Barclays Grows Profits But Shrinks Bonus Pool

Barclays has announced a 12% rise in underlying annual profits to £5.5bn and confirmed a cut to bonuses as it continues to count the cost of past conduct.

The profit figure, which beat City forecasts, was achieved as the bank continued to cut operating costs - by £1.8bn or 10% during 2014 alone.

However, on a statutory basis, pre-tax profits fell 21% to £2.3bn as it booked an additional £750m charge in the final quarter to cover alleged involvement in the foreign exchange rate-rigging scandal.

The latest provision took its total exposure to the affair so far to £1.25bn while it also added £200m to provide for the compensation programme for customers mis-sold payment protection insurance (PPI).

The bank's bonus pool fell 22% to £1.86bn.

Chief executive Antony Jenkins will take home £1.1m of that sum after deciding to take his first annual award since taking the job in 2012.

His total pay package for 2014 came to £5.5m and he told Sky News the bonus award was justified because "we've made very good progress and the bonus is a recognition of that and I've decided to accept it on this occasion".

"Barclays today is a stronger business, with better prospects, than at any time since the financial crisis," he said in the results statement.

"While our work in transforming the bank is not yet complete, our performance in 2014 gives us confidence that we are on the right track."

The bank's cost base fell as it axed 14,000 jobs and closed a net 72 branches.

Barclays has closed a quarter of its branches since the financial crisis.

The bank's share price fell more than 2% when the FTSE 100 opened - reflecting investor concern on historical conduct.

Barclays did not enter into the settlements last November which saw six banks fined £2.6bn collectively over forex rigging by global regulators including the UK's Financial Conduct Authority.

It said it was seeking a "more general co-ordinated settlement" - with other authorities in the US still investigating the scandal.

Barclays has warned the probes could result in "substantial monetary penalties".

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Tidal Lagoon Plants Could Power 8% Of UK

Plans for a vast tidal lagoon power plant which could provide enough energy for all the homes in Wales have been launched.

The lagoon, between Cardiff and Newport, would include 90 turbines set in a 14-mile breakwater and could provide enough electricity for 1.5 million homes for 120 years, according to supporters.

The idea would build on a previous proposal in Swansea Bay, which is awaiting a planning decision in June.

Tidal Lagoon Power, the business behind the plans, said it was looking at four other potential lagoons at Newport, West Cumbria, Colwyn Bay and Bridgwater Bay.

A 14-mile breakwater would house the plant between Cardiff and Newport

Together the lagoons could provide 8% of the UK's electricity with clean renewable power, the company said.

An Environmental Impact Assessment will be submitted by the company for the Cardiff lagoon.

A full planning application could be submitted in 2017, and if it was approved it could start generating power in 2022.

Mark Shorrock, chief executive of Tidal Lagoon Power, said: "Full-scale tidal lagoon infrastructure gives the UK an opportunity to generate electricity from our amazing tidal range at a cost comparable to fossil fuel or nuclear generation.

A smaller plant in Swansea Bay will also provide recreational opportunities

"We have the best tidal resource in Europe and the second best worldwide. We now have a sustainable way to make the most of this natural advantage.

"We will build on the template established for the Swansea Bay Tidal Lagoon - applying the expertise and learning, scaling the UK supply chain and turbine assembly plant, leveraging the institutional investor partnerships we have developed - to deliver a Cardiff tidal lagoon capable of working in harmony with nature to supply around 1.5 million UK homes, now and for generations to come, with affordable, reliable, low-carbon electricity.

"There is still a long way to go and many environmental surveys to undertake but we will work in partnership with all nature conservation bodies so as to understand, avoid, minimise and mitigate any environmental impacts."

The proposal at Cardiff would see the lagoon stretch out into the Severn Estuary, joining the land east of the entrance to Cardiff Bay and west of the mouth of the River Usk.

It would enclose an area of around 27 square miles and could generate power for 14 hours a day.

