Sterling's Rise Vs Euro Unlikely to Be Sustained
1305 GMT - Sterling rises against the euro but this is unlikely
to mark the start of a sustained trend higher, ING says. Bank of
England and European Central Bank officials are both pushing back
against speculation that they could soon ease their policy stances
but "we don't see a key catalyst for the two currencies to
dramatically diverge in the current environment," ING analyst
Francesco Pesole says in a note. EUR/GBP falls 0.2% to 0.8888.
Barratt Developments 1H Pretax Profit Rose; Reservation Rate
Improved in January
Barratt Developments PLC said Wednesday that it saw a rise in
pretax profit for the first half of fiscal 2023 and said its
private reservation rate has modestly improved in January.
Smurfit Kappa 2022 Pretax Profit Rose, Boosted by Investment
Smurfit Kappa Group PLC said Wednesday that pretax profit rose
in 2022, with performance reflecting the continuing benefits of the
Severn Trent Backs FY 2023 View
Severn Trent PLC said Wednesday that there have been no material
changes to the business performance or outlook since its half-year
earnings in November and backed its fiscal 2023 outlook.
Ashmore Group 1H Pretax Profit Halved; Sees Outperformance As
Ashmore Group PLC said Wednesday that pretax profit more than
halved in the first half of fiscal 2023 as market volatility in the
period led to losses on investments, and that emerging markets are
set to outperform as markets recover.
Grainger Early FY 2023 Rent, Occupancy Rose
Grainger PLC said Wednesday that rent and occupancy rose in the
first four months of fiscal 2023.
Tate & Lyle Updates Five-Year Targets for Revenue, Earnings
Tate & Lyle PLC said Wednesday that it expects to deliver
revenue growth of 4% to 6% a year in the five years to March 2028,
underpinned by high single-digit growth in its food and beverage
M&C Saatchi Sees 2022 Net Revenue at GBP271.4 Mln, Headline
Pretax Profit at GBP31.8 Mln
M&C Saatchi PLC said Wednesday that 2022 net revenue is
expected to be 271.4 million pounds ($327 million) and headline
pretax profit is seen at GBP31.8 million.
Sosandar to Raise up to GBP4.5 Mln to Fund Growth
Sosandar PLC said Wednesday that it is planning to raise up to
4.5 million pounds ($5.4 million) via a share placing and will use
the money to capitalize on the opportunities in its markets and to
accelerate future growth.
FirstGroup to Buy Ensign Bus Company for Undisclosed Sum
FirstGroup PLC said Wednesday that it is buying Ensign Bus
Company Ltd. for an undisclosed sum.
Future Sees FY 2023 Adjusted Operating Profit in Line on
Continuing Good Performance
Future PLC said Wednesday that it expects to deliver fiscal 2023
adjusted operating profit in line with expectations as its
diversification of revenue streams and content verticals, together
with the operational leverage, continue to deliver.
PZ Cussons 1H Pretax Profit, Revenue Rose; Backs Full-Year
PZ Cussons PLC said Wednesday that pretax profit significantly
rose for the first half of fiscal 2023 together with revenue, and
backed its full-year guidance.
Renold Sees FY 2023 Profit Ahead of Views on Strong
Renold PLC said Wednesday that it now sees fiscal 2023
underlying operating profit above current market forecasts as it
has performed strongly since its interim results, with order intake
running ahead of sales.
Cenkos Securities Sees 2022 Underlying Profit at Break Even
Cenkos Securities PLC said Wednesday that it expects to break
even at underlying profit level for 2022 due to significantly
depressed market conditions over the year, and that it has seen an
encouraging start to 2023.
Speedy Hire Expects One-off Writedown After Identifying GBP20.4
Mln Equipment Shortfall
Speedy Hire PLC said Wednesday that it expects a one-off
non-cash writedown after a count of its hire equipment identified a
shortfall worth around 20.4 million pounds ($24.6 million).
