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

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.

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