UK update – ASOS CEO steps down, AstraZeneca Covid trial meets primary endpoint

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imageStock Markets11 hours ago (Oct 11, 2021 07:33)

© Reuters.

By Samuel Indyk

Investing.com – At 07:30BST, FTSE 100 Futures are trading lower by 0.3% at 7,049.

In FX markets, GBP/USD is trading at 1.3657, EUR/GBP is trading at 0.8479. The US Dollar Index is flat.

Today’s calendar highlights include speeches from ECB’s Lane and Elderson, and Fed’s Evans.  

Stocks

ASOS (LON:ASOS) – Nick Beighton is to step down as CEO. Mat Dunn, CFO, will take on the additional role of Chief Operating Officer and lead the business on a day-to-day basis, with Katy Mecklenburgh, currently Director of Group Finance, to support as Interim CFO. A search for a new CEO is underway. Separately, FY group revenue up 22% to £3.91 billion. Adjusted EBITDA up 23% to £343.7 million. Gross margin down by 200bps to 45.4%, driven by elevated freight & Brexit-related duty costs, product mix, FX headwinds and increased customer investment. FY22 sales growth expected to be in the range of 10% and 15%.

AstraZeneca (LON:AZN) – TACKLE Phase III COVID-19 treatment trial showed AstraZeneca’s AZD7442 achieved a statistically significant reduction in severe COVID-19 or death compared to placebo in non-hospitalised patients with mild-to-moderate symptomatic COVID-19.

Ferrexpo (LON:FXPO) – Undertaking a commitment to achieve net zero carbon emissions from its operations by the year 2050. Undertaking an initial commitment to achieve a minimum of a 30% reduction in combined Scope 1 and 2 emissions by 2030.

BP (LON:BP) – Energy company Pure Planet, of which BP owns a 24% stake, has commenced discussions with OFGEM about entering the Supplier of Last Resort process as it nears collapse.

XP Power (LON:XPP) – Q3 orders up 87% in constant currency to £97.2 million. Revenue down 5% to £61.6 million as the exceptional COVID-19 related Healthcare revenue in the prior year was not repeated. Expectations for the full year remain in line with current market expectations.

LXi REIT (LON:LXIL) – Knight Frank LLP has valued the Group’s property portfolio, as at 30 September 2021, at £1.22 billion, representing a 4.9% like-for-like increase over the six-month period since 31st March. Collected 100% of the rent due for Q4 2021. Targeting an annual dividend of 6.0 pence per ordinary share for the 12-months commencing 1 April 2021.

Senior PLC (LON:SNR) – Trading in the nine-month period ended September 2021 has been in line with management expectations. For the Period, Group revenue of £496 million was 7% lower, on a constant currency basis, than the equivalent period in the prior year. Outlook for the Group for 2021 remains in line with management’s previous expectations.

Heathrow Airport – Passenger numbers remained at just under 40% of pre-pandemic levels in September.

Hargreaves Lansdown (LON:HRGV) – Upgraded to equal weight from underweight by Morgan Stanley (NYSE:MS).

IPO

Pantheon Infrastructure – Announces its intention to launch an initial public offering, seeking to raise £300 million via a placing, an offer for subscription and an intermediaries offer of Ordinary Shares at an issue price of 100 pence per Ordinary Share.

UK update – ASOS CEO steps down, AstraZeneca Covid trial meets primary endpoint

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