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Reports UK

UK stock market morning note (July 15, 2014)

July 15, 2014, Tuesday, 10:33 GMT | 05:33 EST | 14:03 IST | 16:33 SGT
Contributed by SVS Securities

The FTSE 100 is called to open slightly lower this morning despite the solid overnight performances on Wall Street and in Asia as investors focus on speeches from the Bank of England Governor Mark Carney and Federal Reserve Chair Janet Yellen and the US corporate earnings season. Overnight we had domestic economic news out with the BRC reporting that total retail spending growth slowed in June to 0.6%. The economic diary today also sees the release of domestic inflation numbers and in the US retail sales figures at lunchtime. Commodity prices are flat to lower and on the foreign exchanges, the major currencies are virtually unchanged in trading ahead of these data releases and the speeches from the central bankers.

Company Announcements

Telecom Plus

IMS reports that Q1 ending 30 June 2014 has seen continuing strong organic growth with customer numbers up by 16,739 in the period to 547,378. The quality of customers joining its Discount Club remains high with over 25% of new residential Club customers applying for all five of its core services (gas, electricity, landline, mobile and broadband) during the quarter. It noted that profits in H1 are expected to be significantly ahead of the corresponding figures from last year, and looks forward to reporting record numbers for revenue, profits, earnings and dividends for the full year. It added that it is comfortable with May's guidance of profits up by nearly 50% to GBP63m for the full year.

Michael Page International

Q2 and H1 2014 Trading Update reports that it delivered growth of 8.9% yoy in gross profits at constant currencies in Q2 with improvement across all regions (EMA, UK, Asia Pacific and Americas). Whilst adverse FX is still acting as a drag on reported results, it notes that overall the underlying business environment is gradually improving. In reported rates, gross profit rose 2% on the prior year to GBP137.2m. For H1 2014, total gross profit at constant rates was ahead 7.9%. It added that for the full year, if the current trend continues, it expects to perform in line with its expectations set out at the time of its Q1 Results.