The mobile telecoms giant found itself at the top of the FTSE-100 leader board in early trade on Wednesday after the company confirmed media speculation that it was considering the disposal of its Italian business to Swisscom. A provisional price tag of €8 billion has been applied to the deal, which would represent a 7.6 times multiple to the consensus estimates for FY24 EBITDAaL. There’s no certainty the transaction will complete but management note that conversations have taken place with several parties before arriving at Swisscom as being the best suitor.
At the other end of the FTSE-100 board, wealth manager St James’ Place is down 30% an hour into trade. Full year numbers from the company this morning highlighted a close on 80% cut in the final dividend and a significant set aside to pay fee refund claims to clients, new charging structures are also hampering its potential to improve profitability. Shares are now trading around 75% down from the highs seen in late 2021.
A trading update from the motoring and cycle specialists Halfords was issued this morning, revising forecasts made in the Q3 update just over a month ago. Full year profits had been tipped to land between £48m and £53m but are now expected to drop back to £35m-£40m. Weak consumer confidence and an increasingly competitive cycling market are seen as being the key drivers here. The near term outlook remains challenging, leaving shares down 25% an hour into the day.
Headlines we expect on Thursday
Serco Group Full year results
This time last year Revenue £4,534m, Full year dividend 2.86p, Order book £14.8bn
International Consolidated Airlines Group Full year results
This time last year Revenue €23,066m, Post tax profit €431m, load factor 81.8%
