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Premarket London: Playtech Warning; LandSec Hires St Modwen CEO

Stock Markets Nov 22, 2019 02:19AM ET
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© Reuters. -- Here is a summary of regulatory releases from the London Stock Exchange on Friday, 22nd November. Please refresh for updates.

  • Land Securities (LON:LAND) said it has appointed Mark Allan to be its new chief executive officer. Allan is currently CEO of FTSE 250 member St. Modwen Properties (LON:SMP) Plc, a role he has held since 1 November 2016. TSt Modwen shares have risen over 50% during his tenure.
  • Allan will make the move at the end of May.
  • Online estate agent Rightmove (LON:RMV) said meanwhile that it has appointed former Shazam CEO and chairman Andrew Fisher as its new chairman. He'll succeed Scott Forbes at the end of this year.
  • Software group Playtech (LON:PTEC), which sells its services mainly to the gambling and spread betting industries, warned that full-year earnings are likely to be below consensus due to “highly challenging” conditions for its TradeTech unit and cut-throat competition in Asia.

    The company said it’s “evaluating all options” for TradeTech and is also reviewing the Casual and Social Gaming business.

    Playtech (LON:PTEC) said it now expects full-year EBITDA to be “a little below current consensus”, as its problems with TradeTech have been partly offset by a continued strong performance from the B2B Gambling and Snaitech units.

    Revenue from Asia, where it has tried to expand market share in recent months is seen at 115 million a year at current run rates. It said market conditions are “highly competitive”.

  • FTSE 250 precious metals specialist Hochschild Mining (LON:HOCM) cut its forecast for output next year due to delays in obtaining permissions at the Pallancata mine in Peru.
  • Overall output is now seen as 432,000 gold equivalent ounces or 35 million silver equivalent ounces. That’s down from 457,000 and 37 million, respectively, this year.
  • “We have decided to give our brownfield exploration team more time to deliver additional resources,” CEO Ignacio Bustamante said.
  • Hochschild also expects costs to rise as a result of a one-off $22 million project to increase tailings capacity at the flagship Immaculada mine. The all-in sustaining cost from operations in 2020 is expected to be between $1,015 and $1,045 per gold equivalent ounce, or $12.5 and $12.9 per silver equivalent ounce.
  • Overall capital expenditures are seen at $115-$130 million, including the tailings project.
  • Premarket London: Playtech Warning; LandSec Hires St Modwen CEO

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