|Dear Credit Insurance Colleague
Welcome to issue 13 of Credit Insurance News Digest: 1 - 15 November brought to you by Credit Insurance News (www.creditinsurancenews.co.uk).
This issue is kindly sponsored by InfolinkGazette (www.infolinkgazette.co.uk).
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Credit Insurance News
InfolinkGazette launches online access to lists of Unsecured Trade Creditors, a prospect database for the Risk Management sector. InfolinkGazette has launched a new service which identifies principal insolvencies in the UK and, by capturing a list of their unsecured creditors, provides a database of potential prospects for companies such as trade credit insurers. Greg Connell, Director of InfolinkGazette commented: "An unsecured credit loss resulting from a customer's insolvency can be devastating for cash flow; many businesses re-evaluate their risk procedures after such a loss and think again about the benefits of Trade Credit Insurance. With online access to the InfolinkGazette database of the principal unsecured creditors, sales executives can target potential new customers who might be very receptive to the idea of Trade Credit Insurance." For further information visit www.infolinkgazette.co.uk or contact email@example.com for a demo of the service.
What retailers need to know about Credit Insurance. Retail Week has published an article, 'Credit insurance: What do retailers need to know?' (2 November) which takes a broad look at the issues around credit insurance, and advises that difficulty in getting credit insurance is understood to have played a key role in Comet’s decision to file a notice of intent to hire an administrator this week. The article also examines the £5 billion credit insurance top-up scheme which the government introduced in 2009 to match private sector trade insurance if insurers reduce their cover, and concludes that the scheme was a complete failure: "It showed that ultimately the Government didn’t want to insure the same people that credit insurers wouldn’t insure,” Barry Gross, commercial real estate partner at law firm Berwin Leighton Paisner commented. To view the article on Retail Week's website go to http://www.retail-week.com/city-and-finance/credit-insurance/credit-insurance-what-do-retailers-need-to-know/5042468.article?blocktitle=Electricals&contentID=5283. (Paid Subscription required).
Atradius warns that no business is safe in this economic climate. Atradius has announced that its recent claims payouts of more than £3 million connected to the surprise administration earlier this year of Samuel Cooke & Co. have helped many of the former fuel distributor's suppliers. The long established fuel distributor was profitable and in good health when it was hit by a loss of £2.7 million which ultimately caused its failure - with administrators KPMG appointed in July. Alun Sweeney, Director of Atradius UK and Ireland commented: “Suppliers not covered by trade credit insurance will feel significant impact in cases of sudden, unexpected corporate failure which are becoming increasingly common. In the case of Samuel Cooke and Co. Atradius customers took out credit insurance cover to protect them against the risk of non-payment. Claims were submitted, analysed and paid within a month of administration, enabling them to continue trading as usual." To view Atradius' press release go to http://www.atradius.co.uk/corporate/press-relases/samuel-cooke-administration.html
Atradius warns of change to retailers' sales strategies in the run up to Christmas. Retail Times has published an article, 'Retailers unlikely to launch early Christmas sales, claims trade credit insurer,' (8 November) in which Atradius warns that consumers hoping for early Christmas sales are likely to be disappointed this year. While early Christmas discounting to attract footfall has been a popular approach in recent years, Atradius predicts retailers will adopt a different Christmas strategy in 2012. Owen Bassett, Atradius’ senior retail risk underwriter, said: "The retail landscape has changed dramatically in the past 18 months and sales strategy along with it. Consumers are unlikely to experience such prolific Christmas discounting as they’ve enjoyed in recent years." To view the full article on Retail Times' website go to http://retailtimes.co.uk/retailers-unlikely-to-launch-early-christmas-sales-claims-trade-credit-insurer/.
Atradius advises that preparation and knowledge is everything for companies looking to export. Insider Media has published an article by Marc Jones, head of sales at Atradius UK & Ireland, 'Business Matters: Mastering the art of export credit,' (1 November) which explains how trade credit insurance can help businesses play confidently upon an international stage. Marc advises: "Businesses we talk to are sometimes unaware of the support a good credit insurer can add to their export strategy, but our underwriters act as grassroots eyes and ears for thousands of businesses worldwide, helping them assess trading risks." To view the full article on Insider Media's website go to http://www.insidermedia.com/insider/midlands/79522-business-matters-mastering-art-export-credit/index.html.
