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Reports UK

UK stock market morning note (May 12, 2014)

May 12, 2014, Monday, 09:21 GMT | 04:21 EST | 12:51 IST | 15:21 SGT
Contributed by SVS Securities

The FTSE 100 is called to open higher this morning following the performances on Wall Street and in Asia overnight although concerns over Ukraine remain in the background and there is also no economic data of note due out for investors to focus on today. Commodity prices are firmer and on the foreign exchanges, the major currencies are trading in narrow ranges as markets keep an eye on developments in the Ukraine in the absence of any significant data releases.


Company Announcements

BSkyB

In response to weekend press reports, the company has confirmed that it initiated preliminary discussions with 21st Century Fox to consider the potential acquisition of its pay-TV assets in Germany and Italy. BSkyB noted that these discussions have not progressed beyond a preliminary stage, no agreement reached on terms, value or transaction structure and there is no certainty that a deal will occur

Capita

IMS reports that it has made a 'strong start' to 2014 securing GBP1.1bn of major new sales wins with its bid pipeline which stood at GBP5.5bn at 27 February 2014 also remaining strong. It noted that it was making good progress across its key financial metrics and is well placed to achieve organic growth and operating margins in line with consensus expectations for the full year. It added that it remains on track to deliver an annual cash conversion ratio at or around 100% and net capex at or below 4% of full year revenue.

Dignity

Q1 IMS reports that as expected the year has started quietly compared with the strong Q1 in 2013 with deaths in the period 7.5% lower than the same period in 2013, when reported deaths rose by 6.7%. Underlying operating profit rose 1.6% to GBP25.8m and revenue was ahead 1.9% at GBP69.1m for the 13 weeks to 28 March 2014. It added that with the exception of low volumes in the period, its businesses are performing well and in line with management expectations.