UK pre-market stocks update – AstraZeneca, LandSec, Avon Protection, Redrow, AVEVA

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imageStock Markets9 hours ago (Nov 12, 2021 07:26)

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By Samuel Indyk – At 07:21GMT, FTSE 100 futures are trading lower by 0.2% at 7362.

In FX markets, GBP/USD is trading at 1.3380, EUR/GBP is trading at 0.8554. The US Dollar Index is flat.

Today’s calendar highlights include Eurozone Industrial Production, US JOLTs, Michigan Consumer Sentiment.

AstraZeneca (LON:AZN) – Q3 total revenue increased 50% to $9.866 billion. Excluding the pandemic COVID-19 vaccine, total revenue increased 34% to $8.816 billion. Q3 core EPS up 14% to $1.08. Earnings guidance for the full year is unchanged. Total revenue excluding the COVID-19 vaccine is expected to grow by a low-twenties percentage in FY21. Including vaccine revenues in Q4 2021, revenue is expected to grow by a mid-to-high twenties percentage.

Land Securities (LON:LAND) – Sold 6-9 Harbour Exchange, London to Blackstone (NYSE:BX) European Property Income Fund for £196.5 million. The sale price reflects a net initial yield of 3.99%.

John Wood Group (LON:WG) – Initiated a strategic review of the part of its Consulting business facing the built environment end market. The scope of the review will consider a range of options to best unlock value from this part of the business for shareholders. Separately, the company said it expects to deliver improved revenue and earnings in the second half of 2021 relative to H1 2021. Full year revenue is expected to be approximately $6.4bn. Adjusted EBITDA margin is expected to be 8.5% to 8.7%.

Diversified Energy Company (LON:DEC) – Entered into a Purchase and Sale Agreement with Oaktree Capital Management to divest their working interest in certain predominantly undeveloped Haynesville acreage in Texas for estimated total cash consideration at closing of approximately $72.8 million.

Avon Protection (LON:AVON) – Vital Torso Protection ESAPI plates have encountered a failure in First Article Testing which will significantly delay the likely approval timetable for this product. Also experienced further delays in obtaining final product approvals for the Defense Logistics Agency ESAPI body armor plates, with approvals for this product now expected in Q2 of the financial year ending 30 September 2022. In light of these challenges, the Board has initiated a strategic review of the body armor business. Underlying trading results for FY21 are expected to be in line with the guidance set out in the post close trading update of 13 October 2021, however, results are delayed to allow for a review of the carrying value of the assets related to the body armor business and the additional audit work arising from this post balance sheet event.

Galliford Try (LON:GFRD) – Encouraged by the continuing pipeline of new opportunities and the government’s planned investment in infrastructure and the economic recovery. Confident of meeting its objectives for the current financial year and plans to deliver strong performance and long-term sustainable value for all stakeholders.

Redrow (LON:RDW) – Value of net private reservations in the 19 weeks to 5 November 2021 was 2% above the prior year at £672 million. Continue to expect the average outlets for the full financial year will be 112, in line with guidance given in September.

IG Group (LON:IGG) – Successfully completed long-term debt refinancing exercise, which will give IG additional, significant levels of liquidity.

AVEVA (LON:AVV) – Downgraded to hold from buy at Jefferies.

UK pre-market stocks update – AstraZeneca, LandSec, Avon Protection, Redrow, AVEVA

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