Barclays is doing very nicely indeed thank you, kicking the week off with news of a double-digit increase in pre-tax profits to over £5bn. Controversial chief executive Bob Diamond says this shows how well-balanced the bank is. There's encouraging news from Capital Shopping Centres, which reports a rise in consumer footfall to buck the national trend. But JJB Sports continues to struggle, with revenue down 22%.
Barclays reports an 18% increase in pre-tax profits to just over £5bn for the third quarter. Earnings per share rose 4% to 22.2p, while the dividend has been maintained at 3.0p. This morning's statement also expresses confidence that the bank will meet target savings of £1bn this year.
Chief executive Bob Diamond said: "I am pleased with the performance we have delivered for the first nine months of the year, with profit before tax exceeding £5bn, despite significant economic and market headwinds. Our profits before tax have been generated equally across our retail and investment banking businesses, showing the diversity and balance of Barclays."
Capital Shopping Centres, which some of the UK's largest shopping centres including Manchester's Trafford Centre and Lakeside near Thurrock, says footfall is up 2% for the year to date, with occupancy levels running at 97%. Data from Experian puts national retail footfall down 1% for the year to date.
A half-yearly report from JJB Sports shows a 22.6% decline in revenue to £142.4m. Like-for-like sales fell by 17.7% and the firm's operating loss rose by 175.2% to £67.7m. Losses per share were up 14.51p to 22.68p. CEO Keith Jones said the closure of unprofitable stores and sell-off of obsolete stock had put the firm in better shape to develop in future.
The FTSE 100 closed last week down 11 points at 5,702, that dip coming at the end of a day on which shares had briefly surged on the back of optimism over a deal to solve the Eurozone crisis. News of a 2.5% rise in US GDP for the third quarter also provided a boost to confidence.