Merlin Entertainments is the standout performer today, as the tourist attractions operator announces both FY revenues and profits rose despite what it billed as a difficult year. Although poor Summer weather and a spate of terror attacks kept tourists away from its key central London ‘Midway’ attractions – including Madame Tussauds and the London Eye…
Sky shares rallied over 20% yesterday, climbing after a $22.1bn bid from US media giant Comcast for the business. The all-cash offer of £12.50 a share saw the price rally to a high of $13.55, before closing at £13.28, 6.2% higher than the offer. But why did shares top the offer price, and why are…
ITV is left holding the blue-chip wooden spoon this morning with investors balking at FY17 results and ditching the shares. This morning’s weakness has reversed yesterday’s breakout, fuelled by hopes of a Comcast/Fox/Disney bidding war for Sky, inciting interest in UK broadcasting assets, sending the shares below prior Feb lows to trade levels last seen…
Persimmon shares are sharply higher this morning as the housebuilder issues a bumper pay-out to shareholders. With FY pre-tax profit improving by a quarter, helped by an impressive 28.2% operating margin (+320bps) and £2.03bn in forwards sales (+7.5%), management has committed to a capital returns plan which will see the company pay an additional 125p…
Macro observations This week will be all about speeches. Already on Monday, we’ve seen hawkish commentary from Deputy Bank of England Governor Ramsden and Labour leader Corbyn advocating a soft Brexit lift Sterling higher. However, the best, and most important, are yet to come. On Tuesday, new Federal Reserve Chair Jay Powell will give his…
International Consolidated Airlines shares are firmly grounded this morning, down after the release of full year results. While headline revenues and adjusted EBIT looked encouraging at €22.97bn and €3.1bn respectively (vs. expectations of €22.97bn and €3.05bn), and both passenger numbers and total capacity improved 4.1% and 6.3%, a closer analysis of key performance metrics reveals…