Premarket London: EasyJet Profit in Line; Hammerson Fire Sale Continues By Investing.com

Premarket London: EasyJet Profit in Line; Hammerson Fire Sale Continues

Stock MarketsNov 19, 2019 05:21AM ET

This article has already been saved in your Saved Items

Premarket London: EasyJet Profit in Line; Hammerson Fire Sale Continues

Investing.com -- Here is a summary of regulatory news releases from the London Stock Exchange on Tuesday, 19th November. Please refresh for updates

Full-year profit before tax at EasyJet (LON:EZJ) will be between 420 and 430 million pounds ($554-$557 million), the airline said after what it called a "solid performance in the fourth quarter with robust customer demand", despite storms across Europe and operational issues at Gatwick Airport.

The effects of the economic slowdown, which has exposed the sector's excessive investment in growing capacity in recent years, were clearly visible in the airline's preliminary update. The airline's load factor fell 1.4 points from the 2018 fiscal year to 91.5, as an 8.6% rise in passengers to 96 million failed to keep pace with a 10.3% rise in available seat-kilometers.

The airline also reported a 12% rise in unit costs for the year due to higher fuel costs (1.42 billion pounds in total, including emissions trading system costs), as well as foreign exchange headwinds of 14 million pounds.

EasyJet is cutting capacity growth to only 2% in the first quarter of the new fiscal year. Bookings are in line with the same time last year, it added.

Struggling commercial landlord Hammerson (LON:HMSO) said it had sold a retail park in Gloucester to a local authority for 54 million pounds, the latest in a series of planned disposals aimed at raising cash and strengthening its balance sheet.

The company said it has now raised 577 million pounds in disposals this year, well ahead of its 2019 target of 500 million.

The sale price was some 8% below the asset’s book value and will give the buyer an initial net yield of 8.5%.

CEO David Atkins hinted in a statement that the company would use any spare cash to invest in its City Quarters project pipeline “which is core to the future direction and success of our business."

Drax (LON:DRX), the company transforming England's biggest coal-fired power plant into a biomass operation, upheld its profit guidance for the full year ahead of a capital markets day.

The company confirmed EBITDA expectations for the full year. The latest analyst consensus is around 409 million pounds. Around one quarter of that will come from assets it bought last year from Spain's Iberdrola (MC:IBE). It noted a particularly strong performance from the acquired pumped storage business.

However, it noted that coal operating conditions remain "challenging". U.K. coal plants are spending ever-longer periods in mothballs due to the growing share of renewables in the U.K. power mix.

Much of Drax's expected profit is due to payments from the U.K.'s backup capacity market which had been frozen due to a EU antitrust investigation. Drax expects 75 million of payments for that to hit its books in January.

The company said it's also made progress in lightening its debt burden after refinancing the credit facility it used for the Iberdrola (MC:IBE) deal, lengthening the group maturity profile to 2029. The new facility also becomes cheaper if Drax outperforms a benchmark tracking its carbon emissions.

Melrose (LON:MRON), the corporate buyout specialist that acquired engineering group GKN (LON:GKN) last year, said trading had been as expected in the four month through October, with better-than-expected sales growth of 5% at its aerospace division offsetting a temporary slowdown in the automotive unit caused by the lengthy strike at General Motors (NYSE:GM).

The powder metallurgy unit saw sales fall 13% on the year, due to the same strike, but were otherwise in line with expectations.

Automotive profits and margins were still higher than a year ago, the company added.

“The improvements in the businesses are being delivered at pace and the Melrose Board is confident this will unlock significant further shareholder value,” the company said in its statement.

CORRECTION: The initial version of this story incorrectly reported Drax's expectations for full-year group EBITDA.

U.S. Black Friday shoppers tapered online splurge, as some returned to stores By Reuters - Nov 27, 2021 3

By Arriana McLymore and Richa Naidu RALEIGH, North Carolina (Reuters) - U.S. shoppers spent slightly less online during Black Friday this year, with many venturing back to...

What to Make of the Recent Stock Market Pullback? By StockNews - Nov 27, 2021

I had written up a commentary that I intended to send out this morning that was going to focus on some bigger-picture, strategic items related to market cycles and developing...

LATAM Airlines files restructuring plan to exit bankruptcy By Reuters - Nov 27, 2021 2

(Reuters) - Chile's LATAM Airlines (OTC:LTMAQ) Group SA said on Friday it has filed a reorganization plan, proposing an $8.19 billion infusion of capital into the group, in a bid...

Add a Comment

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:

Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I have read Investing.com's comments guidelines and agree to the terms described.

I Agree

Write your thoughts here

Are you sure you want to delete this chart?

Delete Cancel

Post

Post also to:

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
						<a href="javascript:void(0);" id="commentFlag_{commentID}">
							<span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
						</a>
					</div>
				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d1-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

Are you sure you want to delete this chart?

Delete Cancel

Post

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

US 30	34,715.5	-1120.5	-3.13%
US 500	4,582.6	-126.3	-2.68%
Dow Jones	34,899.34	-905.04	-2.53%
S&P 500	4,594.62	-106.84	-2.27%
Nasdaq	15,491.7	-353.6	-2.23%
S&P 500 VIX	28.62	+10.04	+54.04%
Dollar Index	96.078	-0.794	-0.82%

Crude Oil WTI	68.17	-10.22	-13.04%
Brent Oil	72.91	-9.31	-11.32%
Natural Gas	5.498	+0.430	+8.48%
Gold	1,791.40	+7.10	+0.40%
Silver	23.145	-0.351	-1.49%
Copper	4.2790	-0.1585	-3.57%
US Soybeans	1,253.38	-18.62	-1.46%

SPDR S&P 500	458.97	-10.47	-2.23%
iShares Russell 2000	222.85	-8.73	-3.77%
Invesco QQQ Trust	391.20	-7.56	-1.90%
Direxion Daily Junior Gold Miners Bull 2X Shares	65.43	-3.82	-5.52%
iShares Silver	21.37	-0.42	-1.93%
ProShares Ultra VIX Short-Term Futures	21.18	+5.77	+37.44%
ProShares UltraPro QQQ	160.84	-9.39	-5.52%

Apple	156.81	-5.13	-3.17%
Alphabet A	2,843.7	-78.7	-2.69%
Tesla	1,081.92	-34.08	-3.05%
Amazon.com	3,504.56	-75.85	-2.12%
Netflix	665.64	+7.35	+1.12%
Meta Platforms	333.12	-7.94	-2.33%
Bank of America	45.76	-1.87	-3.93%

Premarket London: EasyJet Profit in Line; Hammerson Fire Sale Continues

Related Articles