Tesco slows down plans for large projects in the UK

first_imgIn its full year results today for the year to 28 February it revealed sales had reached £1bn a week with profits for the year at a new record of £3.13bn. But it said it is: ‘reducing UK capital spend on large mixed-use development schemes…allowing UK capital expenditure to revert to the levels of four years ago.’ It said it had also bought fewer stores from competitors to reduce costs. Despite the slow down in expansion in the UK it said it would still add between 6% to 7% to its UK selling space each year.Across the group it plans to open over 8m sq ft of new group space this year – 75% of this outside the UK. It said this growth is 9.2% more than last year, using £1bn lower capital expenditure. It is continuing its plans to sell off freehold property to pay off its large debt. Three years ago it announced plans for a £5bn property sell off programme ‘to release cash from property through a sequence of joint ventures and other sale and leaseback transactions’. It said today: ‘We have managed the pace of this programme in light of the current financial and property market conditions, and as a result we have divested the property at attractive yields.’ The money raised is used to pay down debt, of which it currently has £9.6bn, with plans for this to reduce further. Of the sale and leasebacks completed so far as part of the £5bn programme it said it had ‘delivered aggregate proceeds’ of £2.2bn. In a statement it said: ‘Whilst yields have increased modestly in recent months, we expect to be able to complete further transactions on attractive terms in the months ahead and we are currently in discussion with potential counterparties.’ It has more than £24bn of freehold property on its books which it believes at current market value reaches £30.4bn, representing a 23% premium to book value. In the UK sales increased by 9.5% to £41.5bn, including like-for-like growth of 4.3%. Tesco’s record annual pre-tax profits hit £2.95bn, with underlying annual profit up 10% to £3.13bn. Sales increased by 13.5% to £59.4bn for the year.last_img read more

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Praxair confirms Niagara plant

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

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Air Liquide and Sarlux sign contract

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

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Infrastructure funding solutions are out there

first_imgGet your free guest access  SIGN UP TODAY Subscribe now for unlimited access To continue enjoying Building.co.uk, sign up for free guest accessExisting subscriber? LOGIN Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Stay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to building.co.ukBreaking industry news as it happensBreaking, daily and weekly e-newsletterslast_img read more

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Tuscor Lloyds steels itself with castings shipment

first_imgThe job involved several heavy lifts, abnormal load transport by road, and finally the pieces were stowed on a regular container vessel as out-of-gauge cargo and shipped from the Port of Felixstowe to Vera Cruz in Mexico where oncarriage was handled by Tuscor Lloyds UK De Mexico S.A. and Icave, part of Hutchinson Ports.All of this was achieved during one of the coldest spells of weather on record in the UK with freezing temperatures, snow and ice preventing port operations.As can be seen from one of the pictures below, the yard was under nearly 30 cm of snow and as the vehicles came in it turned into a skating rink.last_img read more

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High Court dismisses seven-year legal aid contract fight

first_imgThe High Court has dismissed a law firm’s challenge to a government legal aid contract decision – seven years after judicial review proceedings began. Mr Justice Coulson hoped the ‘sorry saga’ would be regarded as an example of how not to conduct a public procurement challenge.In July 2010 Hersi & Co Solicitors appealed the decision of the Legal Services Commission, the Legal Aid Agency’s precursor, not to award the London firm a contract to provide legal aid services for immigration and asylum, and mental health work. Under the tender, there were seven questions grouped under the heading ‘selection criteria’. The firm answered the first three questions but left the last four questions blank. It failed to gain the number of points required for a contract.Hersi & Co began judicial review proceedings in November 2010. The firm also alleged inequality of treatment.Publishing a 44-page judgment this week, Hersi & Co Solicitors v The Lord Chancellor (as successor to the Legal Services Commission), Coulson dismissed the firm’s challenge. Coulson said: ‘The long and the short of the position here was that the claimant had failed to answer questions 5-7 and everyone else who had failed to answer those questions was treated in precisely the same way by the defendant. The case that raised the treatment of other applicants by reference to other elements of their tenders was irrelevant, disproportionate and futile.’Coulson said the delays in the case were ‘inexcusable’ and the firm’s conduct of the case was ‘wholly unsatisfactory’. He added: ‘It cannot be right that in the modern age, a case of this kind can be allowed to take seven years to get to trial.’Detailing the procedural history, Coulson said: ‘In my view this litigation has been conducted in an abysmally slow and haphazard fashion. No regard has been had to the orders of the court, or to the CPR (which contrary to the belief in some quarters, applies to the administrative court just as it applies to all other parts of the High Court). The claimant has been in breach of both court orders and the rules. I very much hope that no case ever comes to trial in the [technology and construction court] again with a six-year procedural history.’Hersi & Co declined to comment on the case.last_img read more

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Deli reconstruction blitz

first_imgHungarian State Railways started a six-week renovation programme at Budapest Deli on August 30, with many services diverted to other stations. Funded from MAV’s HF11bn capital investment programme for 1999, the HF550m blitz includes platform reconstruction and rail renewals.last_img

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Instant interline pricing

first_imgCANADIAN National Railway and CSX Corp have jointly developed an electronic tool which offers their customers immediate pricing for wagonload shipments.Account managers can use A+B Pricing to combine costs from CSX and CN to obtain a quote for interline traffic between any locations on their networks. The railways expect to provide direct access to A+B Pricing via their websites later this year, and they are working with shortline operators to expand its coverage.Canadian National Railway, CanadaReader Enquiry Number: 147last_img read more

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US leasing acquisitions

first_imgSUMITOMO subsidiary SC Rail Leasing America acquired leasing firm Southern Illinois Railcar Co and its affiliate Ohio Ag Terminals during September.Established in 1990 with the acquisition of 10 grain wagons from Soo Line, SIRC has grown to manage more than 2 500 wagons, mainly covered hoppers, and also provides brokering and fleet management services. Ohio Ag operates freight terminals and undertakes repair work on all kinds of wagon except tank cars.Announcing the deal, SC Rail Leasing America said it plans to expand its fleet to more than 8 000 cars within five years, putting it ‘in the top 10’ wagon leasing companies in the USA.last_img read more

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Upgraded EARS for better performance

first_imgUK: DeltaRail has received Network Rail approval for its Enhanced Automatic Route Setting technology, which automatically routes trains without the need for signaller intervention. EARS builds on DeltaRail’s proven ARS to provide a range of performance-enhancing functions including mandatory sequences, standard timing patterns and train priorities. The company says a pilot project has demonstrated a significant drop in delay minutes. Simulations can be run off-line to ensure that operational performance is optimised before live deployment.last_img read more

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