Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. ITV confirms it may sell broadcast channels to Sky
Broadcaster and production company ITV LON:ITV has issued a note this morning confirming it is in the early stages of talks to sell its Media & Entertainment unit to Sky, for an enterprise value of £1.6bn. As is typical in these situations, there’s no expression that the deal will complete, but that would cover the commercial TV channels in the UK and the ITVX streaming service.
2. IAG Q3 operating profits 2% higher
Q3 numbers from the airline operators IAG LON:IAG are out today. Against the comparative, revenues are flat but operating profits are up by 2% although passenger revenues per available seat kilometre are down 2.4%. Lower pricing pushed cargo revenues down 6.9% and the full year outlook is unchanged.
3. Laundry services set ME Group on course for another bumper year
Instant services business ME Group LON:MEGP issued a full year trading update. The company perhaps best known historically for its photo booths but has recently expanded into self-serve laundry machines, a division that is driving growth and paving the way for another record performance.
Pre-tax profits are expected to come in between £76m and £79m, helped by a 27% increase in the number of laundry machines installed. Photo ME revenue – from the photo booths – was down 4% and the note adds that management continue to explore the idea of a sale to bolster shareholder value – a message that yet underlines again the fact that London listed equities are cheap.
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