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UK pre-market update – Shell, SSE, GSK, Tullow Oil, CMC, Glencore, British Land

Stock Markets Nov 17, 2021 07:49
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By Samuel Indyk – At 07:48GMT, FTSE 100 futures are trading lower by 0.3% at 7295.

In FX markets, GBP/USD is trading at 1.3454, EUR/GBP is trading at 0.8406. The US Dollar Index is flat.

Today’s calendar highlights include Eurozone CPI, US Building Permits, Housing Starts, oil inventories, Canadian CPI.


UK CPI increased 4.2% YoY in October, above the expected 3.9%. Core CPI increased 3.4%. Inflation rose to its highest rate in nearly 10 years, driven by increased household energy bills, a rise in the cost of second cars and fuel as well as higher prices in restaurants and hotels.


Royal Dutch Shell (LON:RDSa) – The Dutch government has abandoned plans to persuade the company to keep its headquarters in the Netherlands.

SSE (LON:SSE) – H1 adjusted operating profit up 15% to £376.8 million. H1 adjusted EPS up 44% to 10.5p, slightly above guided range of 7.5p-10.0p. SSE currently expects to report full year adjusted EPS at a level which is at least in line with consensus of analysts' forecasts of 83p. Also announces Net Zero Acceleration Programme which includes fully funded £12.5 billion investment plan to 2026.

Informa PLC (LON:INF) – Group guidance confirmed at revenue of £1.8 billion± and adjusted Operating Profit of £375 million±.

British Land (LON:BLND) – H1 portfolio value up 2.9% with Campuses up 3.0% and Retail & Fulfilment up 2.7%. Rent collection 96% for the half, close to pre-pandemic levels in retail, with offices fully collected. Declared H1 dividend of 10.32 pence per share.

Sage Group (LON:SGE) – FY organic total revenue up 3% to £1.778 billion, organic recurring revenue up 5% to £1.637 billion. Organic operating profit down 10% to £343 million. FY22 organic recurring revenue growth expected to be in the region of 8% to 9%.

Experian PLC (LON:EXPN) – H1 revenue up 21% at constant rates to $3.061 billion. Benchmark EBIT up 25% to $806 million. First interim dividend up 10% to $0.16 per ordinary share. Now expect organic revenue growth in the range of 11-13%, total revenue growth of 15-17% and strong EBIT margin accretion, all at constant exchange rates.

Glencore (LON:GLEN) – Evolution Mining to acquire Ernest Henry Mining from Glencore for AUD 1 billion.

Spirax-Sarco Engineering (LON:SPX) - Order books in all three businesses expanded in the four months to the end of October above expectations at the time of the Half Year Results. Currency effects had an adverse impact on sales and operating profit. Maintaining overall guidance despite the supply chain challenges in H2 and expect record levels of revenue, profit and operating margin for the full year 2021.

Tullow Oil (LON:TLW) - Group working interest production averaged 59,400 boepd to end October 2021, in line with expectations. Full year production guidance remains unchanged with a range of 58,000-61,000 boepd. Full year Group capital expenditure is expected to be c.$265 million (previously c.$260 million), adjusted to take account of revised Kenya expenditure. Full year free cash flow is forecast to be c.$100 million.

CMC Markets (LON:CMCX) – H1 net operating income down 45% YoY to £126.7 million. Leveraged net trading revenue down 50%. Profit before tax down 74% to £36.0 million. Declared interim dividend of 3.5 pence per share.

GlaxoSmithKline (LON:GSK) - Nucala (mepolizumab) approved by European Commission in three additional eosinophil-driven diseases.    

Diversified Energy Company (LON:DEC) – To appoint an independent expert to verify its 2021 and future years' reported greenhouse gas emissions (GHG). Continuing to evaluate the possibility of a US dual-listing to complement its current listing on the London Stock Exchange.

Tyman (LON:TYMN) – Group like for like revenue in ten months to 31st October up 19% YoY. Up 8% on 2019 levels.

Workspace Group (LON:WKP) – H1 trading profit after interest up 42.5% to £21.8 million. Property valuation of £2.271 million, a small underlying decrease of 0.7% (£15m) from 31 March 2021. Interim dividend reinstated at 7.00p per share. Separately, the company announce the acquisition of The Busworks for £45 million.

Grainger (LON:GRI) - Acquired two sites for direct development build-to-rent opportunities, totalling a potential circa 480 new PRS homes.

Safestore Holdings (LON:SAFE) – Q4 revenue up 19.4% to £51.1 million. Like-for-like closing occupancy of 85.1% (up 5.0ppts on Q4 2020). Full year earnings anticipated to be slightly ahead of previous guidance of 39.5p to 40p of Adjusted Diluted EPRA EPS.

Worldwide Healthcare Trust (LON:WWH) – H1 NAV per share up 0.4%, significantly underperforming the benchmark of 13.0%. Declared an increased interim dividend of 7.0p per share, for the year to 31 March 2022.

McColls Retail Group (LON:MCLSM) – Supply chain disruption has meant significantly lower revenues than initially anticipated. FY21 adjusted EBITDA pre IFRS 16 is now expected to be in the range of £20-£22 million.

Wincanton (LON:WIN) – Won a five-year contract from Primark for the provision of transport services to all its UK stores.

Speedy Hire (LON:SDY) – H1 underlying revenue excluding disposals up 28.2% to £186.6 million. EBITDA up 29.9% to £49.1 million. FY2022 results expected to be ahead of current market expectations. Return to interim dividend payments with proposed dividend of 0.75 pence per share.

UK pre-market update – Shell, SSE, GSK, Tullow Oil, CMC, Glencore, British Land

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