UKX

The FTSE 100 close up 0.9% on Monday amid easing concerns for the banking sector. After renewed volatility last week pointed to further banking-sector troubles, stocks have begun the final week of March on a more positive note, IG Group PLC chief market analyst Chris Beauchamp says in a research note. The lack of any more headlines about Deutsche Bank have been a big relief for investors, although nervousness still persists and a recession is still the broad expectation for the end of 2023, Beauchamp says. "Normally April sees stocks pick up steam in their move higher, but this seems like a much dicier prospect this year," Beauchamp says.

COMPANIES NEWS:

Belvoir 2022 Pretax Profit Fell on Higher Costs, Raises Dividend

Belvoir Group PLC said Monday that pretax profit in 2022 slightly fell amid higher costs, and that it has increased its dividend payout.

---

EDF's Acquisition of GE Operations Probed by UK Antitrust Watchdog

The U.K.'s competition regulator said Monday that it is looking into Electricite de France SA's deal to buy General Electric Co.'s nuclear steam-power business.

---

Hyve Sees 1H Revenue of GBP95 Mln-GBP100 Mln

Hyve Group PLC said Monday that performance in its fiscal first half has been in line with its expectations after it ran a full schedule of events and that revenue in the period is seen at 95 million to 100 million pounds ($116.2 million-$122.3 million).

---

Plexus Holdings 1H Pretax Loss Widened on Higher Costs, Expects Full-Year Revenue Below Views

Plexus Holdings PLC said Monday that its pretax loss for the first half of fiscal 2023 widened on higher costs, and that revenue for the year will be materially lower than market expectations.

---

Technology Minerals Raises GBP2.5 Mln from New Investor

Technology Minerals PLC said Monday that it has raised 2.5 million pounds ($3.1 million) via a share subscription and loan note issue with a new investor and will use the money toward its battery metals mining assets.

---

Dialight 2022 Pretax Profit Fell Despite Revenue Rising on Volume, Price Increases

Dialight PLC said Monday that pretax profit fell in 2022 as its margins were hit by inflation and supply-chain problems, but that revenue rose on increases in volume and pricing.

---

CML Microsystems Sees FY 2023 Revenue, Profit in Line

CML Microsystems PLC said Monday that it expects to report performance in line with market expectations for fiscal 2023, with revenue of around 20.5 million pounds ($25.1 million) and pretax profit close to GBP3.1 million.

---

Tlou Energy Raises A$200,000 to Fund Lesedi Project in Botswana

Tlou Energy Ltd. said Monday that it has raised 200,000 Australian dollars (US$132,920) via the issue of shares and will use the money toward the development of its Lesedi project in Botswana.

---

Thungela Resources 2022 Profit Rose on Increased Coal Prices

Thungela Resources Ltd. said Monday that 2022 profit rose as revenue surged on a significant increase in the price of coal, and that because of South Africa's Transnet Freight Rail's performance it was resetting its 2023 production outlook.

---

Pressure Technologies to Miss Reporting Deadline; Shares to be Halted April 3

Pressure Technologies PLC said Monday that it won't be able to meet the March 31 deadline to publish its fiscal 2022 accounts and that its shares will therefore be suspended from trading on April 3.

---

Northamber 1H Pretax Loss Widened on Higher Costs

Northamber PLC said Monday its pretax loss for the first half of fiscal 2023 widened on higher costs, and that the board remains cautious due to economic uncertainty.

---

Tortilla Mexican Grill Swung to 2022 Pretax Loss on Inflationary Costs

Tortilla Mexican Grill PLC said Monday that it swung to a pretax loss in 2022 due to inflationary costs, but that revenue rose 20% on year and that trading in 2023 so far has been in line with expectations.

---

Severfield Sees FY 2023 in Line After Strong 2H

Severfield PLC said Monday that it expects to report fiscal 2023 performance in line with expectations after booking a strong second half.

---

IQGeo Group 2022 Pretax Loss Narrowed on Increased Sales

IQGeo Group PLC said Monday that pretax loss for 2022 has narrowed on the back of improved sales and broad-based progress across all segments.

