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Reports UK

UK stock market morning note (January 31, 2014)

January 31, 2014, Friday, 09:40 GMT | 04:40 EST | 14:10 IST | 16:40 SGT
Contributed by SVS Securities

The FTSE 100 is called to open slightly lower this morning following the mixed performances on Wall Street and in Asia overnight as we come to the end of the first trading month of 2014. Today's economic diary is confined to the US with the publication of the revised University of Michigan consumer sentiment index. Commodity prices are flat to lower and on the foreign exchanges, the pound is weaker against the dollar and very sligthly down against the euro. It is a quieter finish to the week for major corporate news.
 
Company Announcements
 
BT Q3 and 9 Months Results. Underlying revenue ex transit in the 3 months to end December 2013 rose 2.4% and was ahead by 0.3% for the 9 months. EBITDA was flat at GBP1.5bn in the quarter with the cost transformation programme offsetting the investment in BT Sport to leave EBITDA at GBP4.4bn after 9 months. Adjusted PBT increased by 8% to GBP722m taking this to GBP1.9bn for the 9 months. It noted that its direct BT Sport customer base passed 2.5m in the quarter and helped support 6% revenue growth in the Consumer business. It added that the momentum of its cost transformation has enabled it to raise its EBITDA outlook for the year which is now expected to be at the upper end of the GBP6bn to GBP6.1bn range.
 
Domino's Pizza Directorate Change. David Wild, the current Senior Non-Executive Director is to be appointed Interim Chief Executive with immediate effect, for a temporary period until a new Chief Executive is appointed. The Non-Executive Chairman, Stephen Hemsley will work alongside him to support the business. Michael Shallow will be reappointed as the Senior Independent Director and it also announced that Ebbe Jacobsen is becoming a Non-Executive Director. The latter has spent his career in retail, has pan-EU knowledge and franchising experience.