TF1 tracks best day in 53 months on profit beat, cost cutting

Television Francaise 1 SA

28/07/2023 08:55

** Shares in broadcaster TF1  TFFP.PA  jump 9% after posting
a Q2 profit beat
    ** It posts Q2 operating profit of EUR 112.4 million 
($123.17 million), 14% below last year's, but above the median
estimate of EUR 94 million seen in a company-compiled consensus
    ** The company also said it launched a new optimisation plan
to target EUR 40 million of savings beyond 2025, partly
reinvested in the digital acceleration plan 
    ** J.P.Morgan points to the profit beat on higher revenues
and lower costs
    ** The broker also notes the new cost savings programme,
seeing a significant scope for cash returns for the company
    ** Friday's gains added EUR 137.4 million euros to the
company's market cap
    ** The stock is on track for a best day in 53 months,
touching its highest price in a little over 2 months

($1 = 0.9126 euros)

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))