Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: 75
Dated: 16th August 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKACQUISITIONS AND MERGERS INVOLVING UK COMPANIES 2ND QUARTER 1998
Expenditure on acquisitions of UK companies by other UK companies increased from #4.9 billion in quarter one to #11.7 billion in quarter two.
This relatively high figure is largely attributable to the acquisition of General Accident Plc by Commercial Union Plc for a reported #6.9 billion.
Expenditure on acquisitions in the UK by overseas companies remained relatively high in quarter two, at #8.3 billion compared with #8.9 billion in the previous quarter.
Expenditure on acquisitions overseas by UK companies was #5.1 billion in quarter two.
ACQUISITIONS OVERSEAS BY UK COMPANIES
Number and value of transactions
The largest three acquisitions recorded during quarter two 1998 accounted for about half of the total value of acquisitions.
There were 35 disposals and demergers in the second quarter of 1998 valued, in total, at #5.2 billion. This is the highest quarterly value for disposals since the series began in 1987. The largest transaction was BTR disposing of worldwide glass and PET packaging business for a reported #2.2 billion.
Largest ten transactions overseas by UK companies - Values in £ million
ACQUISITIONS IN THE UK BY OVERSEAS COMPANIES
Number and value of transactions
The largest acquisition in quarter two accounted for 53 per cent of the total value of acquisitions. This was the acquisition of the Energy Group Plc by Texas Utilities for a reported #4.4 billion.
There were 9 disposals and demergers in the second quarter of 1998 valued, in total, at #1.7 billion. The largest transaction was Thomson Finance SA disposing of Thomson Travel Group Plc for a reported #1.3 billion.
Largest ten transactions in the UK by overseas companies
Values in #million
ACQUISITIONS AND MERGERS IN THE UK BY UK COMPANIES
Number and value of transactions
The largest transaction recorded during quarter two accounted for 59 per cent of the total value. This was the acquisition of General Accident Plc by Commercial Union Plc for a reported #6.9 billion.
The 141 transactions in the second quarter of 1998 consisted of 101 acquisitions of independent companies with an initial value of #10.6 billion and 40 sales of subsidiaries between company groups with an initial value of #1.1 billion.
Largest ten acquisitions in the UK by UK companies
Values in # million
Funding
In the second quarter of 1998 cash accounted for 32 per cent of the total expenditure, issues of ordinary shares accounted for 67 per cent and issues of fixed interest securities accounted for 1 per cent.
MACHINE TOOLS JUNE 1998
In the second quarter of 1998 total turnover of machine tools (1990 constant prices, seasonally adjusted) decreased by 9.8 per cent compared with the previous quarter. This was due to a 18.8 per cent fall in home turnover more than offsetting a 5.3 per cent rise in export turnover. Compared to the same period a year ago, total turnover decreased by 7.6 per cent.
Total orders on hand for machine tools at the end of the second quarter of 1998 were 12.1 per cent less than the levels at the end of the first quarter of 1998 and were 7.6 per cent down on the second quarter of 1997.
In the second quarter of 1998, total turnover of the machine tools industry averaged #186.7m at current prices, a decrease of 8.7 per cent compared to the same period a year ago. Home turnover averaged #102.3m in the second quarter of 1998, a decrease of 21.7 per cent on the same period last year. In the second quarter of 1998 export turnover averaged #84.4m, an increase of 14.2 per cent on the same period a year ago.
At the end of the second quarter of 1998 total orders on hand for machine tools were estimated to have been #533.3m, a decrease of 7.7 per cent on the level at the end of the second quarter of 1997.
PRODUCER PRICES JULY 1998
The increase over twelve months in the output price index for home sales of manufactured products was 0.8 per cent in July, compared with 1.0 cent in the year to June. The output price index excluding excise duties (PPIY) fell by 0.2 per cent in the year to July and, seasonally adjusted, rose by 0.2 per cent between June and July.
The output price index excluding food, beverages, tobacco and petroleum rose by 0.2 per cent in the year to July. The rise in the latest three months over the previous three months in the seasonally adjusted index was equivalent to an annual rate of increase of 0.3 per cent.
Input prices (materials and fuel) manufacturing industry
The input price index for materials and fuel purchased by manufacturing industry fell by 1.1 per cent between June and July, largely reflecting a fall in electricity prices, which reverted to the usual seasonal pattern after a high level in June, and lower prices for home produced food inputs.
