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Reports UK

UK stock market morning note (May 01, 2014)

May 1, 2014, Thursday, 08:50 GMT | 04:50 EST | 13:20 IST | 15:50 SGT
Contributed by SVS Securities


Q3 Results see adjusted revenue up 6.6% at GBP5.66bn with adjusted EBITDA down 2.4% at GBP1.22bn for the 9 months to end March 2014. It noted 764,000 new paid-for subscription products in Q3 and 2.4m year to date and 74,000 net new TV customers. ARPU was GBP571 in Q3 with churn at 10.9%. It added that it was on track to deliver returns in line with its expectations.

Lloyds Banking Group

IMS for Q1 2014 reports that underlying profit rose 22% on the corresponding period a year ago to GBP1.8bn, driven by net interest income, a reduction in costs of 5% and in the impairment charge of 57% to GBP431m. It made a statutory PBT of GBP1.36bn. It announced an improvement in its margin and impairment guidance and in the asset quality ratio with costs, run-off portfolio reduction and capital generation remaining unchanged. It added that it continues to expect to apply to the PRA in H2 to restart dividend payments.

BG Group

Q1 Results see group earnings and EPS of USD1.15bn and 33.8 cents respectively, both down 3% with total operating profit 6% lower at USD2bn. Revenue and other operating income rose 3% to USD5.06bn. Whilst E&P production volumes and LNG cargo deliveries were down, revenues benefited from an increase in oil volumes, particularly from Brazil. It reiterated good progress with its key growth projects in Australia and Brazil and as a result of the challenges in Egypt, 2014 production is now expected to be at the lower end of its guidance range.


IMS notes that it still expects revenue and profit to be flat for the full year with 2014 performance expected to be weighted to H2 with around two thirds of the full year profit being generated in this period. It added that it remains confident that it will resume growth in 2015.