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Reports UK

UK stock market morning note (May 15, 2014)

May 15, 2014, Thursday, 11:32 GMT | 07:32 EST | 16:02 IST | 18:32 SGT
Contributed by SVS Securities

The FTSE 100 is called to open slightly lower this morning following the overnight performances on Wall Street and in Asia. The economic diary today focuses on the US with the release of inflation data, the latest weekly jobless claims and the Philly Fed manufacturing index. Commodity prices are slightly lower and on the foreign exchanges, the major currencies are virtually unchanged.


Company Announcements

London Stock Exchange

Final Results see organic revenue growth of 10% and adjusted total income up 42% at GBP1.2bn. Adjusted operating profit and adjusted PBT rose 20% and 17% to GBP514.7m and GBP445.9m respectively and noted that it had identified increased cost synergies with the integration of LCH. Clearnet to now deliver EUR60m of cost reductions in 2015 (original target EUR23m). The total dividend is raised 4.4% to 30.8p and added that it looked forward to further growth in the year ahead.

National Grid

Full Year Results see adjusted operating profit and PBT up 1% and 2% at GBP3.66bn and GBP2.58bn respectively. The full year dividend is up 2.9% to 42.03p, adding that it is continuing to build a stronger business from which to deliver healthy returns and good organic growth to support its commitment to a sustainable dividend.

TalkTalk

Preliminary Results see total revenue up 3.4% to GBP1.72bn with headline EBITDA coming in at GBP213m after GBP112m of incremental investment. The dividend is raised 15.4% to 12p in line with its commitment. It added that it was on track to deliver its financial targets by FY2017 and committed to growing the dividend by no less than 15% in FY2015.

Dixons and Carphone Warehouse

Dixons Trading Statment reports that full year underlying PBT is expected to be at the top end of market expectations of GBP150m-GBP160m with full year underlying sales up 3% and lfl sales also ahead 3%. It also separately confirmed the merger of equals with Carphone Warehouse which will be called Dixons Carphone. The combined group expects to be able to achieve synergies and cost savings of at least GBP80m on a recurring basis, which are expected to be delivered in full in the financial year 2017/18. The boards expect to deliver these synergies progressively, achieving almost half of them in the financial year 2015/16.

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