Additional European Equity News

Acciona (ACA SM) - H1 (EUR): Turnover 8.77bln (+24.3% Y/Y), EBITDA 990mln. Net Profit 116mln. Sells Hydro portfolio for EUR 287mln. (Newswires) 

BP (BP/ LN) - Q2 (USD): Total Revenue 48.5bln (exp. 46.068bln). Adj. Net Income 2.756bln (exp. 2.631bln). Operating Cash Flow 8.10bln (exp. 6.9bln). Announces USD 1.75bln share buyback for Q2 and commits to USD 3.5bln share buyback in H2. Dividend per ordinary share of 8 cents.Q3 Guidance: Looking ahead, bp expects third quarter 2024 reported upstream production to be lower compared with second-quarter 2024, including in higher margin regions. In its customers business, bp expects fuels margins to remain sensitive to movements in cost of supply, and seasonally higher volumes compared to the second quarter. In products, bp expects realized refining margins to continue to be sensitive to relative movements in product cracks and North American heavy crude oil differentials. In addition bp expects a similar level of turnaround activity to the second quarter. bp expects income taxes paid in the third quarter to be around USD 1bkn higher than the second quarter 2024 mainly due to the timing of instalment payments, which are typically higher in the third quarter each year. Q4 Guidance. bp continues to expect both 2024 reported and underlying upstream production to be slightly higher compared with 2023. Within this, bp continues to expect underlying production from oil production & operations to be higher and production from gas & low carbon energy to be lower. (BP IR)

Covestro (1COV GY) - CFO says talks ADNOC continue in very constructive manner, expect to be able to give an update relatively soon. (Newswires) 

Croda (CRDA LN) - H1 (GBP) Sales 815mln (prev. 880mln), Operating Profit 114mln (prev. 130mln), PBT 106mln (prev. 128mln). (Croda)

Diageo (DGE LN) – FY (USD): Sales 20.3bln (exp. 20.36bln), Operating Profit 6.01bln, Dividend 1.0348/shr (exp. 1.0023/shr). Sees negative pressure on organic operating margin to persist into FY25. The consumer environment remains challenging into FY25. Actions have been taken to manage inventory issues within the LAC. CEO “ended fiscal 24 gaining or holding share in measured markets totalling over 75% of our net sales value, including in the US.”. (Diageo)

DiaSorin (DIA IM) - Lifts FY guidance modestly. (Newswires) Follows earnings on Monday.

Foxtons (FOXT LN) – H1 (GBP): Revenue 78.5mln (prev. 70.9mln), adj. EBITDA 10.5mln (prev. 8.4mln), PBT 7.5mln (prev. 6.1mln), adj. EPS 0.019 (prev. 0.014). FY guidance unchanged, on track to deliver medium-term operation profit guidance. (Foxtons)

Glencore (GLEN LN) – H1 Production Report: Cobalt 15.9k, -27% Y/Y; Zinc 417.2k, -4% Y/Y; Nickel 44.2k, -5% Y/Y. Maintain FY production guidance. Added additional steelmaking coal volumes in H2. Consulting with shareholders to assess views around the potential demerger of its coal and carbon steel material businesses. Expect to be able to announce decision of board re. potential demerged next week. (Newswires)

Greggs (GRG LN) - H1 (GBP): Sale 960.6mln, Adj. Pretax profit 74.1mln, Adj. EPS 0.538 (Newswires) 

Imerys (NK FP) - H1 (EUR): EBITDA 384mln (+11% Y/Y). Net Income 90mln (prev. 72mln). Targets 2024 adj. EBITDA between 670-690mln. (Newswires) 

Inchape (INCH LN) H1 (GBP): Revenue 4.7bln (prev. 4.5bln), adj. Operating Profit 299mln (prev. 295mln), adj. PBT 226mln (prev. 223mln), EPS 0.279 (prev. 0.257). CEO "To that end, we reiterate our growth expectations for FY 2024 and remain confident about the medium to long-term outlook for the Group." (Inchape)

Iren (IREN IM) - Co has begun examining the final reports of extraordinary audits activated after legal proceeding began into the former CEO, currently there are no material financial impacts. (Newswires)

Ocado (OCDO LN) - Proposed high yield bond offering of some GBP 600mln. (Newswires) 

Sage (SGE LN) - Q3 (GBP): Revenue 1.73bln (prev. 1.589bln Y/Y), Cloud 1.38bln (prev. 1.19bln). CEO "Accordingly, we reiterate our guidance for the full year, as set out in our half year results announcement." (Sage)

Scor (SCR FP) - Q2 (EUR): Net Income -308mln (exp. +132mln), driven notably by a negative insurance service result (ISR) in L&H reinsurance, partially offset by very strong P&C and Investments performances. L&H insurance service result -329mln (prev. -469mln vs Q2 2023). High Investments regular income yield of 3.6% in Q2 2024 (+0.5ppts vs Q2 2023) supported by elevated reinvestment rates. (Scor IR)

Sika (SIKA SW) - H1 (CHF): Sales 5.8348bln (+9.2% Y/Y). EBIITDA margin 18.7% (prev. 16.5%). Confirms FY strategic target for sustainable and profitable growth. (Newswires) 

St James’s Place (STJ LN) – H1 (GBP): Gross Inflows 8.5bln (prev. 8.0bln), Net Inflows 1.9bln (prev. 3.4bln), Funds Under Management 181.9bln (prev. 168.2bln) a record figure. CEO says “I am confident that the approach we have set out following our business review will enable us to achieve annual FUM growth in the mid-to-high single digits over time”. (St James’s Place)

UBS (UBSG SW) - Swiss watchdog FINMA has scrutinized UBS vetting of wealthy Credit Suisse clients, according to Reuters sources. (Newswires) 

Weir Group (WEIR LN) - H1 (GBP) Cont. Ops. total Revenue 1.2bln (prev. 1.24bln), adj. Operating Profit 215mln (prev. 199mln), Margin 17.8% (prev. 16%). (Weir)

WPP (WPP LN) - Co. is reportedly to select former BT (BT/A LN) CEO Jansen as its new Chairman, via FT citing sources; appointment could be announced as soon as Tuesday. (FT) - subsequently confirmed as non-executive chair. (Newswires) 

Eni (ENI IM) upgraded to Buy from Hold at HSBC

30 Jul 2024 - 07:36- EquitiesResearch Sheet- Source: Newsquawk