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 20
Dated: 20 May 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBIGGEST FALL IN CONFIDENCE FOR TWO YEARS - SAY SMALL AND MEDIUM-SIZE MANUFACTURING FIRMS
Small and medium-size manufacturing firms have seen their biggest fall in business confidence since January 1999, according to a survey published last Monday by the Confederation of British Industry.
Asked whether they were more or less optimistic than four months ago, 12 per cent of firms said they were more optimistic about their general business situation while 42 per cent were less. The balance of minus 30 compares with plus seven in January 2001. In January 1999 it was minus 37 per cent.
The survey suggests that prospects for SMEs have worsened in line with the rest of manufacturing. Smaller firms were generally more downbeat than medium-size firms.
Output fell at its fastest rate since October 1999, reversing the tentative recovery shown in January and defying expectations of solid growth. In January's survey a balance of plus 16 per cent had been expected for the following four months. Looking back on those four months in this survey, the figure is reported to be minus nine per cent. Conditions are expected to improve over the next four months. Both small and medium-sized firms expect output to stabilise.
The volume of total new orders also weakened despite expectations of growth. A balance of plus three in January compares with minus eight per cent reported in this survey, the lowest figure since October 1999. Demand is expected to fall further in the next four months, though less sharply than in the past four months.
Export orders continued to fall despite expectations of an increase in the last survey. Both small and medium-size firms expect further, but smaller, declines in the next four months.
Simon Bartley, Managing Director of CJ Bartley and Co Ltd and Vice-Chair of the CBI's SME council, said: "SME manufacturers are again under pressure with business confidence falling sharply, output being cut back and the squeeze on profit margins intensifying. The deterioration in investment plans signalled in this survey is particularly worrying because it is likely to hamper the ability of firms to compete over the longer term. Last week's quarter point cut in interest rates was timely but it remains to be seen whether or not it makes SMEs more confident about investing in the future."
Profit margins were squeezed for the fifth successive survey as a result of falling prices and rising unit costs and this trend is likely to continue. Domestic prices fell and by a greater extent for medium-size firms than small ones. Overall, domestic prices are expected to fall at a slightly faster rate over the next four months than the last.
Employment fell at a faster rate than expected in the previous survey. There is a sharp contrast between the expectations of small and medium-sized firms over the next four months. Small firms expect no change and medium-sized expect a further fall.
Investment plans for plant and machinery have deteriorated. The balance fell to minus 19 per cent from minus four per cent in January. Uncertainty about demand continues to be the most important factor likely to limit investment followed by inadequate net returns and the inability to raise external finance.
SMALL FIRMS POLICY NEEDS BIG IDEAS
Reacting to publication last Tuesday of the Labour Party’s Small Business Manifesto, David Sears, Deputy Director General at the British Chambers of Commerce said:
“A separate manifesto for the small business community shows commitment and reflects the Labour Party’s efforts in government to push small firms’ interests higher up the agenda, embodied particularly by the creation of the Small Business Service.
“However, it is evident that a more radical shift in thinking is needed for the politicians truly to support the critical role small firms play as engines of UK economic growth. Business will welcome this as a ‘safe’ series of proposals, but with many already announced as government policy, there is little evidence of big ideas in small firms policy.”
Among their own manifesto recommendations on small firms’ policy, the British Chambers of Commerce are demanding that the next government:
Reduce the cumulative £15 billion burden of regulations on business, through the use of regulatory budgets for government departments;
Cut business payroll compliance costs by at least 20 per cent over the course of the next Parliament;
Make tax simplification a priority, pursuing a tax simplification project similar to the tax law rewrite, but that focuses on the underlying tax system;
Reform self-employed taxation, so that only drawing accrue tax at higher personal tax rates and retained profits are taxed at lower small companies’ tax rates;
Address priority skills issues, specifically by supporting the establishment of local and sectoral ‘employer learning networks’ for small and large firms to help each other to achieve their training needs.
Full details of the BCC’s manifesto “Empowering Business” are available at www.britishchambers.org.uk
EARNINGS GROWTH SHOULD NOT PREVENT FURTHER RATE CUTS - SAYS CBI
The latest figures for average earnings do not create any barrier to further interest rate cuts, said the CBI last Wednesday. The headline figures may give a misleading signal because, if bonuses are disregarded, there has actually been a slowdown between the fourth quarter of 2000 and the first quarter of this year.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "Excluding bonuses, underlying earnings growth is subdued. Since inflationary pressures remain fairly weak, this does not stand in the way of further interest rate cuts.
