MoPh Markets

BP, Rentokil, TP ICAP, Ocado: The Morning Roundup

It was a positive day for most European equities on Monday, with airlines making strong strides higher. This morning, there have been updates from BP (LON: BP.), Rentokil Initial (LON: RTO), and TP ICAP (LON: TCAP), while Ocado (LON: OCDO) announced a partnership. 

BP 

  • BP released earnings for its latest quarter, with the oil company, as expected, seeing strong profits due to the rise in oil and gas prices. 
  • BP’s profits came in at $7.1 billion.
  • The energy company also announced a dividend of around 6p per share and a further $2.5 billion in share repurchases.

Rentokil Initial

  • Rentokil Initial announced earnings for its latest quarter.
  • The company reported revenue rose 18.9% at £901.3 million.
  • Sales from disinfection services reduced in line with its expectations at £3.6m, £8.6m lower than the same period last year.

TP ICAP 

  • TP ICAP reported total group revenue of £1,588m in the first nine months of 2022, up 10%.
  • The company benefitted from favourable market conditions in Global Broking, particularly in Rates.
  • During the third quarter of 2022, total revenue was £508m, up 5% compared to the same period in 2021.
  • TP ICAP will report 2022 preliminary results on 14 March 2023.

Ocado

  • Ocado announced a partnership between its Ocado Solutions business and Lotte Shopping to develop Lotte’s online business in South Korea.
  • Ocado and Lotte will develop a network of Customer Fulfilment Centres.
  • Lotte will pay Ocado certain fees upfront and during the development phase, then ongoing fees linked to both sales achieved and installed capacity.
  • The agreement plans for the development of a nationwide fulfilment network, with 6  Customer Fulfilment Centres planned by 2028.

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