TV, electricals and engineering

The benchmark index was higher in early trading, building on yesterday's firm gains as the latest resurgence in the crude price created a mood of cautious optimism in the City. US and Asian markets were also stronger overnight.

“ITV has maintained double-digit profit growth for the sixth year in a row despite a 3% drop in its viewing share,” says AJ Bell Investment Director Russ Mould.

“The broadcaster is bullish about this year with the Euro 2016 football tournament kicking off in the summer and a strong pipeline of drama. ITV is returning £400m to shareholders through a special dividend, which is equivalent to 10p per share. This is in addition to a final dividend of 4.1p which takes the full year pay-out to 6.0p per share, 28% up on last time and ahead of guidance. 

“Electrical retailer Darty’s shares jumped on a possible counterbid by Conforama, part of South African retailing giant Steinhoff. This follows the firm offer for the company by Fnac in November. Darty was top of the FTSE Small Cap board on the new approach. 

“Engineering solutions provider Costain was also up in early trading after strong full-year figures and a record order book with the group’s blue-chip customers continuing to invest in upgrading and renewing the UK's energy, water and transportation infrastructures.”

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