UK market update – Vodafone, M&S, ITV, Just Eat, Wetherspoon, Asos

imageStock Markets6 hours ago (Nov 10, 2021 07:36)

© Reuters.

By Samuel Indyk – At 07:32GMT, FTSE 100 futures are trading flat at 7257.

In FX markets, GBP/USD is trading at 1.3553, EUR/GBP is trading at 0.8534. The US Dollar Index is up 0.2%.

Today’s calendar highlights include US CPI, jobless claims, wholesale inventories, crude oil inventories, natural gas storage change.

Vodafone (LON:VOD) – To transfer its 55% stake in Vodafone Egypt to Vodacom. The transaction values Vodafone’s 55% shareholding in Vodafone Egypt at €2.722 billion on a debt free, cash free basis. Approximately 80% of the Purchase Consideration (€1.892 billion) will be settled by the issue of 242 million new ordinary Vodacom shares to Vodafone at an issue price of ZAR 135.75 per share. The remaining will be settled in cash.

Marks and Spencer (LON:MKS) – H1 food sales up 10.4%, sales ex-hospitality and franchise up 16.9%. Profit before tax and adjusting items up 52.8% to £269.4 million. Trading for the first four weeks of H2 has been consistent with growth rates reported in Q2. Central case is for profit before tax and adjusting items for the year to be ahead of expectations and in the region of £500 million.

ITV (LON:ITV) – Q3 total external revenue up 28% to £2.381 billion, up 8% compared to 2019. Total advertising revenue for 2021 is expected to be the highest in ITV’s history. Q4 TAR is expected to be up between 11% and 13% against strong comparatives in 2020.

Just Eat Takeaway (LON:JETJ) – Cat Rock Capital, which owns 14 million shares, said it has had productive dialogue with the company. Agrees with the Company’s intention to participate in US consolidation and favours timely action. Favours action that refocuses on European same day delivery opportunities.

J D Wetherspoon (LON:JDW) – Like for like sales for 15 weeks to 7th November down 8.9%. Expects improvement in trade to depend, to some extent, on the outlook for the Covid-19 virus. Have an element of caution about near-term sales, however, ‘booster’ vaccinations and better weather in the spring are likely to have a positive impact in the coming months.

ASOS (LON:ASOS) – Holding capital markets day today. Targeting £7 billion of sales, equating to 15-20% CAGR, and an EBIT margin of at least 4%, over the next three to four years.

Halfords (LON:HFD) – H1 revenue up 19.2%. Underlying profit before tax up 91.7% to £57.9 million. Positive momentum continued in H2. Upgrading FY22 full year underlying profit before tax forecast to £80-£90 million from above £75 million.

S4 Capital (LON:SFOR) – Q3 revenue up 106%, up almost 56% like-for-like. Gross Profit/Net Revenue up almost 92% and over 42% like-for-like. Company trading in line with external top-line expectations, surpassing the third guidance revision to 40% from 25% at the beginning of 2021.

AVEVA  (LON:AVV) – H1 organic constant currency basis pro forma Group revenue grew 9.0% and adjusted EBITDA grew 33.9%. Interim dividend is being increased 4.8% to 13.0 pence per share. Remain confident in the growth outlook and believe that H1 results form a strong foundation to build on and to meet medium-term targets.

EVRAZ (LON:EVRE) – Average annual capital expenditures are expected to be around $1.0 billion per annum in 2021-2026, including plans to invest around $200 million in the environmental projects in 2022-2025. 

Entain (LON:ENT) – To present new ESG initiatives at an event today, including a commitment to safer betting and gaming.

John Menzies (LON:MNZS) – Secured contract with Aeromexico which includes ground services at 15 airports across Mexico.

Network International Holdings (LON:NETW) – To sell 50% shareholding in TG Cash to Transguard Group for $74 million in cash.

Indivior (LON:INDV) – Scopia Capital Management completes placing of 20 million ordinary shares at a price of 250 pence per share, representing approximately 2.8% of issued share capital.

UK market update – Vodafone, M&S, ITV, Just Eat, Wetherspoon, Asos

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