Latest News

BP flags $4.5bn write-down as debt drops and refining profits jump


By Goran Nastic

BP has forecast stronger refining profits and a sharp reduction in net debt for the third quarter, while warning of impairment charges of up to $4.5bn (£3.4bn) as new CEO Meg O’Neill prepares to unveil an updated strategy in December.

The FTSE 100 oil major said its indicative refining margin rose to $46.70 a barrel from $29.60 in the second quarter, boosting expectations for underlying profit in its products division by $1.9bn to $2.1bn


Highlighted Content

Why the most effective default pension investments are built to evolve

For most employees, pension saving happens in the background. Contributions are paid in each month, but few people make an active investment choice.


Story 2

Bellway reveals £150m buyback but warns of lower completions

Newcastle-based FTSE 250 housebuilder Bellway has warned that housing completions and margins will come under pressure in its new financial year, but has rewarded shareholders with a £150m buyback and higher dividend after a robust set of annual results

Story 3

Whitbread calls on shareholders to vote against Corvex resolution

Whitbread has recommended that its shareholders vote against the resolution proposed by the activist shareholder, Corvex, to appoint a new director of its own choosing to the firm’s board

Story 4

Landsec acquires additional 10% stake in Bluewater

Landsec has announced that it has completed the acquisition of an additional 10% stake in the top 10 UK retail destination, Bluewater

Story 5

Airtel Money set for one of UK’s biggest IPOs in decades

Airtel Money confirmed the final terms of its London IPO on Friday, paving the way for one of the City's largest listings in recent years.

The African mobile payments group is set to debut with a market value of about £5.3 billion, with the offering expected to raise up to £582m and becoming London's biggest IPO since Wise listed in 2021

Story 6

Global equity release market to reach $52bn by 2035

The global equity release market is forecast to more than double in size to $52bn (£39bn) in annual releases by 2035, from current volumes of $17.7bn, according to research from the European Pensions and Property Asset Release Group (EPPARG) and EY

Story 7

Metlen looks to defence technology growth through Greek satellite partnership

FTSE 100-listed Metlen has teamed up with Thales Alenia Space and Thales Hellas to explore opportunities linked to Greece's future defence telecommunications satellite programme

Story 8

Hays reports 7% drop in permanent contract net fees

Hays has reported a 7% drop in its like-for-like (LFL) net fee performance on its permanent appointments, driven by a 12% decline in volumes, signalling a continued weakness in the job market

Story 9

IP Group leads £4m funding round for AI materials discovery spin-out

FTSE 250 firm IP Group has led an oversubscribed £4m pre-Series A funding round for Matter Machine, an AI-driven materials discovery company spun out of the University of Liverpool

Story 10

Tesco raises profit guidance as half-year profit rises

Tesco has raised the lower end of its annual profit guidance and increased its share buyback after reporting a better-than-expected a 6.5% rise in interim operating profit to £1.78bn.

The UK's largest supermarket now expects group adjusted operating profit of between £3.15bn and £3.30bn, compared with its previous £3bn to £3.3bn range

Oxford Metrics shares fall as profit warning overshadows Move AI acquisition

Oxford Metrics shares fell after the technology group warned it expected an adjusted operating loss of up to £3.9m, overshadowing its £525,000 acquisition of AI-powered motion-capture specialist Move AI on Friday
SSP slips despite £50m buyback

Shares in FTSE 250 travel food operator SSP Group fell on Friday despite the Upper Crust owner launching a new £50m share buyback, as investors focused on softer North American trading and a slightly weaker profit outlook
Vodafone upgrades VodafoneThree savings target to £1bn

Vodafone has upgraded its annual cost-savings target for VodafoneThree to £1bn by FY32 from £700m by FY30, as it outlined plans to accelerate growth and cash generation from its UK joint venture


View More News

BANNER

MPU

FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Tick here to confirm you are happy to receive news and promotions sent by Corporate Finance News that you can opt out of at any time.


© 2019 Perspective Publishing     Privacy & Cookies