GAME still trading without credit insurance. Eurogamer.net has published an article, 'GAME claims it's “in good shape” and will make £20m this year,' which advises that The Sunday Telegraph recently commented that credit insurers have refused to support GAME since OpCapita bought it, with Euler Hermes and Atradius upset that OpCapita failed to pay off a £40 million debt to suppliers when it bought the business. To view the full article on Eurogamer.net go to http://www.eurogamer.net/articles/2012-11-12-game-claims-its-in-good-shape-and-will-make-20m-this-year.
Coface announces that it is enhancing its organisation by creating Coface Global Solutions (CGS), to meet the specific needs of multinational clients. Coface has advised that CGS provides multinational companies with various benefits, including: increasing operating performance in managing their commitments; optimising cash flow and the management of their balance sheet’s bottom line; securing their commercial risks even further; facilitating the developing and setting up of management strategies for their trade receivables. In addition, Coface advises that for each client CGS deploys a Program Leader who works very closely with local teams specifically dedicated to multinational companies. Multinational clients also have access to the CGS Dashboard - a new tool that provides the client with centralised data management for all trade receivables. To view the full press release on Coface's website go to http://www.coface.com/CofacePortal/COM_en_EN/pages/home/Who_we_are/News?news=121106.
Coface announces a partnership with Ex-Im Bank to support U.S. exports and competitiveness. Finchannel.com has published an article, 'Ex-Im Bank Will Reinsure Coface North America’s Issue of Export-Credit Insurance,' (23 October) which advises that The Export-Import Bank of the United States has announced an agreement with Coface North America Insurance Company to provide reinsurance. The bank introduced its reinsurance product two years ago in order to help U.S. small business exporters obtain short-term export credit. To view the full article on Finchannel.com go to http://finchannel.com/news_flash/Banks/118212_Ex-Im_Bank_Will_Reinsure_Coface_North_America%E2%80%99s_Issue_of__Export-Credit_Insurance/.
Euler Hermes reports solid fundamentals and steady profitability. Euler Hermes has announced its consolidated nine month results for Q3 2012 and has advised that Group turnover was up 5.1% year-on-year to €1,792.9 million, operating income was solid at €353.7 million with net income of €247.8 million. The Group also announced that it had achieved a 'very satisfactory' net combined ratio of 72.6%, and had kept customer retention at a high level of 92%. Wilfied Verstraete, chairman of the Euler Hermes Board of Management, said: “Even in a strongly deteriorating environment, Euler Hermes is holding course to deliver growth and robust profitability, which demonstrates the validity of our strategy.” To view Euler Hermes' press release go to http://www.eulerhermes.com/mediacenter/.
Endurance, the Bermuda-based provider of P&C insurance and reinsurance, launches a Global Trade Credit, Surety Reinsurance Unit. PropertyCasualty360.com has published an article, 'Endurance Launches Global Trade Credit, Surety Reinsurance Unit,' (2 November) which advises that Endurance Specialty Holdings has launched a Global Trade Credit & Surety Reinsurance business. Christoph Virchow has been hired as senior vice president and global head of the unit to lead the expansion of the company’s reinsurance portfolio, with a focus on the European, Asian Pacific and Latin American markets. Virchow has more than 20 years of experience as a leader in the Trade Credit and Surety reinsurance market and will be based in Endurance’s Zurich office. To view the full article go to http://www.propertycasualty360.com/2012/11/02/endurance-launches-global-trade-credit-surety-rein?utm_source=CreditInsuranceNewsUK&utm_medium=eNL&utm_campaign=PC360_LinkBuilding.
How changes to the Construction Act could affect businesses. Changes to the law governing construction contracts were covered in detail at two CIFS' seminars held recently in London and Wakefield. Jonathan Hawkswell of construction specialist law firm, Hawkswell Kilvington provided delegates with detailed information on new payment procedures mandated under the legislation which applies to all construction contracts entered into after 1 October 2011. An article with guidance on how the new Act's key provisions could affect businesses procedures is now available on the CIFS' website at http://creditindemnity.com/cifs-news/all/construction-act-changes-detailed
How to tackle late payment? This week's Poll on Credit Insurance News.