Beazley Names Clive Bannister as Chair Designate
Beazley PLC said Wednesday that it has appointed Clive Bannister
as chair designate and non-executive director with immediate
Renalytix Shares Fall on $20.3 Mln Fund Raising
London-traded shares of Renalytix PLC fell as much as 14% on
Wednesday after the company said it is raising $20.3 million via a
placing of ordinary and American depositary shares, and that it
will use the money for sales and marketing, clinical product
development, and corporate support and financing costs.
Cellular Goods Shares Fall After Cannaray Brands, Love CBD Deal
Shares of Cellular Goods PLC fell 30% on Wednesday after the
company said that it no longer plans to buy Cannaray Brands Ltd.
and Love CBD Health Ltd. from Cannaray Ltd. as announced in
Unilever Faces Three Big Hurdles in 2023
1213 GMT - Unilever faces three main hurdles that it could find
difficult to overcome in 2023, UBS says ahead of the European
consumer-goods company's full-year results on Thursday. A tough
consumer environment is likely to disproportionately affect
Unilever's low gross-margin/less differentiated product lines, UBS
says. Persistent inflationary pressures and lack of clarity on the
company's long-term strategy could also weigh, the Swiss bank says.
"In other words, the tweaks to Unilever's strategy announced last
year could be scrapped for more draconian and radical measures,"
UBS analyst Guillaume Delmas says in a note.
AstraZeneca Investors Look Set to Eye Margins at FY Results
1218 GMT - AstraZeneca investors are likely to focus on margins
in the drug company's fourth-quarter and full-year results on
Thursday. Though the pace of the company's margin expansion is
below market expectations, that largely reflects increased
investment into research and development, thereby placing greater
importance on drug trial results in 2023, Berenberg says. "The most
important of these, in our view, is the first Phase III (P3)
readout for Dato-DXd in lung cancer," Berenberg analysts say in a
note. "We believe there is a high chance of success in this trial,
supporting our overall peak sales estimate of $10 billion."
Berenberg reiterates the buy recommendation and price target of
GBP126 for the stock. Shares rise 2% to 10,792 pence.
FirstGroup's Ensign Bus Acquisition Seen as Positive
1238 GMT - FirstGroup's acquisition of Essex-based EnSign Bus is
seen as a positive for the transport operator as it should
strengthen its market position, Citi analyst Sathish B. Sivakumar
says in a note. The transaction is expected to complement
FirstGroup's offering and the company anticipates FY 2023 adjusted
net cash position in the GBP70 million to GBP80 million range if it
closes within the calendar year, Sivakumar says. "We expect the
U.K. regional bus market to see further consolidation given the
structural challenges facing the industry," Sivakumar says. Citi
rates the stock buy and has a 133 pence target price. Shares are up
4.5% at 113.80 pence. firstname.lastname@example.org)
Invesco Getting New Heads of Investments
0739 ET - Long-time Invesco chief Marty Flanagan isn't the only
top executive leaving the investment manager. Invesco says Greg
McGreevey, senior managing director of investments, is retiring on
Oct. 1 and is immediately stepping down from his current post.
Invesco says Stephanie Butcher, who has been chief investment
officer of its EMEA business since January 2020, and Tony Wong,
who's been global head of fixed-income investments since March
2019, will now serve as senior managing directors and co-heads of
UK Regulator Adds Voice of Opposition to Microsoft, Activision
0743 ET - The UK's antitrust regulator, the Competition and
Markets Authority, says that Microsoft's $75B deal to buy
Activision Blizzard could hurt gamers by driving prices higher and
reducing access to certain games, adding another voice of
opposition to the deal. The FTC in the US has already sued to block
the deal. While the UK's CMA hasn't yet moved to block the deal,
the concerns raised add another obstacle to closing the deal.
Shares of Activision slipped almost 5% to $72 a share in pre-market
trading. Microsoft has agreed to pay $95 a share for the company in
an all-cash deal. (email@example.com; @WillFOIA)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
February 08, 2023 08:42 ET (13:42 GMT)
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