The Business Matrix: Friday 7 February 2014

Compass warns on high sterling

Compass told shareholders at its annual meeting that it had started the year with a 4 per cent rise in sales. But it warned that if exchange rates stayed at current levels, with sterling higher than last year, it could hit revenue comparisons by £942m and operating profits by £72m. Bar that, its expectations for the full year remained unchanged.

Capita to face MPs over IT contract

Capita is set to come under fire from a committee of MPs for its handling of a Ministry of Defence IT contract. The contractor will face the Public Accounts Committee, which is looking into an army recruitment project that is almost two years behind schedule. Capita could now get £48m to build a new IT platform.

GM's quarterly results disappoint

General Motors posted disappointing quarterly profits, hurt by weaker than expected results in Asia and South America. Sales rose from $1.1bn a year ago to $1.9bn, short of the $2bn figure Wall Street was expecting as profits came in at $913m. The US car giant is to spend $1bn this year on its European and South American operations.

Profits up 10% at Smith & Nephew

The medical devices firm Smith & Nephew said it finished the year strongly after quarterly profits rose 10 per cent to £144m. The maker of replacement knees and hips added that it would target higher growth opportunities in 2014 and would continue to focus on improving its efficiency.

BSkyB chief joins Burberry's board

Burberry has bolstered its board's media credentials with the appointment of British Sky Broadcasting's chief executive, Jeremy Darroch, as a non-executive director. Burberry, which named ex-BBC Worldwide head John Smith as chief operating officer last year, is focusing on online.

Apple leaves more to Imagination

Apple has extended its partnership with Imagination Technologies. Under the deal, Imagination's technology will power graphics and video on future iPads and iPhones. Apple is thought to account for more than 50 per cent of the group'sroyalty revenues.

Beazley profits get Atlantic lift

The quietest hurricane season in more than 30 years helped boost profits at Lloyd's of London insurer Beazley. Just two storms were classified as hurricanes in the Atlantic storm season. Beazley's annual profits jumped by a quarter to $313m (£192m).

Income up at Enterprise Inns

The pub owner Enterprise Inns reported a 1 per cent rise in net income for the first 18 weeks of its financial year, which it said continued the growth momentum of the previous quarter despite "volatile and challenging" trading conditions.

Landmark sales help boost agent

Acting on City deals including the sale of the Royal Exchange and the St Botolph building helped the world's biggest property agent, CBRE, boost UK revenues 28 per cent in the final quarter of 2013. Full-year revenues rose 10 per cent to $7.2bn.

Hybrid sales rev up UK car market

Buyers of hybrid cars, which run on both petrol and electricity, helped fuel more strong growth in British car sales last month, the Society of Motor Manufacturers and Traders said. The society's figures showed 154,562 new cars registered in January, up 7.6 per cent on a year earlier – with sales of hybrids up 25 per cent.