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UK pre-market stocks update – United Utilities, Just Eat, Deliveroo, Intertek

Stock Markets51 minutes ago (Nov 24, 2021 07:42)

© Reuters.

By Samuel Indyk

Investing.com – At GMT, FTSE 100 futures are trading lower by 0.2% at 7253.

In FX markets, GBP/USD is trading at 1.3380, EUR/GBP is trading at 0.8403. The US Dollar Index is flat.

Today’s calendar highlights include German Ifo, US Jobless Claims, Durable Goods, GDP, PCE Prices, Michigan Consumer Sentiment, New Home Sales, crude oil inventories.

Stocks

United Utilities (LON:UU) – H1 underlying operating profit up 4% to £333 million on revenue of £932.3 million. Declared interim dividend of 14.50 pence per share.Prices locked-in on 80% of AMP7 capital programme. 2021/22 revenue expected to be around 2% higher than 2020/21. Underlying operating costs are expected to be higher year-on-year reflecting inflationary increases net of efficiencies coming through core costs.

Johnson Matthey (LON:JMAT) – H1 underlying sales up 21% to £1.9 billion. Underlying operating profit up 102% to £293 million. Boosted interim dividend by 10% to 22.0 pence per share. To commence £200 million share buyback in the new year. Battery Materials assets impaired by £314 million following announcement of intention to sell. Guidance is unchanged from trading update on 11th November. Also announced sale of Advanced Glass Technologies to Fenzi Holdings for £178 million.

Intertek (LON:ITRK) – Revenue up 6.7% in July-October period, accelerated to 8.5% in September-October. On track to deliver robust like-for-like revenue growth at constant currency, year on year margin progression and a strong free cash flow performance.

ContourGlobal (LON:GLO) – Completed the acquisition of Green Hunter Group, a portfolio of Italian solar assets totalling 18 MW for €45.6 million.

Britvic (LON:BVIC) – FY revenue up 6.6% to £1.405 billion. Adjusted EBIT up 10% to £176.5 million. FY dividend up 12%. Confident in making further progress with revenue, profit and margin growth in 2022 despite inflationary cost pressures.

Genus (LON:GNS) – Trading in the period from 1st July to 23rd November in both Genus’s bovine and porcine businesses made continued progress and the Group met profit expectations except in PIC China. PIC’s volumes were lower than the prior year due to the downturn in China. Currently anticipates that the Group’s profit before tax is likely to be moderately lower than its previous expectation for the financial year 2022.

Brewin Dolphin (LON:BRW) – Discretionary net flows up 4.6% on an annualised basis to £1.9 billion. Total funds increased by 19.5% over the last 12 months to £56.9 billion. Income up 12% to £405.9 million.  FY 2022 commission income expected to be similar to annualised Q4 2021.

De La Rue (LON:DLAR) – H1 adjusted revenue up 0.9% to £179.2 million. Adjusted operating profit up 13.7% to £17.4 million. FY 2021/22 trading to date has been positive and the outlook continues to be in line with the Board’s expectations.

Kingfisher (LON:KGF) – Instructed BNP Paribas (PA:BNPP) to purchase up to £75 million of shares for cancellation as second tranche of £300 million share repurchase programme.

HICL Infrastructure (LON:HICL) – NAV per share increased 3.1p in H1 to 155.4p. Annualised total shareholder return of 9.8%. On track to deliver a fully cash covered dividend of 8.25p per share for the year to March 2022.

LXi REIT (LON:LXIL) – H1 total NAV return of 9.0%. Increased dividend by 13.2% to 3.00 pence per share.

Sequoia Economic Infrastructure (LON:SEQI) – Total share price return of 5.7% in the period to end September. Total net assets unchanged at £1.8 billion. Dividend unchanged at 3.125 pence per share.

Personal Assets Trust (LON:PNL) – H1 NAV rose by 5.3% to £489.77. 

Mulberry (LON:MUL) – H1 group revenue up 34% to £65.7 million. Profit before tax of £10.2 million. Retail revenue in the 8 weeks to 20 November 2021 increased 35% compared to the same period last year.

Deliveroo – Upgraded to overweight from neutral by JPM.

Just Eat Takeaway – Upgraded to overweight from neutral by JPM.

Sectors

Travel & Leisure – European Commission is preparing new COVID travel recommendations for the entire EU, which could be unveiled as early as tomorrow. (Politico)

Bookmakers – A group of MPs and peers have sent a letter requesting the government take “bold” reforms to curb betting, including limiting maximum online bets to £2 and £100 spend a month. (Telegraph)

UK pre-market stocks update – United Utilities, Just Eat, Deliveroo, Intertek

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