The FTSE 100 has opened higher on Thursday amid the recent slowness of rate hike from the US and heavily awaited monetary policy decisions from the UK and Europe. The US raised rates by 25 basis points but hinted at a shift in its recent aggressive rate hikes.
In stock news, BT Group reported its trading update, Shell announced record profits and Superdry addressed recent private reports.
BT Group reported its trading update for the nine months to 31 December. Philip Jansen, Chief Executive: “We’ve grown revenue and EBITDA on a pro forma, like-for-like basis, despite a challenging economic backdrop, and we’re transforming BT Group for the benefit of our customers.
- Recenue of £15.6bn was down 1% but EBITDA grew 3% to £5.9bn due to tight cost control and removal of BT Sports costs.
- The group’s profit before tax fell 15% to £1.3bn due to increased depreciation, according to the business.
- BT reaffirmed its financial outlook of £20.5bn in revenue and £7.9bn in EBITDA for fiscal 2023.
Shell reported its 4th quarter and full year results on Thursday. The group reported record profits due to soaring oil prices with Wael Sawan, Chief Executive stating its results showed “the strenght of shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.”
- Profits jumped to a record £68.1bn.
- The company increased its shareholder dividend payouts to 15%.
- Shell’s shares remain unchanged on Thursday.
Julian Dunkerton, Founder and CEO of Superdry notes in recent press reports that while there has been speculation that he is taking Superdry private, there were “no plans to do this at the moment.” Superdry shares jumped 8% this morning following the news.