ITV annual profits slump, GSK announces positive Blenrep trial results

London open

The FTSE 100 is expected to open seven points lower on Thursday, having closed up 0.43% on Wednesday at 7,679.31.

Stocks to watch

UK broadcaster ITV reported a 41% fall in annual profits as weak ad revenues offset a record performance from its studios unit. Pre-tax profit for the year to December 31 came in at £396m from £672m a year earlier.

GSK announced positive results from the phase three trial comparing Blenrep plus PomDex to standard care in relapsed or refractory multiple myeloma on Thursday. The FTSE 100 pharma giant said the trial, unblinded early based on an monitoring committee recommendation, showed statistically significant and clinically meaningful progression-free survival benefits for the Blenrep combination compared to bortezomib plus PomDex. It said the results were consistent with another phase three trial, indicating promising efficacy for Blenrep combinations in multiple myeloma treatment, with detailed findings to be shared at upcoming medical congresses.

North Sea oil and gas producer Harbour Energy on Thursday held production guidance for 2024 as it reported a sharp fall in annual profits on the back of lower output and weaker prices. Pre-tax profit for 2023 slumped to $597m from £2.46bn a year earlier when surging energy prices provided a cash bonanza for the sector. Production fell to 186,000 barrels of oil equivalent per day from 208kboepd. Harbour said it still expected to produce 150-165 kboepd with production to end February of around 172 kboepd.

Newspaper round-up

Britain’s under-pressure green power industry has received a surprise fillip after a renewables developer pledged to plough £10bn into what would become the largest portfolio of battery storage projects in the country. NatPower, a UK startup that is part of a larger European energy group, is poised to submit planning applications for three “gigaparks”, with a further 10 to follow next year. – Guardian

Boots has ordered thousands of staff to return to the office five days a week as bosses prepare the retailer for a potential stock market float. Seb James, Boots’ UK managing director, sent letters to employees earlier this week informing them of the home-working crackdown, as he vowed to make the business “more effective”. Head office workers in London, Nottingham and Weybridge will be affected by the change, marking a reversal of Boots’ previous policy that encouraged staff to attend the office three days a week. – Telegraph

Middle-class earners will still be paying more tax despite Jeremy Hunt’s £10bn National Insurance (NI) cuts, the Institute for Fiscal Studies has said. Anyone earning more than £60,000 faces a bigger tax bill this year because the Chancellor’s stealth income tax raid will cost them more than they will gain from reductions to other taxes on income. – Telegraph

Katie Bickerstaffe, the joint chief executive of Marks and Spencer, is set to leave the company later this year after only two years in the job. Her departure will leave the high street retailer under the sole leadership of Stuart Machin, who has been driving a turnaround of the struggling clothing and home business. – The Times

Carlyle, the giant US private equity firm, is to take control of Southend airport and plans to turn the Essex terminal and runway into a sixth airport for London. After a tetchy few months of negotiations and rows, Esken, the listed company which owns Southend, has finally thrown in the towel and Carlyle will now take 82.5 per cent control of the airport. – The Times

US close

Wall Street staged a recovery Wednesday, with US stocks finishing higher after recent declines.

Investor attention was focussed on labour market data and statements from the Federal Reserve chair.

The Dow Jones Industrial Average gained 0.2% to reach 38,661.05 points, while the S&P 500 index rose by 0.51% to close at 5,104.76 points and the Nasdaq Composite saw an uptick of 0.58% to settle at 16,031.54 points.

In currency markets, the dollar was last down 0.24% on sterling to trade at 78.52p, while it declined 0.36% against the euro to 91.78 euro cents.

The greenback also dropped on the yen, sliding 0.43% to last change hands at JPY 149.40.