Premarket London: Playtech Warning; LandSec Hires St Modwen CEO

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© Reuters. © Reuters. — Here is a summary of regulatory releases from the London Stock Exchange on Friday, 22nd November. Please refresh for updates.

  • Land Securities (LON:) said it has appointed Mark Allan to be its new chief executive officer. Allan is currently CEO of member St. Modwen Properties (LON:) Plc, a role he has held since 1 November 2016. TSt Modwen shares have risen over 50% during his tenure.
  • Allan will make the move at the end of May.
  • Online estate agent Rightmove (LON:) said meanwhile that it has appointed former Shazam CEO and chairman Andrew Fisher as its new chairman. He’ll succeed Scott Forbes at the end of this year.

Software group Playtech (LON:), which sells its services mainly to the gambling and spread betting industries, warned that full-year earnings are likely to be below consensus due to “highly challenging” conditions for its TradeTech unit and cut-throat competition in Asia.

The company said it’s “evaluating all options” for TradeTech and is also reviewing the Casual and Social Gaming business.

Playtech (LON:) said it now expects full-year EBITDA to be “a little below current consensus”, as its problems with TradeTech have been partly offset by a continued strong performance from the B2B Gambling and Snaitech units.

Revenue from Asia, where it has tried to expand market share in recent months is seen at 115 million a year at current run rates. It said market conditions are “highly competitive”.

  • precious metals specialist Hochschild Mining (LON:) cut its forecast for output next year due to delays in obtaining permissions at the Pallancata mine in Peru.
  • Overall output is now seen as 432,000 gold equivalent ounces or 35 million silver equivalent ounces. That’s down from 457,000 and 37 million, respectively, this year.
  • “We have decided to give our brownfield exploration team more time to deliver additional resources,” CEO Ignacio Bustamante said.
  • Hochschild also expects costs to rise as a result of a one-off $22 million project to increase tailings capacity at the flagship Immaculada mine. The all-in sustaining cost from operations in 2020 is expected to be between $1,015 and $1,045 per gold equivalent ounce, or $12.5 and $12.9 per silver equivalent ounce.
  • Overall capital expenditures are seen at $115-$130 million, including the tailings project.
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