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Investors left to weigh up the prospects for improvement
Markets struggled for direction over the past week as limited economic news has left investors trying to weigh up between the possibility of a prolonged recession and improving sentiment.
As the wheels continue to fall off the auto industry, GM motors announced plans to file for bankruptcy which would see the US government loan GM $50bn and leave the company in private hands for up to 18 months. US Michigan confidence numbers did help the market finish the week on a more positive note, showing US consumer sentiment has risen to its highest level since September 2008.
Northern Foods, the group engaged in the production of chilled bakery and frozen foods, reported a better than expected pre-tax profit decline of 5.2 per cent to 47.5m for the year to the end of March. Over the same period, sales increased 4.6 per cent to 975.2m with the demand for more discount products on the rise due to the economic downturn. The Leeds based company's diverse business model and emphasis on providing value to cash strapped consumers, helped to offset the pressures of rising commodity prices and energy inflation over the year.
Although Marks & Spencer remain the company's largest customer, 20 per cent of sales are now generated from business with discount retailers including Poundland, Aldi and Lidl. Despite the resilient performance, the company has lost a contract to supply ready meals to Morrisons and as a result plans have been announced to close the Hull factory with the loss of 349 jobs. The company has a strong balance sheet which it intends to use through the finance of acquisitions. The company's has announced that it is maintaining its final dividend at 4.5p.
IT solutions provider Electronic Data Processing announced a pre-tax profit of 0.34m for the half year to the end of March compared to the last year's figure of 0.57m. The Sheffield-based company posted a fall in turnover to 3.13m from 3.47m in 2008, however contracted recurring revenues remain robust making up 74 per cent of the group's total revenue. The software supplier has focused on reducing its cost base and will generate annual cost savings in excess of 0.40m after the period end. Despite maintaining the interim dividend, the company remain cautious over the outlook for the second half of the year.
The global developer and provider of vehicle management information, Minorplanet Systems has reported a pre-tax loss of 2.5m compared to a profit of 0.3m seen in 2008. The Leeds based company who's clients include Harrods, P&O and Boots stated that harsh trading conditions together with severely restricted availability of lease finance for customers caused a large number of unfulfilled orders. The company have focused heavily on reducing its cost base and although trading conditions remain tough they consider medium term prospects to be positive.
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Weather for Yorkshire
Sunday 12 February 2012
Today
Light rain
Temperature: 1 C to 6 C
Wind Speed: 8 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 4 C to 8 C
Wind Speed: 16 mph
Wind direction: West
