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Reports UK

UK stock market morning note (April 29, 2014)

April 29, 2014, Tuesday, 10:10 GMT | 05:10 EST | 13:40 IST | 16:10 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning although gains may be limited with the situation in the Ukraine still in the background. However, today's main investor focus will be on the release of the preliminary reading of domestic GDP for Q1 2014 which is expected to show a rise in activity. This will be followed in the afternoon by US CB consumer confidence data. Commodity prices are mixed with Brent oil slightly ahead but other classes flat to lower and on the foreign exchanges, the pound is mixed against the dollar and euro although trading is in narrow ranges ahead of these data releases.


Company Announcements

Whitbread


Preliminary Results see total revenue up 13% to GBP2.29bn with lfl sales ahead 4.2% and underlying PBT rising 16.5% to GBP411.8m. The full year dividend is raised 19.9% to 68.8p and noted that it was on track to deliver its 2016 and 2018 milestones with its main growth again led by Costa and Premier Inn. It added that it had a strong finish to last year with the first two months of the new financial year starting positively, helped by relatively soft comparatives, which will become tougher as it moves into H2.

St James's Place

IMS reports that in the 3 months to end March 2014, there was a net inflow of funds under management of GBP1.2bn, a rise of 26% which has taken funds under management to GBP45.8bn, up 3.4% since the start of the year. SJP new business on an APE basis grew 20% to GBP205.4m, and added that it is well placed to maintain momentum in the business in line with its medium term growth objectives.

Redrow

IMS reports that the positive sales market seen in 2013 has continued into the new calendar year. Net reservations for the 17 weeks to 25 April 2014 were up 17% at 1,280 equating to a sales rate of 0.82 per outlet per week, an increase of 5% on last year. The average selling price of private reservations for the financial year to date was GBP289,000, 16% higher than last year due to an increasing proportion of sales in London and the South East. It added that it expects to show further good progress for the full year.

Telecity

IMS reports that it has had a good start to 2014 with 'solid trading and financial performance' in Q1. It reiterated its full year 2014 currency neutral organic growth outlook and expects to provide further information on the appointment of a permanent CFO in due course.