Latest Posts

Barclays Bonus Bashing

Barclays AGM had a few moments of excitement: the heckling of a private shareholder that dared to be complimentary of the Board, a representative of the “Keeper of the Mountains” who had flown all the way from West Virginia, tax evasion protesters outside and sniffer dogs inside (which caused one shareholder to lament in his moment on the [...]

Pri Mark 2

An impressive retailer. If anyone can make it in the US, then Primark can. The scale of the growth potential is large, this year alone the retailers is adding 13% to its store space.  That is an acceleration from last year.  One of the striking things is that no matter the neighbourhood – rich or poor – [...]

Roaring Retail..

There are still retail formants that can do well on the High street or out of town – Primark and Sports Direct.  What do they have in common?  Very keen pricing.  I hate shopping except online and yet I will drive to a Sports Direct because it is so much cheaper than anywhere else for children’s [...]

Drug Deals..

Its all kicking off in the phaemaceutical sector.  The massive asset swap between GlaxoSmithkline and Novartis and speculation that AstraZeneca is to be bought by American Viagra maker Pfizer.  Investment bankers will be graspsing their hands together with glee at the thought of the large fees to be earned restructuring this out of favour industry.  This is pay day for the city’s corporate [...]

Manchester United – the costs of David Moyes

The hope that David Moyes was to leave Manchester United had clearly been priced into the stock market.  The share price has already risen from below $14.50 to almost $18 in the last month despite continued poor performance on the pitch. For the year end 30th June 2013 revenue increased 13% from £320mn in 2012 to £363mn.  That [...]

Co-op Group Results – Bad Deals and Indebtedness

Just like Co-op Bank last week, it is in the notes to the accounts right at the back of the 41pages where the juice is to be found.  And yet again, just like the bank, there is a long – 11 paragraph – discussion as to whether these accounts should have been prepared under the [...]

Tesco – where are the price cuts?

Tesco has had moments of pure retailing brilliance.  It started online food shopping much earlier than its competitors.  Its clothing range F&F has been a remarkable success (like for like sales growth 10.9% with 200bp increase in gross margin in this results).  Tesco Direct catalogue was a smart move.  And Tesco moved into convenience stores [...]

Troubled Tesco – Initital Thoughts.

Tesco – clean Pre-tax profits £3.054bn down 6% (ex write downs) with sales up 0.3% to £70.9bn on “weaker and increasingly competitive grocery market”. For all the talk of the UK business being in trouble, it is the best performing of all their regions : UK trading profit is down 3.6%, Asia is down 5.6% and Europe [...]

The Cost of Living Crisis is a bit late…

The big economic story this week in the UK is the expectation that wages will finally start rising faster than prices.  This is the point at which Britons should begin to feel the recovery in their pockets and so is a key moment politically. The data will also help negate Milliband’s “cost of living crisis”.  From now on, the financial position of [...]

A final Look at the Mike Ashley Sports Direct Trade…

And finally, Mike Ashley’s sale of 24mn Sports Direct Shares. The 24mn Goldman bought from Mike Ashley printed on Monday at 8.30pm. I just thought it would be fun to have a quick look back to see if I can find the Goldman print of 24mn shares supposedly sold on to fund managers at the same price – 850p. Any prints [...]