Input prices (materials and fuel) manufacturing excluding the food, beverages, tobacco and petroleum industries
The input price index for manufacturing excluding the food, beverages, tobacco and petroleum industries fell by 4.6 per cent in the year to July.
225,000 MORE IN JOBS SINCE ELECTION AS UNEMPLOYMENT FALLS
Commenting on last weeks figures, Education and Employment Secretary, David Blunkett, said:
"This is good news after a number of gloomy forecasts in recent weeks. It shows a further welcome - and significant - improvement in the unemployment figures and a welcome slowdown in the growth of average earnings. It does not mean of course that we can afford to be complacent - and we must continue to use every effort to meet the challenge of providing low inflation with sustainable growth, based on skills, productive investment and productivity."
"Whilst we are careful not to read too much into a single month, these figures are encouraging. With employment at an eight year high and unemployment at an eighteen year low, it is good news that the upwards trend on earnings has eased since last month.
" There are 225,000 more people in employment since May 1997 according to the Labour Force Survey, and over the last year the total number of jobs, according to the workforce jobs estimate, a separate measure, has increased by 429,000. Employment levels are at their highest since 1990."
# pounds sterling
SINGAPORE NEWS
Contributed by Bernice Kuo, kuopb@singnet.com.sg
With the relaxation by the Monetary Authority of Singapore on the qualifying criteria, many foreign companies & multilateral agencies will be able to issue bonds denominated in Singapore dollars, as well as companies to list their shares on the local bourse.The new measure is to allow wider use of the Singapore dollar for business transactions, however, there will still be a policy of not internationalising the currency to protect it from speculators. The new measure is to have lesser constrictions in Singapore's development as an International financial hub.
The strong Singapore dollar currency has already prompted many companies & businesses to invest in overseas countries, and to move in countries with weaker currencies. In the recent Beri report, Singapore is still the world's second-most profitable country in which to do business, despite the economic crisis in the region.
Consumer Affairs Minister, Dr Kim Howells, has issued a consultation paper to the credit industry and consumer bodies seeking views on proposals to amend the Consumer Credit (Total Charge for Credit) Regulations 1980.
Dr Howells said:
"The Annual Percentage Rate of Charge (APR) provides consumers with a valuable tool to assess and compare the total charges involved in different offers of credit, before deciding whether to enter into an agreement.
"With the onset of the single market and increasing cross-border credit offers, it is vital that the APR is calculated in a common manner throughout the EC so consumers can make meaningful comparisons between loan products offered in different Member States.
"The Consumer Credit Directive on APRs was adopted in February. Now I want to change our legislation to make sure it is in line with our European obligations."
The Consumer Credit Act 1974 and its subsequent Regulations control credit and hire agreements with individuals, sole traders, partnerships and unincorporated bodies up to a current limit of #25,000. These lay down detailed rules to protect consumers including the method of calculating the Annual Percentage Rate of Charge (APR) of the Total Charge for Credit (the sum of the interest payable on the credit and other associated costs, such as an arrangement fee, expressed as an annual rate of charge).
The costs that go into making up the total charge for credit are set out in the Consumer Credit (Total Charge for Credit) Regulations 1980.
The consultation paper includes chapters on:
APRs and the total charge for credit, and amending the UK regulations to ensure they reflect the related provisions of the Consumer Credit Directive.
Charges for keeping open an account, which can arise where a creditor requires the borrower to meet the costs of keeping open an account set up specifically to receive payments arising from a loan.
Charges for compulsory life insurance, where the creditor insists, as a condition of the credit, that the consumer takes out an insurance policy to cover the loan.
Consumer Credit Tables, being a method of calculating the APR covering the types of credit most commonly used.
FEDERAL REPUBLIC OF YUGOSLAVIA AND SERBIA: BAN ON NEW INVESTMENT
Following the publication in the Official Journal of the European Communities on 25 July 1998 of EU Regulation No 1607/98, a ban on new investment in the Republic of Serbia has come into force.
The Bank of England, on behalf of H M Treasury, last week issued a Notice to banks and other financial institutions which provides guidance in relation to transactions permitted under the Regulation.
