Postman Pat takes a knock
Jan 19 2008 by Peter McCusker, The Journal
POSTMAN Pat owner Entertainment Rights has warned on profits due to worse-than-expected trading over the Christmas period.
The Hammersmith-based firm, which also owns the Basil Brush and Rupert Bear brands, said group sales and profit during 2007 would be lower than expected. ER, which sells DVDs and licenses programming to broadcasters, said it was the first time in seven years that the business had missed its targets.
The firm’s update came despite reporting 25% sales growth in the key US market for its Christmas DVDs.
Restrictions on Aegon investors
A £2bn property fund run by one of the UK’s biggest investment firms said a rush to withdraw money had forced it to impose restrictions on other investors looking to take their money out.
Aegon UK said 129,000 investors will not be able to access their money for up to a year because of “significant” withdrawals brought on by a slump in the property market.
The three arms of the fund invest in property up and down the UK.
Aegon said the UK property market had suffered in recent months from the worldwide credit crunch, rising interest rates and talk of recession.
Board shake-up at Lara Croft firm
LARA Croft video game publisher SCi Entertainment announced a major boardroom shake-up just a week after shares in the ailing firm plunged due to a profits warning.
SCi chief executive Jane Cavanagh has quit her role while two managing directors Bill Ennis and Rob Murphy are also standing down, the company has confirmed.
The publisher has appointed chief financial officer Phil Rogers as Ms Cavanagh’s replacement and said he will lead a “root and branch” review into SCi’s strategy.
Sellafield ‘centre of expertise’
THE nuclear site at Sellafield has the chance to become a centre of international expertise following the go-ahead for a new generation of nuclear power stations, say trade unions.
A report they drew up said the Cumbrian facility could secure contracts from abroad to reprocess nuclear fuel, which would bring an economic benefit to future decommissioning costs.
Gary Smith, national officer of the GMB said: “GMB is arguing that given the Government’s announcement on a new building programme for Britain’s nuclear capacity, Sellafield is best place to remain the centre of the British nuclear industry.”
