©Bloomberg Bouygues was bolstered by an improved commercial performance by its telecoms unit during the first three months of 2016 as the group narrowed current operating losses compared with a year earlier. The construction, telecoms and broadcasting conglomerate added 240,000 mobile customers and 71,000 fixed-line subscribers, increasing revenues 6 per cent during the quarter compared with the same period last year. More On this topic IN Telecoms The improvement by Bouygues Telecom came as the company, headed by French industrialist Martin Bouygues, reported that revenue for the period reached €6.53bn. This is 3 per cent lower than a year earlier, but broadly in line with the group-compiled average of analysts’ forecasts. Current operating losses — excluding non-current charges — narrowed to €140m from €194m a year earlier, although the loss was still 14 per cent more than analysts had expected. Jerry Dellis, telecoms analyst at Jefferies, said: “Revenue trends were encouraging in telecom and construction.” Mr Bouygues will probably take particular pleasure in the performance of the telecoms unit, the country’s third-largest mobile operator by subscribers, after it had suffered under an onslaught of fierce competition. Last month, Mr Bouygues cut off talks with market leader Orange over a proposed €10bn takeover deal that would have transformed the French telecoms sector. Among other things, an acquisition by Orange would have reduced the number of competitors from four to three, likely ending a three-year price war at a time when operators have to invest billions in rolling out mobile and fibre networks. Bouygues on Friday said the rollout of its network-sharing agreement with rival SFR and other costs related to adapting its various units would cost €270m, a charge that would affect group operating profit this year. However, it stuck by earlier guidance in which it pledged to improve profitability in 2016. Revenue at the telecoms unit during the quarter was €1.13bn compared with €1.06bn 12 months earlier, with current operating losses narrowing to €33m from €62m a year earlier. Operating margins at the unit also rose 2.3 percentage points year on year, in spite of intense promotional activity across all French operators as they battle to win customers. At the group’s construction business, Bouygues said the quarter “saw the first signs of stabilisation in the construction market in France” with an order book that stood at €14.1bn at the end of March, almost flat compared with a year earlier. The order book for the construction business as a whole was €29.9bn by the end of March, 3 per cent higher than at the end of December — and almost flat compared with a year earlier. Shares in the Paris-based group climbed more than 4 per cent in the first minutes of trading on Friday, hitting €30.08. The stock is down 17.7 per cent since the start of the year. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link

Virgin Money has announced that from today it has made a number of rate reductions on selected products across its buy-to-let and core residential mortgage ranges. Key changes to the core buy-to-let product range • Two-year fixed rate at 75% LTV at 2.38% (£1,995 product fee, £500 cashback) • Five-year fixed rate at 60% LTV at 3.19% (£995 product fee, £500 cashback) Key changes to the intermediary exclusive buy-to-let product range • Two-year fixed rate at 50% LTV at 1.95% (remortgage only, £1,995 product fee, £500 cashback) • Two-year fixed rate at 60% LTV at 2.19% (£995 product fee, £500 cashback) • Five-year fixed rate at 50% LTV at 2.89% (remortgage only, £1,995 product fee, £500 cashback) • Five year fixed-rate at 60% LTV at 2.99% (£1,995 product fee, £500 cashback) Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: “We’re delighted to introduce the latest update to our mortgage range to continue supporting both residential borrowers and landlords. The market has been in good shape so far in 2016 and we remain committed to supporting customers and mortgage brokers with a strong product set and service proposition.” Source link