Robert Lloyd Griffiths, director of the Institute of Directors in Wales, said: "Today's announcement for Cardiff proves that the Swansea Bay project really does have the potential to kick start a whole new industry here in Wales and what's more it can be delivered quickly.

"It is great to see that after so much talk about how we can harness the power of the Severn, we now have some very real plans to work with."

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StanChart Risks Reigniting Bank Bonus Row

By Mark Kleinman, City Editor

The emerging markets bank Standard Chartered will risk reigniting a row over City bonuses this week when it reveals that it is cutting bonuses by a smaller percentage than its decline in profits.

Sky News understands that the lender, which announced a boardroom clearout last week, will say on Wednesday that it is shrinking its bonus pool by approximately 9% from last year's $1.208bn (£786m), according to insiders.

That would mean Standard Chartered's bonus pool for 2014 will be in the region of £715m, they said.

However, the consensus among City analysts is for annual pre-tax profits to have slumped by as much as 20%, which one source acknowledged would leave Standard Chartered exposed to criticism that it is rewarding "payment for failure".

A person close to the company pointed out that Peter Sands, the bank's chief executive, had last year cut bonuses by 15% while profits had fallen by 11%.

The source also said that Standard Chartered paid out more in shareholder dividends than it did in staff bonuses, highlighting a contrast with banks including Barclays, which reports its full-year results on Tuesday.

Nevertheless, the remuneration figures may stoke criticism of Mr Sands even as he prepares to leave the bank, which is the shirt sponsor of Liverpool FC.

That will be reinforced when Barclays says that bonuses have fallen from close to £2.4bn to less than £2bn despite an increase in profits.

Last week, Sky News revealed that Standard Chartered had recruited Bill Winters, a former JP Morgan executive, to replace Mr Sands, which was later confirmed by the bank.

The company also said that Sir John Peace, its chairman, would also step down, alongside some other executive and non-executive directors.

Standard Chartered, which recently announced the sale of its consumer finance operations in Hong Kong, has endured a torrid couple of years.

US authorities recently said they were extending their scrutiny of the bank until 2017 as part of a deferred prosecution agreement.

In 2012, Standard Chartered struck a deal with regulators that saw it pay a $667m fine for violating sanctions requirements, and was forced to pay a further $300m in August after failing to make sufficient improvements to its systems and controls.

The management changes were welcomed by leading shareholders including Temasek, the Singaporean state fund, and Aberdeen Asset Management, the fund management group which is heavily exposed to emerging markets.

Standard Chartered, which has seen shares fall by more than 22% during the last year, has shaken confidence among investors after a string of profit warnings, regulatory bust-ups and management changes.

The bank declined to comment.

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World's Richest: Tech Entrepreneurs Join List

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Evan Spiegel (L) and Bobby Murphy make Forbes' list with Snapchat success

By Sky News US Team

Some of technology's youngest entrepreneurs have cracked the Forbes rich list.

At the age of 24, Snapchat co-founder Evan Spiegel is the youngest name on the magazine's annual list of billionaires.

Spiegel's net worth is estimated at $1.5bn (just under £1bn), matching that of his colleague, 25-year-old Bobby Murphy.

Other tech newcomers on the 2015 list include Uber co-founders Travis Kalanick and Garrett Camp at $5.3bn apiece.

Facebook founder Mark Zuckerberg was 16th on the list at $33.4bn

Ryan Graves, who, at 31, oversees the taxi-ordering service's global operations, makes the list with an estimated net worth of $1.4bn.

The three founders of Airbnb, the vacation-home rental website, also appear.

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1. Gallery: Forbes' Top 10 Billionaires For 2015

   Topping them all for a second consecutive year, and the 16th time in the last 21 years, was Gates whose net worth rose by more than $3bn over the last year to $79.2bn

Carlos Slim Helu, who topped the Forbes list in 2013, came in second behind Bill Gates in 2015. The Mexican telecom mogul's net worth was estimated at $77.1bn

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Warren Buffett landed third on the list, with the American investor's net worth set at $72.7bn

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Zara clothing chain co-founder Amancio Ortega was fourth at $64.5bn

]]>

Larry Ellison, founder of technology company Oracle Corp, rounded out the top five at $54.3bn. Click through to see the rest of Forbes' top ten billionaires

]]>

Facebook founder Mark Zuckerberg is not only the third youngest name on the list, at the age of 30, but also 16th overall with a net worth of $33.4bn.