Any queries about this Regulation should be addressed to the Sanctions Emergency Unit, Bank of England Threadneedle Street, London, EC2R 8AH.
Telephone +44 171 601 4607/4768/5811/3500
Fax +44 171 601 4309
The ban on new investment in Serbia is associated with, but additional to, the freeze on funds implemented by the European Union at the end of June.
Statistics showing insolvencies in the second quarter 1998 were published on the 7th August by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,346 company insolvencies in England and Wales in the second quarter of 1998 on a seasonally adjusted basis. This was an increase of 4.7 per cent on the previous quarter, and an increase of 6.4 per cent on the same period a year ago.
1.2 per cent of active companies became insolvent in the twelve months ended Q2 1998, the same as in the previous quarter and 0.1 per cent less than the same quarter in 1997.
INDIVIDUAL INSOLVENCIES
There were 5,891 individual insolvencies in England and Wales in the second quarter of 1998 on a seasonally adjusted basis. This was an increase of 2.2 per cent on the previous quarter and a decrease of 5.2 per cent on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
Companies 3,144 1997 Q2 3,151 1997 Q3 3,132 1997 Q4 3,197 1998 Q1r 3,346 1998 Q2p 4.7 % % CHANGE 1998 Q2 ON 1998 Q1 6.4% % CHANGE 1998 Q2 ON 1997 Q2 Individuals 6,214 1997 Q2 6,131 1997 Q3 5,828 1997 Q4 5,765 1998 Q1r 5,891 1998 Q2p 2.2 % % CHANGE 1998 Q2 ON 1998 Q1 -5.2 % % CHANGE 1998 Q2 ON 1997 Q2 p = provisional, r = revisedPrepared by the Government Statistical Service Department of Trade and Industry
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.
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.
COMPANY WINDING UP AND BANKRUPTCY PETITION STATISTICS SECOND QUARTER 1998
The Lord Chancellor's Department last week 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 second quarter of 1998.
In the second quarter of 1998 the following number of petitions were issued:
2,849 company winding up petitions - an increase of 5 per cent on the 2,724 petitions in the same quarter of 1997;
3,320 creditors' petitions - a decrease of 37 per cent on the 5,231 petitions in the same quarter of 1997;
-2,499 debtors' petitions - an increase of 3 per cent on the 2,431 petitions in the same quarter of 1997.
Table 1 shows the number of company windings up, and creditors' and debtors' bankruptcy petitions issued for each year by quarter, since 1994
The 1998 figures are provisional and liable to revision to take account of any late amendments.
Table 1
INSOLVENCY AND BANKRUPTCY PETITIONS FILED
Companies Creditors Debtors
Year Quarter Winding-up Bankruptcy Bankruptcy
Petitions Petitions Petitions
1994 1 3 919 6 823 3 994
2 3 505 6 468 3 250
3 3 429 6 149 3 049
4 2 813 5 119 2 463
13 666 24 559 12 756
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 3 320 2 499
*** Forthcoming Creditors Meetings ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 18/08/98 Brookfield (Contracting Services) Ltd 11.00 am Glasgow CRC Services Ltd 11.00 am Glasgow Shearer (Building Services) Ltd 12.00 pm Glasgow 19/08/98 Mirror Door Co (Scotland) Ltd - The 12.00 pm Glasgow 21/08/98 McEwan's Transport Ltd 12.00 pm Glasgow Trafalgar Homes Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 19/08/98 Raecare Ltd 11.00 am Sheffield 20/08/98 R.V.U Ltd 02.00 pm Stoke-on-Trent 25/08/98 Trueform Gauage Co Ltd - The 11.30 am Birmingham 48 Receiver calling unsecured Creditors Meeting 18/08/98 A.C.R (Realisations) Ltd 11.00 am Sheffield