This week, the Institute of Credit Management (ICM) has advised that it welcomes the warning from Business Minister Michael Fallon that he will publicly name and shame big businesses who fail to sign up to the Government's Prompt Payment Code (PPC). However, Philip King, the ICM's Chief Executive, says the Government could go further and make being a signatory to the Code compulsory for any firm tendering for public sector contracts: "Public money should not be going to those firms whose payment practices stifle economic growth."What do you think about how late payment should be tackled? We have a new poll on Credit Insurance News and would be very interested to hear your views and recommendations.
Readers may be interested in the following article from the Financial Times which explores the impact of trading without credit insurance on Comet:
'Jumpy suppliers leave Comet on brink.' Comet is poised to enter administration after the electricals chain, bought for just £2 less than a year ago, plunged into a funding crisis. http://www.ft.com/cms/s/0/2a703a54-2447-11e2-94d0-00144feabdc0.html#axzz2Bct2mh2W. © THE FINANCIAL TIMES LTD 2012.
Credit Insurance Reports and Video Clips
Atradius advises that the global economy is facing two major potential risks: an escalation of the crisis in the Eurozone and a further slowdown in the growth of emerging markets. Atradius latest 'Economic Outlook - November 2012,' also advises that while growth expectations across the Eurozone are for stagnation in 2013, the situation is at its worst in the south, with all Southern European countries expected to experience recession next year. In addition, growth forecasts for Asia, Latin America and Emerging Europe have all been cut in the past six months. However, their growth is still expected to be strong in 2013, providing a positive note in what, Atradius predicts, will be only a slight global economic expansion next year. To view the report on Atradius' website go to http://global.atradius.com/creditmanagementknowledge/publications/economic-outlook-november-2012.html.
Coface stresses the importance of SMEs to the U.S. economy. Coface has published the latest in its 'Panorama' series on the United States. This issue focuses on SMEs in the U.S., and poses some pertinent questions, including: What actually are the SMEs and in which sectors are they present? Has the 2009 crisis had any after-effects? Can SMEs play a role in recovery in the short-term? Coface stresses that the answers to these questions are particularly crucial since half of American jobs are in SMEs. In addition to the report, Yves Zlotowski, chief economist at Coface, gives his view on the risks faced by US companies and the slowdown in emerging economies in a short video clip. To download the 'Panorama' or to view the video clips go to http://www.coface.com/CofacePortal/COM_en_EN/pages/home/Publications/panorama-focus-usa.
Coface announces its intention to explore the trends of the global economy in one day. To publicise its next Country Risk Conference in Paris on 22 January 2013, Coface has published several video clips on YouTube. In addition to an overview of the forthcoming conference, 'Coface Country Risk Conference 2013 - The trends of the global economy in one day,' there are 4 other video clips to introduce some of the topics which will be discussed. These include: 'Globalisation under stress,' 'Eurozone: How can it grow? How can it last?,' 'Are the emerging middle classes the key to success?' and United States: a declining power?' For more information and to view the clips go to Coface's YouTube channel at https://www.youtube.com/user/CofaceInFrance.
Trade Credit Insurance webinar. The Street along with Zurich Credit & Political Risk and OneSource Risk Management and Funding are hosting a webinar on Tuesday November 20th at 6:00 pm (EST) about Trade Credit Insurance. Todd Lynady, Senior Underwriter for Zurich in North America, and Mike DeLuca, Senior Partner of One Source, will be presenting. To register to attend go to http://www.thestreet.com/staticFull/webinar-11-08-2012.html?goback=.gmr_1888275.gde_1888275_member_181347945. However, if you cannot make it to the live event, it will be recorded for later viewing.
ICM masterclass will discuss the trade credit insurance market from a broker's perspective. The Institute of Credit Management is holding a Credit Risk and Compliance Masterclass on 21 November at ICM Centre of Excellence, Kingswood House, Kingswood Crescent, Cannock, Stafforshire WS11 8JP. During the course of morning Shaun Purrington, Executive Director of Trade Credit Bonds, and Mark Powell, Associate Director of Risk at RK Harrison Financial Risks, will discuss 'The credit insurance market - a broker's perspective.' To view the full progam, for more information or to register email firstname.lastname@example.org or call 01780 722907.
