11.30 am London Allied Freight Services Ltd 11.00 am Birmingham Alltech Services Ltd 03.00 pm Welling Barrysworld Ltd 11.00 am London Bridge Motors Holdings Ltd 11.00 am Wolverhampton Candell Lighting Ltd 10.15 am London Century 21 UK Ltd 11.00 am London Contracting Service Ltd 12.00 pm Aylesbury Electrical Power Supply Ltd 11.00 am Birmingham Elfinedge Ltd 11.30 am Cheadle Elisabeth Ltd 02.30 pm Cowbridge Espat Ltd 11.00 am Sheffield Face Media Ltd 11.30 am Croydon Fahntec Ltd 02.00 pm South Ruislip Free Flow Drainage Ltd 11.30 am York Funny Business Ideas Ltd 02.30 pm London H L D Decorators Ltd 10.15 am Leeds I B Holdings Ltd 04.00 pm Carlisle I B Holdings Ltd 04.00 pm Carlisle Keyford Silverware (UK) Ltd 12.00 pm Birmingham Kings Builders Ltd 11.00 am Chandlers Ford Le Frog Bistro Ltd 11.00 am Lancaster Managecorp Ltd 10.00 am London Midsummer Construction Ltd 11.00 am Barnwood Mullis Morgan (Midlands) Ltd 12.00 pm Nottingham N C & R B Johnston Ltd 11.00 am Gosforth Netucate Online Ltd 11.30 am Nuneaton Nymex Group Ltd 03.30 pm Birmingham Pattinson Edwards Ltd 02.00 pm Carlisle Recruitment 2000 Ltd 03.35 pm Birmingham Rockmoor Ltd 10.30 am London Southern Counties Restoration Ltd 11.00 am Barnet TR Electrics 2000 Ltd 10.45 am Bately Universal Contract Serv (Bham) Ltd 02.30 pm Birmingham Universal Contract Serv (Leeds) Ltd 03.00 pm Birmingham Zenith Resourcing (Europe) Ltd 04.00 pm Birmingham 06/02/2001 Airsoft Adventures Ltd 11.00 am Reading Anvil Manufacturing Ltd 10.45 am Birmingham Arcanum Terrazzo & Stone Co Ltd - The 11.30 am London Bayford Corporation Ltd 10.30 am London Bessanr Projects Ltd 10.30 am Reading Brookside Engineers Ltd 11.00 am London Byron Sign Services Ltd 11.30 am Sileby Cat Internet Ltd 10.30 am South Cobham Co-ordinated Airways Ltd 03.30 pm Grendon Computer Trade Associates Ltd 02.30 pm Croydon Continental Contract Developments Ltd 11.00 am Worcester Decorative Tile Co Ltd 11.30 am London Denton Shiprepairers Ltd 12.00 pm Chandlers Ford Design United Kingdom Ltd 11.00 am London Discovery Orthotics Ltd 11.00 am Dundee E T S (South Wales) Ltd 10.30 am Cardiff Fastdisk Ltd 12.00 pm London Global Advanced Systems (Eng) Ltd 11.30 am London Goaterblue Ltd 11.30 am Manchester Kingston Corporation Ltd 12.00 pm London Levington Agriculture Ltd 11.00 am Ipswich Lotus Associates Ltd 12.30 pm London MAB Systems Ltd 11.00 am Hull Manorstone Builders Ltd 02.00 pm London Orangetree Consulting Ltd 04.00 pm London Penguin Confectionery Ltd 11.00 am Carlisle Pipework International Ltd 11.00 am Warmsworth Pipework Supplies (Northern) Ltd 12.00 pm Warmsworth Plant & Safety Systems (UK) Ltd 11.00 am Birmingham Pocklington Pallet Recycling Centre Lt 10.30 am South Milford Print Packaging Co Ltd - The 11.00 am London Process Fabrications Ltd 11.00 am Edgware RSP Badges Ltd 11.00 am Church Stretton Ravelle Computers Ltd 11.00 am Manchester Real Indigo Co Ltd - The 03.00 pm Manchester Reckless Accessories Ltd 11.00 am Stanmore Ricko (144) Ltd 11.30 am Preston Skalla Services Ltd 11.00 am Birmingham Sportsline Mail Order Ltd 10.30 am London Status Enterprises Ltd 