"The further falls in unemployment are welcome, but recent job losses in manufacturing are of concern and highlight the severe competitive pressures firms are under."
ILO unemployment fell by 64,000 between the three months ending December 2000 and the three months ending March 2001. The claimant count measure for April was down compared with March with a fall of 10,200 being recorded.
The number of jobs in manufacturing fell by 3,000 between February and March and now stands at 3.879 million.
By Adrian Howells - ICC Information Ltd
On the 26th July 2000, the audit threshold was raised from companies with £350,000 turnover to those with more than £1 million. In the words of Stephen Byers, this was to help British businesses avoid unnecessary expenditure and to reduce red tape. The government's belief was that this would annually save the average business £5,000. However, independent research, including that of the audit profession suggests that the savings will be nearer £1,500. Based on this saving, it has been anticipated that many companies will take advantage of not being obliged to file audited statements, indeed research by ACCA showed that 40% of companies would choose to no longer file audited accounts. In essence this sounds like a great deal.
However, on the other side of the legal fence, companies are still required to produce statutory accounts that comply with applicable accounting standards and the Companies Act 1985. In general, they will to continue to use professional firms of accountants to prepare these accounts. In many cases lenders, minority shareholders and the Inland Revenue will have greater confidence in accounts that have been audited than those that have not. Companies may request an audit even though they are exempt. Therefore, despite the potential savings there may still be the need to audit for other reasons.
It is estimated that the increase in the threshold to £1 million will enable 150,000 companies to take advantage of exemption from audit this year. Furthermore, the DTI has proposed raising the threshold again, up to £4.8 million, which would exempt an additional 70,000 companies. However, it must be remembered that the decision to cease filing audited accounts is optional and companies must consider very carefully whether this is appropriate given the circumstances of their business.
The credit ratings implications
Successful business all boils down to confidence in potential trading partners. If a company's information is fully audited then, as an organisation looking at any new partner, it is relatively straightforward to assess their accounts and assess the risk. If the accounts are not audited, it is inaccurate to say that no one will trade with the company. However, it will be more difficult to gain company information and extra work may need to be done in order to achieve the required level of confidence in the potential partner. This is potentially detrimental for the customer, possibly increasing the cost of credit to compensate for this additional work.
When deciding whether or not to extend credit to a customer, all credit providers will use a combination of financial and non-financial information to assess the risk to which it is being exposed. If a customer's financial information is audited, credit agencies, and companies using credit agencies, can be confident that not only will information be available, but more importantly, this information will be reliable. Conversely, if the financial information is not audited, credit providers will be less certain of the quality of the data available and will be facing a greater risk. To compensate for this, it is likely that they will charge higher rates.
The changes in the audit threshold do not have an effect on the credit scoring of a company per se. The scoring models are very robust and can therefore score any company, whether its accounts are audited or not. However, some credit scoring models use audit qualification as a criterion and a lack of this qualification can adversely affect the score. Furthermore, as time goes on and a company's accounts have not been audited for a period of years, financial confidence in that company could be eroded. The result is that any organisation wishing to trade will need an alternative way to gain the confidence of its potential trading partners.
Issues to be aware of
If a company already audits its accounts and then chooses not to because it is no longer a statutory requirement, many people will question why? There may be good reasons for this decision but the organisation will need to consider the potential impact it will have on those it trades with. It may be worth having a conversation with key trading partners to ensure it is understood what they expect.
Companies will still be required to produce statutory accounts and will therefore have to gather most of the information required for auditing purposes. Considering the potential implications, it is probably worthwhile using this information to produce an audit statement as a matter of course.
If a business has any substantial loans, from banks or venture capital investors, the current information from these agencies is that companies over a £2 million threshold will still be forced to undergo the audit process so that investors can examine the health of the business. This may mean that companies will need to produce audited accounts, despite the proposed increase in the threshold to £4.8 million.