Dates for the STECIS Trade Credit Insurance and Surety (BASIC & ADVANCED) Training Seminar have been announced for 21 & 22 March and 13 & 14 June 2013 (The Hague, the Netherlands). The BASIC training seminars are open to participants with up to 3 years of work experience. The ADVANCED training seminars are targeting participants who attended the basic training seminars and/or have at least 4 years of work experience in trade credit insurance or surety. Both STECIS training seminars are two day events, are highly interactive and cover technical and practical knowledge on respectively Trade Credit Insurance and Surety Bonds, the theory of underwriting, in-depth analysis of industry developments, the terminology and the current market. As the International Credit Insurance & Surety Association (ICISA) strongly endorses the STECIS training seminar programme, ICISA member companies receive a 5% discount on the total seminar fee. Companies (ICISA members and non-ICISA members) registering three or more participants to one training seminar, receive a 10% discount on the total seminar fee. For more information contact email@example.com or call +31 20 528 5170.
EMEA Credit forum will discuss trading credit ensuring risks in emerging markets and trading in emerging markets. EMEA Credit Forum of P&A Receivables together with its partners Aon, Company Watch, SunGard and Tower Associates are holding an event, 'EMEA Credit Forum,' for senior finance & credit professionals who have responsibility for trading across borders in Europe, the EMEA area or globally. The inaugural meeting is on 21st November 2012 at SunGard, 25 Canada Square, Canary Wharf, London, E14 5LQ and is free to attend. The night before there will be a sponsored networking dinner. For more information or to book a place contact firstname.lastname@example.org.
Action For Business - A seminar on Challenges and Changes in the UK Economy. Greater Manchester Chamber of Commerce in Partnership with Atradius is holding a breakfast seminar, 'Action For Business - A seminar on Challenges and Changes in the UK Economy,' at 7.30am on 4 December at Cloud 23, Hilton Manchester Deansgate, Manchester M3 4LQ, Manchester City Centre. Expert speakers include Michael Thomas, Senior Manager of Special Risk Management at Atradius who will examine some of the recent trends in UK trading risks, and Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce who will present an economic overview that outlines business experience in the North West region within the context of national and international economic developments. The seminar is free to attend. For more information, go to www.gmchamber.co.uk/events/538.
Global economy trends in one day. Coface has announced that its next Country Risk Conference, 'Global economy trends in one day,' will be held on Tuesday 22 January 2013 at the CNIT Paris – La Défense. The agenda for the day will include discussions and debate on: 'Globalisation under stress,' 'Eurozone: How can it grow? How can it last?,' 'Are the emerging middle classes the key to success?' and 'United States: a declining power? For more information and to register online go to http://www.risque-pays.coface.fr/en/.
Career Opportunities and New Appointments
Credit Risk Manager / Lead Credit Analyst: Basic up to £80,000 base plus generous car allowance and additional benefits.
A credit risk manager (or lead credit analyst) is sought for one of the world’s most valuable publicly traded companies, to support the UK and Ireland regions. The role has a financial analysis focus, and sits within the Sales Finance function of the business. Your mission will be to support growing sales while mitigating bad debts risks. Technically, you’ll need to be an expert in financial analysis of the customer to determine acceptable levels of credit risk and exposure. You will be "hands-on" in assessing the credit worthiness of large strategic accounts and could be recommending credit lines with values in the £100’s of millions. You must be able to apply your expert knowledge of credit analysis and credit risk management in a practical way within a commercial trading environment - i.e. trade credit risk. You will manage and mentor a small team of Trade Credit Analysts (3 people), and in addition to day to day work, you'll participate in projects to improve processes and procedures in the Trade Credit Risk function. For more information contact email@example.com T: 0208 123 8807, M: 07968 942140. Further information is also available at http://www.linkedin.com/jobs?viewJob=&jobId=4116447&trk=job_nov. (Quote Credit Insurance News Digest).
Credit Risk Account Manager: London Based - £60,000 to £65,000.
Opportunity to join a Global organisation within a leading Credit Insurer. A great opportunity for a strong leader to manage in all respects within agreed authority levels a team responsible for core market underwriting across multiple industries and complex accounts. The person must have ability to manage a risk portfolio and ensure that all objectives are met and long standing relationships are built. The person must effectively monitor and implement the Risk Business Model by agreeing prompt limit decisions, monitoring and providing quality communication. The must be both strong analytically and be capable to face off to senior stakeholders, clients, buyers and brokers with ability to communicate clearly and strong negotiation skills. The position will require the person to build, manage, coach and lead a team of underwriters and implement the strategy that meets the top line profitable growth of the company. For more information contact Edward O'Dwyer - Consultant, High Finance Group. T. 0207 337 8819 M. 07578 602 674 or email Edward@highfinancegroup.co.uk. (Quote Credit Insurance News Digest).
