Strength of sterling slices pounds 32m off RMC profits
Thursday 09 April 1998
RMC's profits rose 4 per cent to pounds 308m, although earnings would have risen 15 per cent if the sterling had remained constant. RMC warned exchange rates would also take a heavy toll on current-year profits. The pound has risen by around another 9 per cent against a basket of currencies since the start of the year, which means it could wipe more than pounds 15m off RMC's earnings in 1998.
However, RMC said the rise would not prevent it from looking at more overseas acquisitions. Peter Young, chief executive, said RMC could comfortably afford to spend pounds 700m this year on purchases and the problems in the Far East could provide acquisition opportunities. RMC is also eyeing up targets in the US. RMC is considering selling Hall & Co, its troubled builders merchant.Mr Young said he was reviewing the future of the division after restructuring the operation.
RMC shrugged off a poor German construction market by producing a 5.7 per cent rise in domestic trading profits and said that the building industry over there was finally showing signs of a recovery.
Investment column, page 26
- 1 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Alex Salmond: 'The rocks would melt with the sun before I'd ever set foot in the House of Lords'
- 5 Ice Bucket Challenge: US firefighter Tony Grider dies after participating in charity craze near power lines
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...