The Business Matrix: Friday 24 April 2015

Chinese sales cheer for Pernod

The later date of the Chinese new year helped drinks giant Pernod Ricard improve its Asian business and increase sales by 7 per cent in the three months to 31 March. The owner of Absolut Vodka and Beefeater gin generated sales of €1.9bn (£1.3bn) for the period, while those for the first nine months of the financial year hit €6.5bn.

Pace agrees £1.4bn Arris takeover

The TV set-top box maker Pace has agreed to a £1.4bn takeover by US rival Arris. At Pace’s AGM, chairman Allan Leighton said the combined business offered growth above that which could be achieved by Pace alone. He said the Yorkshire-based firm had made a good start to 2015 and was growing more than last year.

WPP revenues rise to £2.8bn

The advertising and marketing giant WPP said revenues rose 8.3 per cent to £2.8bn in the first quarter of the year, with all regions and most business sectors contributing to the growth. Sales were 2.5 per cent higher on a like-for-like basis. The group is sticking with its forecast of three per cent organic growth for the full year.

Sainsbury’s axe another 800 jobs

Sainsbury’s has followed in the footsteps of its rivals, Tesco, Asda and Morrisons, with a major overhaul of its in-store structure at the cost of hundreds of jobs. It means that 800 staff will be axed, on top of cuts of 500 made in January, with Sainsbury’s saying the changes will save it £500m over the next three years.

AA chief to take salary in shares

The chief executive of American Airlines, Doug Parker, is to be paid entirely in shares after stating that he should take the same risks as its shareholders. Mr Parker was paid $12.3m (£8.2m) in 2014, including a base salary of $687,884. The CEO told investors that the switch would be permanent.

Profits uncorked at Chapel Down

The Kentish winemaker Chapel Down enjoyed a 175 per cent jump in profits last year after it saw in a record harvest with grapes of “excellent quality”, thanks to particularly good weather. Sales rose by 20 per cent to a record £6.1m, with pre-tax profits up from £68,000 to £187,000.

Talgo and Cellnex to float in May

The train-maker Talgo and telecoms group Cellnex released details for May stock market listings yesterday, joining a rush of Spanish companies taking advantage of favourable market conditions. Spain ranked second only to China in value of IPOs in the first quarter.

15-year high for buoyant Nasdaq

The Nasdaq Composite, the US market index most closely associated with technology stocks, jumped to a 15-year high yesterday, putting it on track for its first record high close since the technology bubble burst. The Nasdaq jumped as high as 5,069.17, led by Apple shares.

Mitsubishi plans City skyscraper

Japan’s Mitsubishi Estate has unveiled plans for a 40-storey office tower in the heart of the Square Mile. The property developer will submit plans to the City of London Corporation for the skyscraper, with a viewing gallery on the top floor.

BP sells North Sea gas pipeline

BP is selling its stake in one of Europe’s biggest gas pipelines, Cats, to Antin Infrastructure Partners for £324m, giving the fund near-full ownership of the asset after it bought out BG last year. The pipeline takes North Sea gas to Teesside.