Investors took a hugely optimistic view of BT Group’s results this morning with news of a dividend increase and speculation that international disposals – or at least joint ventures – could be on the table as the company looks to maximise shareholder value. The reaction came despite a fall in the underlying London market and news of the company’s post-tax profits slumping by 55%, arguably reflecting the longer term underperformance of the stock. Shares were 9% higher before 9am.
The accounting systems developer had a less impressive start to the morning in the wake of its interim results. Despite revenues and profits both rising against a less than stellar macroeconomic backdrop, some investors have been quick to dump the stock. However, given its comprehensive outperformance against the FTSE-100 of late and growing concern over tech stock valuations, the move lower – which was close on 12% in early trade before abating to an 8% loss by 9am – may have some justification.
Half year results from media platform and owners of Go.Compare Future Group were published this morning. Extending the gains seen off the back of an upbeat trading statement six weeks ago, the share price lurched another 20% higher in early trade on Thursday. Whilst revenues were a shade lower, a stabilisation in trends means the company is confident it can still deliver full year performance in line with expectations with revenue growth being sustained in the medium term. The return to growth in the US for digital ad sales is also promising, with shares now at 12 month highs.
Headlines we expect tomorrow
Land Securities Group Final Results
This time last year Loss before tax £622m, Dividend per share 38.6p, Net assets per share 945p
