The FTSE 100 opens up 43 points at 7,434.69 as a busy day of corporate news starts with ITV leading the way.
Free-to-air broadcaster ITV (ITV) sees its shares rise 3.8% to 181.4p despite a 10.4% drop in pre-tax profits to £381m in the six months to 30 June. Total revenues of £1,697m are down from £1,712m a year ago but the company says its results are very much as it anticipated and its guidance for the full year remains unchanged.
ITV also declares an interim dividend of 2.52p, an increase of 5% compared to last year, ‘reflecting our confidence in the underlying strength of the business’.
International staffer Robert Walters (RWA) ticks up 3.3% to 448.5p on revealing a record first half to 30 June with operating profits up 62% to £16.2m. The company, which generates 71% of gross profits from its international businesses, reports a 20% surge in UK net fee income to £48.3m.
Africa-based oil and gas explorer and producer Tullow Oil (TLW) ticks up 3.8% to 159.6p despite posting a pre-tax loss of $519m in the first half to 30 June, disappointing given the $24m profit generated last year. Though sales grew 46% to $788m, Tullow was hit by impairment costs of $642m due to weak oil prices.
Caterer Compass (CPG) is bid up 1.6% to £16.24 on a well-received third quarter update. The company enjoyed organic revenue growth of 3.9% during the quarter, with growth accelerating during the period thanks to new business in North America and progress in Europe.
Healthcare communications and PR firm Huntsworth (HNT) is up 2.4% to 63.25p as pre-tax profits rise 58% to £10m in the six months to 30 June. The company has declared a dividend of 0.55p per share, up 10% on the previous year. CEO Paul Taaffe says the group 'grew very strongly through the first half of 2017 led by Huntsworth Health assisted by favourable movements in exchange rates’.
Specialist lender and banking group Paragon (PAG) perks up 3.5% to 422.5p as it reveals a strong third quarter to 30 June. Total new lending year-to-date has reached £1.34bn compared to £1.19bn at the same time last year.
Payment solutions play Paypoint (PAY) improves 2.5% to 881p as an update for the three months to June shows 4.2% revenue growth to £28.4m. Paypoint's UK retail services revenue rose 10.5% driven by PayPoint One, card payment transactions and cashpoint payments, while Romanian revenues grew 16.1% on a constant currency basis.
Brewer and pub business Marston’s (MARS) is marked down 3.7% to 116.9p despite a like-for-like sales increase of 1.3% in the 42 weeks to 22 July. Its own brewed beer volumes are up 4% compared to last year and the company says it is on track to meet its target for 23 new pub/restaurants in the current financial year.
