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15 Sep, 2021 07:35 15 Sep, 2021 07:35

Restaurant Group lifts earnings guidance, Tullow narrows production guidance upwards

London open

The FTSE 100 was called to open eight points higher at 7,042.

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Oil exploration outfit Tullow Oil reported that the group's production narrowed upwards over the front half of the year with group working interest reaching 58,000-60,000 barrels per day. Sales for the period were roughly steady at $727m. However, the group turned free cash flow positive to the tune of $86m, against an outflow of $213m in the year earlier period. Net debt also reduced from $3.02bn to $2.3bn. Going the other way, the company managed to turn a profit after tax of $93m as opposed to $1.33bn of red ink one year before.

The Restaurant Group reported that all its businesses outperformed the market over the 15 weeks ending on 29 August, with like-for-like sales supported in part by a reduction in value added tax. Indeed, the group saw fit to raise its full-year guidance for earnings before interest, taxes, depreciation and amortisation. LFL sales at Wagamama were ahead by 21% versus the comparable period of 2019, against an 8% rise for its peers, LFL's at its pubs by 12% against a 2% drop at rivals, and LFL's in Leisure were 18% higher versus an 8% rise for the wider market segment

Newspaper round-up

The NHS app is collecting and storing facial verification data from UK citizens in a process which has fuelled concerns about transparency and accountability. The data collection is taking place under a contract with a company linked to Tory donors called iProov, awarded by NHS Digital in 2019, which has yet to be published on the government website. – Guardian

The culture secretary has reiterated his belief that Channel 4 would benefit from a change of ownership, in the latest indication that the government intends to push ahead with privatisation of the state-owned broadcaster. “I believe that if Channel 4 wants to grow then at some point soon it will need cash,” he will tell the Royal Television Society conference in Cambridge on Wednesday. “It can either come on the back of the taxpayer, or it can come from private investment. And it’s my strong position – as a point of principle – that I do not believe the borrowing of a commercial TV channel should be underwritten by a granny in Stockport or Southend.” - Guardian

Lobbyists in Brussels waged a campaign against the rollout of the Pfizer-BioNTech Covid vaccine by claiming it was insufficiently European, a new book by the jab's inventors has said. Opponents allegedly told politicians last year that they should not order doses of the injection because BioNTech, a German company, had teamed up with US behemoth Pfizer rather than working with another company based in Europe. - Telegraph

Airbus is ready to build a helicopter plant in North Wales to help secure a future contract to replace Britain's ageing Puma fleet. The aerospace giant raised the prospect of the new facility in Broughton, where it already makes wings for Airbus jets. A new factory would create hundreds of jobs and the company said it would tap UK suppliers for parts, further boosting employment. - Telegraph

US Close

Wall Street stocks ended the session lower on Tuesday as investors thumbed over August's hotly-anticipated inflation report and the announcement of several new products from Apple.

At the close, the Dow Jones Industrial Average was down 0.84% at 34,577.57, while the S&P 500 was 0.57% softer at 4,443.05 and the Nasdaq Composite saw out the session 0.45% weaker at 15,037.76.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.