Sharewatch: Wireless Group Results Fuel Price Rise

Results announced yesterday by Kelvin MacKenzie’s Wireless Group fueled a 2.24% hike in share price, settling at 114p. The company’s adjusted operating profits reached £2.3 million in the twelve months to December 2003, up by £4.6 million on the previous year when losses were £2.3 million (see TWG Turns Around In 2003 To Reach £2.3 Million Profit).

Elsewhere, Capital Radio saw the biggest fall of the day, slipping 3.76% 486p ahead of a trading statement issued today. The company expects revenues for the six months to 31st March 2004 to increase by 3% year on year, in line with expectations.

BSkyB also saw a difficult day, falling by 2.37% to 678˝p despite recent speculation that the satellite giant will move to secure several lucrative broadcasting contracts. Reports suggest that the company is preparing a bid for several contracts to broadcast horse racing, a move that could prove hugely profitable if combined with the existing Sky Bet service (see BSkyB Could Move To Secure British Horse Racing Rights).

The FTSE 100 struggled yesterday, slipping 0.6% towards the end of trading to rest at 4,385.7 while the FTSE 250 closed 0.1% higher at 6,259.4.

The closing prices of media company shares on Wednesday were: