GLASGOW-BASED housing firm Clan Homes said it was still considering voluntary liquidation as it turned a marginally wider full-year loss of GBP 51,473. The company gained shareholder approval at anextraordinary general meeting in August for plans to sell its property portfolio to chairman Alan Thomson at the going market rate. If the deal goes ahead, Clan would become a shell company with acash pile around GBP 1 million. The company, which has been weighed down by difficult-to-let residential properties, would then either find a new acquisition for its cash or ask shareholders toapprove a voluntary liquidation.
Misys downplays software spending hopes
MISYS, the IT and business services group, has downplayed hopes of a recovery in spending in its key banking software market, saying it did not expect a return to buoyant conditions this year. Despite some signs of increased activity, chairman Kevin Lomax called the outlook for banks’ IT spending “unclear”. Misys warned in July that profits in the division would fall, especially in the first half, as banking clients continued to cut back spending. Since then the stock has been upgraded by a number of analysts on hopes that financial services spending recovery might have begun. But Lomax said market conditions were unchanged from July.
Royal Mail fined over business services
POST regulator Postcomm has fined Royal Mail GBP 7.5 million for failing to deliver a quality service to its customers. Postcomm said the fine related to two of Royal Mail’s business services where performance had fallen to about 6 per cent below the agreed licence. The regulator imposed an enforcement order on Royal Mail last December in relation to First Class Post Paid Impression and First Class Response Services. But Postcomm said it had failed to do enough to ensure the customers were well served. Some 30,000 London postal workers are due to stage a 24-hour walkout today as part of a pay dispute over the London weighting allowance.
Liberty sales suffer in summer heatwave
SALES at loss-making London department store Liberty fell during the heatwave of July and August, as shoppers stayed away from its Regent Street shop. Richard Balfour-Lynn, executive chairman of the parent company Retail Stores, said: “We continue to be focused on returning this landmark store to profitability although we remain cautious about the short-term economic outlook.” Liberty remained in the red in the year to the end of June, recording a pre-tax loss of GBP 4.65 million, against a GBP 15.54m loss for the same period in the previous year. Last year’s loss was exaggerated by an GBP 11.4m write-down of the Liberty brand.
Bumper six months for Man Group
MAN Group, the largest listed provider of hedge fund products, said interim management fees would be 50 per cent higher this year due to the rapid growth of assets under management. However, the group, which has increased assets under management by GBP 3 billion over the past six months, said performance fees would be slightly lower than last year. In the year to 31 March, Man doubled income from performance fees to GBP 115 million, after its managed futures fund had a bumper year. Management fees for the year rose 54 per cent to GBP 181m. Retail investors have been keen buyers of Man’s structured products over the past couple of years.
