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Reports » UK

UK stock market morning note (July 23, 2014)

July 23, 2014, Wednesday, 08:15 GMT | 03:15 EST | 12:45 IST | 15:15 SGT
Contributed by SVS Securities

The FTSE 100 is called to open lower this morning with the issue of EU sanctions against Russia continuing to dominate sentiment although none of the agreed measures take effect immediately. The economic diary today focuses on the UK with the release of the Bank of England MPC meeting minutes, a speech from the Bank's Governor Mark Carney and the CBI distributive trades survey. Commodity prices are mixed but range bound and on the foreign exchanges, the pound is slightly higher against the dollar and the euro but all are trading within narrow ranges.


Company Announcements

Capita

Half Year Results see revenue up 13.9% to GBP2.07bn with organic revenue growth of 11% and underlying PBT ahead 16% at GBP238m. Operating cashflow rose 21.6% to GBP291m with 112% cash conversion. The interim dividend is raised 10.3% to 9.6p, It noted its bid pipeline had been replenished to a record GBP5.7bn and had the highest ever level of prospects behind the bid pipeline, with opportunities across diverse markets. It added that it had a high level of revenue visibility for 2014 which together with its bid and acquisition pipelines gives confidence in the full year performance and a good platform for growth in 2015 and beyond.

BHP Billiton

Operational Review for the year to end June 2014 notes a strong performance with it delivering a 9% rise in group production with annual records achieved across 12 operations and 4 commodities. It added that it expects to maintain momentum and remains on track to generate group production growth of 16% over the 2 years to the end of the 2015 financial year.

Johnson Matthey

IMS reports that sales excluding precious metals were flat at GBP749m with growth in Emission Control Technologies offset by the expected softening in Process Technologies  and Precious Metal Products. Underlying PBT was 10% lower at GBP95m. It added that guidance for the year remains unchanged, despite the further strengthening in sterling. It currently expects performance will be broadly in line with 2013/14 as continued growth across the group will be offset by both the adverse impact of the loss of commission revenue from Anglo Platinum and the effect of foreign currency translation.

TalkTalk

IMS reports a sixth consecutive quarter of yoy revenue growth of 3.1% to GBP434m adding that it expects revenue growth to again build through the year and is on track to deliver its FY2015 revenue and margin guidance and medium term financial targets.