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UK stock market morning note (March 15, 2013)

The FTSE 100 is called to open higher this morning following the gains overnight on Wall Street and in Asia helped by encouraging US data. Today's economic agenda is again focused on the US with inflation, industrial production figures and the preliminary reading of the University of Michigan consumer sentiment index all due for release. These are in addition to day 2 of the EU economic summit. Commodity prices are slightly firmer ahead of this raft of US data and on the foreign exchanges, the pound is mixed in trading against the dollar and the euro. It is a quieter end to the week for corporate news.


Company Announcements

JD Wetherspoon Interim Results saw PBT and exceptional items fall 2.7% to GBP34.8m (GBP35.8m) on revenue ahead 10% at GBP626.4m with lfl sales up 6.9%. The dividend is maintained at 4p a share. In the 6 weeks to 10 March 2013, lfl sales are up by 7.3% with total sales ahead 9.9%. It added that taxation and input costs will continue to rise but overall it continues to aim for a 'reasonable outcome' in the current financial year.

Rentokil Final Results saw adjusted PBT rise 10.1% to GBP191.1m on revenue ahead 2.8% at GBP2.54bn. The final dividend is raised 7.5% to 1.43p to give a full year total of 2.1p. It added that whilst it was mindful of the continuing tough conditions across many of its markets, the operational changes that it has made and the acquisition of Western Exterminator in December, give it confidence that 2013 will see it sustain the momentum achieved in Q4 of 2012.