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(AWP Alliance News) - Coca-Cola Europacific Partners reports higher third-quarter revenue and reaffirms its full-year outlook on Tuesday. Shell agrees to sell its stake in an Australian liquefied natural gas project for USD1.45 billion, while Convatec announces the appointment of a new chief financial officer.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.6% at 10,697.53
GBP: slightly higher at USD1.3419 (USD1.3417 at previous London equities close)
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ECONOMICS
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Andy Burnham has said he has not proposed the return of freedom of movement between the UK and EU, as he vowed to make the public "the boss" in deciding Britain's future relationship with the bloc. But the UK prime minister said an "honest discussion" was needed about how temporary migration from Europe had been replaced by long-term settlement in larger numbers since Brexit. He wants to lock in deals on food and drink, emissions trading and a youth mobility scheme at a Brussels summit on November 20, but told ministers that the period beyond that would be to "explore options" for the long-term relationship that will eventually be put to the public.
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BROKER RATINGS
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Jefferies raises Centrica to 'buy' (hold) - price target 200 (190) pence
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Citigroup resumes Tesco with 'buy' - target 545 pence
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COMPANIES - FTSE 100
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Coca-Cola Europacific Partners reports third-quarter revenue rising 6.5% to EUR5.76 billion from a year earlier, driven by higher volumes and revenue per unit case. Revenue in Europe increases 5.8% to EUR4.44 billion, while revenue in Australia, Pacific and Southeast Asia rises 9.2% to EUR1.33 billion. Group volumes grow 3.5% on an adjusted basis, with revenue per unit case up 2.2%. The drinks bottler reaffirms its full-year guidance for comparable, foreign exchange-neutral revenue growth of 3.0% to 4.0% and operating profit growth of around 7.0%. Based on current exchange rates, it expects a foreign exchange headwind of around 10 basis points to annual revenue and a tailwind of around 30 basis points to operating profit. Coca-Cola Europacific Partners declares a second-half interim dividend of EUR1.42 per share, bringing its full-year dividend to EUR2.24 per share. It has completed around EUR880 million of its EUR1.00 billion share buyback programme as of October 30. The company says it continues to invest in artificial intelligence, technology, coolers and its supply chain to support future growth.
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Shell agrees to sell its nearly 17% non-operated interest in the North West Shelf liquefied natural gas project in Western Australia to subsidiaries of energy investment company XRG PJSC for a base consideration of USD1.45 billion, subject to customary adjustments, plus an additional milestone-linked contingent payment. The sale includes associated upstream interests, pipelines and processing infrastructure, with the buyers assuming decommissioning obligations. Shell says the disposal of the mature asset supports its strategy of focusing investment on higher-value integrated gas operations, as the North West Shelf project transitions towards processing gas from third-party producers. The oil major reiterates its target to grow LNG sales by 4.0% to 5.0% annually through 2030 and maintains its presence in Australia through projects including QGC, Prelude FLNG and Gorgon. The transaction, effective from January 1, 2026, is expected to complete in 2027, subject to regulatory approvals and other conditions.
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Convatec appoints Jill McConnell as chief financial officer designate from January 1, 2027, ahead of her taking over as CFO and joining the board on March 1. She succeeds Fiona Ryder, who will remain CFO through the publication of full-year results on February 23 before leaving at the end of February. McConnell brings more than 25 years of finance leadership experience, most recently serving as CFO of US-listed clinical research firm Fortrea, with previous senior roles at Labcorp and GSK PLC.
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COMPANIES - FTSE 250
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International Workplace Group expects full-year 2026 adjusted Ebitda to exceed market consensus of USD599 million, as it reports third-quarter group revenue rising 9.0% to USD1.03 billion from USD947 million a year earlier. The flexible workspace provider says system-wide revenue increases 12% to USD1.26 billion from USD1.13 billion, taking its annualised revenue run rate above USD5.00 billion, while its global network surpasses 5,000 centres. Company-owned revenue grows 8.0% to USD969 million, with revenue per available room up 2.0%, while Managed & Franchised fee revenue jumps 28% to USD45 million. IWG signs 332 new centres and opens 211 during the quarter. Net debt narrows to USD874 million at September 30 from USD880 million at June 30, despite USD39 million of share buybacks during the quarter, bringing total repurchases for the first nine months to USD139 million. IWG tightens its previous full-year adjusted Ebitda guidance range of USD585 million to USD625 million, expecting to exceed consensus, and maintains its target of at least USD1.00 billion in adjusted Ebitda over the medium term.