New Business Development Executive: Reynolds Trade Credit - Manchester office.
Reynolds Trade Credit (www.reynoldsinsure.com) is one of the UK’s leading independent specialist credit insurance brokers with offices in Manchester (Head Office), Sheffield and London, currently celebrating its 100th year in business. An opportunity has arisen for a New Business Development Executive working out of the Manchester office. The applicant must be experienced in B2B Trade Credit Insurance Sales with a proven track record. Salary is negotiable dependent on experience and target agreed. Please forward your CV to firstname.lastname@example.org or email@example.com. (Quote Credit Insurance News Digest.
Euler Hermes announces new senior management appointments for January 2013. Euler Hermes has announced changes in responsibilities for several senior managers that will take effect on January 1, 2013. Gert Schloßmacher will become group head of Global Sales, a newly-created position based in Paris, France, reporting to Frédéric Bizière, member of the Euler Hermes board of management responsible for Market Management, Commercial and Distribution (MMCD). Ulrich Nöthel, group head of Risk Underwriting, will take responsibility for MMCD activities in Germany, Austria and Switzerland (DACH region), reporting to Ralf Meurer, CEO, DACH region. Eric Lenoir, risk director for Euler Hermes World Agency, will become group head of Risk Underwriting reporting to Gerd-Uwe Baden, member of the Euler Hermes board of management in charge of Risk, Information and Claims. Jerome de Cherisey, currently head of Risk Underwriting Standards for the Euler Hermes group, will become the new risk director of Euler Hermes World Agency and will report to Nicolas Delzant, CEO of Euler Hermes World Agency. To view Euler Hermes' press release go to http://www.eulerhermes.com/mediacenter/.
New appointment at Equinox Global. Equinox Global has announced that it has appointed Coface's former deals executive Lars-Erik Granqvist as a new senior underwriter, to be based in Sweden. Granqvist's previous roles have included head of IRMG Nordic, the risk consultancy arm of Aon, and head of Atradius Financial Solutions. To view Equinox Global's press release go to http://www.equinoxglobal.com/new_appointment_at_equinox_global.
Economic plan to improve the UK’s ability to create wealth. Lord Heseltine has set out a comprehensive economic plan to improve the UK’s ability to create wealth. His independent report, 'No stone unturned in pursuit of growth,' makes the case for a major rebalancing of responsibilities for economic development between central and local government, and between government and the private sector, and makes 89 recommendations which could inject stability into the economy, create the conditions for growth, and maximise the performance of the UK. For more information and to view the report go to http://www.bis.gov.uk/heseltine-review.
Balance of economic power will shift dramatically over the next 50 years, says OECD. The balance of economic power is expected to shift dramatically over the next half century, with fast-growing emerging-market economies accounting for an ever-increasing share of global output, according to a new OECD report. The United States is expected to cede its place as the world's largest economy to China, as early as 2016. India’s GDP is also expected to pass that of the United States over the long term. Combined, the two Asian giants will soon surpass the collective economy of the G7 nations. Fast-ageing economic heavyweights, such as Japan and the euro area, will gradually lose ground on the global GDP table. For more information and to view the full report go to http://www.oecd.org/newsroom/balanceofeconomicpowerwillshiftdramaticallyoverthenext50yearssaysoecd.htm. A video clip 'Looking to 2060: A Global Vision of Long-term Growth' is also available. ('Looking to 2060: Long-term growth prospects for the world.' © OECD, 2012).
UK Economic Outlook: PwC predicts a return to growth in 2013. PwC has published its latest 'Economic Outlook for the Global Economy,' which advises that there is a gradually improving outlook for growth and employment across the UK as a whole - although this is patchy on a regional basis. However, the Eurozone outlook remains stormy. The Outlook also advises that the share of UK exports going to the BRICs has the potential to double to around 16% by 2030. But to achieve this UK companies need to "up their game" relative to US, German and French rivals who have so far done better in exporting to countries like China and India. For more information and to view the full report (free registration required) go to http://www.pwc.co.uk/the-economy/publications/uk-economic-outlook/ukeo-november-2012-full-report.jhtml.
