Maitland/AMO Morning Monitor – Thursday 25 November 2021

25th November 2021

In the news

  • 31 people have drowned during an attempt to cross the English Channel from France in the worst casualty since the start of a surge of small-boat passages over the crossing.
  • The members of LV= are expected to pay a £43 million bill for the mutual insurer's £530 million takeover by an American private equity firm.
  • JP Morgan CEO Jamie Dimon has now formally apologise twice over his comments that the bank would outlast the Chinese Communist party.
  • The UK government has set aside nearly £1.7bn to allow energy firm Bulb to continue supplying energy to customers.
  • Magdalena Andersson, Sweden's first female prime minister, resigned seven hours after taking office after her government collapsed when her new partners from the Green Party quit the coalition.

Politics today

  • House of Commons sits from 9.30 a.m. with Cabinet Office questions to Steve Barclay, followed by the weekly business statement from Commons leader Jacob Rees-Mogg … After any UQs or other statements, the main business will be backbench-led debates on freedom of religion or belief, and on alcohol harm.

Stock market moves

  • In Europe, the FTSE100 and Stoxx 600 are marginally up in early hours of trading.
  • In Asia markets are mixed with the Shanghai Composite closing down and the Nikkei leading the Hang Seng up.
  • Over in the US, the S&P 500 rose 0.2% and the Nasdaq Composite up 0.4%.

Corporate announcements

* Maitland Client

Mitchells & Butlers PLC Full Year Results
  • Total revenue decreased to £1,065m (FY 2020 £1,475m).
  • Operating profit increased to £81m (FY 2020 £8m).
  • Y 2021 LFL sales declined by 9.6% impacted by Covid-19 related restrictions.
  • Phil Urban, CEO, said: “Demand for our well-loved brands has been demonstrated by an encouraging return to sustained like-for-like sales growth since restrictions have been lifted, and we are confident in our ability to continue our recovery as a market leading operator.”
Hill & Smith Hldgs PLC Trading Update
  • Trading has been robust, with revenue of £237.1m, 4% ahead of last year on an organic constant currency basis.
  • Net debt as at 31 October 2021 was £154.2m (30 June 2021: £154.6m).
  • Based on the trading performance to date, the Group remains on track to deliver full year 2021 underlying operating profit in line with analyst consensus expectations.
Helios Towers PLC Carbon Reduction Roadmap
  • Helios Towers has set a target to reduce its carbon intensity per tenant by 46% by 2030.
  • The target covers Scope 1 and 2 emissions against a 2020 baseline and covers the five markets where the Company was operational in 2020.
  • The Company’s target for 2030 combines actionable investments and innovation against the backdrop of complex challenges to significantly enhance mobile infrastructure in markets in Sub-Saharan Africa where unique mobile subscriber penetration is still below 50%.
  • The Company is pledging to invest a total of $100m between 2022-2030 to reduce its reliance on generators and use more efficient, greener solutions.
  • Kash Pandya, CEO, said: “Reducing our carbon footprint is a challenge we take incredibly seriously..Now, we are taking this work further by setting specific carbon intensity targets, developing a roadmap towards net zero emissions, and investing in our markets for a more sustainable future.”
Greencoat UK Wind PLC Result of Equity Raise and Tap Issue
  • Gross issue proceeds of £450 million
  • The net proceeds from the Issue will be used to fund the £250 million investment in the Burbo Bank Extension offshore wind farm and partially repay the Company’s Facility Agreement which is currently £350 million drawn, thereby facilitating the funding of an attractive pipeline of investment opportunities, including near-term committed investments in Windy Rig, Twentyshilling and Glen Kyllachy
  • The Issue is conditional on shareholders voting in favour of the resolutions proposed at the General Meeting to be held at 11.00 a.m. on 26 November 2021