News in brief: Sterling recovers from 5-month lows, G4S a contender for Government work, Nigeria unrest hits Cussons revenue
Money markets gave the beleaguered pound some temporary respite today as sterling recovered from fresh five-month lows to move above $1.57.
The pound — hit by the potential loss of its AAA rating as well as rising confidence in the eurozone — also managed its first gains against the euro in four sessions. But analysts warned the prospect of more money printing from the Bank of England would keep a lid on any revival.
G4S a contender for Government work
Months after G4S’s botched Olympic contract forced troops to make up its staff shortfall, the Ministry of Justice told City analysts it’s still in the running for future Government contracts. Speakers, including Vincent Godfrey, director of procurement at the Ministry of Justice, said “G4S’s experience with the Olympics had not and would not have a bearing on future MOJ contract awards”.
Nigeria unrest hits Cussons revenue
PZ Cussons, the soap to tanning group, has posted a rise in half-year profits but took a hit from lower revenues due to social unrest in its key market of Nigeria. The owner of St Tropez tanning products delivered a 3.3% leap in profits to £40.6 million over the six months to November 30, boosted by “robust” demand for Imperial Leather soap in the UK and a strong performance by its Cussons baby range in Asia.