East Sussex Motor Co Ltd 10.00 am Tunbridge Wells Pabro Property Services Ltd 12.00 pm Tunbridge Wells 25/08/98 Swallownest Builders Centre Ltd 10.30 am Sheffield 67 Scotland - Receiver calling Meeting of unsecure Creditors 20/08/98 Aberdeen Imaging Centre Ltd 11.00 am Aberdeen Edward MacBean & Co Ltd 11.30 am Glasgow 98 Creditors Voluntary Liquidations 17/08/98 Amagold Ltd 04.00 pm London Animal Kingdom (Feeds) Ltd 10.15 am Worthing Avalon Corporation Ltd 10.30 am Guildford Charles Barrett Interior Furniture Ltd 11.00 am Birmingham County Clothing & Embroidery Ltd 11.00 am Reading Extra Computers Ltd 02.15 pm Leeds Fortang Ltd 10.30 am London G Bishop & Sons Ltd 10.30 am Harrow Hollywood Dreams Ltd 11.00 am London J & N Fashions Ltd 11.00 am London Lazacroft Ltd 09.30 am London Mohaje Ltd 11.30 am London Motiv Systems Ltd 10.30 am Cambridge Riverton Builders Ltd 04.00 pm London Scorn Projects (Plymouth) Ltd 10.30 am Plymouth The Keers Partnership (Recruit.) Ltd 12.00 pm Manchester WSGC & P Advertising Ltd 11.00 am London 18/08/98 A A Facility Services Ltd 12.00 pm London A.L.W. Services Ltd 12.00 pm Bristol Amber (1994) Ltd 11.00 am Birmingham Blancmange Ltd 02.30 pm Northampton Buckingham Estate Agents (Glasgow) Ltd 10.00 am Glasgow Cabinpine Ltd 11.15 am Southend-on-Sea Chantrys Bakeries (Ipswich) Ltd 10.15 am Cambridge City Textile (Knitwear Manufactur) Ltd 11.00 am Manchester Compu-Waste Ltd 11.00 am Bury Connect Laminates Ltd 03.00 pm Manchester Country Interiors Contracts Ltd 11.00 am Bristol Daily Enterprises Ltd 11.00 am London Duocrave Ltd 12.00 pm London Ferguson Jackson IT Ltd 11.00 am London Fortunesign Ltd 12.00 pm Hale Golf Portfolio Ltd - The 12.00 pm London Hospitality Services (Sales) Ltd 10.00 am London IML Technologies Ltd 10.15 am Bury J.B. Graphics Ltd 12.00 pm Liverpool Jivestyle Ltd 01.30 pm Manchester Kaleida (Manchester) Ltd 11.30 am Manchester Kings Armoured Ltd 11.30 am Nottingham L S I (UK) Ltd 10.30 am London Liquid Media Ltd 11.00 am London Magic Art Design Ltd 11.00 am Birmingham Mbizi Crafts Ltd 12.00 pm Southampton North West Structural Services Ltd 11.30 am Liverpool Oceanscene Ltd 11.00 am London P S Protocol Systems Ltd 10.30 am Oxford Premline Fashions Ltd 03.00 pm Gerrards Cross R C C (UK) Ltd 11.00 am London S.O. Transport Services Ltd 11.00 am Peterborough Smith Green & Co Ltd 11.00 am London Southwold Inns Ltd 11.00 am Ipswich Sovereign Services Ltd 11.00 am London Swapcult Ltd 11.30 am Birmingham Vacuum Solutions Ltd 03.30 pm Guildford Warrendale Ltd 10.30 am Birmingham 19/08/98 Aegis Joinery Ltd 02.00 pm Nottingham Ages UK Ltd 10.00 am Southampton Autophones Ltd 11.30 am Altrincham B & D (Public Works) Contractors Ltd 11.00 am Birmingham C.M.B. Engineering Ltd 12.00 pm Walsall Candamill (City) Ltd 02.30 pm London City Business Partners Ltd 11.00 am London Clinical Disposals Ltd 11.0 am Braintree Deepings Brewery Ltd - The 11.30 am London Dynasty International Ltd 10.15 am Nottingham Effluent Manage. Advisory Services Ltd 11.00 am Motherwell Hill Bros & Company (Uxbridge) Ltd 11.00 am Sutton Coldfield Hill Bros (Uxbridge) Ltd 11.30 am Sutton Coldfield I.H.C. Engineering Co Ltd 03.00 pm Nottingham J & F Warehousing Ltd 11.30 am London Label Dressing Ltd 02.30 pm Nottingham Malpeet Security Dogs Ltd 12.00 pm Cardiff Mercury Projects Ltd 12.00 pm Manchester R Curry Ltd 10.30 am Newcastle-u-Tyne Ratton Contractors Ltd 10.30 am Reading Sandton Pine Ltd 11.00 am Stoke-on-Trent Sandton Steels Ltd 02.30 pm Stoke-on-Trent Sheppard Services