But even Zuckerberg has quite a way to go before catching Bill Gates, who was crowned the world's richest man by Forbes for a second consecutive year.

The Microsoft co-founder's net worth rose to $79.2bn (£51.5bn) in 2015, up from $76bn last year, according to the magazine.

The figure put Gates just ahead of Mexican telecommunications mogul Carlos Slim Helu, whose net worth is $77.1bn.

Gates has topped the Forbes billionaires list 16 times in the last 21 years.

The magazine began compiling the list of the world's richest in 1986. The latest list calculated each person's wealth based on stock prices and exchange rates on 13 February.

Investor Warren Buffett finishes third, moving up one spot from last year with a net worth of $72.7bn.

Amancio Ortega, the Spanish co-founder of clothing retail chain Zara, came in fourth with a net worth of $64.5bn, while Oracle Corp founder Larry Ellison rounded out the top five at $54.3bn.

The 2015 list also sees the emergence of 181 new names, raising the total of billionaires to 1,826, at a combined net worth of $7.05trn (£4.5trn).

The number of women on the list also rose to 197 from 172 a year ago.

Christy Walton, the widow of John Walton, a son of Walmart founder Sam Walton, was the top-ranked female with a net worth of $41.7bn.

Basketball legend Michael Jordan cracked the billionaire list for the first time, thanks to his ownership of NBA Charlotte Hornets and payouts from his Nike brand.

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Evan Spiegel (L) and Bobby Murphy make Forbes' list with Snapchat success

By Sky News US Team

Some of technology's youngest entrepreneurs have cracked the Forbes rich list.

At the age of 24, Snapchat co-founder Evan Spiegel is the youngest name on the magazine's annual list of billionaires.

Spiegel's net worth is estimated at $1.5bn (just under £1bn), matching that of his colleague, 25-year-old Bobby Murphy.

Other tech newcomers on the 2015 list include Uber co-founders Travis Kalanick and Garrett Camp at $5.3bn apiece.

Facebook founder Mark Zuckerberg was 16th on the list at $33.4bn

Ryan Graves, who, at 31, oversees the taxi-ordering service's global operations, makes the list with an estimated net worth of $1.4bn.

The three founders of Airbnb, the vacation-home rental website, also appear.

1/9

1. Gallery: Forbes' Top 10 Billionaires For 2015

   Topping them all for a second consecutive year, and the 16th time in the last 21 years, was Gates whose net worth rose by more than $3bn over the last year to $79.2bn

Carlos Slim Helu, who topped the Forbes list in 2013, came in second behind Bill Gates in 2015. The Mexican telecom mogul's net worth was estimated at $77.1bn

]]>

Warren Buffett landed third on the list, with the American investor's net worth set at $72.7bn

]]>

Zara clothing chain co-founder Amancio Ortega was fourth at $64.5bn

]]>

Larry Ellison, founder of technology company Oracle Corp, rounded out the top five at $54.3bn. Click through to see the rest of Forbes' top ten billionaires

]]>

Facebook founder Mark Zuckerberg is not only the third youngest name on the list, at the age of 30, but also 16th overall with a net worth of $33.4bn.

But even Zuckerberg has quite a way to go before catching Bill Gates, who was crowned the world's richest man by Forbes for a second consecutive year.

The Microsoft co-founder's net worth rose to $79.2bn (£51.5bn) in 2015, up from $76bn last year, according to the magazine.

The figure put Gates just ahead of Mexican telecommunications mogul Carlos Slim Helu, whose net worth is $77.1bn.

Gates has topped the Forbes billionaires list 16 times in the last 21 years.

The magazine began compiling the list of the world's richest in 1986. The latest list calculated each person's wealth based on stock prices and exchange rates on 13 February.

