Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
ITV
Q1 numbers are out from ITV LON:ITV this morning, with the broadcaster reporting a strong start to the year. Viewing figures and total revenues are both higher against Q1 ’20 with most shows back in production and the advertising market picking up. The company sees a strong schedule coming up with both Love Island and the delayed Euro 2020 football tournament having the ability to bolster performance in the coming months, although they acknowledge the ongoing economic risk associated with the pandemic. That said, the rebound is expected to deliver advertising forecasts some 26% higher for H1 vs 2020.
Boohoo Group
Fast fashion retailer Boohoo Group LON:BOO has published its full year results up to February 28th and despite the dual impact of issues being flagged over the integrity of the company’s supply chain and that for much of the year consumers had little reason to get dressed up to go out, sales have soared. Revenues added 41% whilst margins grew by a further 20 basis points, too. The company has also undergone significant growth through acquisition during the period, picking up the Debenhams online brand, along with names such as Wallis and Burton. Revenue growth for the coming year is expected to be around the 25% mark.
Direct Line Insurance
Q1 numbers from insurer Direct Line Insurance LON:DLG round off the morning note, with the company flagging subdued car sales and a reduced number of new drivers entering the market as being something which has applied the brakes to growth. Home and commercial insurance lines have however grown to help negate some of the downside here. Expectations for the full year remain unchanged with a combined operation ratio of 93%-95% being targeted.
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