Ltd 12.00 pm London Sidlaw Textiles (Winding) Ltd 11.00 am London Sidlaw Textiles Ltd 12.30 pm London Speed 7028 Ltd 12.00 pm London Sterland Ltd 04.00 pm London T.B.R Construction Ltd 11.00 am Liverpool Topduet Ltd 11.00 am London Topo Gigio Ltd 12.00 pm Kingston-u-Thames 20/08/98 Beauty Belts Co Ltd 04.00 pm London Bestplate Group Ltd - The 10.30 am Sheffield Bib-It Ltd 12.30 pm Ashford Blake & Smith Ltd 12.00 pm Colchester Caffe Mediterraneo Ltd 11.00 am London Centrecore (Europe) Ltd 12.00 pm Cardiff Centremist Ltd 11.30 am London Delivery Services (St. Neots) Ltd 11.45 am London Disi Art Design Ltd 11.00 am Cardiff Dynoprint Ltd 11.45 am Worthing Fanore Ltd 12.00 pm London In The Mode Ltd 11.30 am Twickenham M. D. T. Developments Ltd 11.30 am Lutterworth Mid Sussex Training Centre Ltd 10.15 am Hove Multipress Ltd 11.00 am Bromsgrove Penacroft Ltd 12.00 pm London Road Runner Film Services Ltd 11.30 am London S & S Moulding Ltd 10.15 am Batley Stephens Classic Camera (Preston) Ltd 11.00 am Preston Twentyfirst Century Cleaning (UK) Ltd 12.00 pm London Waterfront Golf Ltd 11.00 am Wolverhampton 21/08/98 Ashfields Subscription Management Ltd 11.30 am Kettering B E West & Co Ltd 12.00 pm Reading CK Fabrication Services Ltd 03.00 pm Swansea Channel Point Property Co Ltd 01.00 pm London County Upholstery (Solihull) Ltd 03.30 pm Lutterworth Faros Ltd 12.00 pm London G & J Productions Ltd 02.00 pm London Industrial Ventilation Services Ltd 10.30 am Salisbury K B Events Ltd 02.00 pm London Karlaire Ltd 11.00 am Sunderland Landbase Ltd 04.00 pm London Megaweb Ltd 03.45 pm London Modelogic Ltd 10.30 am London Old Broad Street Bureau Ltd 11.30 am London Premier Disposables (UK) Ltd 11.00 am Brighton Quayline Repro. (Haverfordwest) Ltd 11.00 am Swansea S & G Cleaning Ltd 10.15 am London Sidney Street Shop Fittings Ltd 11.00 am London Tactile Ltd 11.30 am Leeds Tyson Steel Ltd 03.00 pm Sunderland Verburgt Import U.K. Ltd 10.00 am Sileby Vision Int Modelling Agency Ltd 12.00 pm London Whitney Construction Ltd 11.00 am Mackworth 24/08/98 A G D Heating Ltd 11.00 am Chatham Bold Entertainments Ltd 10.00 am Liverpool Douglas Scientific Ltd 11.00 am Southampton Dynasty Design Ltd 12.00 pm London Gromax Plasticulture Ltd 12.00 pm Royston Groundflow Construction Ltd 11.00 am Hornchurch Handfern Alarms Ltd 11.30 am Exeter Harpers Clothing Ltd 10.00 am London Inter Mail Services Ltd 11.30 am Guildford Leslie's Car Hire Ltd 02.00 pm London Mafhh Printers Ltd 11.00 am London Martint (UK) Ltd 11.30 am Manchester Mediahead Ltd 02.00 pm London New Tech Door Systems Ltd 11.30 am Stoke-on-Trent Orchard Computer Systems Ltd 02.30 pm London Plexus Contracts Ltd 12.00 pm Liverpool S R M Design & Publishing Ltd 11.30 am Sileby Trelysian Ltd 11.00 am Bournemouth Unisec Ltd 03.00 pm Southend-on-Sea Whitewater Trading Ltd 11.00 am London Wickham Hoist Ltd 10.30 am Walsall 25/08/98 A R B Joinery Ltd 11.30 am Portsmouth BRRC Ltd 12.00 pm Gatwick Airport Birchington Glass Ltd 11.00 am London Brothertons Ltd 11.30 am Manchester Charter International G.B. Ltd 11.30 am London Coventry Football Club 10.00 am Walsgrave D.W. Price (Enfield) Ltd 11.00 am London Drumrecon Ltd 10.30 am Yarm F. Brooks Ltd 11.30 am London Gary Hodgson Ltd 11.30 am Lutterworth H M B Bus Services Ltd 11.00 am Gosforth Newcastle Mining (Collieries) Ltd 02.30 pm Whitburn Oldfosse Ltd 11.30 am Shropshire Pallet Store Ltd 12.00 pm London Shelco Furniture Ltd 12.00 pm London Unique Homes (UK) Ltd 10.30 am Swindon Wolverton Property Services Ltd 12.00 pm Royston
TW LW TW LW
