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Premarket London: BP Swings to 3Q Loss on Impairment Charges

Published 29/10/2019, 07:16
© Reuters.

Investing.com -- Here's a rundown of the highlights from regulatory news releases at the London Stock Exchange on Tuesday, 29th October. Please refresh for updates.

  • BP PLC (LON:BP) swung to a net loss of $749 million as a result of a $2.6 billion impairment charge in respect of assets it sold during the quarter. The charge was in line with prior guidance of between $2 and $3 billion.

    • Underlying replacement cost profit, BP’s preferred measure of the health of its business, fell to $2.3 billion from $3.8 billion a year earlier due to lower oil prices, hurricane impacts and maintenance costs.

    The company said it’s still on track to sell $10 billion of non-core assets this year. It said it would suspend scrip dividend payments, while buybacks would return the share count to its 2017 level by the end of the year. The quarterly dividend was 10.25c. Net debt remained unchanged.

  • Ashtead (LON:AHT) said it had placed $1.2 billion worth of senior secured debt, split equally between two tranches of nine- and 10-year notes.

  • The coupons are 4% for the 2028 tranche and 4.25% for the 2029 tranche

  • The proceeds will be used to redeem the company's 2024 notes and other debt.

  • The notes extend Ashtead's average debt maturity beyond 6 years.

  • "This enhances the flexibility of our debt package and further strengthens our balance sheet," said chief executive Brendan Horgan.

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  • CFD broker Plus500 (LON:PLUSP), said third-quarter revenue grew 10% to $110.6 million in the third quarter, reflecting a 9% jump in active customers and a 2% increase in average revenue per user.

  • Earnings before interest, taxes, depreciation and amortization rose 39% on the year to $70.1 million.

  • It said trading remains in line with expectations for the full year, after a volatile quarter for banks that afforded customers plenty of trading opportunities.

  • Infrastructure group John Laing (LON:JLG) said it had completed the acquisition of a 30% interest in the Ruta del Cacao road project in Colombia for 62 million pounds ($80 million).

  • It has also bought a 35% stake in Hurontario Light Rail Transit ('LRT') PPP project in Canada for 13 million pounds

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