UK market update – Wetherspoon loss widens, Capita sells unit

imageStock Markets11 hours ago (Oct 01, 2021 07:32)

© Reuters.

By Samuel Indyk – At 07:30BST, FTSE 100 Futures are trading lower by 0.9% at 7,043.

In FX markets, GBP/USD is trading at 1.3454, EUR/GBP is trading at 0.8607. The US Dollar Index is up 0.1%.

Today’s calendar highlights include Eurozone, UK and US manufacturing PMIs, Eurozone CPI, US PCE Price Index, US ISM Manufacturing, and Michigan Consumer Sentiment.

J D Wetherspoon (LON:JDW) – FY revenue down 38.8% to £772.6 million. Loss before tax widens to £154.7 million from £34.1 million previously. Like-for-like sales in first 9 weeks of new financial year were 8.7% lower than same weeks in 2019.

Ao World (LON:AO) – On a two-year like-for-like basis, group revenues grew circa 66%, with UK business growing circa 63% and like-for-like revenues in Germany up circa 84% over the same period. Challenging market dynamics in both the UK and Germany resulted in lower volumes than expected which affected operational leverage, particularly in the second quarter  Expect revenue growth in H2 to record a similar growth rate to H1 and anticipate that group Adjusted EBITDA for the full year to be between £35 million and £50 million.

Capita (LON:CPI) – To sell its Secure Solutions and Services business to NEC Software Solutions for £62 million.

Greencore (LON:GNC) – Further improvement in revenue, profitability, and cash flow momentum during Q4. Expects to generate an FY21 Adjusted Operating Profit outturn towards the upper end of previous guidance of between £36 million and £40 million.

Ocado (LON:OCDO) – Successfully priced £500 million senior notes offering, upsized from the initial anticipated £400 million due to strong demand.

Euromoney Institutional Investor (LON:ERM) – FY adjusted profit before tax is expected to be significantly ahead of analysts’ expectations before the impact of IAS 38.

Aviva (LON:AV) – Completes sale of Aviva Italia to Allianz (DE:ALVG) for £284 million.

Darktrace (LON:DARK) – KKR Dark Aggregator LP, Summit DT CLN Holdings 4 and Balderton Capital SFI have sold 25,000 ordinary shares in the company at 750 pence per share, having waived the lock-up arrangements.

Sdcl Energy Efficiency Income Trust PLC (LON:SEIT) – Has acquired remaining 35% interest in Primary Energy that it did not already own for a cash consideration of approximately £92 million.

UK market update – Wetherspoon loss widens, Capita sells unit

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