Architectural glazing systems by Kawneer feature on the £19 million exemplar redevelopment of an integrated public transport interchange. Kawneer’s AA®100 SSG (Structurally Silicone Glazed) mullion-drained curtain walling with toggle fixings and concealed vents has been used on the concourse of Altrincham Interchange in Cheshire, complemented by framing and 10D light/medium duty commercial entrance doors on a replacement link bridge. The Kawneer systems were specified by architects AHR for client TfGM (Transport for Greater Manchester) for the redevelopment which was designed to cater better for existing and future passengers in terms of accessibility, safety and security while retaining the valuable heritage of the original facility. The 19th Century rail station buildings and a substantial proportion of the platform canopy ironwork were retained, enhanced and brought back into use. The urban realm around a listed clock was also designed to showcase this unique piece of architectural heritage. The scheme included the replacement of a 134-year-old bridge connecting the four rail platforms. A new 45-tonne pre-fabricated steel bridge was lifted into place in a single evening to minimise disruption to the travelling public. This significantly improves accessibility between bus, train and tram services. The glass and steel structure has become something of a destination in itself, the long, curved façade featuring doors accessing a series of uncomplicated drive in/drive out bus bays. The bus station is the heart of the new building and this includes the spacious concourse, featuring Kawneer’s curtain walling, which links the bus bays to the historic booking hall and new footbridge to the metro and rail services. From the outside it is possible to clearly see the red brick and stone façade of the station that was for so long hidden behind rows of bus stop platforms and islands. The concourse roof featuring 50 solar panels is supported by two rows of steel columns and cantilevered back from the façade towards the historic buildings, while lightweight ETFE rooflights run along its length, enabling daylight to flood down without extensive supporting structure. The rear row of columns stands out from the historic station façade to avoid diluting its aesthetic qualities. Glass fins are suspended from the back edge of the higher concourse roof, descending to the front edge of the Victorian roof lower down. The roof is finished in standing seam, plastered internally in white to reflect light. Within the building, a separate brick enclosure houses travel facilities, a baby changing area, toilets and staff offices, and on the first floor, access to plant. A new “Cycle Hub” enables cyclists to securely park their bikes under full cover, with constant CCTV coverage and swipe-card entry. The Kawneer systems were installed by approved specialist sub-contractor SG Aluminium whose managing director Peter Taylor said: “Initially the design was for a total glass-bolted system but cost was paramount and Kawneer fitted the bill with the AA®100 SSG giving a similar appearance from the outside. “The minimum of profiles internally, with slim 50mm sightlines, also kept the architect happy so all parties were happy with the cost and the solution.” The build was completed in three phases over two years as it took place around a fully working interchange on a fairly constrained site while keeping all three transport modes running. Perhaps the most noticeable aspect of this was the installation of the new footbridge over four platforms. This was craned into place in two large segments during a single possession or closure of the railway lines. So it had to fit first time, with each section weighing more than 20 tonnes. During the staffed consultation exhibitions one attendee was heard to say: “People like buildings with character as well as buildings that are fit for purpose.” Altrincham Interchange delivers both aspects in buckets. ENDS Photo: © Daniel Hopkinson / AHR  Source link

15 April 2016 | Jamie Harris Sodexo has reported operating profit of €621 million (£493 million) for the first half of its financial year, marginally up from 2015 (€620 million). Its revenues were reported at €10.59 billion (£8.42 billion), a 6.7 per cent rise from the same six-month period in 2015. Broken down into regions, Sodexo’s UK performance for the first half of its fiscal 2016 was €1.1 billion (£0.87 billion), a significant 27 per cent rise. Operating profit in the region was €66 million (£52.4 million), a 74 per cent increase. Most of its UK revenue includes work at the Rugby World Cup, held last autumn. Without Rugby World Cup revenues, Sodexo reports that organic revenue growth was still 12.2 per cent up on 2015. Michel Landel, Sodexo chief executive, said: “Based on the momentum achieved in the first half, we confirm our fiscal 2016 targets of around 3 per cent organic revenue growth and around 8 per cent growth in operating profit excluding the currency effect and exceptional expenses for the adaptation and simplification programme.” Source link

