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Reports UK

UK stock market morning note (February 04, 2014)

February 4, 2014, Tuesday, 11:01 GMT | 06:01 EST | 15:31 IST | 18:01 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning following the performances overnight on Wall Street and in Asia after weaker than expected US manufacturing data. Today's economic diary is confined to the UK with the publication of construction PMI data. Commodity prices are flat to slightly lower and on the foreign exchanges, the pound is weaker against both the dollar and the euro with the dollar retreating against the yen to around the 101 level.
Company Announcements
ARM Holdings Q4 and Final Results see PBT up 32% to GBP364m on revenue ahead 24% at GBP714.6m or 22% in dollar terms at USD1.11bn. The full year dividend is raised 27% to 5.7p and it entered 2014 with a strong opening order backlog and a healthy pipeline of licensing opportunities. It noted that despite slower growth in one end market it expects full year 2014 processor royalty revenues to grow at a similar rate to that seen over the last 3 years. It added that assuming the outlook for the semiconductor industry improves as generally anticipated, it expects group dollar revenues for 2014 to be in line with market expectations.     
TalkTalk IMS reports that Q3 saw total revenue up 5.1% to GBP436m with on-net ARPU ahead 5.2% yoy to GBP26.79. There were 110,000 net adds including 103,000 Post Office customers with 175,000 TV customers added in the quarter, taking the base to 732,000. It added that it was on track to deliver its FY2014 guidance and its medium term targets of 4% revenue CAGR (FY2014-2017) and 25% EBITDA margin by FY2017. 
BP Q4 and Full Year Results sees underlying replacement cost profit for Q4 2013 come in at USD2.8bn taking the amount for the full year to USD13.4bn, a decline on the USD17.1bn reported for 2012. Both Q4 and the full year were impacted by the company's divestment programme; weaker refining margins and higher depreciation and exploration write-offs as it bought new projects online and increased its investment in exploration.  
BG Q4 and Full Year Results confirm that 2013 total operating profit was down 5% at USD7.6bn with the results including non-cash post tax impairments in Egypt and the US of USD2.4bn. The full year dividend is raised 10% to 28.75 cents per share. It added that it had to address its near-term challenges in Egypt and deliver its plans consistently and effectively.