Business news in brief 17/05/2012

Tullow shareholders are latest rebels

More than a fifth of shareholders in Tullow Oil voted against the company’s remuneration report yesterday, following a 41.5 per cent jump in pay for chief executive Aidan Heavey.

Heavey was paid a base salary of £815,340 last year, with bonuses taking his total pay package to £2.37 million, up from £1.67m in 2010.

At the group’s annual meeting, 20.9 per cent of investors were opposed to the company’s pay plans, with 71.9 per cent in favour. Pre-tax profits at the Africa-focused group soared 499 per cent to $1.1 billion (£690.6m) last year.

Land Securities ‘on a strong footing’

Property giant Land Securities, owner or joint owner of a string of major shopping centres including Glasgow’s Buchanan Galleries and the Overgate in Dundee, yesterday told investors it had entered its new financial year on a strong footing.

The firm’s net asset value per share, a key industry measure, rose 4.1 per cent to 921p in the year to the end of March. But it saw a 58 per cent fall in pre-tax profits to £15.7 million after the second half of its year was impacted by rising economic uncertainty. The group flagged “steady growth” in Scotland.

Marsh to head Swip marketing effort

Scottish Widows Investment Partnership (Swip) has hired Blackrock’s Europe and Asia communications chief Ian Marsh to head its own marketing department.

Based in Edinburgh, Marsh will be responsible for shaping Swip’s marketing strategy across a range of disciplines including client communications, advertising and brand management.

Swip director Francis Ghiloni said Marsh would ensure the firm’s marketing strategy supports its ambitious plans for growth in wholesale and institutional markets.

Speedy return to hire rewards

Equipment rental firm Speedy Hire returned to the black last year, posting an underlying pre-tax profit of £3.2 million in the 12 months to March, compared to losses of £27m a year earlier.

Underlying revenues rose 4.3 per cent to £326.4m, and the group said sales were growing in its core regulated markets such as energy, transport, waste and water.

Chairman Ishbel Macpherson said: “Whilst we anticipate that our trading will be affected by some disruption from the Queen’s Jubilee and the Olympics, the new financial year has begun satisfactorily.”