“The advantage that Basingstoke has over schemes like Ebbsfleet, or even large-scale regeneration sites, is there is an already established community and business area,” says John Izett, Basingstoke Council’s cabinet member for property and development. All the content from this weekís magazine, including this article, is available in the new app. A development partner will help to bring forward the infrastructure and first 3,400 homes, with the potential, though not guarantee, to build the remaining 4,600 homes in phase two. According to project director Richard Bayley, the partner and council will jointly develop and provide the infrastructure. “Our involvement is not just putting the land in,” he says. “It is a lot more than that: using the land and investing in the infrastructure and the development of the place.” It is a grand plan, and one that the South East needs more of to address its housing requirements, but you do not have to look far to find similar schemes that have stalled. An hour south in Hampshire is Fareham, which planned to deliver 6,500 homes through a similar arrangement. After seven years, no homes have been built, with particular problems around land assembly, infrastructure provision and community consultation. Robin Shepherd, planning partner at Barton Wilmore, warns that every problem that can beset a development is compounded in schemes of this scale. He says: “The challenge is to make it happen in the time available. They have said [Manydown] will span two local plan periods [usually a local plans spans 15 years]. Well, too right it will. They always take longer to deliver than anticipated.” Finance, infrastructure, timescale, legislation, and a skills shortage are issues, according to Shepherd. The advantage for Manydown is that the councils own the land – having acquired it for around £10m in 1996. This means many of the issues surrounding site assembly can be bypassed. As well as being development partners, the two councils are also willing to act as financiers, providing around 50% of the funding to get it started, though Bayfield says this will be subject to dialogue with interested parties. Izett adds: “There are so many examples of where things have been done badly in post-war communities. We have a responsibility to ensure if we are building on this land that it’s done well. Also, we see it as an opportunity to get future capital and investment returns.”  This is a big help in the search for a partner: few housebuilders would be willing to take on the risk of an 8,000-home scheme delivered over a 25-year timeframe. But the council involvement can also bring problems. When keeping control of the design process, councils often add extra policy requirements and restrictions, says Shepherd. “Sometimes it just wraps a developer in knots,” he adds. For Basingstoke, while moving on from the mistakes made in the 1960s is important, this must be tempered with considerations around viability. The key, says Shepherd, is for the councils to create as much certainty as possible, and for this the council joint venture has already assembled a team of more than 70 people to ensure it has the expertise and know-how. “We do not have all the expertise, but we do have the capacity for investing in infrastructure for the long term, and we are able to borrow money that allows investment into the community,” says Bayley. “We want a role in how the long-term management will work.  We are not just building and then forgetting about it.” When many councils are pulling back and de-risking, Manydown is an example of authorities showing a willingness to get their hands dirty. Source link

In a statement before its shareholder meeting today, the energy giant admitted the projected cost of the plant had a “contingency margin” that could see the price tag rise from £18bn to £20.7bn. This margin would involve EDF’s share of the financial commitment for the Somerset plant rise from £12bn to £13.8bn, while that of its partner China General Nuclear Power Corporation would increase from £6bn to £6.9bn. The company also revealed a construction timetable that could see the nuclear plant miss its projected 2025 completion date. EDF’s statement confirmed a 115-month construction period from the date of a final investment decision. However, with that decision not expected before September following a series of delays, the timetable would take completion beyond the original 2025 deadline and into spring 2026. A source at EDF UK said it still expected the project to meet the 2025 completion date. Source link

Legal & General Investment Management Real Assets (L&G), represented by Savills, has let restaurant space at One Piccadilly Gardens in Manchester to Shoryu Ramen for its first site outside of London.  Shoryu currently has seven restaurants in the capital and one in Japan. The operator has agreed a new 25-year lease for a 1,448 sq ft (135 sq m) ground floor unit at an annual rent of £100,500.  The deal follows recent lettings at One Piccadilly Gardens to Wrap It Up!, Ask and Byron Burger as well as Pret a Manger, which upsized to a larger unit. The landmark One Piccadilly Gardens building overlooks Piccadilly Gardens and was acquired by L&G’s Managed Property Fund in 2014.  Since purchase, L&G has made significant improvements to the retail frontage of the building, bolstering the tenant-mix and enhancing the size of the units.  Mark Russell, fund manager of the Managed Property Fund at L&G, comments: “In bringing Shoryu Ramen to Piccadilly Gardens we take another step forward in our plans to improve the food and beverage offer which will define the area as a destination.  This letting further enhances the variety of food choices on offer at the scheme following the recent lettings of Wrap It Up!, Ask and Byron Burger.” John Agnew, retail and leisure director at Savills, adds: “We are very pleased to have secured the first Shoryu Ramen outside of London at One Piccadilly Gardens, where it will be an excellent addition to the wide variety of food choices already on offer.” A spokesperson for Shoryu Ramen adds: “We are really excited about opening our first Shoryu outside of London and joining Manchester’s thriving dining scene.  The restaurant will offer our signature Hakata tonkotsu ramen, Shoryu buns and Gekkeikan Royal Warrant Sake.  Our limited edition seasonal cocktails and cold Japanese draft beer will also be on the menu.” Shoryu Ramen was represented by Spectrum Property Consultants. Source link