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Premarket London: Ocado/M&S JV to Build First Fulfilment Centre

Published 11/28/2019, 02:06 AM
Updated 11/28/2019, 02:14 AM
© Reuters.

Investing.com -- Here is a summary of regulatory news releases from the London Stock Exchange on Thursday, 28th November. Please refresh for updates

  • Ocado (LON:OCDO) said its joint venture with Marks & Spencer (LON:MKS) is to build its first fulfilment center near Bristol in southwest England. The center will be able to process 30,000 orders a week. That makes it less than half the size of Ocado's latest center that's still under construction at Purfleet, east of London.
    • Insurance group Phoenix (LON:PHNX) said it expects full-year cash generation to be 707 million pounds ($915 million), slightly above the upper end of its guided range of 600 to 700 million.
    • Phoenix, which specializes in buying back books of annuity policies from other insurers, said it achieved 440 million pounds of incremental long-term cash generation in the first nine months of the year.
    • Its Solvency II surplus, a measure of financial strength, was unchanged at 3.0 billion pounds as of Sept. 30, while its shareholder coverage capital ratio slipped to 156% from 160%.
    • The company is hosting a capital markets day Thursday.

  • Virgin Money (LON:VM) UK (ASX:VUK) said it would suspend its dividend after swinging to a net loss of 194 million pounds in the year to September, largely due to a 385 million provision against PPI mis-selling claims.
  • Underlying profit was down 7% to 539 million pounds due to impairments arising from IFRS 9 adoption.
  • Cost of risk ticked up to 21 basis points from 15 in the fiscal 2018 year. However, strong control of operating costs allowed it to lower its cost-income ratio to 57% from 59% a year earlier.
  • The bank said its expects its net interest margin for the current year to be between 160 and 165 basis points, down a fraction from 166 basis points for the past 12 months.
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