Premarket London: Ocado/M&S JV to Build First Fulfilment Centre

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© Reuters. © Reuters. — Here is a summary of regulatory news releases from the London Stock Exchange on Thursday, 28th November. Please refresh for updates

  • Ocado (LON:) said its joint venture with Marks & Spencer (LON:) is to build its first fulfilment center near Bristol in southwest England. The center will be able to process 30,000 orders a week. That makes it less than half the size of Ocado’s latest center that’s still under construction at Purfleet, east of London.
    • Insurance group Phoenix (LON:) said it expects full-year cash generation to be 707 million pounds ($915 million), slightly above the upper end of its guided range of 600 to 700 million.
    • Phoenix, which specializes in buying back books of annuity policies from other insurers, said it achieved 440 million pounds of incremental long-term cash generation in the first nine months of the year.
    • Its Solvency II surplus, a measure of financial strength, was unchanged at 3.0 billion pounds as of Sept. 30, while its shareholder coverage capital ratio slipped to 156% from 160%.
    • The company is hosting a capital markets day Thursday.
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