FTSE flat as energy giants Shell and British Gas owner post record profits meanwhile ITV hit targets

The Market Report with Katie Pilbeam.

FTSE 100 was little changed on what is a big day, with plenty of blue chip companies reporting interim results. The index was down a single point to 7,347 in early trading.

ITV hit total advertising revenue targets and expects its studios to exceed its 2019 performance. The group is also set to launch its streaming service in the fourth quarter of this year.

Shell’s second-quarter results highlighted the current environment of high oil and gas prices. Income attributable to shareholders nearly tripled compared to the three months prior.

BT reported revenue growth for the first time in five years as it hiked prices above inflation and more customers signed up for fibre-optic packages. It added that current trading is in line with expectations.

Among the small caps, discoverIE said that trading was stronger than expected in the first quarter. The designer and manufacturer of customised industrial electronics said underlying earnings were ahead of forecasts.

Anglo Pacific reported a record portfolio contribution in the second quarter. Specifically, the group said it was the fourth consecutive quarterly record.

Metro Bank is on track for monthly breakeven early next year assuming there is “no material deterioration in the macroeconomic environment.” Underlying revenues were up, which demonstrated “margin expansion and continued momentum in revenue growth.”

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