Compass gets back to basics with Travelodge sale 18 Dec 2002 Compass is now a pure play on food service and has shed a capitalintensive business. That underlines its new, welcome focus on cash flow. Eps will be diluted by about 8%, even after a £300m share buyback. But the £712m sale price isn't bad for a slowgrowth business.
Gucci cuts 2002 earnings forecast by 23% 9 Dec 2002 The luxury goods group s shares are still defying gravity thanks to the PPR put. But the extent of PPR s potential liability is becoming clearer.
More bad news for UK managed pubs 29 Nov 2002 JD Wetherspoon seemed immune to the sectors' troubles. Its profit warning shows it clearly wasn't. The economy's slow down is taking its toll. JD Wetherspoon needs to find a way to get more people in the door.
MyTravel lives to fight another day 28 Nov 2002 The UK travel group has secured an extension of its £250m credit facility. Its future now looks assured for another year. The company has scrapped its final dividend and replaced its finance director. The challenge is to restore some shareholder value.
Fine art market is outperforming S&P 500 22 Nov 2002 Prices for art are down at auction houses worldwide. But the art market still beats the S&P. Unlike other investments, it is also unlikely to be unseated by war with Iraq.
Pizza Express deal goes flat 20 Nov 2002 Hugh Osmond's bid for the chain he helped found was just too cheeky to succeed. But Pizza Express is not in the clear it should ideally use this occasion to kick start a competitive auction.
Investors lose faith in managed pubs 15 Nov 2002 The themebased chains thought they could earn a premium return. This hasn't been the case. It looks as if investors are no less fickle than their customers.
Carnival steals P&O Princess from RCL 25 Oct 2002 Carnival s switch from a conventional bid to a duallisted structure will infuriate the arbs. But it is superior to RCL s alternative proposal. And it looks as if Carnival is firmly on the hook.