Continental expects 2021 EBIT margin of 5%-6%

TP ICAP FY20 Adj. Pretax Profit Declines – Quick Facts

TP ICAP (IAPLF.PK,IAPLY.PK,IAP.L) reported profit before tax of 129 million pounds for the year ended 31 December 2020 compared to 93 million pounds, last year. Earnings per share was 17.0 pence compared to 11.9 pence. Adjusted profit before tax was 223 million pounds, down 3%. Adjusted basic earnings per share was 32.9 pence compared to 33.8 pence.

Fiscal 2020 revenue was 1.79 billion pounds, down 2% from last year.

For 2020, the Board recommended a final dividend per share of 2 pence. The dividend will be paid on 18 May 2021.

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CAPCO Posts Underlying Loss From Continuing Activities In FY20 – Quick Facts

Capital & Counties Properties Plc (CAPC.L) reported a loss from continuing operations of 703.7 million pounds for the year ended 31 December 2020 compared to a loss of 62.3 million pounds, prior year. Loss per share from continuing operations widened to 82.6 pence from a loss of 7.3 pence. Underlying loss from continuing activities was 6.2 million pounds compared to profit of 9.5 million pounds, prior year, driven primarily by the reduction in net rental income. Underlying loss per share was 0.7 pence compared to profit of 1.0 pence.

Fiscal year revenue from continuing operations was 73.0 million pounds compared to 79.4 million pounds, previous year. Net rental income from continuing operations declined to 15.8 million pounds from 61.2 million pounds. Underlying net rental income was down 30 percent, on a like-for-like basis, to 44 million pounds.

The Board has decided to not declare a year end dividend. The company will recommence dividend payments as soon as it is considered appropriate.

Keller Group FY20 Profit Rises, Maintains Dividend; Warns On FY21; Stock Dips

Geotechnical specialist contractor Keller Group plc (KLR.L) Tuesday reported that its fiscal 2020 profit before tax increased to 63.8 million pounds from last year’s 51.6 million pounds.

Earnings per share were 58.5 pence, up from 29.7 pence a year ago.

Underlying profit before tax was 96.9 million pounds, compared to 81.3 million pounds a year ago. Underlying earnings per share were 96.3 pence, compared to 81.3 pence a year ago.

Revenue dropped 10 percent to 2.06 billion pounds from prior year’s 2.30 billion pounds. Revenues declined 10 percent at constant currency rates.

Further, the company recommended final dividend of 23.3 pence, same as last year.

Looking ahead, Michael Speakman, Chief Executive Officer, said, “Notwithstanding the strong momentum at the end of 2020, our expectations for a reduced trading performance in 2021 are unchanged….. We therefore anticipate 2021 to be a more challenging year than 2020, particularly in the first half which was especially strong last year.”

The company said it saw a softening in the order intake during the second half of 2020 and into 2021 with overall trading in the early part of the year relatively subdued. This, together with the late cycle nature of its business and the continuing uncertainty arising from the pandemic and macroeconomic outlook, means that it remains suitably cautious about the year ahead.

In London, Keller shares were trading at 782 pence, down 7.57 percent.

Vodafone Announces Vantage Towers IPO Price Range – Quick Facts

Vodafone Group Plc (VOD.L,VOD), Vodafone GmbH and Vantage Towers AG have set the price range for existing ordinary registered shares with no par value to be offered in Vantage Towers’ planned initial public offering at between 22.50 euros and 29.00 euros per share. The price range implies a total market capitalisation for Vantage Towers of 11.4 billion euros to 14.7 billion euros.

Vodafone is targeting gross proceeds from the base offer of 2.0 billion euros from the sale of up to 88,888,889 shares. Vodafone may increase the base offer with an amount of up to 500 million euros, by placing up to 22,222,222 additional shares with investors. The maximum offer size will be 2.8 billion euros, through the exercise of the upsize option and the greenshoe.

Digital Colony and RRJ have agreed to purchase shares in the IPO at the offer price, with commitments of 500 million euros and 450 million euros respectively.

The offer period will commence on 9 March and end on or around 17 March. The final offer price per share and the final number of shares placed are expected to be determined on or around 17 March 2021. Trading of the shares on the Regulated Market of the Frankfurt Stock Exchange is expected to begin on or around 18 March under the trading symbol, VTWR.

Continental expects 2021 EBIT margin of 5%-6%

  • It said it will adjust the outlook depending on the outcome of the spin-off of its powertrain unit Vitesco which is planned in the second half of the year.
  • Shares in Continental were expected to fall 3.3% in early Frankfurt trade.

German automotive parts maker Continental on Tuesday said it expects 2021 sales and profit margin to grow despite expected additional costs due to chip shortages.

Continental expects sales to reach 40.5 to 42.5 billion euros ($48-$50.4 billion) and its margin on adjusted earnings before interest and tax (EBIT) to hit 5% to 6% this year.

The outlook incorporated additional logistics expenses of around 200 million euros from supply chain constraints related to semiconductor components and additional research and development expenses of 200 million to 250 million euros in its autonomous mobility and safety unit, the group said.

It said it will adjust the outlook depending on the outcome of the spin-off of its powertrain unit Vitesco which is planned in the second half of the year.

The Hanover-based company reported a 12.7% drop in group sales to 37.7 billion euros, thanks in part to falling revenue in the Automotive, Rubber and Powertrain divisions.

It posted a free cash flow of 1.109 billion euros in 2020 before acquisitions and carve-out effects for the group, down from 1.343 billion euros a year earlier.

Shares in Continental were expected to fall 3.3% in early Frankfurt trade.