(Bloomberg) — Here’s the key business news from London-listed companies this morning.
AstraZeneca Plc: The pharmaceutical giant reported first-quarter results that beat analysts’ expectations on rising demand for cancer medicines, amongst other treatments.
- It said total revenue from Covid-19 medicines will decline by low-to-mid twenties percentage this year, as sales of its antibody drug partially offset a decline in sales of its vaccine
- The company also announced a new headquarters for Alexion, its newly acquired arm, and for research and development in Cambridge, Massachusetts
Reckitt Benckiser Group Plc : The consumer giant joined peers in saying it raised the price of its products to offset soaring supply chain costs, which helped it beat first-quarter revenue estimates.
- The company will keep its adjusted operating margins in line with last year by controlling its prices, product mix and productivity initiatives
- Reckitt is also pursuing a sale of the remainder of its infant nutrition business and has asked for offers by late May, people familiar with the matter said earlier this month.
NatWest Group Plc: The lender reported pretax operating profit for the first quarter way above analysts’ expectations as higher interest rates boosted deposit returns.
- AIB Group Plc is in talks with NatWest for the purchase of about 6 billion euros worth of Ulster Bank’s mortgages.
Also:
- NEC Software Solutions Ltd.’s purchase of SSS Public Safety Ltd. raises competition concerns in the supply of vital software to emergency services and transport customers, according to the U.K. regulator.
- Kingspan Group Plc says raw material inflation which had eased considerably at the turn of the year has returned sharply over the past six weeks
- Computacenter Plc’s adjusted profit before tax at the end of the first half of the year is likely to be behind that in 2021 as it is affected by wage inflation and supply chain shortages
Outside The City
Almost six in 10 U.K. companies expect to raise prices, and more are reining in hiring plans, according to a survey by Lloyds Banking Group Plc. An index of business confidence held steady at 33% in April after an 11-point drop in March.
Meanwhile, Germany’s Vice Chancellor Robert Habeck said his country won’t block an EU oil embargo against Russia and that Europe’s biggest economy could handle a complete energy cut-off.
In Case You Missed It
Manchester City owner Sheikh Mansour bin Zayed Al Nahyan is helping manage relationships with wealthy Russians looking to move money into the UAE, people familiar with the matter told Bloomberg. While Sheikh Mansour has long been involved in cultivating UAE-Russia relations, the importance and complexities of that position have grown since Russia’s invasion of Ukraine, the people said.
Looking Ahead
Earnings season continues after the early May bank holiday with energy giant BP Plc reporting first-quarter earnings. Oil and gas prices have experienced unprecedented levels of volatility and hit record highs in the wake of Russia’s invasion of Ukraine. BP, for its part, said it would sell its stake in Russia’s Rosneft PJSC, although it has reportedly struggled to find a buyer.
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