USA 1.6295 1.6413 Canada 2.4803 2.4869
Austria 20.6114 20.4393 Portugal 299.156 297.398
France 9.8202 9.7429 Belgium 60.3810 60.2410
Finland 8.9060 8.8300 Italy 2889.59 2867.46
Germany 2.9302 2.9072 Sweden 13.3513 13.0423
Holland 3.3035 3.2771 Switzerland 2.4374 2.4524
Spain 245.750 246.580 Ireland 1.1616 1.1591
Australia 2.7570 2.7077 Denmark 11.1568 11.0751
Hong Kong 12.6283 12.7184 ECU 1.4839 1.4751
Africa Com 10.5201 10.1241 Saudi Arabia 6.1118 6.1559
India 70.4760 69.6900 Malaysia 6.9036 6.8019
Singapore 2.8656 2.8395 Norway 12.4691 12.3951
Japan 239.550 237.310
TW This week LW Last week.
BICC, the construction and engineering group, has announced pre-tax profits of 35 million pounds, after exceptional charge, on turnover of 2,066 million, for the six months ending 30th June 1998. Earnings per share stand at 2p.
BSkyB has announced pre-tax profits of 270.9 million pounds, on turnover of 1,434 million, for the year ending 30th June 1998. Earnings per share stand at 14.5p.
Morgan Sindall, the construction group, has announced pre-tax profits of 5.05 million pounds, on turnover of 195.9 million, for the six months ending 30th June 1998. Earnings per share stand at 11.56p.
Westminster Healthcare has announced pre-tax profits of 13.6 million pounds, after exceptional charge, on turnover of 145.1 million, for the year ending 31st May 1998. Earnings per share stand at 15p.
MERGER CLEARANCE
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 mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by the Great Universal Stores PLC of Metromail Corporation
Acquisition by Rexam Plc of certain assets of Lawson Mardon Packaging UK Ltd, namely Lawson Mardon Medical Products
Proposed acquisition of Thorn plc by Future Rentals plc, a company formed by and with financing arranged by the Principal Finance Group of Nomura International plc
Acquisition by Virgin Entertainment Group Limited of Virgin Retail Limited, including WH Smith Limited's 75% interest
Acquisition by Imperial Tobacco Group plc of Douwe Egberts Van Nelle
Late-morning on August 11th 1999 a great shadow will pass across the Sun, leaving us in darkness. This solar eclipse will affect the whole of the UK, but only the Isle of Scilly, Alderney, Cornwall and south-west Devon will experience a total eclipse - when the whole Sun will be blotted out by the moon for up to two minutes.
For most people a total eclipse of the Sun is a once in a lifetime event. The last one to affect the UK mainland was in 1927, the next isn't expected for another 90 years. Scientist, Dr Richard Wade has travelled to see eclipses all over the world in his quest to learn more about the Sun. "To see the Sun disappear in the middle of the day is an extraordinary experience", he says, "Obviously it goes dark but it goes cold as well and everything seems to go very still. Its a very eerie thing."
The Particle Physics and Astronomy Research Council are supporting projects to help people to enjoy the eclipse and increase their understanding of the Sun and our solar system.
More information:
The 'National Eclipse Line' will answer telephone enquiries on all aspects of the Sun and the '99 eclipse. The lo-call number is 0345 600444 and it operates from 1-7pm Monday to Friday.
The UK eclipse website at http://www.eclipse.org.uk provides background information about eclipses and how to watch them safely. The site features links to scientists, places to stay, eclipse events and exhibitions and a 'news' page containing press releases and images.
