Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Increased revenues and market share at Howdens
Howden Joinery LON:HWDN has published interim results today with the company showing group revenue growth of 4.3% in what has been widely reported as a challenging market. Margins have been maintained and market share is growing, too, paving the way for a modest uplift in the interim dividend to be proposed. The note adds that strategically the company is now manufacturing more of the goods it sells and is increasing inventory levels, too.
#2. Writers’ strike overhang continues to hit ITV revenues
Commercial broadcaster ITV LON:ITV has interim results out today for the six months to end of June. There has been a 40% increase in EBITDA despite external revenues falling 2%, driven in part by the overhang of the US writers’ strike deferring some studio revenues into FY25. An interim dividend of 1.7p has been declared, unchanged on the figure from a year ago.
#3. Improved economic outlook to reduce impairments for Lloyds
Half year results from Lloyds Banking Group LON:LLOY are out this morning. As is typical, this is a long report to work through but the stand outs include a RoTE of 13.5%, down from 16.6% a year ago, along with a significant improvement in impairment charges, reflective of a higher quality loan book and also improved assumptions over the economic outlook. Guidance for the full year has been reiterated and ambitions for the medium term remains on track, too.