Premarket London: Boohoo's Record Black Friday; Cineworld Guides Lower

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© Reuters. © Reuters. — 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:) 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 (LON:) 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:) 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:) 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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