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UK market update – Reckitt boosts forecast, Petrofac to undertake equity placing

Published 26/10/2021, 07:39
Updated 26/10/2021, 07:41
© Reuters

By Samuel Indyk – At 07:31BST, FTSE 100 Futures are trading higher by 0.2% at 7217.

In FX markets, GBP/USD is trading at 1.3769, EUR/GBP is trading at 0.8427. The US Dollar Index is up 0.1%.

Today’s calendar highlights include UK CBI Distributive Trades Survey, US Consumer Confidence, New Home Sales, Richmond Fed Manufacturing Index, and the weekly oil inventory data from the API.  


Reckitt Benckiser (LON:RKT) - Q3 group like-for-like net revenue up 3.3%, reported revenue down 6.8% offset by negative net M&A impact of 5.0%, primarily related to IFCN China and adverse FX of 5.1%. Now expect like-for-like net revenue growth for FY 2021 in the range of 1-3%. Margin guidance is unchanged.

Whitbread (LON:WTB) - Premier Inn’s recovery in H1 was ahead of expectations. Premier Inn total accommodation sales 12.3 percentage points ahead of the midscale and economy market in H1, and 13.9 percentage points ahead in Q2. H1 FY22 statutory revenues were 39.0% down compared to H1 FY20 as a result of the COVID-19 restrictions that were in place. UK like-for-like RevPAR run rate has the potential to reach full recovery at some point in 2022.

THG (LON:THG) - Q3 group revenue up 38% YoY at constant currency to £507.8 million. Available cash as at 30 September 2021 of circa £700 million. FY 2021 Group revenue guidance is growth of between +38% to +41% on a constant currency basis. Margin guidance remains unchanged at stable adjusted EBITDA margins on a constant FX basis. Revenue for Ingenuity Commerce is expected to be in the range of £108-£112 million in FY 2022.

Polymetal (LON:POLYP) - Q3 gold equivalent production decreased by 8% YoY to 437koz. Revenue for the quarter declined by 7% YoY to $819 million driven by lower gold and silver prices. On track to meet its full-year 2021 production guidance of 1,500 gold equivalent koz.

Bunzl (LON:BNZL) - Q3 group revenue was 7.8% higher YoY at actual exchange rates and 13% at constant exchange rates. Now expects slight underlying revenue growth in 2021 compared to 2020 at constant exchange rates. Margin expectations for the year are unchanged, with adjusted operating margin expected to be only slightly ahead of historical levels.

Softcat (LON:SCTS) - FY revenue up 7.4% to £1.157 billion. Operating profit up 27.4% to £119.4 million. Declared final dividend of 14.4p, up 28.6% and a special dividend of 20.5p. Said the new financial year has started well and confident in of the future of the industry.

Petrofac (LON:PFC) - Confirmed reports it is to raise $275 million by proposed issuance of equity, at an issuance price of 115 pence per share, representing a 27.2% discount to yesterday's closing price. Separately, the company said trading and new awards were in line with expectations in H1. 

Essentra (LON:ESNT) - Board reviewing the full range of strategic options for its Filters business. The company has concluded that to maximise shareholder value it needs to become a pure play Components business over time. Q3 revenue increased 5.1% on a like-for-like basis. Expecting to deliver FY21 adjusted operating profit in the range of analysts' forecasts.

Hochschild Mining (LON:HOCM) - Q3 was strongest quarter year to date with gold production of 58,252 oz, silver production of 3 million oz. On track to deliver 2021 overall production target of 360,000-372,000 gold equivalent ounces (31.0-32.0 million silver equivalent ounces)

Heathrow Airport - In Q3, Heathrow experienced its first full quarter of passenger growth since 2019. Passenger numbers in Q3 recovered to 28%, and cargo to 90% of pre-pandemic levels. Traffic is not expected to fully recover until at least 2026.


Travel & Leisure - US President Biden to lift travel restriction from 8th November.

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