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Three Quick Facts: Lloyds, The Restaurant Group and STV


Three things you need to know in the financial markets this morning from investment writer, Tony Cross.

Lloyds Banking Group

The latest step in Tesco Bank’s plan to focus in a smaller number of products came to fruition this morning with news that its mortgage book has been bought by Lloyds Banking Group LON:LLOY. The transaction has come at a 2.5% premium to book value, so the £3.7bn loan portfolio has been offloaded for £3.8bn, with the unit reported to have delivered a £9m profit in the last year. Hardly ground breaking metrics, but the news will cement Lloyds’ position as the country’s largest mortgage lender.

The Restaurant Group

Interim results from The Restaurant Group LON:RTN covering the first half of the year have been released this morning. Like for like sales are up 4%, whilst pre-tax profits have risen by an impressive 35%. The company is however mindful of the macroeconomic risks that face the casual dining sector, but given the current backdrop these figures certainly seem punchy. Trading for the full year remains in line with expectations.

STV Group

Something of a mixed bag in STV’s LON:STVG half year numbers which have just been published. Revenue has dipped almost 5%, but the operating profit is up 10%. Perhaps more controversially, debt is increasing but so is the dividend, which as the company faces up to a second half that could prove fraught with uncertainty as a result of Brexit may not prove to be that well received by prudent investors. One bright spot however is strong growth in digital advertising revenues, a theme which is expected to be continued into the third quarter.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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