Drax issues a profit warning
Warmer weather and falling energy prices forced the power-plant giant Drax to issue a profit warning. The company, which provides 8 per cent of the electricity in the UK, warned its full-year profits could be £30m below previous expectations and the shares tumbled 2.5 per cent to 660p.
Ruias succeed in Essar buyout
The Ruia brothers have won their bid to buy out Essar Energy after other investors, holding 8.29 per cent of the company, tendered their shares in favour of their offer. The Indian billionaires, Shashi and Ravi, offered 70p a share in March in an attempt to delist Essar Energy.
Exports up 5.9% as trade improves
Hopes for a rebalancing of the economy were fuelled yesterday as trade improved, despite a stronger pound, and manufacturers had their best quarter since 1999. Export volumes leapt 5.9 per cent, against a 3.2 per cent rise in imports.
Johnston’s £360m refinancing plan
The debt-laden newspaper group Johnston Press has unveiled plans for a £360m refinancing as falling print revenues continued to impact its top line. The company owns 200 titles including The Yorkshire Post and The Scotsman.