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UK market update – Barclays profit almost doubles, Unilever sales top forecast

Stock Markets11 hours ago (Oct 21, 2021 07:38)

By Samuel Indyk – At 07:36BST, FTSE 100 Futures are trading lower by 0.4% at 7175.

In FX markets, GBP/USD is trading at 1.3805, EUR/GBP is trading at 0.8440. The US Dollar Index is flat.

Today’s calendar highlights include UK CBI Industrial Trends Orders, Turkish Rate Decision, US Jobless Claims, Philly Fed Manufacturing Index, US Existing Home Sales, Eurozone Consumer Confidence.

Earnings results are due from AT&T (NYSE:T), Intel (NASDAQ:INTC), American Airlines (NASDAQ:AAL), and Southwest Airlines (NYSE:LUV).

Anglo American (LON:AAL) – Q3 copper production decreased by 6% due to planned maintenance at Collahuasi. Iron or production increased by 15%, rough diamond production increased by 28%, platinum group metals production broadly unchanged. Broadly on track to deliver full year production guidance across all products.

Unilever (LON:ULVR) – Q3 underlying sales growth of 2.5% (above expectations of 2.2%), with 4.1% price and (1.5)% volume. Quarterly shareholder dividend of €0.4268 per share, ongoing €3 billion share buyback programme to be completed by the end of the year.

Barclays (LON:BARC) – Q3 income of £5.5 billion, profit before tax of £2.0 billion. Common equity tier 1 (CET1) ratio of 15.4%, above the target range of 13-14%. Had a net credit impairment release of £0.6 billion in the Q3 year to date. To maintain a progressive ordinary dividend policy and additional cash returns, including share buybacks, as appropriate.

Rentokil (LON:RTO) – Q3 Group Ongoing Revenue, excluding disinfection services, grew by 14.5%. Remain on track to deliver a full year performance in line with the guidance given at interim results in July.

St. James’s Place (LON:SJP) – Q3 gross inflows of £4.32 billion, net inflows of £2.59 billion. Closing funds under management of £148.06 billion. Now anticipate the rate of gross inflow growth for the second half to be modestly ahead of our previous guidance issued in late July.

Relx (LON:REL) – Underlying revenue growth of 6% in the first 9 months of 2021. Expect full year underlying growth rates in revenue and adjusted operating profit, as well as constant currency growth in adjusted earnings per share, to be above historical trends.

Spectris (LON:SXS) – Order book up 31% in the third quarter. Q3 sales growth up 12%.

Babcock International (LON:BAB) – Completed the sale of Frazer-Nash Consultancy to KBR for a cash consideration of £293 million before adjustments and transaction costs. H1 trading in line with expectations and full year outlook remains unchanged.

Renishaw (LON:RSW) – Full year revenue up 11% to £565.6 million. Adjusted profit before tax increased 146% to £119.7 million.  2022 has started with a strong first quarter and the company currently has a record order book.

Dechra Pharmaceuticals (LON:DPH) – Trading in the first quarter of the financial year was strong, especially in the US. Remains too early in the year to extrapolate this performance across the full year.

Vivo Energy (LON:VVO) – Q3 gross cash profit up 4% to $195 million. Now expect to open between 130-140 net new sites in 2021, from previous guidance range of 90-110 new sites.

AJ Bell (LON:AJBA) – Total customer numbers increased by 30% in the year to 382,754. Total net inflows in the year up 52% to £6.4 billion. Total asset under administration increased by 29% at year end to £72.8 billion.

FirstGroup (LON:FGP) – Announced the sales of Greyhound Lines to FlixMobility for cash consideration of $172 million, comprising $140 million paid initially, with $32 million in unconditional deferred consideration paid in instalments over eighteen months.

Provident Financial (LON:PFG) – Expenditure levels per customer increased by approximately 20% year-on-year at the end of September. Receivables book grew by approximately 5% during the third quarter. Balance sheet position at the end of September was robust, with regulatory capital of circa £570 million and a CET1 ratio of 32.9%. Board would consider declaring an ordinary dividend pay-out of 30% of adjusted ongoing PBT in respect of FY21 if macroeconomic conditions continue on a similar trajectory.

South32 (LON:S32) – Achieved a 7% increase in manganese production. Maintained FY22 production guidance.

Just Eat Takeaway (LON:JETJ) – Management to reiterate its guidance for the full year of order growth (excluding Grubhub) above 45% YoY.

UK market update – Barclays profit almost doubles, Unilever sales top forecast

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