This is an attempt to broaden its market penetration in specialist markets such as multimedia

This is an attempt to broaden its market penetration in specialist markets such as multimedia. Research and development has also been linked more closely to product development and marketing divisions.. As its share of the personal computer market dwindled to below 9 per cent, the shares have under-performed, sliding from a five-year high of $71.50 in 1991 to a low of $23 in October 1993.Since then Apple has announced a large reorganisation. Overseas sales increased 34 per cent in the second quarter compared with second quarter 1994.Michael Spindler, Apple's president and chief executive, said: "During the period we saw broad-based growth in our business, throughout our product line, and across geographies, demonstrating our ability to effectively respond to customers' needs and market demands around the world."In recent years Apple suffered in an increasingly hostile computer market. This is a new generation personal computer, developed jointly with IBM and Motorola, the semiconductor manufacturer.The new machines use technology known as reduced instruction set computing (Risc), previously seen only on high-performance engineering workstations .Overall, the company expects the falling value of the dollar will help its exports drive and compensate the company for losses in the currency market.

These profits are more than five times last year's equivalent figure.The increase was largely achieved through a deliberate attempt to concentrate on increasing sales, which rose from $4.5bn in the first half of 1994 to $5.5bn in 1995.The key product behind this increase was the Power Mac. The company exports 54 per cent of its production and hedges in the futures markets against changes the currency values of anticipated income. Recent falls in the value of the dollar proved unexpected and the company estimates losses of $50m on outstanding forward exchange contracts and currency options in the three months ending March 31.The currency losses did not dull a larger-than-expected increase in profits. Profits in the six months to March 31, 1995, were $261m, including a $17m restructuring charge. Losses in the derivatives market hit profits at Apple Computer - but the company still achieved a five-fold increase on the corresponding period last year. Mr Myerson still holds 15 per cent of Liberty's shares.The full year dividend is maintained at 7.2p The shares remained unchanged at 238p.. Badgered by Brian Myerson, whose UK Active Value Fund is trying to force the Signet jewellery chain to sell off parts of the business, Liberty has appointed non-executive directors and enfranchised the shares. The division was run by Oliver Stewart-Liberty, a descendant of the founding Liberty family, who stepped down earlier this month.

Mr Austin says the division is responding to new management but will still lose money this year.Liberty has been under pressure from some shareholders in the past few years to transform itself from a sleepy, family-run company, to a more dynamic retailer. We've learnt by out mistakes."Liberty's problem division remains the loss-making textiles business that has seen sales decline for six years in a row. "Tourists come to England and buy Liberty but they don't abroad. Three more Muji branches will open this year, taking the total to seven.In the year to January the group saw pre-tax profits improve from £3.2m to £4.1m on sales up at £84m.

Profits were boosted by £547,000 of exceptional items, including a £1.1m rate rebate and costs of £581,000 relating to the closure of the New York store.After failing in the US the company is nervous about the export potential of the Liberty brand. A lot still depends on Christmas and the winter sale period." The new outlet at Heathrow's Terminal Three has exceeded the most optimistic forecasts and three more will be added this year, at Terminal One, Stratford- on-Avon and Fenchurch Street in London.Costs at the Muji joint venture have been reduced and sales are improving. Liberty, the upmarket retailer which has its flagship store on London's Regent Street, shrugged off weak retail figures yesterday with improved profits and an upbeat statement on current trading. Patrick Austin, chief executive, said like-for-like sales in the 22 UK branches were running 5 per cent ahead of last year with the Regent Street store doing even better. "Customers are showing a reluctance to spend freely but we have made a solid start this year. United Breweries, a pubs chain, returned at 1.25p against a 1p placing level Trading was printed at almost 70 million shares. They were suspended ahead of a restructuring at 6,75p.Guinness frothed 4.5p higher to 468p on Barclays de Zoete Wedd support; Scottish & Newcastle ignored Kleinwort Benson sell advice, improving 6p to 543p Caverdale, an acquisitive car dealer, held at 13p..

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