BDO's latest report reviews the 2012 retail landscape, the lessons learned and some of the challenges and opportunities for retailers in 2013. BDO has published a new report, 'Retail Forecasts 2013 - Better days ahead?' which advises that 2012 has been an interesting year for retail, but one of false hope. The report advises that the expected economic recovery has been frustratingly elusive; worries over Europe dampened both business and consumer confidence during the Diamond Jubilee, whilst the majority of retailers witnessed disappointing trading levels during the Games. However, the report also finds that there are hints of optimism that Christmas this year could mark the return of more upbeat results. To download the report go to http://www.bdo.uk.com/library/retail-forecast-report-2013.
Economy flat this year, with a modest pick-up throughout 2013/14. According to the CBI’s latest quarterly economic forecast, UK GDP growth will be 0% in 2012, slightly above its previous forecast (-0.3%), reflecting the better-than-expected quarterly rate of growth in the third quarter (+1.0%). However, without the impact of one-off distortions in the fourth quarter, quarter-on-quarter growth is expected to be only marginally positive (+0.2%). In 2013, the CBI forecasts growth of up to +1.4%, marginally up from +1.2% in August, reflecting improved growth figures in the third quarter. To view a copy of the report go to http://www.cbi.org.uk/media-centre/press-releases/2012/11/economy-flat-this-year-with-a-modest-pick-up-throughout-2013-14/.
The US to overtake Germany as the most important market for UK exports by 2030. HSBC Global Connections has published a report, 'UK Trade Forecast Report,' which advises that the UK’s export performance this year has been damaged by the sovereign debt crisis and recession in the Euro area - the UK’s most important export market. In light of the economic challenges facing Europe, HSBC advises that it is clear that the greatest opportunities for UK exporters lie with the rapidly expanding emerging markets. UK exports to Asia (excluding Japan) are forecast to grow by around 9-10% a year during 2013-20, before moderating to 8% a year in the decade to 2030. India is expected to be the most dynamic trade route in the region in the near term. Strong growth is also forecast for UK exports to the Middle East and North Africa, which are set to rise by 9% a year during 2013-15 and by 7% a year during 2016-20. The report also advises that the US will overtake Germany to become the most important market for UK exports by 2030. For more information and to download the full report go to http://globalconnections.hsbc.com/united-kingdom/en/trade_forecasts/gb.
Who's UP/Who's DOWN
UP: Primark, which is owned by Associated British Foods, has posted a 15% rise in annual profits to £356 million, with a similar increase in revenues to £3.5 billion. Primark is now one of the best performing stores on the high street and, having already opened 19 new stores recently, is likely to increase its pace of expansion even more in the coming months - especially in Europe.
UP: Ikea has announced that its £30 million investment in its UK stores has resulted in like-for-like sales in the UK and Ireland climbing 6.3% to £1.2 billion in the year to 31 August - the biggest increase in six years. Online like-for-like sales (from an expanded range) also increased by 25%. Ikea has announced that by 2020 it aims to have increased its annual global revenue by up to 85% - to around €45 - 50 billion.
UP: News Corp has announced that its net profits increased three-fold to £1.4 billion over the past quarter, largely due to the sale of its stake in tech firm NDS Group in July. However, as a result of a $67 million charge for the quarter relating to the News of the World hacking scandal, profits nearly halved at News Corp's publishing division. This charge was in addition to $224 million of related charges in the year to June.
UP: Royal Mail has announced that its operating profits for the six months to 23 September were £144 million compared to £12 million last year. The increase in profits was driven by an increase in parcels delivery as online shopping becomes even more popular. people shop . Parcels now account for 47% of revenue across the group. The UK letters unit also improved significantly, reporting an operating profit of £99 million, compared with a £41 million loss last year. This was largely due to the increase in stamp prices earlier this year.
UP: Ryanair has announced that its net profit of €596 million for the six months to the end of September was 10% higher than its net profit a year earlier. In addition, revenue increased by 15% to €3.1 billion. The increase was due to an increase in fares (which rose 6%) in addition to greater passenger numbers. The airlines full-year profit forecast is now for €490-€520 million - significantly higher than its previous guidance of €400-€440 million.
UP: Sainsbury's has reported a rise of 4% to £13.365 billion to its total sales in the six months to 29 September, while pre-tax profits increased by 2.5% to £405 million. Sainsbury's Chief executive, Justin King, told Sky's Eamonn Holmes that Sainsbury's is currently outperforming all of its major competitors and, at 16.7%, has its highest market share of the grocery market for a decade.
