By Samuel Indyk
Investing.com – At 07:45GMT, FTSE 100 futures are trading higher by 0.2% at 7324.
UK GDP in Q3 increased 1.3% QoQ, below the expected 1.5%.
Burberry – H1 revenue up 38% in reported FX to £1.213 billion. Adjusted operating profit up to £196 million. Reinstates dividend of 11.6 pence per share. Maintaining medium-term guidance for high single-digit top line growth and meaningful margin accretion and confirm that they are comfortable with current year market expectations.
BAE Systems (LON:BAES) – Entered into a definitive agreement to acquire Bohemia Interactive Simulations, a leading developer of advanced military simulation and training software. Financial details not disclosed.
Smiths Group (LON:SMIN) – Q1 revenue from Continuing Operations was up 1% on an underlying basis. Reinforces the Group’s confidence in meeting its expectations for the full year; with underlying revenue growth returning to around pre-COVID levels of 3%. To advance share buyback with £742 million repurchase programme to begin on 19th November.
Johnson Matthey (LON:JMAT) – Robert MacLeod to retire as Chief Executive, and is to be succeeded by Liam Condon. Condon currently sits on the board at Bayer (DE:BAYGN) and is president of the Crop Science Division. Separately, the board is to pursue the sale of all or parts of the Battery Materials business with the ultimate intention of exiting. The trading outlook for the full year ending 31st March 2022, assuming current precious metal prices and foreign exchange rates, is towards the lower end of market expectations.
Auto Trader (LON:AUTOA) – H1 revenue up 82% to £215.4 million. Operating profit up 121% to £151.7 million. Reinstates interim dividend of 2.7 pence per share. Now expect modest year on year growth in retailer forecourt numbers and low double-digit ARPR growth on FY20 levels.
B&M (LON:BMEB) – FY group revenue increased 1.2% YoY to £2.268 billion. Group adjusted EBITDA of £282.2 million on a pre-IFRS16 basis versus £295.6 million in the prior year. Ordinary half year dividend increased by 16.3% to 5.0p per share.
Taylor Wimpey (LON:TW) – Achieved a sales rate of 0.91 homes per outlet per week in H2 to date (2020: 0.76; 2019: 0.93), and 0.95 homes per outlet per week for the year to date. Remain on track to deliver full year 2021 results in line with previous guidance. Continue to expect modest growth in completions in 2022.
Aviva (LON:AV) – Savings & Retirement net flows were up 21% year-to-date to £7.3 billion. Improved annuity volumes versus the first half with £2.4 billion BPAs written in Q321, bringing 9M21 volumes to £4.0 billion. Expect to write £5-6 billion of BPA volumes in total this year. Capital return of at least £4 billion underway with c.£450 million of the £750 million share buyback completed.
3I Group (LON:III) – H1 total return of £2.199 billion or 24% on opening shareholders’ funds and NAV per share of 1,153 pence, after paying second dividend of 21 pence in July. First FY2022 dividend of 19.25 pence per share to be paid in January.
TI Fluid Systems (LON:TIFS) – Omega Holdco has sold an aggregate of 40 million shares for 250 pence per share, raising gross proceeds of £100 million.
Mediclinic (LON:MDCM) – H1 group revenue up 12%. Material improvement seen in group EBITDA margin to 15.8% from 12.1%. Upward revision to FY22 revenue guidance for all three divisions; margin guidance remains unchanged.
Qinetiq (LON:QQ) – H1 revenue up 3% on an organic basis, flat after disposals in the prior year. Orders up 25% on an organic basis or up 21% after disposals. Underlying operating profit of £53.4m, after £14.5m write-down on a large complex project. On-track to deliver in line with FY22 guidance provided in October.
Tullow Oil (LON:TLW) – Exercised its right of pre-emption related to the sale of Occidental (NYSE:OXY) Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy. Post completion, it is anticipated that Tullow’s equity interests will increase to 38.9% in the Jubilee field and to 54.8% in the TEN fields. The consideration is expected to be circa $150 million.
WH Smith (LON:SMWH) – Well positioned to return to meaningful profit in 2022. FY headline loss before tax and non-underlying items of £55 million, reflecting global travel restrictions. Optimistic to achieve 2019 sales levels in the current financial year.
Vesuvius (LON:VSVS) – Steel production and demand remains strong across all our key markets, with the exception of China, which has recently experienced significant month-on-month production declines. Foundry end-markets across most regions also remain strong, with the exception of the automotive industry, where, despite robust demand, production growth has significantly underperformed expectations. Revenue growth to October was broadly in line with expectations. Expect Group trading profit (EBITA) for 2021 to be in line with current analyst expectations, albeit towards the lower end of the range.
Assura (LON:AGRP) – Announced a proposed placing, by way of accelerated bookbuild, of up to 267,554,740 new ordinary shares, representing up to approximately 10% of existing issued share capital. The Placing is expected to raise gross proceeds of approximately £190 million. Also conducting a retail offer of the up to the sterling equivalent of €8 million of new ordinary shares. Separately, Passing rent roll up 5% to £127.5 million, Profit before tax up 58% to £69.4 million. Declares current quarterly dividend of 0.74 pence per share.
Spirent Communications (LON:SPT) – For the nine months to the end of September, order intake growth was 13% with revenue growth of 7%. Expectations for the full year remain unchanged and in line with market consensus.
Syncona (LON:SYNCS) – H1 net assets of £1.153 billion, or 171.7 pence per share., a nAV total return of -11.4% driven predominantly by the decline in share prices of two listed holdings, Freeline Therapeutics and Achilles Therapeutics.
Endeavour Mining (LON:EDV) – Q3-2021 production of 382koz at an AISC of $904/oz. Group is well positioned to beat FY-2021 production guidance of 1,365-1,495koz at AISC within $850-900/oz guidance. Well positioned to deliver more than the minimum committed dividend of $125 million for the full year.
OSB Group (LON:OSBO) – Organic originations were up 46% to £1.1 billion in the three months to 30 September 2021. Remains on track to deliver circa 10% underlying net loan book growth and underlying NIM of c.270 basis points in 2021.
Ted Baker (LON:TED) – Group revenue up 17.6% in 28 weeks to August 14th to £199.3 million. Reported Losses Before Tax reduced by £61.1 million to a loss of £25.3 million. The Group is not providing guidance for the current financial year, but the Board is comfortable with market consensus.