City News: ITV, New Look, national grid and Premier Foods
ENGLAND’S early exit failed to prevent ITV emerging a winner from its coverage of the Rugby World Cup.
Total revenue for ITV was up 13 per cent to £2.3billion
The broadcaster is on course for “strong double-digit profit growth” this year after an eight per cent rise in advertising revenue during the third quarter.
Total revenue – including for its online and production arm – was up 13 per cent to £2.3billion, with acquisitions including Talpa Media – creators of The Voice – boosting revenue at ITV Studios by 28 per cent to £782million.
Chief executive Adam Crozier said it had improved its audience after “strong performances in daytime, the soaps and the Rugby World Cup”.
Shares rose 4¾p to 261½p.
The Rugby World Cup 2015 Opening Ceremony intro
Expansion in China and a successful push into menswear helped New Look fashion bumper half-year sale
input paying off for New look
EXPANSION in China and a successful push into menswear helped New Look fashion bumper half-year sales.
The retailer is stepping up investment after being bought by South African tycoon Christo Wiese’s company Brait this year in a £780million deal.
It is planning to open up to 20 city menswear stores next year after a successful trial and will have 85 stores in China by March compared with 52 at the half-year stage.
Underlying operating profit rose 10.9 per cent to £94.8million on 5.9 per cent higher revenue of £756million, with UK same-store sales up 4.7 per cent.
Chief executive Anders Kristiansen said: “We have been delighted with the initial performance of our men’s stores.”
National grid could sell its £10 billion stake in its industry
National Grid’s gas for sale
NATIONAL Grid has flicked the switch on a potential sale of a majority stake in its £10billion gas distribution business.
The gas and electricity network operator said it expects to return proceeds from a sale to shareholders as it shifts its focus to better performing assets such as its US networks.
Chief executive Steve Holliday, announcing a 21 per cent rise in adjusted half-year pre-tax profit to £1.37billion, said: “Following a sale, our portfolio of businesses will have a higher asset-growth profile and will remain well positioned to deliver a sustainable, growing dividend.”
Shares rose 13¼p to 909¼p.
Premier Foods has teamed up with the Great British Bake Off’s Paul Hollywood
Premier bakes Hollywood hit
PREMIER Foods has teamed up with the Great British Bake Off’s Paul Hollywood to launch a range of home-baking products as it seeks to build on its first quarterly branded food sales rise for two years.
The Bisto and Oxo group is also aiming to taste success in America with a trial this month of Mr Kipling apple, fruit and Mississippi mud pies.
The initial range of products under the Paul Hollywood name including 12 different bread, savoury and sweet mixes are expected to be available early next year.
Shares jumped 6¼p to 42p on halfyear operating profits of £23.3million from a £12.8million loss last time.