Investment: Mixed bag for ED&F Man
Friday 13 November 1998
Asset management, which includes offshore investment products aimed at wealthy individuals, generated pounds 45.2m including substantial fee incomes based on successful investment performances. The brokerage business which handles financial futures and foreign exchange as well as energy and metals contributed pounds 10.7m before exceptional costs of pounds 1.3m on two new acquisitions.
But profits from agricultural products slumped to pounds 700,000 from last year's pounds 16.8m at the same stage, suffering heavy losses in sugar and alcohol. Only the ingredients division did well, producing a profit of pounds 7.9m, up 20 per cent on the previous period.
It is hard to see a quick recovery in the agricultural products side although, traditionally, there is a bias in favour of the second half. Financial services are also recession-prone, and it is hard to see further exponential growth, but this company is unique in its sector serving high net worth individuals, and it depends relatively little on the prospects for the UK economy.
Forecasts for the full-year are unchanged at pounds 116m and earnings of 31.5p in the current year, rising to pounds 133m and earnings of 34.6p next year. At less than nine time forward earnings the shares look a tempting gamble.
Jo from Northern Ireland was less than impressed by Russell Brand's attempt to stage a publicity stunt
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
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