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7am: Johnson Matthey gigafactory
Johnson Matthey is building an £80 million gigafactory at its site at Royston in Hertfordshire to scale up the manufacture of hydrogen fuel cell components.
Earlier this year, JM announced a refreshed strategy with an ambition to be the “market leader in performance components for fuel cells and electrolysers”, targeting more than £200 million sales in hydrogen technologies by end of 2024/25.
These site is expected to be in operation by the first half of 2024.
Liam Condon, chief executive of Johnson Matthey said: “The fuel cell market has now reached a pivotal moment with the increasing urgency to decarbonise transportation and today marks the next step of the journey to a low-carbon future in the UK.”
Business Secretary Kwasi Kwarteng: “This investment, backed by Government, is a major vote of confidence from Johnson Matthey in the UK. Their new facility will not only add to our growing electric vehicle supply chain, but it will also help secure hundreds of highly skilled jobs.
“We are working hard to ensure the UK reaps the benefits of the green industrial revolution, and today’s announcement reaffirms UK’s reputation as one of the best locations in the world for high quality auto manufacturing.”
7am: Deliveroo confident
The meals delivery company Deliveroo is maintaining its adjusted EBITDA margin guidance and said it balance sheet remains strong.
Management is confident in the company’s ability to adapt financially to a rapidly changing macroeconomic environment.
Half one results will be released on 10 August.
Global markets
London was expected to make a positive start to the trading week following a more upbeat session on Asia’s main markets and Wall Street’s uplift on Friday.
Potential gas rationing in Germany and political turmoil in Italy could muddy the waters but a slightly weaker US dollar is helping to support sentiment and commodity prices are rebounding from recent lows.
Royal Mail and Ocado are among the those reporting this week and there will be an update on the state of the British economy with data on wages and inflation.
Brent crude was trading 0.63% higher at $101.80.
