TIM Group Q4 Organic EBITDA Slightly Declines – Quick Facts
TIM Group reported fourth quarter profit attributable to owners of the parent of 6.05 billion euros compared to 64 million euros, prior year. EBIT increased to 477 million euros from 463 million euros, prior year. EBITDA adjusted after lease was 1.57 billion euros compared to 1.58 billion euros. Organic EBITDA excluding non-recurrent items was 1.8 billion euros, down 1.5%.
Fourth quarter revenues were 4.15 billion euros compared to 4.55 billion euros, a year ago. On an organic basis, excluding non-recurrent items, revenue was down 2.1 percent, for the quarter.
The TIM Board has approved the 2021-2023 Strategic Plan presented by the Chief Executive Officer Luigi Gubitosi. The Group expects organic service revenues to see stable to low single-digit growth in 2021 and low single-digit growth in 2022-2023. Organic after lease EBITDA is expected to see stable to low single-digit growth in 2021 and low to mid single-digit growth in 2022-2023. The company’s dividend distribution policy was confirmed.
Lloyds profits fall as it targets wealth push
Lloyds Banking Group reported a sharp fall in profits for 2020 but resumed paying a dividend, as outgoing CEO António Horta-Osório set out fresh targets to expand the bank's insurance and wealth business and further cut costs.
Britain's biggest domestic lender reported pretax profits of 1.2 billion pounds ($1.70 billion), well down on 4.4 billion pounds the previous year, after pandemic lockdowns shrank household spending and drove up provisions for bad loans.
The profit figure nonetheless beat an average of analyst forecasts of 905 million pounds.
Among the targets set out, Lloyds said it would increase funds from customers in insurance and wealth by 25 billion pounds by 2023 and cut office space by 20% within three years.
Lloyds set aside 4.2 billion pounds to cover loans expected to sour, below a 4.5 – 5.5 billion pound range previously given.
The bank said it would pay a 0.57 pence dividend per share, the maximum allowed by the Bank of England and above a forecast of 0.53 pence.
Horta-Osório is leaving Lloyds after a decade running the bank to stand for election as chairman of Credit Suisse in April, with HSBC executive Charlie Nunn set to replace him.
Roadmap to freedom? | Hancock, Starmer, Hague & McDonnell
Health Secretary Matt Hancock lays out the government’s new vaccine target.
He says the lockdown easing roadmap will be “cautious” and “indicative”. Keir Starmer says all children should return to school on 8 March. William Hague calls for the end of most restrictions in April. Lord Hague and John McDonnell give conflicting advice to Keir Starmer.
Synthomer Says Not In Any Takeover Talks – Quick Facts
Specialty chemical company Synthomer plc (SYNT.L) Wednesday confirmed that it is not in discussions regarding a possible offer for the company.
The company made the announcement following press speculation.
Earlier, Bloomberg reported, citing people with knowledge of the matter, that CVC Capital Partners has been exploring a bid for Synthomer, and that the private equity firm made an initial approach to gauge its interest in a deal.
The report also noted that the two parties are not currently holding any negotiations.
Lloyds Banking Q4 Profit Drops – Quick Facts
Lloyds Banking Group plc. (LLOY.L,LYG) reported that its fourth-quarter profit after tax dropped to 680 million pounds from 1.02 billion pounds in the same quarter last year.
Profit before tax was 792 million pounds, down from 1.45 billion pounds in the previous year.
Net income for the quarter declined to 3.59 billion pounds from 4.13 billion pounds last year.
Statutory profit after tax for fiscal year 2020 was 1.4 billion pounds. It was 54 per cent lower than 2019 and earnings per share of 1.2 pence were down 66 percent. Lower profits were significantly due to the impairment charge of 4.2 billion pounds in 2020, primarily reflecting the deterioration in the economic outlook.
Annual profit before tax dropped 72 percent to 1.23 billion pounds from the previous year.
Annual net income was 14.4 billion pounds, down 16 per cent with net interest income of 10.8 billion pound, down 13 per cent.
Looking ahead for 2021, the company expects operating costs to reduce further to 7.5 billion pounds, risk-weighted assets to be broadly stable on 2020.
Lloyds Banking Group confirmed that Charlie Nunn’s appointment as Group Chief Executive and Executive Director will start on 16 August 2021.
As previously announced, William Chalmers, Group Chief Financial Officer, will take on the role of acting Group Chief Executive when António Horta-Osório steps down on 30 April 2021 and until Nunn’s arrival on 16 August 2021.
The company said its board has recommended a final ordinary dividend of 0.57 pence per share.
China says ready to enhance exchanges with U.S. on trade, economic front
BEIJING (Reuters) – China is ready to enhance exchanges with the United States on the trade and economic fronts, Wang Wentao, the country’s new commerce minister, said on Wednesday.
He looks forward to working with U.S. colleagues to focus on cooperation and manage differences, Wang told reporters in a news conference.
Trading halts on NSE due to connectivity issues
In June 2020, NSE had suffered a technical glitch
Largest stock bourse NSE on Feb. 24 said trading across segments came to a halt at 1140 hrs due to connectivity issues.
The bourse said it depends on two telecom service providers for connectivity, and both failed simultaneously resulting in the outage.
However, the broader Indian markets were not impacted, as communication lines at BSE continued even as NSE faced troubles.
“NSE has multiple telecom links with two service providers to ensure redundancy and we have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system,” a statement from NSE spokesperson said.
“We are working on restoring the systems as soon as possible. In view of the above all the segments have been closed at 11.40 and will be restored as soon as the issue is resolved,” it added.
In June 2020, NSE had suffered a technical glitch. At that time, its bank option segment prices were not reflecting on the terminal linked to the exchange.
In September 2019 too, the bourse’s system faced a trading outage as investors were unable to place orders in the final minutes of the trade.