Imperial Brands Cuts Guidance on Impact of War: The London Rush

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

Imperial Brands Plc: The cigarette maker cut its full year net revenue growth guidance in the wake of its exit from Russia and suspension of operations in Ukraine. 

• The company said it is looking to sell its Russian operations to a local partner
• Last week, British American Tobacco Plc also cut its guidance

Ferguson Plc: The plumbing and heating products distributor increased its share buy back program after it reported a 68% increase in adjusted operating profit in the first half.

• The company said price inflation in the second quarter of the year increased to high teens driven largely by finished goods

Ocado Group Plc: The grocery delivery business signed an agreement to develop Auchan Retail Poland’s online business using the company’s in-store and warehouse software.

• The deal involves building a customer fulfillment center to serve the Warsaw region by 2024, with further centers expected in the future.

Outside The City

A top Chinese diplomat said the country wants to avoid taking a hit from U.S.-led sanctions against Russia, while the United States said the country should use its influence to help bring the war to an end.

Shelling in Ukraine’s capital, Kyiv, continued overnight, Ukrainian officials said, saying Russian forces appear to be fortifying their existing positions rather than pushing forward.

The U.K. will scrap all of its remaining international travel restrictions from Friday, including pre-departure testing for unvaccinated passengers.

In Case You Missed It

A London mansion owned by family members of Russian billionaire Oleg Deripaska was occupied by protesters opposing the invasion of Ukraine on Monday. The group hung a Ukrainian flag from the home on Belgrave Square before a confrontation with police. That’s as the U.K. Government said it was exploring whether Ukrainian refugees could be housed in the mansions of sanctioned Russian oligarchs.

Finally, read about the 18 minutes of trading chaos that sent nickel past $100,000 a ton last week, plunging the metals industry into turmoil.

Looking Ahead

Gold producer Centamin Plc will publish results tomorrow, as investors flee to the commodity as a safe haven in times of crisis, lifting prices.

Later on Wednesday, Ukrainian President Volodymyr Zelenskiy will give a virtual address to the U.S. Congress, at his request.

©2022 Bloomberg L.P.