02.00 pm Halesowen Stillwaters Reproductions Ltd 10.30 am London Swift Couriers Ltd 11.30 am Altrincham Taylorblue Ltd 11.00 am Manchester WH Briggs Ltd 11.30 am London WMF Metal Finishers Ltd 12.00 pm Walsall White City Senior Residents Group Ltd 03.00 pm London 07/02/2001 Approved Computing Ltd 12.00 pm Worcester Axington Ltd 10.00 am London Barnabys Studios Ltd 02.30 pm Harpenden Camtec Ltd 11.15 am Kingston upon Care Service Nursing Agency Ltd- The 10.30 am Southampton Colourscope (Photographic Process) Ltd 03.30 pm Portsmouth Combined Securities Ltd 11.00 am Bromley Engineering Repairs & Services Ltd 03.00 pm Swansea Exante Ltd 11.00 am Birmingham Insight Medical Ltd 10.00 am Maidstone K-Pack Distribution Ltd 10.30 am London L & H Applications UK Ltd 11.00 am London L & H Medical Solutions UK Ltd 11.00 am London Lander Scaffolding Ltd 12.30 pm Nottingham Lynette Lingerie Ltd 11.00 am Glasgow M3 Embroidery Ltd 10.15 am Kingston upon Martin Leach Enterprises Ltd 11.00 am London Martin Leach Events Ltd 11.00 am London P D Barnes Transport Ltd 10.30 am Reading P W Enterprises Ltd 03.30 pm Croydon Perserverance Properties Ltd 01.00 pm Leeds Photo 3D Ltd 03.00 pm London Player Sports & Leisure Ltd 11.30 am Liverpool Reinga Services Ltd 10.30 am Haywards Heath Robinson Crusoe Menswear Ltd 11.30 am Sheffield Saffina Ltd 11.00 am London Seal of Excellence Ltd 11.00 am London Simon White Ltd 11.30 am Lutterworth Soles (UK) Ltd 12.00 pm Rothley Stega Developments Ltd 10.30 am Manchester Taunton Autofactors Ltd 10.30 am Taunton Unitrip Ltd 04.00 pm London VL2 Ltd 11.00 am London West of England Fireplaces Ltd 02.00 pm London Windowglaze Installations Ltd 11.00 am Barnet World Internet Forum Ltd 11.15 am London 08/02/2001 Aidserve Ltd 11.30 am Handforth Arrington Corporation Ltd 11.30 am London Barchester Corporation Ltd 12.00 pm London Barnwell Corporation Ltd 12.30 pm London Bosworth Knitting Ltd 02.00 pm Halesowen Bridgeforce Engineers Ltd 12.00 pm Manchester Brown & Spinks Ltd 11.00 am Sunderland Cable & Utilities Plc 03.00 pm Sawbridgeworth Caledonian Resort Sales Ltd 11.30 am Paisley Carelook Ltd 12.00 pm London Classic Trade Windows Ltd 11.30 am Lutterworth Clerkenwell Vinters Ltd 10.30 am Billericay Dayfield Consultants Ltd 11.00 am Bristol E Woof & Co Ltd 11.30 am Blackpool East Devon Flooring Ltd 11.00 am Upshire Electric Vehicle Distribution Ltd 12.00 pm London Express Will Co Ltd - The 12.00 pm London Felgate Management Services Ltd 12.00 pm London Felgate Services Ltd 11.15 am London G L Adegreen Management Ltd 10.30 am London GFG Transport & Storage Ltd 11.30 am London Gabbies Ltd 11.30 am Manchester Gala Florist Supplies Ltd 11.30 am Liverpool Harlequin Engineering Ltd 11.00 am London Hemingway Distribution Ltd 12.00 pm London Hollis Mercantile Ltd 03.30 pm Billericay Janes & Green Ltd 11.00 am London Lentune Books Ltd 03.15 pm Lyndhurst Lidbury Ltd 01.30 pm Hornchurch Livewire Solutions Ltd 10.15 am Worthing Millstream Properties Ltd 10.15 am Basingstoke Moathaven Ltd 03.00 pm Chelmsford Premier Garage (Clarborough) Ltd 12.30 pm Nottingham R A Barnes Construction