The FTSE 100 closed down 0.1% on Tuesday as market observers
look to the U.S. inflation print on Wednesday. "U.S. markets have
dented confidence this afternoon, with the FTSE 100 providing the
one area of strength in an otherwise tumultuous day for equities.
The fears around another potential inflation-fuelled selloff in
high multiple stocks has dented the likes of the Nasdaq in
particular, with the recent earnings-based optimism starting to
wane ahead of tomorrow's crucial U.S. inflation release," says
Joshua Mahony, senior market analyst at online trading platform IG.
Abrdn was the day's biggest loser, ending down 6.8% after a swing
to a first-half pretax loss.
Abrdn Swung to 1H Pretax Loss; Warns That Revenue Growth Targets
Unlikely to be Reached
Abrdn PLC reported on Tuesday a swing to a pretax loss for the
first half of 2022 and said its ambitions for revenue growth and
improved cost-to-income ratio will now likely take longer than
expected to realize.
IWG 1H Loss Narrowed as Hybrid Working Spurs Revenue
IWG PLC on Tuesday reported a narrowed loss for the first half
of the year, with strong revenue and Ebitda growth in the
Legal & General 1H Operating Profit Rose, Raises
Legal & General Group PLC reported on Tuesday a rise in
operating profit for the first half of 2022, driven by higher
interest rates and a strong portfolio performance, and said that it
has raised its dividend payout.
Avast 1H Pretax Profit Fell on Higher Costs, Revenue Slip
Avast PLC said Tuesday that its first-half pretax profit fell on
higher costs and a slip in revenue, though average revenue per
customer rose 2.2%.
RPS Group Agrees to GBP591.1 Mln Takeover By Canada's WSP
RPS Group PLC said Tuesday that it has agreed to a 591.1 million
pound ($713.9 million) takeover by Canadian peer WSP Global
Sound Energy Seeks Partner to Fund Remaining $60 Mln for Gas
Project in Morocco
Sound Energy PLC said Tuesday that it is seeking a co-investing
partner for its Tendrara gas project onshore Morocco.
InterContinental Hotels to Launch $500 Mln Buyback; 1H Net
Profit Boosted by Travel Demand
InterContinental Hotels Group PLC said Tuesday that it will
launch a share-buyback program of up to $500 million as it reported
a rise in net profit for the first half on increased revenue.
Bellway FY 2022 Housing Revenue Rose 13% on Higher Completions,
Bellway PLC said Tuesday that its housing revenue rose to record
levels in fiscal 2022 on higher volumes and sales prices, and
reported a strong forward sales position.
SIG PLC Swung to 1H Pretax Profit; Sees Positive 2022
SIG PLC reported on Tuesday a swing to a pretax profit for the
first half of 2022 and said that it expects to return to a positive
free cash flow in the second half and to close the year with a
positive set of earnings.
Just Group 1H Pretax Loss Widened, Resumes Dividend
Just Group PLC on Tuesday reported a first-half widened pretax
loss, but said it is confident about achieving its medium-term
underlying operating profit growth target and resumed its dividend
Crestchic Further Upgrades 2022 Profit Views on Strong Trading
Crestchic PLC said Tuesday that the strong momentum experienced
in the first and second quarters of 2022 has again accelerated and
that it now expects to close the year with higher-than-expected
Ince to Raise GBP1.1 Mln Via Open Offer
Ince Group PLC said Tuesday that it is raising 1.1 million
pounds ($1.3 million) via open offer to qualifying
Nexus Infrastructure Expects Vehicle-Charging Unit Revenue to
Nexus Infrastructure PLC said Tuesday that it expects
more-than-double revenue from its eSmart Networks vehicle-charging
business in fiscal 2022, though a portion of its order book has
been delayed into the new financial year.
TI Fluid Systems 1H Pretax Profit Fell on Higher Costs, Backs
TI Fluid Systems PLC said Tuesday that its pretax profit fell in
the first half of the year on higher cost of sales and increased
distribution costs, and backed its full-year guidance.
RPS Group 1H Pretax Profit Rose on Fee Revenue Increase
RPS Group PLC said Tuesday that first-half pretax profit rose as
fee revenue returned to 2019's levels in the second quarter, and
that it expects the momentum seen in the first half to continue in
the second half.
Northcoders Group Secures GBP4 Mln in Government Funding
Northcoders Group PLC said Tuesday that it has secured
additional funding from the U.K.'s Department for Education that
provides four million pounds ($4.8 million) of scholarships to
teach software development and data engineering.
Bellway's Strong Update Likely to Raise 2022 Views
0954 GMT - Bellway's update ahead of fiscal 2022's results was
robust and is likely to raise market expectations for the year by
around 2% to reflect updated guidance, Goodbody says. The house
builder's volumes, selling prices and revenue were strong and the
share price continues to offer good value, though at this stage the
results are unlikely to trigger major changes to 2023 forecasts,
Goodbody analyst Shane Carberry says in a research note. "Overall,
a solid update from Bellway with comfort in the commentary around
the 'robust' demand backdrop and low cancellation rate of 13%," the
Irish brokerage says. Goodbody retains its buy rating. Shares are
up 1.0 pence at 2,342.0 pence. (firstname.lastname@example.org)
Bellway's FY 2022 Results Look Strong on Good Mix
0952 GMT - Bellway's strong update for fiscal 2022 showed an
outperformance on its top line, driven mainly by the effects of
strong mix on selling prices, Davy Research says. The house
builder's good update will likely see it outperform market
consensus expectations for the full-year by a low-single-digit,
Davy analyst Colin Sheridan says in a research note. "The company
expects to see growth in the number of active outlets over the
course of fiscal 2023, but the phasing will mean that volume
delivery will be weighted towards the second half," Davy says. Davy
retains its outperform rating on the stock. Shares are up 1.0 pence
at 2,342.0 pence. (email@example.com)
InterContinental Hotels Outlook Remains Strong Despite Covid
0846 GMT - InterContinental Hotels reported a continued recovery
from the pandemic in the 1H and its $500 million share buyback
program underlines its confidence in the outlook, Interactive
Investor analyst Keith Bowman says in a note. However, the company
said the pandemic continues to hurt its performance in China, while
labor shortages also remain challenging, Bowman says. What's more,
it noted that the business travel and events sector may not return
to their prepandemic levels due to the increased used of video
conferencing, he adds. Still the company offers both brand and
geographical diversity, it continues to open hotels, and has
reinstated dividends, the analyst says. "On balance, and with
trading still recovering, analyst consensus opinion currently
points towards a cautious buy," he says.
Contact: London NewsPlus; firstname.lastname@example.org
(END) Dow Jones Newswires
August 09, 2022 12:49 ET (16:49 GMT)
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