Look at the potential costs that a company might incur in having to answer more detailed checks on the business in the absence of audited accounts. Depending on what types of businesses are being traded with, these costs might outweigh the potential savings.
At the end of the day we all want to ensure that it is easy to do business with our trading partners. Audited accounts are one of the factors that make trading a much easier experience for everyone.
Adrian Howells is director of marketing at ICC Information Ltd
E-mail ahowells@icc.co.uk
ICC Information reports are available from our website. Go to http://www.creditman.co.uk/icc/icchome.html
PKF DEVELOPS NEW 'BLOOD PRESSURE' TEST TO MEASURE LIQUIDITY OF AIM COMPANIES
In order to enable AIM companies to benchmark their liquidity performance, business advisors and accountants PKF have developed a new performance measure for AIM companies after in-depth research into 53 companies in the South East. Called the 'blood pressure' measure, this new test enables companies to measure both their volume and price related liquidity and to compare themselves against the monthly averages of the market as a whole.
PKF, in association with Decision business magazine, produced a 'blood pressure' reading for each AIM company revealing both significant fluctuations in liquidity from month to month outside of the expected tax-driven peaks as well as wide variations across the market. The one area of consistency is communication. It is evident from the research that the companies best at communicating with the market are also more effective in managing the liquidity in their shares.
The blood pressure measure consists of two figures. The first figure looks at the average deal size when shares in the company are sold (volume) and the second looks at the impact of the sales on the share price by calculating the proportion sold to generate a 1% share price movement (price). Both figures are benchmarked against the entire market so that a 80/125 blood pressure result, for example, means that the average size of trade for the company is 80% of the average for all companies but the price moved by 125% of the average for the whole market when shares were sold.
The higher the volume figure, the easier it is to sell shares in the company. The higher the price figure, the greater the volatility in the share price. Henry Fairpo, PKF corporate finance partner, commenting on the 'blood pressure' measure, said, "We wanted to find a way of looking at the drivers to share prices that allowed real direct comparisons with the market as a whole because this is what matters to management, shareholders and potential investors.
"The measure also allows us to monitor the underlying market's feelings towards these smaller public companies. Market sentiment cannot be ignored by any company and particularly by those who know they will need to call for further cash. One clear message here is that communication planning and newsflow management play a critical role in the successful control of liquidity.
"Every company considering a flotation must remember that it is a start and not an end and, whilst liquidity will always be critical to raising money in the future, there are many other issues that newly floated companies have to contend with. Top of the list is delivering on the prospectus or the trading expectations of the market. This drives the newsflow that is at the core of investor relations and, eventually, feeds through into maintaining the share price."
The PKF AIM Performance Measure is featured in the Decision business magazine yearbook edition or can be viewed in pdf format by linking here.
PKF is the eighth largest firm of accountants and business advisors in the UK with more than 1,600 partners and staff operating in over 25 offices around the country. Principal services include: assurance and advisory; consultancy; corporate finance; corporate recovery and insolvency; forensic; and taxation. The firm has particular expertise in sectors such as: charities; technology and e-commerce; hotel and leisure; inward investment; medical; professional partnerships; and public sector. PKF's web site address is www.pkf.co.uk. PKF also offers financial services through its PIA registered company, PKF Financial Planning Limited.
PKF is a member of PKF International, which has more than 8,000 people operating in over 100 countries around the world.
PKF's corporate finance specialist offer support and advice with: due diligence and valuations; mergers and acquisitions; raising finance; management buy-outs and buy-ins; and flotations.
The joint administrative receivers of The Rival Envelope Company, Geoff Rowley and Michael Oldham of business advisors PKF have saved 73 out of 103 jobs and report significant interest in the business and assets of the company following their appointment on 27 April 2001.
The business is now trading profitably following a re-organisation of staffing levels and shift patterns by the receivers. Turnover for the first two weeks trading following the receivers' appointment can be annualised at #10.5m. Geoff Rowley administrative receiver, commented:
"We have received thirty five expressions of interest, which is more than we expected for such a niche business. We have already had discussions with a number of serious parties and are confident that a going concern sale will be achieved in the next few weeks."
