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Dixons Carphone reintroduced its dividend after a 34 percent increase in annual earnings, with the electronics retailer benefiting from booming online demand.
For the year ended May 1, Dixons reported adjusted profit before tax of £ 156 million on sales of £ 10.3 billion. Online sales more than doubled year over year to £ 4.7 billion. Management proposed a dividend of 3p for the full year.
For the current year, Dixons said trade has remained strong in all markets and international sales are positive. Its goal is to have accumulated free cash flow of over £ 1 billion by 2024.
Individual said an outperformance in the first half meant sales and profits would be well above expectations in 2021. The opioid addiction treatment maker targeted net sales between $ 705 million and $ 740 million as the momentum of its Sublocade injectable product helps grow the steady sales of its best-selling Suboxone Film.
Annual results of Stagecoach exceeded expectations as the bus operator posted an underlying operating profit of 56.6 percent year over year to £ 44.3m versus consensus forecasts of around £ 30m. One-off events, including the dissolution of rail concessions and fuel hedge accounting, resulted in total pre-tax profit being £ 24.7 million rather than the small loss analysts expected. Stagecoach said vehicles’ mileage has been restored to 94 percent of pre-Covid levels and is confident about the long-term outlook despite short-term uncertainties.
Hurricane energySteven McTiernan’s chairman and four non-executive directors have resigned from the Shetlands Oil Explorer’s board of directors with immediate effect. Their exits follow a Judgment of the Hight Court on Monday that opposed Hurricane’s controversial financial restructuring that would have virtually wiped out its shareholders. The company also announced that activist fund Crystal Amber, the largest shareholder in Hurricane, had withdrawn its motion to hold a shareholders’ meeting.
Rio Tinto declared force majeure in customer contracts in its titanium mine Richards Bay Minerals in South Africa “due to an escalation of the security situation in the operations”. All mining and smelting operations at RBM have been suspended until security improves, Rio said.
Outsourcer Serco pointed out that the second half of the year required heavy investments in “our system platform, cyber resilience and business development”. The trading report for the first half of the year left the profit forecast unchanged.
Retailers Topps tiles reported robust trading in the past quarter. On a two-year basis, like-for-like retail sales grew 12.9 percent for the full quarter and 18.5 percent in the eleven weeks since stores fully reopened in April, it said. While percentage gross margins for the period were slightly below previous projections, the successful launch of an outdoor range meant gross profits were strong, Topps said.
Warehouse developer Urban logistics Reit Raises £ 108m through an accelerated bookbuild share placement to develop “a significant pipeline of attractive investment opportunities”. The new shares are priced at 155 pence each, a 5.2 percent discount from Tuesday’s close of trading.
M&C Saatchi said trading for the first five months of 2021 exceeded expectations, with half-year pre-tax profit expected to exceed £ 10million. For 2020, the advertising agency reported a pre-tax profit of £ 8.3 million, 51.5 percent less than the previous year.
EnQuest, the North Sea oil company, has announced a placement and open offer to raise £ 36.1 million to finance the recently announced acquisition of interests in the Golden Eagle oil field off the coast of Aberdeen. EnQuest valued the new shares at 19 pence each, a discount of 8.7 percent compared to Tuesday’s closing price.
Pendragon, the dealership, restored guidance for the full year after strong first-half trading resulted in an underlying pre-tax profit of around £ 30million. Uncertainties about semiconductor shortages and supply bottlenecks in both new and used vehicles drove Pendragon to target adjusted profit before tax of between £ 45 million and £ 50 million for the full year.
Beyond the square mile
Microsoft and Google almost come to an end six-year armistice to prevent open war between rival big tech companies and pave the way for direct conflict as regulators target barriers to competition between the leading US tech companies.
The Zaoui brothers Dealmaking duo has teamed up with several prominent European executives to create a earmarked acquisition company That brings in € 300 million to invest in health and technology companies in the region. Odyssey Acquisition is listed on the Euronext Amsterdam Stock Exchange.
Deutsche Bank will be unable to sponsor Hong Kong IPOs from July after German lender failed to replace two regulated employees in a timely manner. The mistake means the IPO sponsor license of Deutsche Securities Asia, the bank’s regional equity capital markets division, will expire next month.
Important comment before you go
News in detail
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