Investor Warren Buffett finishes third, moving up one spot from last year with a net worth of $72.7bn.

Amancio Ortega, the Spanish co-founder of clothing retail chain Zara, came in fourth with a net worth of $64.5bn, while Oracle Corp founder Larry Ellison rounded out the top five at $54.3bn.

The 2015 list also sees the emergence of 181 new names, raising the total of billionaires to 1,826, at a combined net worth of $7.05trn (£4.5trn).

The number of women on the list also rose to 197 from 172 a year ago.

Christy Walton, the widow of John Walton, a son of Walmart founder Sam Walton, was the top-ranked female with a net worth of $41.7bn.

Basketball legend Michael Jordan cracked the billionaire list for the first time, thanks to his ownership of NBA Charlotte Hornets and payouts from his Nike brand.

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Ikea's Furniture Wirelessly Charges Your Phone

Ikea is launching wired-up desks, tables and lamps which can wirelessly charge your phone.

The company is releasing a new collection which will use Qi wireless technology to charge devices that are placed on the new furniture.

The Home Spot range will be available in Europe and North America from April, with availability around the world to follow.

Ikea's lighting and wireless manager Jeanette Skjelmose said: "Through research and home visits, we know that people hate cable mess. They worry about not finding the charger and running out of power.

"Our new innovative solutions, which integrate wireless charging into home furnishings, will make life at home simpler."

One industry analyst, Jeff Kagan, said he expected other furniture companies to follow suit.

He said: "This is (a) very early time in the furniture business to blend wireless technology.

"I expect every other furniture maker to jump on this same bandwagon."

Qi is a global wireless charging standard and allows users to wirelessly charge a device using induction transfer by placing it on top of a specially adapted surface.

In January Ikea reported annual profits of £2.43bn - unchanged from the year before.

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Two-Thirds Of 'Cheshunt Nine' Leave Tesco

By Makr Kleinman, City Editor

Two-thirds of the executives suspended over Tesco's £263m profits overstatement scandal have left the supermarket giant.

Sky News understands that William Linnane, the head of buying for impulse purchases, is to leave the company as part of a vast programme of redundancies just weeks after being reinstated to his role.

His exit will follow that of Sean McCurley, who also temporarily returned to Tesco after being asked to stand aside from his job.

Of the nine managers suspended following the emergence of its supplier revenues issues, two-thirds have either left Tesco or are in the process of departing.

Matt Simister, Dan Jago and Chris Robinson are the only members of the so-called 'Cheshunt Nine' who are remaining in Tesco's employment, sources said on Monday.

Last week, Sky News revealed that John Scouler, another one of those suspended, was joining TalkTalk in a senior commercial role.

The resolution of their fate comes amid a plan being implemented by Dave Lewis, the new chief executive, to make thousands of staff redundant

Tesco denied on Monday that it had received applications for voluntary redundancy which outnumbered the roles being axed.

Last month, the supermarket giant named John Allan, the former chairman of Dixons Retail, as its next chairman.

Mr Allan will have to contend with a criminal investigation into the supplier payments by the Serious Fraud Office, while the Groceries Code Adjudicator and the Financial Reporting Council are undertaking separate inquiries.

He will also be charged with helping Dave Lewis, the new chief executive, navigate what analysts say is the toughest environment for big food retailers for many years.

In January, Mr Lewis outlined proposals to relocate Tesco's head office, close dozens of stores and terminate its defined benefit pension scheme in an effort to save costs.

He also plans to sell a stake in Dunnhumby, its customer loyalty arm, and has announced a long-term price-cutting initiative across hundreds of core grocery items.

The debate over Tesco's decline was recently reignited when Sir Terry Leahy, the former chief executive, blamed his successor, Philip Clarke, for "a failure of leadership".

A series of profit warnings last year led to Mr Clarke being sacked, but analysts pointed out that some of Tesco's least successful initiatives in recent years, including its expansion into the US and China, had taken place during Sir Terry's tenure.