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Drax Group signs an agreement to develop a strategic partnership with Brookfield and its UK-based artificial intelligence infrastructure platform Radiant to build and operate a data centre with more than 1 gigawatt of potential capacity at Drax Power Station in Yorkshire. Brookfield estimates total potential investment could exceed GBP20 billion, including semiconductor chips, with an initial GBP2.5 billion earmarked for the first phase. The first phase targets up to 100 megawatts of capacity, with operations expected to begin in the first quarter of 2028, subject to planning and regulatory approvals, securing a tenant and final investment decisions. A second phase aims to add 500 megawatts between 2028 and 2031, using power generated at Drax under a long-term power purchase agreement, with further expansion planned beyond 2031. The project would utilise the power station's existing 4 gigawatts of grid access and 2.6 gigawatts of dispatchable generation capacity. Drax says the development could secure the site's long-term future, protect hundreds of jobs and attract substantial investment to northern England.
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TP ICAP reports third-quarter revenue rising 11% year-on-year at constant currency to GBP620 million, driven by strong performance in its Global Broking division. Global Broking revenue grows 16% at constant currency, while Energy & Commodities revenue increases 7.0%. Liquidnet revenue falls 1.0%, while Parameta Solutions revenue is unchanged. For the first nine months of 2026, group revenue rises 9.0% at constant currency to GBP1.91 billion, or 7.0% at actual exchange rates. Global Broking revenue increases 12%, Energy & Commodities grows 3.0%, Liquidnet rises 1.0% and Parameta Solutions advances 4.0%, all at constant currency. The interdealer broker says Global Broking benefits from strong equities and rates trading, while subdued oil futures activity and weaker equities block trading weigh on other divisions. TP ICAP remains comfortable with full-year market expectations for adjusted earnings before interest and tax of GBP367 million, subject to foreign exchange movements.
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Wizz Air Holdings reports a 20% increase in passenger numbers to 7.6 million in October from 6.4 million a year earlier, as seat capacity rises 22% to 8.4 million from 6.8 million. The budget airline's load factor falls to 91.2% from 92.9%. Over the rolling 12 months, passenger numbers increase 20% to 80.6 million, while the load factor slips to 90.8% from 91.2%. Total carbon dioxide emissions rise 15% in October, although emissions per passenger-kilometre improve 2.5% over the rolling 12 months. Wizz Air highlights its expansion in Spain, including new bases in Madrid and Valencia, three new routes from London Luton and temporary additional flights between Madrid and Andalusia following rail disruption. It also announces a distribution agreement with Amadeus and launches ten routes from Poland to Egypt.
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Supermarket Income REIT plans to raise around GBP50 million through an institutional placing and retail offer to fund new acquisitions. The London-based real estate investment trust, which specialises in supermarket properties, intends to use the proceeds to acquire 12 assets across six transactions, comprising convenience stores, supermarkets and a distribution centre, for a combined GBP65.2 million. The company expects to complete the acquisitions by December 2026 and says they will enhance earnings. The fundraising will comprise an accelerated institutional bookbuild, a placing to selected South African investors and a retail offer through RetailBook. The proposed raise follows a GBP100 million equity fundraising in July, the proceeds of which, alongside debt, were used to acquire grocery properties worth GBP222 million.
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OTHER COMPANIES
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Saudi Arabian Oil Co, also known as Aramco, reports third-quarter net income rising 35% to SAR135.94 billion, around USD36.25 billion, from SAR101.02 billion a year earlier, as revenue increases 20% to SAR464.33 billion from SAR386.17 billion. The Saudi oil giant attributes the revenue growth to higher crude oil sales volumes and increased prices for refined and chemical products, partly offset by lower crude oil prices. Operating costs rise 47% to SAR330.48 billion from SAR224.64 billion, while basic and diluted earnings per share increase to SAR0.57 from SAR0.40. Aramco declares a quarterly dividend of SAR0.3393 per share, unchanged from the previous quarter. Chief Executive Amin Nasser says geopolitical uncertainty and attacks on energy facilities continue to exacerbate the global energy supply crisis, but the company remains focused on delivering reliably to customers and executing priority projects.
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Ryanair Holdings reports a 1.0% increase in passenger numbers to 19.4 million in October from 19.2 million a year earlier, while its load factor remains unchanged at 93%. The Irish budget airline operates more than 109,100 flights during the month. On a rolling 12-month basis, passenger numbers rise 5.0% to 215.4 million from 204.8 million, with the load factor steady at 94%.
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ACG Metals agrees to acquire Blue Moon Norway AS from Blue Moon Metals Inc for USD220 million in shares, including a 94.52% stake in the construction-stage Nussir copper mine in Norway and other development assets. The acquisition will combine Nussir, which targets first copper concentrate production in the first half of 2028, with ACG's Gediktepe mine in Turkey, which is expected to reach full commercial production in the first quarter of 2027. Nussir is expected to produce an average of 18,400 tonnes of copper equivalent annually between 2029 and 2033 on a 100% basis, taking combined production above 50,000 tonnes annually. The two assets are forecast to generate average annual asset-level adjusted earnings before interest, tax, depreciation and amortisation of USD370 million and free cash flow of USD267 million over the same period, before group costs and financing.
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By Eva Castanedo, Alliance News senior economics reporter
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