Tracker

SCOTTISH Investment Trust chairman Sir Angus Grossart is expected to come under fire today at the company's annual general meeting in Edinburgh. Hermes, the fund manager that owns 9 per cent of SIT shares, has written to The Scotsman outlining its plans to grill the SIT board on what it sees as breaches of good corporate governance. SIT has wholly rejected Hermes' accusations.
Howdens figures a boost for MFI
FURNITURE retailer MFI has reported a 25 per cent jump in profits boosted by store refurbishment and an "outstanding" performance in its joinery business Howdens. The group, which employs 315 staff in Scotland, announced a 19 per cent increase in turnover to GBP 1.2 billion with underlying pre-tax profits for the group rising 25 per cent to GBP 80.8 million. Despite the market fretting over the weaker economy with shares falling 4 per cent to 108p, chief executive John Hancock said he remained confident MFI could continue to outperform rivals as it "expands its product range and refits stores". During 2002, the group added 41 depots to its Howdens division, bringing the total to 269 nationwide.
Avis cautious on 2003 as profits slide
AVIS Europe, the car rental giant, has revealed a 15 per cent dip in annual profits and said it faced an uncertain outlook for 2003. Pre-tax profits slipped to GBP 77.3 million from GBP 89.5 million as the company battled with tough economic conditions. Group sales dropped 5 per cent to GBP 747.5 million. Chief executive Mark McCafferty said the company was exercising great caution as the corporate sector continued to watch its expense accounts. And impending war in the Middle East clouded its outlook on airport trade, which accounts for 50 per cent of its market. But McCafferty added that the group had taken precautions: "We have the ability to cut our fleet at short notice, as we did last year."
Troubled Aberdeen wins S&P fund award
ABERDEEEN Asset Managment looked to shake off an annus horribilis last night when it was named Best UK Investment Trust Manager 2003 at Standard & Poor's Fund Performance Awards. Hugh Young, head of equities on Aberdeen's Investment Committee, said: "After our difficulties in the last 12 months, we are delighted to win these awards which shows that the underlying performance of our equity funds have been excellent." Standard & Poor's independent rankings are widely coveted by the investment industry who use them in marketing literature. In all, Aberdeen won eight awards: Aberdeen Asian Smaller Companies over one year and five years; British Empire Securities and General Trust over three and five years; and UK Investment Trust (larger company category) over one, three and five years.