果冻传媒

Revenue at ITV (ITV) remained broadly flat for the three months to 31 March, as the broadcaster told the market it is 鈥渙n track鈥� to meet its full-year guidance.

The group said that its studios business, which makes and sells shows such as Love Island, delivered total revenue growth of 4 per cent. However, revenue in its media and entertainment unit fell 2 per cent.

ITV鈥檚 media and entertainment unit consists of its free-to-air TV channels and streaming service. It has been in talks with Sky since November to sell the division, though no further update was provided on the deal, which could be worth up to 拢1.6bn.

Management reaffirmed its guidance of a full-year margin between 13 and 15 per cent for the studios business, and 鈥減rofitable digital revenue growth鈥� in its media and entertainment arm. The shares were up 3 per cent in early trading.

National Savings & Investments (NS&I) will raise the Premium Bonds prize fund rate to 3.8 per cent from 3.3 per cent from the July prize draw. It marks the first time NS&I has raised the prize fund rate since September 2023, when it stood at 4.65 per cent. It has been cut six times since then.

The prize fund rate, which is not guaranteed, represents the average return of savers who win a prize. The odds of winning a prize have shortened to 22,000 to 1 from 23,000 to 1 for each 拢1 bond held as a result of the prize fund rate being increased.

From July, the number of prizes between 拢50 and 拢100,000 are expected to increase, while the number of 拢25 prizes available will fall from 2,808,135 to 2,306,675 in July.

At the same time, NS&I will increase rates on its Direct Saver easy-access account to 3.45 per cent, Income Bonds to 3.4 per cent, Direct Isa to 3.8 per cent and Junior Isa to 3.7 per cent.

NS&I鈥檚 retail director Andrew Westhead said the increased rates are in response to 鈥渃hanges in the wider savings market鈥� and to 鈥渆nsure we meet our Net Financing target鈥�.

Future (FUTR) shares rose 7.6 per cent in early trading despite the digital publisher reporting a 6 per cent decline in first-half organic revenues and weaker margins, as investors took comfort from signs that conditions are at least no longer deteriorating.

Business-to-consumer, the group鈥檚 largest division, saw organic revenues fall 6 per cent as changes to Google search traffic hit programmatic advertising and ecommerce affiliates, offsetting growth in direct advertising.

GoCompare revenues fell 6 per cent due to lower car quote volumes, although the company said trends are improving. Business-to-business revenues also dropped 7 per cent, but performance improved in the second quarter.

Adjusted Ebitda fell 22 per cent to 拢83mn, with the margin down 5 percentage points due to the reduction in high-margin programmatic and affiliates revenues. Statutory operating profit fell even more, down 53 per cent to 拢33mn due to transaction and integration costs.

Despite a drop in revenue, Future reported a cash conversion rate of 109 per cent of Ebirda, generating around 拢91mn in adjusted free cash flow. Net debt rose from 拢276mn to 拢314mn over the period, with the acquisition of Sheerluxe pushing leverage from 1.3 times Ebitda to 1.6 times. The full-year outlook was unchanged.

Shares in Watches of Switzerland Group (WOSG) leapt 14 per cent this morning as full-year sales at the FTSE 250 group look set to beat guidance.

The world鈥檚 largest luxury watch retailer had guided for revenue growth of between 6 and 10 per cent in July, but in a pre-close trading statement, it revealed sales had risen 11 per cent on a reported basis to 拢1.83bn.

The company put this down to high demand for key brands, particularly those with exclusive 鈥榬egistration of interest鈥� lists, such as Rolex and Cartier. Watches of Switzerland said that demand for these products outstripped supply in both the US and the UK.

As a result, the group said it expected its FY26 adjusted Ebit to be in the range of 拢152mn to 拢155mn, ahead of previous guidance. Watches of Switzerland will announce its FY26 results on 14 July.

Shares in Grainger (GRI) fell 3 per cent in early trading after the build-to-rent landlord reported a slight softening in rental growth for the half-year to March.

Like-for-like rental income grew 3.1 per cent during the period versus the prior year, a deceleration from 3.6 per cent in FY2025. Growth was most modest in new lets at 2 per cent, reflecting a broader trend of softening growth in the wider UK rental market.