*** FORTHCOMING CREDITORS MEETINGS ***
Contributed by http://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
From 21/05/2001 to 29/05/2001 Number of Creditor meetings : 223 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 22/05/2001 Alburz Ltd 11.00 am Hamilton Datum Contrcting Services Ltd 03.00 pm Glasgow 24/05/2001 Cairnleaf Ltd 11.00 am Dumfries 25/05/2001 Ayr Drilling Co Ltd 11.00 am Glasgow G Plant Ltd 12.00 pm Hamilton 29/05/2001 Enterprise (Scotland) Ltd 11.00 am Fraser Anderson Ltd 02.00 pm Paisley 23 Administrator Calling a meeting of Creditors 21/05/2001 Eurotelecom Corporation Ltd 10.00 am Barnsley 22/05/2001 Prosser Scientific Instruments Ltd 11.00 am London 25/05/2001 Sorak Supplies Ltd 11.00 am Sheffield 48 Receiver calling unsecured Creditors Meeting 21/05/2001 GHL Realisations Ltd 11.00 am London GM Realisations Ltd 11.00 am London Gearhouse (Reading) Ltd 11.00 am London Gearhouse Computer Services Ltd 11.00 am London Gearhouse Group Plc 11.00 am London Gearhouse Led Screens Ltd 11.00 am London Gearhouse Lighting Ltd 11.00 am London Gearhouse Multi Media Ltd 11.00 am London Gearhouse Special Projects Ltd 11.00 am London Gearhouse Structures Ltd 11.00 am London Gearhouse Supplies Ltd 11.00 am London Gearhouse Systems Ltd 11.00 am London Gearhouse Video Sales Ltd 11.00 am London Gearhouse XTC Ltd 11.00 am London Gnec Realisations Ltd 11.00 am London Hutsons (Beccles) Ltd 11.00 am Norwich IGH Realisations Ltd 11.00 am London Impact Rentals Ltd 11.00 am London OVL Realisations Ltd 11.00 am London PG Realisations Ltd 11.00 am London PPL Events Services Ltd 11.00 am London PS Realisations Ltd 11.00 am London PSH Realisations Ltd 11.00 am London Proquip Gearhouse Ltd 11.00 am London QM Realisations Ltd 11.00 am London Scene Set Ltd 11.00 am London Tes N Egats Ltd 11.00 am London 22/05/2001 Regent Furniture Ltd 03.30 pm London 24/05/2001 AA Insulations Ltd 10.00 am Hatfield Bridgeway Ltd 11.00 am London HMG (Clearwater) Ltd 10.00 am London HMG (London) Ltd 10.00 am London HMG (Midlands) Ltd 10.00 am London HMG (South) Ltd 10.00 am London HMG (Thames) Ltd 10.00 am London HMG Holdings Ltd 10.00 am London Hancock Group Ltd 10.00 am London Hancock Southern Ltd 10.00 am London KLE Steel Services Ltd 10.00 am Sutton 25/05/2001 Infornitum Ltd 11.00 am London 29/05/2001 Eudora Research & Development Ltd 11.00 am Guildford Schwinn/GT Europe Ltd 10.30 am London 98 Creditors Voluntary Liquidations 21/05/2001 Aviation Consulting Group Ltd 10.15 am Littleover Bluebrace Ltd 12.00 pm London Cammell Laird Properties Ltd 11.00 am Liverpool Chas F Wilson & Sons Ltd 02.30 pm Basford Colorific Ltd 12.00 pm London Colour On The Wall Co Ltd 11.00 am Glasgow Display Associates Ltd 11.30 am Sileby Heathland Europe Ltd 10.30 am London Jackson Wilson Ltd 11.00 am Leeds Longcroft Transport Services Ltd 04.00 pm London Napaxis Ltd 12.00 pm Manchester Powerdesk Plc 11.30 am London Rad Solutions Ltd 11.00 am London Rochbrook Ltd 03.00 pm Northwood S J Baggaley Developments Ltd 11.30 am Preston Saverfone Ltd 11.00 am London Scope Industrial Recruitment Ltd 12.00 pm Chatham Second Millennium Systems Ltd 11.30 am London Select Events Ltd 11.30 am Preston St Helens Services Ltd 11.00 am Manchester Stockport Confectionery Supplies Ltd 11.30 am Altrincham Transcity Services Ltd 10.30 am Portswood Waverley S F