Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. STV ad sales down, studio sales up
STV LON:STVG has published interim results for the six months to 30th June. Revenues are up 21% with diversification allowing an uptick in studio income to eclipse the slide in advertising. Profitability may have been rocked but management are upbeat over the outlook, forecasting continued revenue improvements and a recovery in ad spend for Q3 owing to a strong sporing calendar. The interim dividend is proposed at an unchanged 3.9p.
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#2. Ashtead’s US market growth offsets emerging UK weakness
Plant leasing specialists Ashtead LON:AHT have posted Q1 numbers to 31st July this morning. The company continues to see strong growth with group revenues up 19% and adjusted pre-tax profits some 11% ahead. Robust end markets in North America are highlighted by management, with a growing number of mega projects and supportive legislative acts buoying sentiment. UK market conditions may be softening but overall performance is still set to remain in line with expectations.
#3. Blackbird revenues dip against tough comparative
AIM listed media tech play Blackbird LON:BIRD has issued interims this morning. Management note continued momentum following the refinancing in late 2021 and whilst reported revenues are materially lower this is the result of two non-recurring items in the comparative. Some significant cost savings have been made, but whether investors will see these as mitigating the headwinds facing forward revenues remains to be seen.