UP: Abercrombie and Fitch has announced that, in the 13 weeks to 27 October, it achieved net income of $72 million - up from $51 million a year ago, while revenue climbed 8% to $1.17 billion. The better than expected results were mainly due to a 37% increase in overseas sales and a 20% increase in online sales.
UP: Burberry issued a profit warning in September, but subsequent updates have indicated a better than expected performance in recent weeks. As a result, underlying profits for the half year to September rose by 6% to £173 million - slightly better than the £168 million predicted.
DOWN: Marks and Spencer has reported a fall in profits of 9.6% to £290 million for the six months to end September 2012, mainly due to mistakes in its clothing line. Marc Bolan, M&S' Chief Executive described trading conditions as 'volatile.' M&S' full year profits are now predicted to be around £676 million - substantially below the record £1.1 billion reported for the year to March 29, 2008.
DOWN: Land Securities has reported a substantial 65% decline in first-half pre-tax profit to £131.4 million from £378.9 million pounds last year. The reduction is in part due to lower rental income, but is primarily caused by the impact of changes in asset values and one-off items.
DOWN: Balfour Beatty has issued a profit warning, advising that the lack of major construction projects means that it profits will be lower than expected. As a result, the group is considering closing parts of its operations, including, according to Reuters, its business in Spain and Italy. Chief Executive Ian Tyler has also warned that public sector contracts in Britain won't materialise until 2014/2015. Morgan Sindall has also issued a profit warning blaming reductions in public spending. The group's Chief executive, Paul Smith, has now resigned.
DOWN: Vodaphone has reported that, for the six months to 30 September, it made a made a pre-tax loss of £492 million compared to £8 billion profit a year earlier. The poor results are due to a £5.9 billion write-down on its Spanish and Italian operations after a substantial reduction in mobile phone calls. A general slowdown - especially in emerging markets - also negatively impacted results.
DOWN: JJB Sports, which called in administrators in September, has left many of its suppliers out of pocket after it reputedly left debts of around £150 million - including £30 million to product suppliers alone. Unsecured creditors include: Adidas - owed £10 million, Nike - owed £8 million, and Umbro - owed £8 million.
About this week's sponsor: InfolinkGazette
InfolinkGazette are the only online provider of unsecured creditor lists in the UK offering Risk Management Professionals instant access to a database of over 35,000 unsecured trade creditors. The database is updated with between 1,000 and 1,500 unsecured creditors per week. Every day there are at least 35 Liquidator's statements filed at Companies House and at InfolinkGazette, we identify the principal insolvencies and capture details of the insolvency, together with the names and address of unsecured creditors.
Credit Insurance professionals can use InfolinkGazette to drive new customer acquisition by targeting companies that by virtue of their recent credit loss, have a greater propensity to purchase credit insurance products.
Using InfolinkGazette data, sales professionals can improve call conversion rates by more effective prospect targeting and increase sales by demonstrating to prospects how much they might have saved if they'd had a credit insurance policy in place.
A subscription only service, online users can:
There is no need to waste valuable selling time, calling prospects that are unlikely to buy. Take out a subscription to InfolinkGazette by contacting firstname.lastname@example.org or call Greg Connell on 0207 6311441.
View the most recent unsecured Creditor data Search Unsecured Creditor data based on key search parameters, such as size of debt or geographic location Download Data in a delimited format Save favourite searches
Set up alerts to be notified by email if a particular prospect becomes an unsecured creditor, or more general alerts such as amount over a specific figure in a particular post code.
View information about the debtor for each insolvency.
Credit Insurance News Digests: Sponsorship
Sponsoring an issue of Credit Insurance News Digest is a great way to promote your company or brand to a committed audience of trade credit insurance professionals and offers these features and benefits:
If you are interested in sponsoring an issue go to www.creditinsurancenews.co.uk for further information or call Sally on 0208 337 2171.
Sponsorship is on an exclusive basis - your sponsored issue will contain no advertising from another company.
Display a banner and/or your company logo in prime position at the head of the email. Logo and banner will link back to your company website.
Include one or two paragraphs describing your company, service or publicise a new product or company event.
The next issue will be with you on 29 November.
Thanks for reading!