Last month, Tesco said it would pay more than £2m in "liquidated damages" to Mr Clarke and Laurie McIlwee, its former finance director, after concluding that there was no legal basis for withholding the payments.

Tesco declined to comment on Mr Linnane or the other members of the 'Cheshunt Nine'.

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Cutting Edge: Samsung Lifts Lid On New Galaxy

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Video: Hands On With The Samsung S6

Samsung has unveiled two new flagship smartphones with a host of features aimed at taking on arch-rival Apple.

The Galaxy S6 and S6 Edge, revealed at the tech giant's Unpacked event in Barcelona, have ditched the plastic case of previous versions in favour of a premium-look metal body.

The latter device has a screen that curves around both edges that will be used to display notifications and other information, including a contacts shortcut. 

The company claims the smartphones are the most advanced and secure on the market.

Plastic's out: Early reviews have praised the upgraded all-metal design

This includes wireless charging which allows the devices to be powered up without being plugged in.

Battery charging speeds have also been improved, which will see the S6 charge one-and-a-half times faster than the existing S5 using regular plugged-in charging.

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1. Gallery: See Samsung's Latest Galaxy S6 Smartphones

   Samsung has unveiled two new flagship smartphones

The devices have for the first time a full metal body

]]>

New features include wireless charging

]]>

The new devices have a 5.1 inch screen, with 577 pixels per inch

]]>

The phones have an integrated payment system similar to the iPhone6's Apple Pay

]]>

The company says it easily trumps the iPhone and can suck up 50% power in just half an hour.

The new devices have a 5.1-inch Super AMOLED screen - claimed to be the highest pixel density of any smartphone, with 577 pixels per inch.

An upgraded camera is also part of the package, with a better f1.9 aperture boosting the quality of low-light photos and a start up time of  just 0.7 seconds.

The devices will also have an integrated payment system similar to the iPhone 6's Apple Pay.

The phones are expected to be released next month.

Samsung is under pressure for the latest models to be a commercial success after the disappointing reception to the Galaxy S5.

Tech experts' first reactions to the phone have been largely positive, particularly welcoming the change to a metal design.

The Verge praised Samsung, calling the handsets the "nicest phones it's ever designed".

Rob Kerr, a mobiles expert at comparison site uSwitch, added: "Samsung has finally decided that plastic isn't fantastic, with a welcomed move to a full-metal body flagship phone.

"These waters are already tried and tested routes by the likes of HTC and Apple, where a cheaper-looking handset just doesn't cut it anymore in the premium mobile phone world."

While Apple saw a record quarterly profit of £11.8bn, Samsung's full-year profits fell for the first time in three years when the firm posted its results in January.

Its Galaxy smartphones led the market in 2012 and 2013, pushing past Nokia, Motorola and Apple in terms of sales volume.

But that growth ground to a halt last year as its new models disappointed and it was squeezed on price in the low and mid-end phone markets by Chinese smartphone makers such as Xiaomi, which overtook Samsung in China and India.

Samsung responded by saying it was to reduce the number of models it produces to lower costs and help boost innovation.

The strategy is similar to Apple's which focuses on a handful of products such as phones, tablets and desktop computers.

Apple recently became the most valuable company in the world, with a markep cap of $701.7bn (£455.4bn).

Meanwhile, HTC also debuted its latest smartphone, the One M9, at the Barcelona show. The handset will go on sale at the end of March.

Sony and LG will also unveil new products at the Mobile World Congress (MWC) technology show, which takes place from 2-5 March.

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We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

Video: Hands On With The Samsung S6

Samsung has unveiled two new flagship smartphones with a host of features aimed at taking on arch-rival Apple.

The Galaxy S6 and S6 Edge, revealed at the tech giant's Unpacked event in Barcelona, have ditched the plastic case of previous versions in favour of a premium-look metal body.

The latter device has a screen that curves around both edges that will be used to display notifications and other information, including a contacts shortcut. 

The company claims the smartphones are the most advanced and secure on the market.

