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Premarket London: Vodafone Raises Profit Guidance; ITV on Track

Published 2019-11-12, 02:00 a/m
Updated 2019-11-12, 02:35 a/m
© Reuters.

Investing.com -- Here is a summary of the regulatory releases from the London Stock Exchange on Tuesday, 12th November. Please refresh for updates.

  • Vodafone (LON:VOD) raised its profit guidance for the fiscal year ending in March after returning to profit in the three months to September.

  • The telecoms company reported organic service revenue growth of 0.3% in the first half and forecast adjusted core earnings for the year of 14.8-15.0 billion euros ($16.3-$16.5 billion), up from a previous forecast of 13.8 to 14.2 billion. Excluding one-offs, earnings would be at the top of the prior range.

  • However, the company also trimmed its free cash flow forecast to “around” 5.4 billion euros from “at least” 5.4 billion earlier, due to potential liabilities arising from legal issues in India.

  • CEO Nick Read said he expected the trend of revenue growth to continue in the second half, citing an “improved consistency” of its performance and the rapid integration of its Liberty Global (NASDAQ:LBTYA) acquisition.

  • Broadcaster ITV (LON:ITV) said it's on track to meet its full-year targets after a strong third quarter. That means advertising revenue will be down around 2% from 2018, partly offset by growth of over 10% in online revenue and growing revenue from its Direct to Consumer business.

  • The Rugby World Cup helped create a strong start to the fourth quarter with a peak audience of 12.8 million watching England lose the final against South Africa. The company also said it has already reached its 2021 target of 30 million registered users on ITV (LON:ITV) Hub ahead of plan.
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  • CEO Carolyn McCall said "we are confident that we will deliver at least 5% growth in ITV (LON:ITV) Studios' total revenues at a margin of 14% to 16%." The company also upheld its forecast of a dividend of at least 8p per share, a yield of just under 6% at current prices

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