UK pre-market update – BP, Flutter, Standard Chartered, THG, Hiscox, TP ICAP

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imageStock Markets19 hours ago (Nov 02, 2021 07:38)

© Reuters.

By Samuel Indyk

Investing.com – At 07:36BST, FTSE 100 futures are trading lower by 0.2% at 7261.

In FX markets, GBP/USD is trading at 1.3662, EUR/GBP is trading at 0.8495. The US Dollar Index is flat.

Today’s calendar highlights include Eurozone Manufacturing PMI and Canadian Building Permits.

BP (LON:BP) – Q3 underlying replacement cost profit was $3.32 billion, up from $86 million a year earlier. Plans further $1.25 billion share repurchase programme.

Flutter Entertainment (LON:FLTRF) – Q3 total revenue up 9% YoY to £1.439 billion. Group online revenue up 13%, UK & Ireland down 5%, US up 85%. Average monthly players increased 13% to 7.257 million. For ex-US, Unfavourable sports results in first 24 days of October impacted EBITDA by around £60 million. Adjusted EBITDA expectations for 2021 now expected to be £1.24-£1.28 billion (previous guidance: £1.27-£1.37 billion). In US, adjusted EBITDA loss expected to be between £250-£275 million (previous loss guidance: £225-£275 million).

BHP Group (LON:BHPB) – Plans to exit thermal coal business reportedly in doubt as the rally in coal prices has made the asset more valuable and the it is no longer under as much pressure to sell the unit.  

Standard Chartered (LON:STAN) – Q3 income 7% higher at $3.8 billion, up 5% at constant currency and excluding normalisation adjustments. Net interest margin (NIM) of 1.23%, up 1 basis point on Q2. Underlying profit before tax up 44% to $1.1 billion. Continue to expect FY21 income to be similar to that achieved in FY20 on a constant currency basis.

Hiscox (LON:HSX) – 9-month gross written premium up 6.1% to $3.463 billion. Retail combined ratio is progressing in line with expectations. $110 million net reserved for Hurricane Ida based on an insured market loss of $35 billion and $40 million net for European floods based on an insured market loss of $9 billion.

THG (LON:THG) – Funds managed by Blackrock (NYSE:BLK) are to sell about 55 million THG shares.

Capita (LON:CPI) – To sell its speciality insurance businesses to Marco Capital Holdings (UK) Limited for an undisclosed sum.

IWG (LON:IWG) – Q3 total Group system-wide revenue up 0.3% on constant currency basis to £620.7 million. Open centre revenue increased by 5.2% to £544.6 million. Occupancy and pricing run-rate achieved in Q3 and in September in particular, underpin confidence in delivering results for 2021 in line with management’s expectations.

TP ICAP (LON:NXGN) – Q3 global broking revenue increased 2% to £252 million. Energy and commodities revenue increased by 16%. Group total revenue increased 15% to £447 million. Now expect Liquidnet post-acquisition revenue for 2021 to be at the lower end of our previously guided range of £160-£180 million due to lower equity market volumes globally during October.

Wizz Air (LON:WIZZ) – Carried 2,977,000 passengers at a load factor of 79.5% in October.

Chemring (LON:CHG) – US based subsidiary, Chemring Sensors & Electronic Systems (“CSES”) has been awarded a Full Rate Production contract for the Enhanced Maritime Biological Detection Program of Record, valued up to $99 million. Chemring Australia has also received a contract modification valued at $20 million. Outturn for the year ending 31 October 2021 is expected to be in line with the Board’s expectations, with adjusted operating profit expected to be in line with the consensus of current analyst expectations.

Greencoat UK Wind (LON:UKWG) – Greencoat UK Wind to acquire a net 15.7% stake in the Burbo Bank Extension wind farm for a total cash consideration (including cash and working capital) of £250 million. The Company is also today announcing an equity raise through a placing, open offer, intermediaries offer and offer for subscription.

James Fisher and Sons (LON:FSJ) – Announced the sale of James Fisher Testing Services from its Marine Support division for £5.7 million to Phenna Group.

UK pre-market update – BP, Flutter, Standard Chartered, THG, Hiscox, TP ICAP

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