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Pearson H1 FY14 results – cost savings promised, but no growth committment yet
Markets took a little time to appreciate the current cyclical and structural squeeze on profitability, but eventually got the message. So far, that message is pain today as the group invests to extend is leadership in digital learning through a protracted cyclical downswing in its main markets followed by jam tomorrow as these measures yield […]
Continue readingMurdoch and other people’s money
So you’ve seen the headlines. First Fox’s proposals to consolidate its interests in Sky Italia and Sky Deutschland into BSkyB, described by many as a “tidying up” exercise. Now we are treated to something more substantial to explain the earlier moves; an $80bn (c.$86 ps) plus offer for Time Warner. The newswires are of course […]
Continue readingCheap new cash = property boom. Nothing has changed in 2,000 years!
He “made money so plentiful, that interest fell and the price of land rose considerably, And afterwards, as often as large sums of money came into his possession by means of confiscations, he would lend it free of interest, for a fixed term, to such as could give security for the double of what was […]
Continue readingWhat, no PubicOm?
Shock, horror. “Publicis and Omnicom agree to terminate proposed merger of equals” 10 months ago when Publicis and Omnicom announced their intention to merge I wrote two articles on this blog. The first was titled ‘Omnicom & Publicis – a marriage not made in heaven’ and was an initial response to the press leaks […]
Continue readingPearson disappoints (again) and resorts to the old trick of dropping the adj tax rate
Pearson:  Another update (Jan trading statement) and another slippage in underlying expectations as US educational markets continue to decline and with even the 70p per share FY13 guidance relying on some exceptional massaging of the ‘adjusted’ tax rate. Without an early turn in this market cycle and Pearson’s own internal investment programme unlikely to deliver […]
Continue readingWelcome to the UK recovery!
Still faced with a structural deleveraging in personal and public debt, the policy response by those who ought to know better remains the same – juice the system and hope growth miraculously appears. That’s right, the same strategy as adopted for Greece, Portugal, Spain, France etc, etc, & etc. After the >+10% MoM rise in […]
Continue readingWill you be see the collapse in the property market coming?
Will you be see the collapse in the property market coming? There is an entire industry of vested interests out there to ensure that you don’t. You have a Government whose declared purpose is to juice demand and support funding with its various schemes to encourage the consumer to put themselves further into hock at […]
Continue readingWPP Q3 – still on track to beat FY13 guidance, albeit discounted by markets and valuation
WPP’s Q3 revenue numbers today were solid, but with few real surprises. Year on year organic revenue growth of +5.0% maintained the similar rate already reported for July while also being slightly ahead of rivals Omnicom and Publicis. Scanning the numbers being reported there are four main points that stand out. 1) UK organic revenue […]
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