Plastic's out: Early reviews have praised the upgraded all-metal design

This includes wireless charging which allows the devices to be powered up without being plugged in.

Battery charging speeds have also been improved, which will see the S6 charge one-and-a-half times faster than the existing S5 using regular plugged-in charging.

1/7

1. Gallery: See Samsung's Latest Galaxy S6 Smartphones

   Samsung has unveiled two new flagship smartphones

The devices have for the first time a full metal body

]]>

New features include wireless charging

]]>

The new devices have a 5.1 inch screen, with 577 pixels per inch

]]>

The phones have an integrated payment system similar to the iPhone6's Apple Pay

]]>

The company says it easily trumps the iPhone and can suck up 50% power in just half an hour.

The new devices have a 5.1-inch Super AMOLED screen - claimed to be the highest pixel density of any smartphone, with 577 pixels per inch.

An upgraded camera is also part of the package, with a better f1.9 aperture boosting the quality of low-light photos and a start up time of  just 0.7 seconds.

The devices will also have an integrated payment system similar to the iPhone 6's Apple Pay.

The phones are expected to be released next month.

Samsung is under pressure for the latest models to be a commercial success after the disappointing reception to the Galaxy S5.

Tech experts' first reactions to the phone have been largely positive, particularly welcoming the change to a metal design.

The Verge praised Samsung, calling the handsets the "nicest phones it's ever designed".

Rob Kerr, a mobiles expert at comparison site uSwitch, added: "Samsung has finally decided that plastic isn't fantastic, with a welcomed move to a full-metal body flagship phone.

"These waters are already tried and tested routes by the likes of HTC and Apple, where a cheaper-looking handset just doesn't cut it anymore in the premium mobile phone world."

While Apple saw a record quarterly profit of £11.8bn, Samsung's full-year profits fell for the first time in three years when the firm posted its results in January.

Its Galaxy smartphones led the market in 2012 and 2013, pushing past Nokia, Motorola and Apple in terms of sales volume.

But that growth ground to a halt last year as its new models disappointed and it was squeezed on price in the low and mid-end phone markets by Chinese smartphone makers such as Xiaomi, which overtook Samsung in China and India.

Samsung responded by saying it was to reduce the number of models it produces to lower costs and help boost innovation.

The strategy is similar to Apple's which focuses on a handful of products such as phones, tablets and desktop computers.

Apple recently became the most valuable company in the world, with a markep cap of $701.7bn (£455.4bn).

Meanwhile, HTC also debuted its latest smartphone, the One M9, at the Barcelona show. The handset will go on sale at the end of March.

Sony and LG will also unveil new products at the Mobile World Congress (MWC) technology show, which takes place from 2-5 March.

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China Box Office Overtakes US For First Time

China's box office takings have beaten those in the US for the first time after new year celebrations brought a bumper February.

The world's second largest film market took $650m (£422m) in the month, helped by a movie called The Man From Macau II, which raked in $104m.

The North American box office total was $710m, but when the figures for Canada are stripped out the total is $640m, according to research firm Entgroup.

China's second biggest film for February was historical action movie Dragon Blade, starring Jackie Chan, John Cusack and Adrien Brody, which took $95m.

The lunar new year, which ran from 18-24 February, has become a peak cinema-going time in China and the holiday period is traditionally kept clear of foreign films.

Valentine's Day is also a popular celebration in China and many couples visit cinemas to mark the occasion.

For the rest of the month, the biggest Hollywood films in the country were The Hobbit: The Battle Of The Five Armies and The Hunger Games: Mockingjay - Part 1.

Before February, the biggest box office month was July last year with $580m, thanks to the release of Transformers: Age of Extinction.

China's film industry is growing rapidly with more and more screens being built for its population of 1.3 billion, many of whom are moving to urban areas. 

American Sniper has taken $331.1m in North America since its release and could become the highest grossing film of 2014 if it overtakes The Hunger Games: Mockingjay - Part 1.

