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Reports UK

UK stock market morning note (February 17, 2014)

February 17, 2014, Monday, 09:38 GMT | 04:38 EST | 14:08 IST | 16:38 SGT
Contributed by SVS Securities

The FTSE 100 is called to open flat this morning as we begin the new trading week with investors struggling to determine a clear sense of direction. There is no major economic news due for release and the US has a Bank Holiday today. Commodity prices are generally firmer and on the foreign exchanges, the pound is up against both the dollar and the euro.

Company Announcements

Hammerson Final Results sees lfl net rental income up 2.1% at GBP282.8m with occupancy levels standing at 97.7%. The final dividend is raised 8% taking the total dividend for  the year to 19.1p (17.7p) and it reduced its cost to income ratio by 240 bps. It noted that it was seeing improving demand from retailers adding that it remained on course to deliver strong growth in earnings and dividends over the medium term.

Telecom Plus IMS reports that Q3 performance has been strong with net growth during the period of 18,439 customers and 81,429 services, noting that over the last 12 months the number of services provided to residential customers has risen by over 300,000, representing yoy growth of 21%. It stated that with the winter weather thus far being wet and mild will reduce the average amount of energy used by its members and therefore reported revenues, it will not have an impact on profitability. It added that it remains confident of reporting full year profits in line with market expectations and intends to increase the total dividend by 13% to 35p for the current financial year.

MJ Gleeson Half Year Results see a 112% increase in operating profit to GBP2.6m on revenue ahead 32% at GBP34.4m driven by a strong trading performance in Gleeson Homes. The interim dividend is raised 120% to 1.1p. It added that it anticipates further substantial improvements in its trading performance and is confident of delivering full year results in line with expectations.