Ltd 11.00 am Wolverhampton Railway Services Ltd 10.30 am York Sevlec Ltd 03.00 pm Cardiff Shifnal Glass Ltd 12.00 pm Madley Smartword Ltd 10.00 am London Wylam Hill Ltd 11.30 am Hornchurch 09/02/2001 A W Trading (UK) Ltd 04.00 pm London AEC Designs Ltd 11.15 am Kingston upon Abbey Windows Doors & Conservat Ltd 03.30 pm Southend-on-Sea B C Traders Ltd 03.00 pm London B S R Refrigeration & Air Condition Lt 11.30 am Guildford BSCS (Realisation) Ltd 11.00 am Hertford Bristol Heat Treatments (Kingsway) Ltd 10.30 am Bristol Colin Watson Insulation Ltd 10.00 am Grimsby Complete Window Systems ( N W) Ltd 11.30 am Manchester Dakota Clothing Co Ltd 11.00 am Blackburn Elleman Ltd 12.00 pm London F M Retail Ltd 11.45 am London Genesis Lighting Ltd 11.00 am Edgware Hallmex Services Ltd 10.30 am Southend-on-Sea Hardlight Multimedia Ltd 11.00 am London Hollycharm Ltd 03.00 pm London Independent Fast Foods Ltd 11.30 am Moorhouse Integrated Manage Solutions (UK) Ltd 10.30 am Egham J & K Meats Ltd 11.00 am Gosforth J Matthews & Son Ltd 11.30 am Southampton J T Allen & Greenwood Ltd 11.00 am London KGJ Signs Ltd 11.00 am Manchester Kerry London Construction Ltd 10.45 am Sutton Kestrel Employment Services Ltd 03.00 pm Bristol Kingsway Plastics Ltd 11.30 am Bristol Logicwave Ltd 12.15 pm Kingston upon MDF Components Ltd 03.30 pm Sheffield Merseyside Innovation Centre Ltd 11.30 am Liverpool Millenium Distributions Ltd 12.00 pm Belfast Momentum Trading Ltd 12.00 pm Leicester N O E Ltd 11.30 am Altrincham Otmass Ltd 10.30 am Stanmore Prestige Bar Supplies Ltd 11.00 am Swinton Prime Link Services Ltd 11.00 am Moorhouse S P Innovations Ltd 12.00 pm Belfast Toplum Postasi Ltd 12.00 pm London Webkeepers Ltd 11.15 am Worcester Western Builders Ltd 11.00 am Barnsley Windsor Properties Ltd 11.30 am London Winfall Leisure Ltd 11.30 am Wrexham 12/02/2001 A1 Office Furniture Ltd 12.00 pm London Anchor Trimmings Ltd 02.00 pm London Class 1 Aquatics Ltd 11.00 am London Closerare Ltd 10.30 am Newcastle-u-Tyn Fabric Care Research Association Ltd 12.00 pm Nottingham Goodrock Building Co Ltd 11.30 am Manchester Jade Reprographics Ltd 10.15 am Southend-on-Sea Jos Travel Deals Ltd 11.30 am Portsmouth Manortex Ltd 10.15 am Bradford Minax Ltd 04.00 pm London One Stop Computer Solutions (Hold) Ltd 12.30 pm Birmingham One Stop Computer Solutions Plc 12.30 pm Birmingham Pagazzi Interior Lighting Ltd 12.00 pm Ayr Pagazzi Lighting (Hamilton) Ltd 11.30 am Ayr Plain Talking Consultants Ltd 10.30 am Bromsgrove Silverspin Ltd 03.00 pm London 13/02/2001 AJL Services Ltd 10.30 am Norwich Callcott Anderson Brand Design Ltd 11.00 am London Chemi Petro Engineering Ltd 02.00 pm Halesowen Hanley Faith Communications Direct Ltd 11.00 am Newcastle-u-Lym James Lawrence Reproductions Ltd 10.00 am London Kenaway Ltd 12.15 pm Kingston upon Leeway Designs Ltd 12.00 pm London Manorstyle Associates Ltd 12.30 pm London Melbourne Corporation Ltd 11.30 am London Melmead Associates Ltd 11.00 am London Milchester Corporation Ltd 12.00 pm London Mossfield Corporation Ltd 10.30 am London New Century Hair Ltd 11.00 am Sevenoaks Southern Conveyors Ltd 11.15 am Gravesend Speedshield (UK) Ltd 11.30 am Liverpool
