UK market update – Tesco raises guidance, Tui raises capital

imageStock Markets4 hours ago (Oct 06, 2021 07:32)

© Reuters.

By Samuel Indyk – At 07:30BST, FTSE 100 Futures are trading lower by 0.8% at 6998.

In FX markets, GBP/USD is trading at 1.3601, EUR/GBP is trading at 0.8512. The US Dollar Index is up 0.2%.

Today’s calendar highlights include UK construction PMI, Eurozone retail sales, US ADP employment change, and weekly crude inventory data.

Tesco (LON:TSCO) – H1 group sales ex VAT and fuel up 2.6% to £27.331 billion. Adjusted operating profit up 40.6% to £1.458 billion. Interim dividend of 3.20p, in line with prior year. Announced £500 million share buyback. Increased full year profit expectations: adjusted retail operating profit now expected to be between £2.5 billion and £2.6 billion.

Tui (LON:TUIT) – Launched a €1.1 billion capital increase to strengthen balance sheet.  Overall Summer 21 programme totals 5.2 million bookings, an increase of circa 1.1 million since Q3 update. UK Winter 21/22 bookings trending strongly since UK Government travel update on 17 September.

Imperial Brands (LON:IMB) – Delivering in line with guidance and on track to meet full year expectations. Market trials underway with heated tobacco in Czech Republic and Greece, and blu in the US.

Ferrexpo (LON:FXPO) – Q3 total iron ore pellet production increases 2% year on year to 2.6 million tonnes. Production volumes 9% lower on a quarter on quarter basis as a result of pelletiser upgrade work completed during the quarter, and planned pelletiser maintenance in September 2021.

Topps Tiles (LON:TPT) – Group revenues in the 53-week period were approximately £227.5 million, or £222.5 million on a comparable 52-week basis (FY20: £192.8 million). Adjusted profit before tax is now expected to be slightly above consensus forecasts for the financial year. Expects to reinstate dividend payments at the end of the year.

Lookers (LON:LOOK) – Q3 trading remained above the Board’s expectations driven by new vehicle market outperformance, excellent new and used vehicle margins and continued tight cost and working capital control. Board now expects underlying profit before tax for 2021 to be materially ahead of its previous expectations.

IP Group (LON:IPO) – Alan Aubrey, Chief Executive Officer, and Mike Townend, Chief Investment Officer, are retiring and stepping down from the IP Group Board from today. Greg Smith, Chief Financial Officer, will succeed Alan as Chief Executive Officer and David Baynes, the Group’s Chief Operating Officer, will take on executive responsibility for finance and becomes Chief Financial and Operating Officer.

Pagegroup (LON:PAGE) – Group gross profit up 65.4% to £228.1 million. Interim and special dividends of £100.2 million to be paid on 13 October 2021. Full year operating profit expected to be in the region of £155 million.

Ascential (LON:ASCL) – Sets a medium term financial goal for the Digital Commerce business unit: seeking to more than double its current run rate revenues by 2024, on an organic basis, while maintaining an adjusted EBITDA margin in excess of 20%.

Sirius Real Estate (LON:SRET) – 2.5% increase in like-for-like annualised rent roll to €98.9 million. Trading in line with consensus and management expectations for the full year.

Blue Prism (LON:PRSMB) – Responds to letter from Coast Capital. Says Vista offer reflects an attractive premium and value and sale process was extensive and thorough. 

Galliford Try (LON:GFRD) – Announced that its Building business has been appointed to the new £1.6 billion LHC Public Buildings, Construction, and Infrastructure PB3 framework.

Rolls-Royce (LON:RR) – Upgraded to market perform from underperform by Bernstein.

Rio Tinto (LON:RIO) – Upgraded to outperform from neutral by Exane BNP.

UK market update – Tesco raises guidance, Tui raises capital

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