Chief executive Helen Gordon told Investors鈥� Chronicle she was expecting growth to pick up in the second half of the year, and that Grainger was experiencing increased tenant demand as smaller landlords continue to leave the market, in part due to the recently passed Renters鈥� Rights Act.

Occupancy remained strong at 96 per cent, and the company has reiterated guidance for between 3 and 3.5 per cent rental income growth this year, and for 2026 adjusted earnings growth of 12 per cent. The interim dividend rose 3 per cent to 2.94p.

Burberry鈥檚 (BRBY) results indicated its turnaround is gathering pace, after the luxury designer swung back to profit in FY26.

While the FTSE 100 group declined to give quantitative guidance for the year, Burberry鈥檚 pre-tax profit of 拢49mn was a marked improvement from last year鈥檚 loss of 拢66mn. This was achieved despite sales falling by 2 per cent to 拢2.42bn.

The company鈥檚 efforts to strengthen its balance sheet appear to be working: net debt fell, supported by lower borrowing, and its net debt to Ebitda ratio improved to 1.6.

Still, the designer struck a cautious tone on the outlook. The company said it is 鈥渕indful of the uncertain geopolitical and macro-economic environment鈥� and its potential impact on consumer confidence.

The group also announced that Gerry Murphy will retire as chair in November, to be replaced by William Jackson, the founder of investment firm Bridgepoint. The shares were down 4 per cent in early trading.

Spire Healthcare (SPI) has confirmed it has received a non-binding proposal from Toscafund Asset Management, its second-largest shareholder, regarding a possible cash offer of 250p per share, valuing the struggling healthcare provider at around 拢1bn. Investors reacted by bidding up the shares by 47 per cent in morning trading.

The board said it would recommend the offer unanimously to shareholders should Toscafund proceed with a firm bid on the same financial terms. The proposal includes an option for shareholders to elect for an unlisted rollover equity alternative for some, or all, of their Spire shares. Spire also issued a trading update this morning that showed performance in line with expectations.

Panmure Liberum analyst Seb Jantet said: 鈥淪adly, this is probably as good as it gets and while an offer at 250p is hardly a knockout price, given the shares haven鈥檛 been materially higher than this since 2021鈥� We think shareholders should accept a formal offer if one is made.鈥�

Land Securities (LAND) has continued to prioritise growing rents in its existing portfolio ahead of new developments.

The diversified Reit, which is repositioning its portfolio away from offices and into shopping centres and residential, reported 4.6 per cent growth in like-for-like rental income for the year ended March, with healthy rental growth in both its office and retail portfolios.

The company reported adjusted earnings of 拢382mn on net rental income of 拢562mn, both up 2 per cent on the prior year.

Chief executive Mark Allan told journalists in a call that there had so far been 鈥渘o slowdown at all鈥� in consumer spending and footfall at its shopping centres since the onset of the Iran war. He added there were about 拢3bn of shopping centre assets expected to come to market in the next two years that the company could look at.

There was no meaningful update on Landsec鈥檚 mooted 拢2bn build-to-rent platform, which is currently going through planning.

The total dividend rose 2 per cent to 41.2p, and shares were up 1 per cent in early trading.

Shares in Auction Technology Group (ATG) jumped nearly 12 per cent this morning after the online platform lifted its full-year revenue guidance to 5-6 per cent, from 4-5 per cent, after a reassuring first half.

The company, which appointed former Omnicom (US:OMC) commerce head Duncan Painter as CEO earlier this month, reported 7.9 per cent revenue growth to $126mn (拢93mn) in the six months to 31 March, with adjusted Ebitda up 9.9 per cent to $43mn, and the margin 60 basis points higher at 33.9 per cent.

Revenues were driven by the arts & antiques division, which grew 12.5 per cent, but was partially offset by a 1.8 per cent decline in the industrial & commercial business. Although adjusted operating profit grew 8.9 per cent to $37mn, on a reported basis, profits more than halved to $7mn due to higher one-off costs and share-based payment expenses.

Despite the acquisition of US online marketplace Chairish last summer, adjusted net debt fell from $174mn at the end of the 2025 financial year to $152mn, with leverage down from 2.2 times Ebitda to 1.8 times.

Guidance for adjusted Ebitda margins of between 34.5 per cent and 35.5 per cent was maintained. That reflects the full-year contribution of Chairish, which was profitable during the first half.