TW LW TW LW
USA 1.46 1.46 Canada 2.19 2.20
Austria 21.72 21.86 Portugal 316.56 318.63
France 10.35 10.42 Belgium 63.69 64.11
Finland 9.38 9.45 Italy 3057.38 3077.38
Germany 3.08 3.10 Sweden 13.95 14.16
Holland 3.47 3.50 Switzerland 2.40 2.42
Spain 262.72 264.44 Ireland 1.24 1.25
Australia 2.65 2.68 Denmark 11.78 11.86
Hong Kong 11.42 11.39 Euro 1.57 1.59
Africa Com 11.41 11.50 Saudi Arabia 5.49 5.47
India 67.93 67.84 Malaysia 5.56 5.54
Singapore 2.55 2.54 Norway 12.94 13.06
Japan 170.51 171.77
TW This week LW Last week.
Walt Disney, perhaps recognising a Mickey Mouse business when it sees one, stepped back from the Internet. It announced the closure of its portal, Go.com, and said that it would take the separately quoted Disney Internet Group back into the parent company. The company blamed a dearth of online advertising.
The European Commission said that it was investigating price fixing by the five big music companies--Vivendi Universal, Sony, EMI, AOL Time Warner and Bertelsmann--and some big retailers. The companies settled a similar case in America last year. The big noises control 77.5% of music sales worldwide.
Motorola, the American mobile-phone equipment maker, pulled out of a joint venture with Psion, the hand-held computer company, as part of cost-cutting measures. Despite being jilted Psion said it would continue with plans to develop a palm-top computer-communicator.
Lloyds TSB, the British bank, made a third bid for Abbey National, a rival. Lloyds' $28 billion offer was initially rebuffed by Abbey. Britain's competition watchdogs may not like it either.
Charles Schwab, an American retail stockbroker, told its 26,000 staff that up to half of them would have to take unpaid leave for three Fridays in the weeks ahead to cut costs. A slowdown in trading caused profits to fall 15% in the most recent quarter. The company also announced that, jointly with rival JD Waterhouse, it is acquiring Aitken Campbell, a British market maker.
Source - The Economist
Chemetall announced pre-tax profits of 9.97 million pounds, after exceptional credit, on turnover of 19.5 million, for the nine months ending 30th September 2000.
Crest Nicholson, the housebuilder, announced pre-tax profits of 48.1 million pounds, on turnover of 555.2 million, for the year ending 31st October 2000. Earnings per share stand at 30p.
Fletcher King announced pre-tax profits of 0.285 million pounds, on turnover of 3.22 million, for the six months ending 31st October 2000. Earnings per share stand at 2.1p.
Games Workshop announced pre-tax profits of 4.09 million pounds, after exceptional charge, on turnover of 42.7 million, for the six months ending 26th November 2000. Earnings per share stand at 8p.
Orbital Software announced pre-tax losses of 3.83 million pounds, on turnover of 0.6888 million, for the nine months ending 31st December 2000.
MERGER NEWS
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Completed merger between Frontline Limited and Attic Futura (UK) Limited in respect of the distribution of consumer magazines.
