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Premarket London: Just Eat to Team Up With McDonald's for Food Delivery

Published 28/01/2020, 07:32
© Reuters.
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By Pauline Thomas

Investing.com - Here is a summary from the most important regulatory news releases from the London Stock Exchange ahead of the U.K. market open on Tuesday 28 January. Please refresh for updates for UK market news from the LSE’s RNS on individual U.K. shares from FTSE 100, FTSE 250 and FTSE All-Share.

  • Food delivery firm Just Eat (LON:JE) said it had teamed up with McDonald’s (NYSE:MCD) to become the fast food giant’s second exclusive delivery partner in the U.K. and Ireland.

  • The food delivery company announced a similar partnership with U.K. bakery Greggs (LON:GRG) earlier in the month.

  • The delivery firm said trading for 2019 was in line with expectations with underlying profits of 200 million pounds and revenue at of approximately 1 billion pounds. U.K. orders grew 8% in 2019. The group will release its full trading update after the market close.

  • The Competition and Markets Authority is currently investigating a proposed merger between Just Eat (LON:JE) and Dutch competitor Takeaway.com (AS:TKWY).

  • "We are delighted to announce that we have agreed to partner in the UK and Ireland with McDonald's. This partnership, along with our recently announced relationship with Greggs, will require significant investment but will accelerate our growth ambitions and enhance our market position by offering our customers the widest choice available." said interim CEO Peter Duffy.

  • Supermarket chain Sainsbury's (LON:SBRY) said it will spend 1 billion pounds over the next 20 years to achieve the goal of reducing net carbon emissions to zero, by cutting food waste and increasing recycling.

  • It promised there would be no impact on its plans to reduce debt, which it said would fall by 300 million pounds in 2020 and 750 million pounds over the next three years

  • Irn Bru makers A.G.Barr PLC (LON:BAG) said it expected profits to be at the higher end of expectations for 2019, amid a challenging trading enviroment. The soft drink maker said it expected profits of just above 37 million pounds. The group said revenue was 255 million pounds, down from 279 million pounds in 2018.

  • Housebuilder Crest Nicholson (LON:CRST) said pretax profits were down for the year, in line with previous guidance.

  • The company said profits were down to 121 million pounds from 168.7 million in 2018. The housebuilder reported completions were down 4% and sales down 3% for the year to Oct. 31.

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