Yahoo Finance Premarket London: Boohoo's Record Black Friday; Cineworld Guides Lower
Investing.com -- Here is a summary of the most important regulatory news releases from the London Stock Exchange on Tuesday, 3rd December. Please refresh for updates.
Building materials group Ferguson (LON:FERG) said revenue rose 5.3% on the year to $5.21 billion, while underlying trading profit rose 4.8% to $433 million.
A 6.2% increase in the U.S., its most important market, was the biggest driver, coming despite what CEO Kevin Murphy called “flat” trading conditions there.
“Our order books support continued modest revenue growth in the months ahead,” Murphy said, reiterating the company’s existing guidance.
Fast fashion group boohoo.com (LON:BOOH) said it had had a record performance over the Thanksgiving Holiday weekend, boasting a “strong operational performance” at both its warehouses. As such, it said it “continues to trade comfortably in line with market expectations.” The company said it has successfully integrated the Karen Millen, Coast and Miss Pap brands into its platform since buying them earlier this year. Boohoo’s next update is scheduled for Jan. 14.
AstraZeneca (LON:AZN) said it has agreed to sell the U.S. and Canadian commercial rights for its off-patent drug Seroquel to Germany’s Cheplapharm Arzneimittel for an initial $35 million.
The price may rise to $41 million contingent on future sales of the drug, which is used to treat bipolar disorder and schizophrenia.
Cineworld (LON:CINE) revised its outlook for the full year “slightly” lower, without giving any more precise guidance, after a quarter dominated by a 12% currency-adjusted global drop in box office takings in the first 11 months of the year.
Revenue from U.S. theaters fell 14%, while the U.K. and Ireland held up better with only an 8.1% drop, while takings from the Rest of the World rose 1.2%.
Despite the disappointing numbers, Cineworld said the benefits from its acquisition of Regal cinemas were greater than it had expected. It now expects synergies of $190 million from that deal, rather than the $150 million initially expected.
It also added that its U.S. refurbishment program is on track, and that it expects 20 new sites to be completed within the next 12 months.
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