The oil giant recorded a massive loss of nearly £11bn in their report of the last quarter after the monumental costs of the oil spill disaster.
After writing off over £20bn of the charges from the crisis in July, BP has reported they are back in profit after making revenues of £1.1bn this quarter.
The newest figures comes after a £4.8bn charge to the oil spill fund, proving revenue for the firm would have been higher still.
Although a positive step for BP, it is still disappointing when compared with the £3.13bn profit the company saw in the same period for 2009.
Chief Executive, Bob Dudley said the results showed “good progress” for the giant adding: “This strong operating performance shows the determination of everyone at BP to move the company forward and rebuild confidence after the terrible events of the past six months.”
Showing posts with label industry news. Show all posts
Showing posts with label industry news. Show all posts
Friday, 12 November 2010
Thursday, 28 October 2010
Government warns that private sector must pick up the slack from public spending cuts.
The Government has said that the public spending cuts announced by George Osborne could bring 490,000 public sector job losses to the UK and the private sector should benefit.
Along with the cuts, the Chancellor announced that businesses would see a £7bn tax cut in the budget with hopes to instil the promise that taxes will be lower in future.
The Telegraph reported that chief economic advisor to the Ernst & Young ITEM Club, Peter Spencer said: “The Government has bent over backwards to produce business-friendly policies…Companies now have to step up to the plate.”
Forecasting a positive economy, Spencer added: “Large companies are in excellent shape, with plenty of opportunities for investment and employment and the financial strength to exploit them.”
General secretary of the TUC, Brendan Barber disagreed, claiming that regions with weak private sectors will suffer from the cuts as they struggle to provide the resources.
Barber said: “Public sector job losses are likely to occur in some of the UK’s more depressed regions where private sector job creation is already extremely poor. Job losses will depress local economies even further.”
Along with the cuts, the Chancellor announced that businesses would see a £7bn tax cut in the budget with hopes to instil the promise that taxes will be lower in future.
The Telegraph reported that chief economic advisor to the Ernst & Young ITEM Club, Peter Spencer said: “The Government has bent over backwards to produce business-friendly policies…Companies now have to step up to the plate.”
Forecasting a positive economy, Spencer added: “Large companies are in excellent shape, with plenty of opportunities for investment and employment and the financial strength to exploit them.”
General secretary of the TUC, Brendan Barber disagreed, claiming that regions with weak private sectors will suffer from the cuts as they struggle to provide the resources.
Barber said: “Public sector job losses are likely to occur in some of the UK’s more depressed regions where private sector job creation is already extremely poor. Job losses will depress local economies even further.”
Monday, 4 October 2010
UK Food Brands - How many more will be lost to overseas suitors?
With news that Premier Foods is open to offers for Quorn (its meat free brand) as part of a debt reduction strategy, it poses the question, "Are UK's Food Manufacturers set to clean out their cupboards?"
Plimsoll has identified 153 of the UK's leading food manufacturers that need to to take urgent and radical steps need to be taken. With so many manufacturers in difficulty, there is a growing sense that we will see some famous brands changing hands as companies try to get debts back under control.
How many of these brands will be lost to overseas suitors is difficult to say but the recent flirtations between United Biscuits and Bright Foods seems to indicate a serious appetite for western brands among eastern groups. Plimsoll has also identified 93 other UK companies that are vulnerable to takeover. In many cases, whole companies will be acquired rather than just individual brands.
The latest Plimsoll Analysis has analysed the 500 largest Food Manufacturers in Britain and rated each one on its performance, likelihood of being taken over and what its future prospects are.
Click here to find out which companies could be bought out, those set to fail and those powering ahead
Plimsoll has identified 153 of the UK's leading food manufacturers that need to to take urgent and radical steps need to be taken. With so many manufacturers in difficulty, there is a growing sense that we will see some famous brands changing hands as companies try to get debts back under control.
How many of these brands will be lost to overseas suitors is difficult to say but the recent flirtations between United Biscuits and Bright Foods seems to indicate a serious appetite for western brands among eastern groups. Plimsoll has also identified 93 other UK companies that are vulnerable to takeover. In many cases, whole companies will be acquired rather than just individual brands.
The latest Plimsoll Analysis has analysed the 500 largest Food Manufacturers in Britain and rated each one on its performance, likelihood of being taken over and what its future prospects are.
Click here to find out which companies could be bought out, those set to fail and those powering ahead
Monday, 13 September 2010
Acquisition activity in the UK could be the way to move forward in the current economy
BBC News reported this summer as having a record number of mergers and acquisitions and with so many companies feeling the heat after the economic downfall, it seems that this is the best way to ride out the storm.
This doesn’t just open doors for those that were hit hard recently. As the recession forced company spending to slow and brought on a newfound reluctance to agree any new deals, some UK businesses have now found themselves with an agreeable budget for opening new doors.
After experiencing such negativity in the business world in recent months it must be a warming feeling to know that there may be a bright side for all those months spent counting company pennies.
David Pattison, senior analyst at Plimsoll said, "Anyone on the acquisition trail needs to look first at the companies that have a decent gross margin but whose overall financial strength is compromised or has declined in recent years. These types of companies usually have solid fundamentals but their current owners have lost control of costs. They are often undervalued and with a little restructuring have big potential for their new owners.
If you want help finding these types of companies click here".
This doesn’t just open doors for those that were hit hard recently. As the recession forced company spending to slow and brought on a newfound reluctance to agree any new deals, some UK businesses have now found themselves with an agreeable budget for opening new doors.
After experiencing such negativity in the business world in recent months it must be a warming feeling to know that there may be a bright side for all those months spent counting company pennies.
David Pattison, senior analyst at Plimsoll said, "Anyone on the acquisition trail needs to look first at the companies that have a decent gross margin but whose overall financial strength is compromised or has declined in recent years. These types of companies usually have solid fundamentals but their current owners have lost control of costs. They are often undervalued and with a little restructuring have big potential for their new owners.
If you want help finding these types of companies click here".
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