Premarket London: Talk Talk Swings to 1H Profit; Rio to Pay $221 Mln

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© Reuters. © Reuters. — Here is a rundown of regulatory news releases from the London Stock Exchange on Friday, 15th November. Please refresh for updates

  • Gambling group 888 Holdings (LON:) said it’s sticking by non-executive chairman Brian Mattingley despite a strong vote against him by shareholders at its annual meeting in May.
  • “The Board’s decision to retain Mr. Mattingley as its Non-Executive Chairman reflects the significant value he brings to the Board, including in particular his wealth of gambling industry and public company experience, deep knowledge of the business and industry contacts,” the company said, adding that “Mr. Mattingley’s continued tenure as Non-Executive Chairman benefits all shareholders.”
    • 888 has badly underperformed rivals GVC (LON:) and Flutter Entertainment (LON:) over the last 18 months, in which its share price has fallen some 40%.
    • Rio Tinto (LON:) said it will pay $221 million to support a clean-up project after the closure of a mine in Australia’s Northern Territory.
    • The rehabilitation of the Ranger Project Area is expected to cost $324 million in total.
    • Under the terms of its mining approvals, the operating company ERA, in which Rio has a 68.4% stake, is required to end mining and processing activities at Ranger by January 2021 and complete final rehabilitation by January 2026.
    • Telecom network operator Talk Talk (LON:) swung to a pretax profit of 1 million pounds ($1.29 million) in the first half of its 2020 fiscal year, thanks to a surge in new fiber customers.
  • Like-for-like EBITDA rose 14% on the year, as it added a net 292,000 customers for its fiber network, up from 192,000 additions a year earlier. It did particularly well in the second quarter, accounting for 33% of all Openreach Fiber-to-the-Cabinet lines.
  • Revenue fell 3.6% due to discontinued businesses.
  • The company kept its EBITDA outlook for the full year unchanged.
  • Pharma group AstraZeneca (LON:) said the EU had approved its Qtrilmet drug for treating adults with type-2 diabetes (T2D).

Qtrilmet was approved in the US in May 2019 under the name Qternmet XR

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