Ltd 12.00 pm Stockport Whitefield Technical Services Ltd 11.30 am Preston Worldzone Telecom Ltd 03.00 pm London 22/05/2001 A Martindale Building Contractors Ltd 03.00 pm Northwood Allfair Ltd 11.30 am Liverpool Arthur Gilderson Ltd 10.00 am Ilford Benways Rubber Processors Ltd 12.00 pm Nottingham CGR Technology Ltd 11.00 am Birmingham Carforum Ltd 10.15 am Worthing Complete Towing Services Ltd 10.00 am Sheffield Conservatory Installation Services Ltd 10.30 am Weybridge Dak Solutions Ltd 11.30 am London Dive Emporium Ltd - The 11.00 am London E P & S Overseas Trading Ltd 02.30 pm London Everfirst Associates Ltd 11.00 am Harpenden L & T McCann Ltd 10.30 am Kirkcaldy London Underwriting International Ltd 12.15 pm London London Underwriting Recoveries Ltd 12.15 pm London M I R K Storage & Distribution Ltd 10.15 am Liverpool Millennium Recruitment Beyond 2000 Ltd 11.30 am Croydon Millson Construction Ltd 10.30 am Driffield PDS Colourprint Ltd 10.00 am Newcastle-u-Tyn Racecourt Recruitment Ltd 11.00 am Gloucester Seawisp Contracts Ltd 10.30 am Liverpool Sedef Ltd 03.30 pm London South Son & Whitcombe Ltd 03.30 pm London Spray Shop Engineering Ltd 10.30 am Leicester St Johns Wood Bridge Club Ltd - The 11.00 am London Thornham Fabrications Ltd 11.00 am Bolton Worldsites UK (South) Ltd 11.00 am Bristol Zagros Corporation Ltd 12.00 pm London 23/05/2001 3IP Projects Ltd 10.30 am Cheltenham Amaanis Curry Ltd 11.00 am London BCS IT Systems Ltd 10.00 am Sudbury Bedroom Shop Ltd - The 11.00 am Sunderland Big Bear Productions Ltd 11.30 am Waltham Abbey Bittu Manufacturers Ltd 03.00 pm Northwood Burley Coach House Ltd 11.00 am Bournemouth Capriwood International Ltd 03.00 pm London Coastline Taxis Ltd 11.30 am Bournemouth D J Radiator Serv (Peterborough) Ltd 03.00 pm Peterborough Eforyou.Com Ltd 12.00 pm Darlington G & W Lea (Nantwich) Ltd 11.00 am Manchester Harold Poyser Ltd 12.00 pm Salford Hartwell Mechanical Services Ltd 10.30 am Bournemouth Hic Installations Ltd 11.00 am Ipswich Jem Vehicles Ltd 02.3o pm London Livestox Ltd 11.30 am London Lotsmore Ltd 11.00 am Barnet Meldontone Ltd 11.00 am Birmingham Michael Kommer Associates Ltd 11.30 am Croydon Naked Tree IT Recruitment Ltd 10.30 am London New Giuseppes Ltd 11.15 am Bately P & L Commercial Services Ltd 12.00 pm Chatham Pinecraven (Mendip) Ltd 12.00 pm Southampton Proflex Packaging Systems Ltd 10.45 am Acton Trussle Sameday Courier Solutions (Inter) Ltd 10.30 am Milton Keynes Summers Group Ltd - The 10.15 am Maidstone United Management Ltd 11.30 am London VTV Media Production Ltd 02.30 pm Waltham Abbey VTV1 Ltd 12.30 pm Waltham Abbey Valley Engineering Ltd 10.30 am Warrington Visionstor Ltd 04.00 pm Waltham Abbey Voxkey Services Ltd 02.30 pm Chilworth World3W.Com Ltd 11.00 am London Worldwide Hampers Ltd 10.15 am Haywards Heath 24/05/2001 AC + DC Technical Services Ltd 11.00 am Henley-on-Thame Alexander Bakery Ltd 02.30 pm Sawbridgeworth Arch Transmissions 2000 Ltd 11.00 am Aldridge Ashfield Mechanical Services Ltd 11.45 am Holmfirth Baird Bellow Ltd 10.30 am Brampton Barnes Grp Formwork Ltd 11.00 am Bristol Barrow Haven Ltd 12.00 pm Hale Bluemark Management Ltd 11.30 am Marlow Camada Ltd 03.00 pm London Charybdis Ltd 02.30 pm Nottingham Eurocity Ventures Ltd 02.30 pm London G P Jones & Sons Ltd 11.30 am Cambridge Hatart Ltd 02.30 pm London Inca Design & Manufacturing Ltd 02.00 pm Newport Locklow Ltd 11.30 am Worcester On Line Developments Ltd 11.00 am Chatham Prompt Corner Ltd 11.00 am London Proudpitch Ltd 12.00 pm Manchester Raymond White Consultants Ltd 03.00 pm Royston Red Interiors Services Ltd 11.00 am Birmingham Retail & Marine Interiors Ltd 12.00 pm Liverpool Russell Bros (Wimbledon) Ltd 11.00 am Hornchurch Sawbridge & Hughes Ltd 11.00 am Wolverhampton Statework Ltd 11.30 am Grimsby Stendown Ltd 11.30 am Preston Styletidy Co Ltd 12.00 pm Royston Teen Clothing Ltd 10.30 am Leicester Teva Ltd 12.00 pm London Tradesman Ltd 02.00 pm London Westwood Southern Ltd 11.30 am Watford 25/05/2001 A F F Fabrication Services Ltd 11.00 am Chandlers Ford ATT Corporation (Data) Ltd 11.00 am London Adze Interiors Ltd 11.15 am Southend-on-Sea Aqua-Solve International Ltd 10.30 am Milton Keynes B E T S Engineering Services Ltd 11.30 am Manchester Barclaycorn Home Stores Ltd 12.00 pm London Blueberry.Net Ltd 11.30 am London Bodyspec Ltd 11.30 am Lutterworth Buckingham Retail Ltd 11.30 am Worcester Buyrack Ltd 04.00 pm London Charles & Davies Cartons Ltd 10.15 am London Chelsea Daniels Ltd 10.30 am Gloucester Cheshire Cellular Communications Ltd 11.15 am Huddersfield Devon Sewing Services Ltd 10.30 am Taunton Essex Hangers Direct Ltd 02.30 pm Birmingham Excellent Technologies Plc 11.30 am Poole FMS Public Relations Ltd 11.00 am Leith Grayspur (M&I) Ltd 02.30 pm Leeds Guildedtower Ltd 11.45 am Holmfirth H G Contract Resources Ltd 11.00 am Stevenage Hamstone Developments Ltd 04.00 pm London L V Lawlor Printers Ltd 11.30 am Manchester Lakeland Press Ltd 12.00 pm Manchester Lee Print & Packaging Ltd 11.00 am London Lime Planet Ltd 11.00 am Bristol Magicbutton.Net Ltd 02.30 pm London Maya International Ltd 02.00 pm London P & D Direct Couriers Ltd 10.30 am Droitwich Parframe Windows Ltd 10.30 am Hornchurch Primesequel Ltd 11.15 am London R & S Fuels (Swansea) Ltd 12.00 pm Swansea R M Timberbuild Ltd 11.15 am Wadebridge Rashwood Engineering Ltd 11.00 am Birmingham Sales Activation Services Ltd 11.00 am Bristol Securetask Security (North West) Ltd 11.30 am Manchester Slater Blyth Ltd 11.00 am Birmingham South West Stainless Ltd 11.00 am Reading Special Delivery (London) Ltd 11.30 am London Storm Developments Ltd 04.00 pm London Swift Recruitment Ltd 10.30 am Sheffield TCCW Ltd 10.30 am London Thermo Plus UK Ltd 12.00 pm Uxbridge Vecta Ltd 02.30 pm London W M Renwick Ltd 11.00 am Chichester 29/05/2001 Apex Sound Services Ltd 12.00 pm Salford Brilliant Ltd 10.30 am London Chorus Europe Ltd 11.30 am London Environetics Ltd 11.00 am Birmingham Eurocold International Freight Ltd 11.30 am Hull GKC Network Consultants Ltd 11.30 am Manchester P E L (R & D) Ltd 11.30 am Manchester Ricochet 4 Ltd 11.00 am Bristol Surebuild Contractors Ltd 11.30 am Preston
TW LW TW LW
USA 1.43 1.43 Canada 2.20 2.21
Austria 22.33 22.90 Portugal 325.46 324.75
France 10.64 10.62 Belgium 65.48 65.34
Finland 9.65 9.63 Italy 3143.39 3136.52
Germany 3.17 3.16 Sweden 14.68 14.75
Holland 3.57 3.56 Switzerland 2.49 2.49
Spain 270.12 269.53 Ireland 1.27 1.27
Australia 2.72 2.77 Denmark 12.11 12.09
Hong Kong 11.17 11.22 Euro 1.62 1.62
Africa Com 11.48 11.52 Saudi Arabia 5.37 5.39
India 67.25 67.30 Malaysia 5.44 5.46
Singapore 2.59 2.62 Norway 12.99 13.04
Japan 176.61 175.11
TW This week LW Last week.
