The company, famed for the botched security contract during the London Olympics, is still under criminal investigation after it admitted it overcharged the Ministry of Justice for electronic tagging contracts. The troubles have pushed G4s into the red: the company has reported a £170m pre-tax loss, despite underlying profits of £314m. G4S says it had been "an extremely challenging year."
Corporate round-up
08.21 Louise Armitstead has taken a look at this morning's company announcements in the City Briefing email (sign up here ).
French Connection has stayed in the red reporting a full year pre-tax profits of £6.1m, improved from a loss of £10.5m last year. But revenues have dropped from £197.3m to £189.4m. Stephen Marks, founder and chief executive of the high street retailer, reckons the performance is "better than anticipated" due to his turnaround programme. "I am confident we are on the right path," he said.
AstraZeneca has announced the sale of its historic headquarters, Alderley Park in Cheshire, to Manchester Science Parks. The sale follows the drug company's controversial decision to quit the 400 acre site, which comes complete with a farm set in George Osborne's constituency, to join the Cambridge pharmaceutical cluster in a bid to boost its R&D. Pascal Soriot, chief executive, said the new owner is "committed to building on AstraZeneca's life science legacy at the site." The company says it will take a $275m hit from the costs of moving.
Another strong trading statement from Ocado which has reported a 22.6pc rise in quarterly revenues to £227.5m. The delivery group is averaging 155,000 orders a week, worth an average of £117.53 each. Meanwhile, Halford's has appointed Helen Jones, former Zizzi boss, to its board.
Asian markets downbeat on China slowdown fears
08.04 Asian markets were sluggish overnight as traders await new economic data out of China and remain jumpy about the stand-off in Ukraine. Copper prices contined to decline on concerns that the metal - which is sensitive to economic cycles - will face tough times as the Chinese economy slows and shifts focus from investment to consumption.
The Nikkei ended the session down 2.59pc to 14,830.39, while Hong Kong's Hang Seng fell 1.68pc.In Shanghai shares are down 0.17pc.
Michala Marcussen of Societe Generale is expecting Chinese data out this morning to show the economy is continuing to slow:
The first set of China activity data for 2014 (Jan/Feb combined as usual) is expected to point to further slowing. Retail sales are being depressed by the anti-corruption drive an disinflation, while rising inventories will weigh on industrial production. Only fixed asset investment looks likely to have picked up from December's rate. The figures are likely to add to doubts over the achievability of the official 2014 GDP target of 7.5pc.
Today's business stories
07.30 Here's what's leading our business pages this morning
• James Kirkup writes that interest rates will rise six-fold by 2017 as Britain’s economy becomes one of the fastest growing in the developed world, the Bank of England Governor said on Tuesday.
• An overhaul of the Co-operative Group’s controversial governance is set to be put to the vote after a dramatic 48-hours that culminated in the abrupt resignation of chief executive Euan Sutherland, writes Alistair Osborne.
• Emily Gosden writes that Labour and the IPPR have criticised Government over the consequences of deal with energy companies to cut £50 from bills by reducing insulation targets
Good morning
07.00 Good morning and welcome to our daily business and markets live blog, your one stop shop for all the breaking business stories of the day.
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