---

RTC Group Shares Fall on Swing to Pretax Loss

Shares in RTC Group PLC fell Monday after the company said it swung to a pretax loss due to a challenging first half of 2022.

---

Equals Group Earnings, Revenue Rose in 2022; Buys Oonex for Up to GBP4.1 Mln

Equals Group PLC said Monday that revenue and earnings grew in 2022 and that it was buying payments-services provider Oonex SA.

---

Tandem Shares Fall After 1Q Sales Were Worse Than Expected, 2022 Profit Declined

Tandem Group PLC shares fell on Monday after the company said sales have been slower than expected at the start of the year and reported a fall in pretax profit for 2022.

---

Sirius Real Estate Appoints Chris Bowman as CFO

Sirius Real Estate Ltd. said Monday that it has appointed Chris Bowman as chief financial officer with effect on Aug. 29.

---

Merit Group's Shares Rise After Selling Lease at London's Shard

Shares of Merit Group PLC rose 17% in early trade on Monday after the company said that it has sold its London office lease at The Shard, saving it 2.3 million pounds ($2.8 million) over the remaining term and after paying for new premises and other costs.

---

Helium One 1H Pretax Loss Widened on Higher Costs

Helium One Global Ltd. said Monday that its pretax loss for the first half of fiscal 2023 widened as administrative costs rose.

---

BT Group Identifying Possible Candidates for Next CEO, Mail on Sunday Reports

--BT Group PLC is planning for who will succeed current Chief Executive Philip Jansen, the Mail on Sunday reports, citing an unnamed industry source.

---

Dye & Durham Mulls Spinout of TM Group as Alternative to Sale

Dye & Durham Ltd. said it is considering a spinout of TM Group (UK) Ltd. instead of a sale to satisfy the U.K.'s competition regulator mandate to dispose of the recently acquired company.

---

Mobile Streams 1H Pretax Loss Widened on Higher Costs; Revenue Rose

Mobile Streams PLC said Monday that its first-half pretax loss widened on higher sales costs and administrative expenses, though revenue significantly increased.

---

Coro Energy Sells Italian Natural Gas Assets for Up to EUR7.5 Mln

Coro Energy PLC said Monday that it has sold its Italian natural gas assets to Zodiac Energy PLC for up to 7.5 million euros ($8.1 million) as part of its plan to focus on Southeast Asia.

MARKET TALK:

Union Jack's Wressle Project Revenue Landmark Seen as Encouraging

1159 GMT - Union Jack Oil's landmark of $14 million in net revenue reached at its flagship Wressle hydrocarbon development in England is encouraging and in line with expectations, Shore Capital analyst Craig Howie says in a note. Since restarting production in August 2021, Wressle continues to perform strongly and remains a positive investment case for the energy company, the analyst adds. "Our forecasts continue to indicate a robust financial performance and, noting in particular Union Jack's debt-free balance sheet, ongoing share buyback program, strong cash generation and undemanding rating on standard trading multiples, our risked net-asset-value estimate is confidently maintained at 90 pence per share," Howie adds. (michael.susin@wsj.com)

---

Merit Group Exiting London's Shard Likely to Drive Profitability

1158 GMT - Data and intelligence company Merit Group negotiating an exit from its premises at the Shard skyscraper in London provides a solution to reduce high annual rental costs, Canaccord Genuity analyst James Wood says in a note. The company estimates the lease exit--which originally ran through to July 2026--and move to other offices will deliver material cost savings of around GBP1.4 million annually and will improve its cash generation, Wood says. This strategy follows from 2022's GBP4.5 million disposal of Merit's Dods Media, Events and Training operations, simplifies its operating structure and refocuses revenue around higher-margin business intelligence, he says. "The additional actions now taken to materially reduce restrictive rental costs will likely be a key driver of profitability," he says. Shares are up 13% at 30 pence. (anthony.orunagoriainoff@dowjones.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

March 27, 2023 11:58 ET (15:58 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.