Proposed acquisition by iSoft plc of Act Medisys Ltd
Proposed acquisition by Finning International Incorporated of Hewden Stuart Plc
Proposed acquisition by Focus Do It All Group Limited of Great Mills (Retail) Limited
Proposed acquisition by Princes Ltd of Beta Foods Ltd
Proposed acquisition by KEC Bank NV of Peel Hunt plc
Completed merger between the Boeing Company and Jeppesen Sanderson Inc
Proposed acquisition by Allied Domecq PLC of Mumm/Perrier/Jouet
E-Minister Patricia Hewitt on the 29 January 2001 launched the new 'UK Online for Business' and 'InterForum' E-Commerce Awards for small and medium sized firms (SME's).
The annual awards, which are sponsored by the Royal Banks of Scotland and Cisco Systems, and supported by the Daily Express, recognise and reward excellence in the use of electronic business amongst SME's. The awards are open to any UK-based company and the closing date for entries is 18 May 2001.
The winner will be selected following 11 regional heats across England, Wales, and Northern Ireland. Scottish companies have their first heat via the 'Winners at the Web' Awards (www.wow.org.uk). The national final will be held at the Grosvenor Hotel, Park Lane, London, in July. All dates, times and location details will be announced on the website at (www.ecommerce-awards.co.uk) once they are confirmed.
The overall winner will receive £30,000 and each of the regional heat winners will be awarded £5,000 with regional runners up prizes of £2,000 and £1,000. For the first time this year, companies can be nominated by their employees, business partners, customers, or even friends and family.
Launching the Awards Ms Hewitt said:
"More and more small firms are realising the benefits of going online. The E-Commerce Awards 2001 highlights companies that have really grasped and integrated e-commerce into their business strategy to great affect. I hope these companies will be beacons of excellence for others to follow." Geoff Morris, Chairman of InterForum said:
"Over the last three years InterForum's participating members have contributed £1 million in sponsorship funds to the Awards which underlines InterForum's commitment to support the Government in getting the UK online.
"These Awards shine a bright spotlight on excellence in E-Commerce. Last year's winner DGC Distribution has shown how harnessing the Internet as a business channel can generate significant additional revenue and stimulate sales opportunities in countries where they had no physical presence, truly taking their businesses into the new economy."
An on-line entry form is available at www.ecommerce-awards.co.uk for completion by either the company or its nominator. Alternatively entry/nomination forms are available from 'InterForum' or via the UK Online for Business Infoline 0845 715 200.
In addition to the main awards, this year will again see the additional 'E-Business Start-up Award'. Sponsored by Sun Microsystems and Computacenter, the award has an overall prize of £10,000 in cash and £10,000 for equipment. Details for this category can also be found on the web site.
UK Online for business is the DTI-led programme to promote e-commerce uptake among small and medium sized businesses (SMEs), as part of the Government's activity to get the UK online. There is a network of several hundred UK online for business advisers situated in the Business Links in England and their equivalents in Scotland, Wales and Northern Ireland. For further information or a free e-commerce guide, contact the UK online for business Infoline on 0845715 2000 or visit the web site at: http://www.ukonlineforbusiness.gov.uk
'InterForum' is a not-for-profit campaign group of companies that helps British businesses to trade electronically. All of 'InterForum's' activities are governed by the need to raise awareness of the many business opportunities and challenges presented by new information and communications technologies (such as the Internet). 'InterForum' works to ensure that education, legislation and technology are in place to help British businesses to profit from the digital economy. For further information on 'Interforum' visit their website at http://www.interforum.org
February 19th Wessex Branch of the ICM Mark Burgess of ETS (Export Training Services) Incoterms 2000 Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 4th to 10th March National Credit Week 7th March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7th and 8th March Credit 2001 The Event for the Commercial and Consumer Credit Industry Olympia London Thursday 8th March 2001 Companies House Seminar Swallow Hotel Peterborough Lynch Wood Peterborough Business Park Peterborough Registration 5.30pm - 6.00pm Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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