Business in brief: Portland Hotels | Veolia | Wolfson | Airbus

Published on 29/06/2012 00:00

PORTLAND Hotels, the privately-owned Scottish firm, yesterday reported a 4.8 per cent rise in turnover and a 13 per cent increase in annual pre-tax profits to £1.6 million due to the popularity of “staycations” and an eight-year investment programme totalling £7.5m.

Colin Paton, chief executive, said he was keen to expand the group but noted that eurozone risk and “a lack of quality investment opportunities” had kept its portfolio to five Scottish hotels including the Huntingtower Hotel in Perth, two Best Westerns in Edinburgh and the Speedbird Inn, Aberdeen.

Veolia sells three water companies

THREE water businesses owned by France’s Veolia and serving more than 3.5 million people have been sold in a deal worth £1.2 billion.

Veolia Water’s Central, Southeast and East businesses, which cover south of England towns including Dover, Harwich, St Albans and Woking, are to be sold to an infrastructure fund managed by Prudential-owned M&G and Morgan Stanley.

The three water companies have a combined annual turnover of £274 million and collectively employ some 1,250 people.

Now Wolfson signs Sharp phone deal

WOLFSON Microelectronics yesterday announced a deal with Sharp to supply audio components for the Japanese consumer electronics group’s latest smartphone.

The news came just days after the Edinburgh-based chip developer confirmed its Audio Hub product had been selected for inclusion in Samsung’s Galaxay S III handset, which is set to become the South Korean firm’s fastest-selling smartphone with sales expected to exceed ten million in July.Wolfson says its WM8918 chip offers improved sound quality and reduced power use.

Airbus plans US plant to build jets

EUROPEAN planemaker Airbus is thought to be eyeing plans to build its first US plant.

The group would reportedly use the facility to assemble its A320 jet, a widely used plane flown by US airlines including Delta and US Airways.

It would also enable Airbus to produce planes squarely in the territory of arch-rival Boeing.

The move would probably mean lower production costs compared with Airbus’ European A320 production lines in Toulouse, France, and Hamburg, Germany. The company also makes A320s in China.