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UK Pre-Market News – Shell, Lloyds, WPP, Evraz, Meggitt, Travis Perkins, Inchcape

Stock Markets7 hours ago (Oct 28, 2021 07:45)

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By Samuel Indyk – At 07:40BST, FTSE 100 futures are trading lower by 0.05% at 7225.

In FX markets, GBP/USD is trading at 1.3743, EUR/GBP is trading at 0.8445. The US Dollar Index is up 0.05%.

Today’s calendar highlights include German unemployment, Eurozone Consumer Confidence, ECB rate decision, German CPI, US GDP, weekly jobless claims, and Pending Home Sales.


Royal Dutch Shell (LON:RDSa) – Q3 revenue $61.3 billion. Net income of $4.1 billion. Declared dividend of $0.24 per share. To distribute $7 billion to shareholders from next year after deal to sell US Permian assets to ConocoPhillips (NYSE:COP) closes. Separately, activist investor Third Point has built a “large stake” in Shell and urged the company to split into multiple standalone companies.

Lloyds (LON:LLOY) – 9-month statutory profit before tax of £5.9 billion, up significantly compared to the first nine months of 2020. Net income up 8% to £11.6 billion. Net interest margin now expected to be modestly above 250 basis points. Impairment now expected to be a net credit for the year.

EVRAZ (LON:EVRE) – Q3 consolidated crude steel output edged up by 1.0% QoQ. Total sales of steel products decreased by 8.2% QoQ, primarily due to slowdown of Russian construction products market. External sales of iron ore products decreased by 10.1% QoQ.

WPP (LON:WPP) – Q3 like for like revenue less pass through costs up 15.7%. Raised full year guidance for like for like revenue growth to 11.5%-12.0%. Sees full year headline operating margin slightly above 14%.

Synthomer (LON:SYNTS) – To acquire the Adhesive Resins business from Eastman Chemical Company (NYSE:EMN) for $1 billion in cash. To conduct equity placing to help finance deal and raise approximately £200 million.

Meggitt (LON:MGGT) – Year to date book to bill of 1.03x in Civil Aftermarket and 1.19x in Energy. Q3 group revenue up 5%. FY revenue now expected to be 5% lower than 2020 on an organic basis. Underlying operating profit expected to be in range of £170-£190 million.

DS Smith (LON:SMDS) – Overall financial performance remains in line with expectations. Input costs including energy, OCC and logistics have seen significant increases throughout the half year which the company continues to actively manage.

Travis Perkins (LON:TPK) – Q3 like for like sales growth of 13.1%. Now expects adjusted operating profit for the full year 2021 will be ahead of current market expectations and will be at least £340 million (inclusive of around £40 million of property profits).

Inchcape (LON:INCH) – Q3 revenue up 10% YoY to £1.9 billion on an organic basis. 2021 profit before tax outlook upgraded to at least £290 million driven by strong margin performance.

Restaurant Group (LON:RTN) – Appointed Ken Hanna as new Chairman, with effect from 1st January 2022.

Helios Towers (LON:HTWS) – YTD 2021 revenue increased by 6% YoY to $326.8 million. Adjusted EBITDA increased by 5% YoY to $175 million. Tenancy guidance for the established five markets remains unchanged.

Diversified Energy Company (LON:DEC) – Record average net daily production of 128 Mboepd. Q3 hedged adjusted EBITDA of $92 million. Increase quarterly dividend to 4.25 cents per share.

Elementis (LON:ELM) – Q3 revenue up 16% on an underlying basis, driven by higher volumes and pricing actions. 2021 outlook unchanged.

Airtel Africa (LON:AAF) – H1 reported revenue up 25.2% to $2.272 billion. Underlying EBITDA grew by 35.2% to $1.098 billion in reported currency and underlying EBITDA margin improved to 48.3%. Declared an interim dividend of 2 cents per share.

HarbourVest Global Private Equity (LON:HVPEa) – NAV per share growth of 22.6% over the first half.

Bytes Technology Ltd (LON:BYIT) – H1 revenue up 13.7% to £251.4 million. Operating profit up 19% to £23.2 million. Declared interim dividend of 2.0 pence per share.

C&C Group (LON:GCC) – H1 net revenue increased 65% to €657.3 million. Assuming current trading conditions prevail, expect to deliver FY2022 Operating Profit in the range of €50-€55 million.

Virgin Wines (LON:VINO) – FY group revenue increased 30% to £73.6 million. Profit before tax and exceptional items increased 86% £5.2 million. The Group continues to trade in line with management expectations for FY22.

Foxtons (LON:FOXT) – 9-month group revenue up 50% to £103.6 million. Rents back to 2019 levels and under offer sales pipeline is significantly ahead of 2019 levels.

UK Pre-Market News – Shell, Lloyds, WPP, Evraz, Meggitt, Travis Perkins, Inchcape

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