UPDATE 1-3i making progress with cost cutting measures

Fri Jul 27, 2012 12:08pm IST

Related Topics

Stocks

   

* First quarterly statement as part of transparency drive

* Asset value per share down to 275 pence

* Says making good progress on restructuring, cost cuts

LONDON, July 27 (Reuters) - Private equity group 3i said it is making progress with cost-cutting measures as it moves to a new reporting timetable it hopes will make it more transparent and win back shareholders dissatisfied at years of poor performance.

The private equity owner of womens fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn made its maiden first-quarter announcement on Friday.

3i said asset values dipped to 275 pence a share for the three months of end June from 279 pence three months earlier.

New Chief Executive Simon Borrows promised jobs and cost cuts last month to reduce annual operating costs by 45 million pounds ($70 million) within two years as the firm seeks to beef up its earnings and return more cash to shareholders.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Apple Result

Apple Result

Apple's iPhone sales beat Street but iPad volumes slide.  Full Article 

Nadella's Paycheck

Nadella's Paycheck

New Microsoft CEO Nadella's pay tops $80 mln with big stock awards.  Full Article 

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Airport Accident

Airport Accident

Total CEO de Margerie killed in Moscow plane accident - airport spokeswoman.  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage