Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

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. -- 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.
  • Latest comments

    Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
    Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
    Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
    It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
    Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
    © 2007-2024 - Fusion Media Limited. All Rights Reserved.