ITV annual profit surges, Mondi profits boosted by higher sales volumes

London open

The FTSE 100 was called to open down around 15 points.

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ITV's annual profit surged as the broadcaster's revenue rebounded from the Covid-19 crisis supported by strong demand for advertising and programmes such as Love Island and European football. Operating profit rose 46% to £519m in the year to the end of December from a year earlier as external revenue increased 24% to £3.45bn. ITV proposed a final dividend of 3.3p a share based on a notional annual payout of 5p a share. The FTSE 100 company said it would invest about £1.23bn in content in 2022 as part of a plan to double digital revenue to at least £750m by 2026.

Paper and packaging maker Mondi reported a rise in annual profits driven mainly by higher sales volumes and higher selling prices in the face of inflationary cost pressures.

Underlying core earnings rose 11% to €1.5bn. The company, whose Russian operations generate a fifth of profit, said it was monitoring events after Moscow’s decision to invade Ukraine. It also expects continued pressure from inflation.

“However, we also expect to realise the full benefit of the price increases implemented in 2021 and early 2022, shorter planned maintenance shuts and the contribution from our capital investment programme,” it added.

Newspaper round-up

The UK-based Russian billionaire oligarchs Mikhail Fridman and Petr Aven have had their shares in the $22bn (£17bn) conglomerate LetterOne, which owns Holland & Barrett, “frozen”, days after they were hit with EU sanctions following Russia’s invasion of Ukraine. LetterOne, which is just under 50% owned by Fridman and Aven, announced on Wednesday night that the men had “ceased to have any involvement with the company” and that it had frozen their shares. – Guardian

Angry dockers have vowed not to unload cargoes of Russian oil and gas, as it emerged that shipments were en route to British ports because of an apparent loophole in a government ban and could even be used to heat UK homes. The government imposed a ban on Russian vessels docking in the UK on Tuesday, in response to Vladimir Putin’s invasion of Ukraine. - Guardian

Amazon is closing a raft of electronics and book shops in Britain and the United States after they failed to take off. The online retail giant is closing 68 Amazon 4-star, Amazon Books and Amazon pop up branches, of which two are in the UK. The Seattle-based company is known for experimenting with store formats and services and swiftly ditching them if they prove unpopular with shoppers. - Telegraph

The Russian oligarch who owns a third of Tui Group has quit the travel company’s supervisory board after sanctions were imposed on him by the EU. Tui said that Alexey Mordashov, the billionaire owner of the steelmaker Severstal, had left with immediate effect. The company added that the development would have no impact on Tui, its customers or its employees. - The Times

US close

Major indices closed higher on Wall Street on Wednesday as Russia's ongoing incursion of neighbouring Ukraine continued to push the price of oil higher.

At the close, the Dow Jones Industrial Average was up 1.79% at 33,891.35, while the S&P 500 was 1.86% firmer at 4,386.54, and the Nasdaq Composite ended the day ahead 1.62% at 13,752.01.