(Adds company news items and futures)
Feb 25 (Reuters) - Britain’s FTSE 100 index is seen opening 21 points higher at 7,178 on Tuesday, according to financial bookmakers, with futures up 0.5% ahead of cash markets open.
* PETROFAC: Oilfield services provider Petrofac reported a 16.7% drop in core profit for 2019 on Tuesday and reiterated forecasts of a decline in revenue this year as it recovers from a hit to orders in Saudi Arabia and Iraq last year.
* POLLEN STREET: Credit investor Pollen Street Secured Lending said on Tuesday it was in talks with Waterfall Asset Management about a 900 pence per share takeover approach and it was terminating its investment management agreement due to governance issues.
* DE LA RUE: De La Rue said on Tuesday it plans to rein in costs at its currency division and invest more in polymer notes, as the struggling banknote printer tries to improve margins as part of a three-year turnaround plan.
* SIG: SIG Plc said on Tuesday Chief Executive Officer Meinie Oldersma and finance head Nick Maddock will step down, a month after the building materials supplier sounded a profit alarm due to weakness in its European construction markets.
* HAMMERSON: British shopping centre operator Hammerson on Tuesday reported a drop in annual net rental income, impacted by an increase in store closures.
* TESCO: Britain’s biggest retailer Tesco has sold its 20% share of a joint venture in China to a unit of its partner China Resources Holdings (CRH), raising 275 million pounds ($357 million) and completing its exit from the country.
* MEGGITT: British engineering company Meggitt warned that its growth in 2020 would be constrained by the impact of the halt to production of Boeing’s 737 MAX aircraft, combined with the disruption caused by coronavirus.
* RICARDO: Engineering and automotive consultancy Ricardo Plc on Tuesday warned full-year profit would be hit because of the coronavirus’ disruptive impact on its China auto and rail operations.
* MORGAN ADVANCED MATERIALS: Industrial materials maker Morgan Advanced Materials has closed its manufacturing facilities in China because of the coronavirus outbreak and expects a hit to 2020 revenue and headline operating profit as a result, the company said on Tuesday.
* PRUDENTIAL: Hedge fund Third Point amassed a more than $2 billion stake in Prudential Plc and called on the British insurer on Monday to split into two companies.
* NMC HEALTH: NMC Health founder BR Shetty had pledged 7 million of the company’s shares as security for debt, his holding company said on Monday, adding that the Indian billionaire currently has a 9.81% interest in the UAE healthcare group.
* OIL: Oil rose as investors snapped up bargains after crude benchmarks dropped almost 4% in the previous session, but fears that the spreading coronavirus could wreak far greater economic damage than initially thought capped gains.
* GOLD: Gold prices eased as investors booked profits from a jump to a seven-year high in the previous session and as equities regained some footing, but a spike in coronavirus cases outside of China capped bullion’s losses.
* London’s FTSE 100 recorded its worst one-day performance in more than four-and-a-half years on Monday, in a fall that wiped $65 billion off companies’ market value, as a jump in coronavirus cases outside China set off fears of a pandemic.
* For more on the factors affecting European stocks, please click on:
TODAY’S UK PAPERS
> Financial Times
> Other business headlines (Reporting by Indranil Sarkar in Bengaluru)
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