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AA: Petrol Costs Likely To Rise Further

The AA has warned unleaded petrol prices are likely to rise further as costs hit an average 110p-per-litre again.

The motoring organisation reported that the product cost of unleaded had risen just 5p in the space of a month following the six-year pump price low of 106.39p at the start of February.

It said the average stood at 110.12p-per-litre, suggesting there was further scope for retailers to increase their prices.

Diesel, which fell to a low of 113.42p-per-litre at the start of February, now averaged 116.85p, the AA said.

Petrol for some drivers fell below £1 early in 2015

It calculated that the 3.7p rise in pump costs added £7.40 to the monthly petrol costs of a two-car family.

The rise in pump prices follows a $15 (£9.70) hike in the cost of a barrel of oil between the middle of January and the end of February.

Video: Oil: The Winners And Losers

Brent crude lost 60% of its value at the height of the price fall between June 2014 and January this year - blamed on a glut in the market which remains.

It is currently trading above $61 a barrel in London as traders become more positive on world economic recovery and higher demand.

The AA said market speculators were driving prices higher and UK motorists had now learned to insulate themselves from the effects of higher pump costs by cutting back on car use.

Edmund King, the AA's president, said: "Beyond winter, drivers fear another spike in oil and pump prices.

Video: Oil Production & Consumption

"Once again, from oil storage tank through to the forecourt, profit from road fuel is being pumped up – despite International Energy Agency figures indicating abundant global oil supplies at present.

"Just when drivers and businesses hoped that there might be some stability in petrol and diesel prices, commodity market greed has pushed up costs again and many petrol stations have wasted little time in passing them on."

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Advent Eyes Civil Service Pension Firm Float

By Mark Kleinman, City Editor

The outsourcing giant which oversaw elements of Royal Mail's controversial privatisation is preparing for a sale or flotation that would land its private equity backers a handsome windfall.

Sky News understands that the owner of Equiniti, which is one of the UK's biggest providers of business process outsourcing services, is examining the possibility of a public listing as soon as this year.

Rothschild, the investment bank, is being lined up by Advent International, which acquired Equiniti in 2007, to work on a review of its options for the business, insiders said on Tuesday.

A number of other buyout firms have already made enquiries about buying Equiniti, which is responsible for administering the pensions of millions of UK civil servants, they added.

Equiniti, which was previously owned by Lloyds TSB, counts more than half of the members of the FTSE-100, including HSBC, Marks & Spencer and Shell, among its clients.

Its examination of a flotation has emerged just weeks before the General Election, when the role of rival outsourcers such as G4S and Serco is likely to be the subject of political debate.

Originally a registrar business focused on the administration and payment of shareholder dividends at companies such as Barclays and Tesco, it has diversified into services including pension and benefits administration, and technology to support loan servicing and complaints-handling.

Rothschild's appointment is unlikely to be finalised until Equiniti has appointed a new finance director, which is expected within the next couple of months, sources said.

The company's chief executive, Guy Wakeley, joined just over a year ago, replacing Wayne Story, who quit shortly after Royal Mail's £3.3bn flotation.

The ensuing controversy around the postal operator's valuation ensnared Equiniti, which was dogged by complaints that the outsourcing group had failed to process 'Sell' orders sufficiently quickly.

Criticisms of Equiniti posted on Twitter and other internet forums during the privatisation had been investigated and been found to be invalid because investors had failed to understand correctly the procedures for selling Royal Mail shares, sources said at the time.

Equiniti describes itself as "the leading provider of shareholder services in the UK based on revenues and the number of underlying shareholder and employee records administered, providing services to more than 1,000 corporate clients and 17 million shareholders".

It boasts that its longest-standing client relationship has existed for 177 years.

The company has been acquisitive under Advent's ownership, with its most significant deal arguably taking place in October when it took control of MyCSP, which administers civil service pensions.

Sources said that Equiniti could be worth in the region of £1.5bn when it is sold or floated.

Equiniti employs nearly 3000 people and is due to report its results for last year later this month.

Advent and Equiniti declined to comment further.

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