The FTSE 100 opens at 8am. Companies with reports and trading updates today include Lloyds Banking Group, PZ Cussons, Reckitt Benckiser, Jet2 and Warpaint. Read the Business Live blog from Wednesday April 24 below.
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Ithaca Energy is to join forces with the Italian oil company in a £750 million deal
Ithaca Energy is to join forces with the British arm of an Italian oil company in a deal worth more than £750 million.
The FTSE 250 North Sea producer has agreed to buy the majority of Eni UK’s upstream oil and gas assets for around £754m.
Lloyds profits are falling
Lloyds Banking Group’s profits fell 28 percent in the first quarter after peak interest rates and increasing competition in the mortgage market put pressure on margins.
The British bank posted pre-tax profits of £1.6 billion in the first quarter, up from £2.3 billion a year ago and in line with expectations.
Group managing director Charlie Nunn said:‘The Group continues to perform in line with expectations in the first quarter of 2024, with solid net profit, cost discipline and strong asset quality. Our performance gives us even more confidence around our strategic ambitions and the guidelines for 2024 and 2026.
‘Guided by our purpose, we continue to support customers and successfully execute on our strategic results, as highlighted in the third of our strategic seminars last month. This supports our ambition of higher, more sustainable returns that will deliver to all our stakeholders as we continue to help Britain prosper.
Share or comment on this article: BUSINESS LIVE: Lloyds profits fall; Heathrow criticizes ‘anti-growth’ policy; PZ Cussons is going to sell St. Tropez
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