Images: A photograph of a total eclipse is available at www.pparc.ac.uk/news/graphics/94j.tif
18th August Norwich City College - 6.00pm An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 NW Kent College 6.30 for 7.00pm An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 19th August Northampton College An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 1st September London Guildhall University - 6.00 for 6.30pm An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 2nd September Newbury College, Oxford Rd, Newbury 6.00pm for 6.30 p.m. An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 Campanile Hotel - Manchester 6.00 for 6.30pm An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 3rd September 6.15 for 6.30pm West of Scotland Branch meeting of the ICM Stress Management The offices of Ernst & Young, George House, 50 George Square, Glasgow South Nottingham College - 5.30 for 6.00pm An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 4th September Wessex Branch of the ICM in conjunction with the Fareham & Gosport Friends of the Children's Hospice Fund Raising Committee Invite you to a 'Butterfly Ball' Botleigh Grange Hotel, Hedge End, Southampton. Contact Miss J D Evans 77 Walker Gardens, Grange Park, Hedge End, Southampton Hants SO30 2RH for more details. 8th September Northampton Branch meeting of the ICM The role of the Solicitor in Credit Management Time TBA Followed by Go-carting at St.James Mill Road, Northampton For further details contact - Kerry Bland on 0966-275454 or Malcolm Swann on 01604-673410 South Thames College, Slough 6.00 for 6.30pm. Education PR Event & Reception for prospective & existing ICM students. Tel ICM on 01780 722909 for details. 9th September Southampton City College - 6.30 for 7.00pm An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 Stoke on Trent College - 5.30 for 6.00pm An Education PR Event & Reception for prospective & existing ICM students. Details from ICM 01780 722909 11th September East Midlands Branch of the ICM Dinner Dance Black tie dinner Quorn Country Hotel, Quorn, Nr Loughborough Cost #30.00 per ticket - Contact Tim Davies on 0116-257-6264 12th September 7.00pm North East Branch of the ICM Annual Dinner The Cedar Court Hotel, Bradford Cost #25.00 - further details from Sid Ulph (01254-724000) or Brian Lewis (01937-581977) 15th September London Branch meeting of the ICM 6.00 for 6.30pm Business Information - where does it go from here? Presentation by Phillip Mellor, Senior Analyst, Dun & Bradstreet London Transport House 55 The Broadway London SW1H OBD Thames Valley Branch meeting of the ICM 6.45 for 7.15pm Mock Creditors' Meeting Presented by the Moore Stephens Booth White thespians Honeywell Control Systems Ltd, Honeywell House, Arlington Business Park, Bracknell +Buffet 16th September Merseyside & North Wales Branch meeting of the ICM 10.00am to 5.00pm Annual Full Day Seminar A full day of speakers and exhibitions The Maritime Museum, Albert Dock, Liverpool +lunch +coffee 17th September Kent Branch meeting of the ICM Wine and Wisdom 7.30pm Teams of 4-6 competing for the Branch's Annual Challenge Shield Dominican Priory, Canterbury Bookings for Kent Branch meetings - Ian Mella (Tel 01233-756253) Members - # 3.00 Non Members - # 3.50 Students # 1.00 19th September East Midlands Branch meeting of the ICM Bi-Annual Dinner Dance 1.30pm Contact Tim Davies on 0116-257-6264 for further details and to reserve places and tables. 23rd September 6.30pm East Midlands Branch of the ICM Effective use of litigation as a debt recovery tool Chris Radford, Head of Corporate Recovery at Eversheds Eversheds, 1 Royal Standard Place Nottingham Sussex and Surrey Branch meeting of the ICM 7.30pm Mock Summary Judgment Hearing With a local Judge Bridgehouse Hotel, Reigate 2nd October ICM Annual Dinner Drapers Hall - City of London Tickets 67.00 - details from the ICM on 01780-721888 or Fax 01780-721271 20th to 21st October Credit North 1998 The Northern Conference and Exhibition for the Commercial and Consumer Credit Industry Free Conferences, Free Specialised Workshops, Free Exhibition. Over 40 top Industry SpeakersThe Royal Armouries, Leeds Registration Hotline +44 (0) 181-201-9888 Fax +44 (0) 181-201-8339 # = pounds sterling
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