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. Broadcaster ahead of expectations despite tough comparatives
Broadcaster and TV production company ITV LON:ITV published Q3 numbers this morning with performance running ahead of expectations for the first nine months of the year. Strong growth in digital advertising and studios is offsetting the flat performance from traditional advertising, but even this is ahead of forecasts as the comparatives had been tough. Management is confident the company can continue to outperform the market in Q4 despite the weakening UK consumer economy.
2. Cash windfall for Sainsbury’s shareholders as bank sale proceeds grow
There’s a half year report out from the grocery chain J Sainsbury LON:SBRY this morning. Grocery sales were up 5.3%, whilst underlying retail profits came in at £504m, ahead of expectations.
Perhaps most interesting however is the fact that the proceeds from the disposal of Sainsburys Bank are now set to exceed £400m, well up on the previously stated £250m, with the money being returned to shareholders by way of a special dividend and an incremental buyback. Management now expects full year underlying retail profits to exceed £1bn.
3. Vistry trading update notes benefits of government policy changes
There’s a trading update out from housebuilder Vistry LON:VTY, with management reiterating guidance and noting that they are now starting to see the benefits of the government’s affordable housing support measures.
Group sales rates over the last four months are up 11% YoY, whilst the forward order book remains stable – although just over 10% down on the comparative. Build cost inflation remains as expected, materials prices have stabilised whilst labour cost pressures are also being carefully managed.
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