BP Makes £18b Promise to U.K. as Profit Rises: The London Rush

(Bloomberg) -- Here’s the key business news from London-listed companies this morning.

BP Plc: The oil and gas giant posted a pre-tax charge of 29.3 billion dollars for the first quarter of this year, including its decision to exit its nearly 20 percent stake in Russia’s Rosneft Oil Company. 

• The company said it would invest up to £18 billion in the U.K.’s energy system in 2030, as part of efforts to reduce energy reliance and transition to Net Zero, and as it comes under public pressure for making large profits, while energy prices remain high
• The company also boosted its share buybacks by £2.5 billion as its cash flow surged on higher oil prices

Avast Plc: The cybersecurity company expects its profitability to be hit this year by its exit from the Russian market.

• The company said its full year adjusted Ebitda margin will be slightly below 50%, reflecting 10 months of zero sales in Russia, as well as increased costs

NAC Kazatomprom JSC : The Kazakh mining company’s production volumes may miss target levels but it maintained its guidance for full-year production and sales.

• It also said its inventory could fall below desired levels in 2022 due to supply chain challenges and possible production losses

Outside The City

Boris Johnson will deliver a virtual address to Ukraine’s Parliament today that compares the Eastern European country’s struggle to Britain’s during World War II. The U.K. government also announced a new package of £300 million in military aid to Ukraine. 

Read the latest coverage of the war in Ukraine here.

In Case You Missed It 

Citigroup Inc. said its London trading desk was behind a flash crash which had sent shares across Europe tumbling after a sudden 8% decline in Swedish stocks.

Meanwhile, the Bank of England is expected to raise interest rates to their highest level in 13 years this week. 

Looking Ahead

Luxury car maker Aston Martin Lagonda Global Holdings Plc reports results tomorrow, alongside fast fashion website boohoo Group Plc. Later this morning, we’ll get data on the confidence in the U.K. manufacturing sector, as higher prices squeeze company margins. 

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