BT's intention to be the first to launch a third-generation mobile telephone service, albeit on the Isle of Man, suffered a blow. Technical problems with handsets will keep tech-savvy Manx residents from the mobile Internet for another three months. NTT DoCoMo ran into similar problems and recently announced the delay of its service on a slightly bigger island: Japan.
Cable & Wireless, a previously dormant British telecoms company, made inroads into its £6 billion ($8.6 billion) mountain of cash. It bought Digital Island, a struggling American Internet company, for $340m and promised to inject up to $700m more as part of a strategy to become a leading Internet-services firm.
Sony, the Japanese electronics giant, gained allies to play alongside with against rivals, Nintendo and Microsoft, which is soon to launch its Xbox gaming system. The creators of the PlayStation 2 unveiled several alliances including ones with America Online, to provide Internet services through its console and Realnetworks, a streaming media firm.
Tomkins, a British conglomerate hit last year by accusations of corporate excess, is to get shot of Smith & Wesson, an American handgun maker, to Saf-T-Hammer, an American gun-parts company, for $15m. Tomkins paid around $112m for the gun maker but will sell a firm suffering from falling sales and with contingent liabilities. Smith & Wesson's .44 magnum starred in several films with Clint Eastwood.
Bertelsmann, a German publishing giant, accepted that Amazon had won Europe's online bookselling battle. It announced that BOL, its attempt to compete with the American e-tailer on Bertelsmann's side of the Atlantic, would be folded into its book club rather than go public.
Source - The Economist
Abbeycrest announced pre-tax profits of 4.43 million pounds, on turnover of 78.8 million, for the year ending 28th February 2001. Earnings per share stand at 12p.
Chamberlin & Hill announced pre-tax profits of 2.59 million pounds, after exceptional charge, on turnover of 32.5 million pounds, for the year ending 31st March 2001. Earnings per share stand at 24.9p on reduced capital.
Innovation announced pre-tax profits of 3.51 million pounds, on turnover of 15.2 million, for the six months ending 31st March 2001. Earnings per share stand at 1.2p, on increased capital.
Marconi announced pre-tax losses of 61 million pounds, after exceptional charge, on turnover of 6,942 million, for the year ending 31st March 2001.
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/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Jabil Circuit Inc. of certain manufacturing businesses of Marconi Communications Ltd
21 May Institute of Credit Management - Wessex Branch meeting How to Install a Debt Collection Package Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visit www.garp.com or contact GARP on tel. +44 (0)20 7626 9300. 22 May The Institute of Credit Management National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 European Outlook ICM Members £165.00 - Non-members £190.00 Retired & Student members £95.00 all plus vat Buffet Luncheon 8.30am to 5.00pm To register telephone 01780-722907 Fax 01780-721333 Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. 22 June The Institute of Credit Management Fellows' Luncheon Dartmouth House Mayfair, London Tickets £42.00 plus vat To reserve places telephone 01780-722907 E-mail training@icm.org.uk 25 June Institute of Credit Management - Wessex Branch meeting How Credit Managers can get the most out of E-Commerce Presentation by Bill Chalker of the National Westminster Bank Plc Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. Friday 29 June Institute of Credit Management - Sussex & Surrey Branch Summer Social - Wine Tasting Bookers Vineyard Foxhole Lane, Bolney, West Sussex Time: 7.00 for 7.30 p.m. 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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