Premarket London: Rolls Royce Takes Another Hit From Trent 1000

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Investing.com — Here is a roundup of regulatory news releases from the London Stock Exchanges on Thursday, 7th November. Please refresh for updates.

  • Rolls-Royce (LON:) said it will take a charge of 1.4 billion pounds ($1.8 billion) against operating profit in its fiscal 2019 year in respect of necessary fixes to the Trent 1000 TEN engine and raised its estimate for total costs for fixes to 2.4 billion pounds (an increase of 400 million from previous guidance).
  • The aero engine maker now sees full-year profit and free cash flow at the lower end of its forecasts, despite improved trading in the third quarter.
  • CEO Warren East upheld the group’s longer-term goal of generating at least 1 pound per share of free cash flow annually.
  • Supermarket chain J Sainsbury PLC (LON:) raised its interim dividend by 6% to 3.3 pence per share despite a slump in net profit and a small miss in underlying earnings per share.
  • Like-for-like sales excluding fuel fell 0.2% in the fiscal second quarter, an improvement from a 1.6% drop three months earlier, thanks to a 3.3% rise in clothing and a 0.6% rise in grocery. Underlying earnings per share fell 16% to 7.9 pence, missing a forecast for 8.1p
  • It said the consumer outlook “remains uncertain” but upheld its forecast that profits would increase in the second half of its fiscal year ending March 2020.
  • Gambling group Flutter Entertainment (LON:), the owner of Paddy Power , Betfair, and U.S. fantasy sports operation FanDuel, said third-quarter revenue rose 10% on the year, with solid increases in both sports and gaming revenue. U.S. revenue grew by 67%, driven in particular by sportsbook and casino.
  • The company left its group 2019 EBITDA guidance excluding the U.S. unchanged at 420-440 million pounds. However, it raised its U.S. guidance, saying it would lose only 40-45 million at an EBITDA level, rather than the previous expectation of 55 million.
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