The FTSE 100 closed down 0.7% on Monday, marking a poor start to
the week as a decline in oil prices weighed on the energy sector,
CMC Markets UK says. The threat of weakening demand from China
resulting from Covid-19 restrictions being introduced in Shanghai
hit the sector, and concerns about rising energy prices are in
particular focus given CPI inflation data coming later in the week
for the U.K., it adds. Elsewhere, International Consolidated
Airlines Group SA was among the FTSE 100's biggest risers, up 2.5%,
after London's Heathrow Airport said that passenger numbers in
March were the highest they have been since the start of the
pandemic.
Companies News:
Heathrow Airport Says March Passenger Numbers Were Highest Since
Pandemic Began
London's Heathrow Airport said Monday that passenger numbers in
March were the highest they have been since the start of the
pandemic after the U.K. removed all travel restrictions.
---
New U.K. Privacy Regulator Plans Quick Action Against Privacy
Violators -- WSJ
Britain's new privacy regulator wants to work with businesses
investing in new technologies to clarify early on whether a
technology could raise legal problems.
Audioboom 1Q Revenue Doubled as Growth Continued
Audioboom Group PLC said Monday that its revenue more than
doubled in the first quarter as growth continued into 2022.
---
John Wood Group Sees 2021 Results in Line With Prior
Guidance
John Wood Group PLC said Monday that it expects its 2021 results
to be in line with guidance given on Jan. 13.
---
Mothercare's FY 2022 Adjusted Ebitda Seen Ahead of Market
Views
Mothercare PLC said Monday that adjusted earnings before
interest, taxes, depreciation and amortization for fiscal 2022 are
now expected to be ahead of market views, and that revenue is still
being hit by Covid-19 related issues.
---
Amigo Holdings' Scheme of Arrangement Proposals Won't Face
Regulator Opposition
Amigo Holdings PLC said Monday that the Financial Conduct
Authority won't appear at the sanction hearings to oppose its
scheme of arrangement proposal.
---
STM Denied Court Appeal on 2012 Investment Case
STM Group PLC said Monday that the U.K. Supreme Court has denied
its application for leave to appeal the Court of Appeal's judgment
on the long-standing Adams versus Carey case.
---
WANdisco Reports Strong 1Q Performance; Bookings Significantly
Rose
WANdisco PLC on Monday reported a strong performance in the
first quarter on the back significant contract wins, with bookings
significantly rising from a year earlier.
---
Marks Electrical 4Q Revenue Rose; Sees Increased Full-year
Revenue
Marks Electrical Group PLC said Monday that revenue for the
fourth quarter of fiscal 2022 rose 19% on year and that it expects
to report that full-year revenue also grew significantly.
---
Treatt's 1H Revenue Rose, Says Momentum Has Continued
Treatt PLC said Monday that revenue for the first half of fiscal
2022 rose 9%, and that it expects to deliver stronger margins in
the second half as momentum continues.
---
Tortilla Mexican Grill Swung to 2021 Pretax Profit on Higher
Revenue
Tortilla Mexican Grill PLC said Monday that it swung to a pretax
profit for 2021 as revenue rose, and that its strong performance
has continued into 2022 with like-for-like growth to date of 20%
being in line with expectations.
---
Miners Choose Dividends Over Investments Despite Production
Strain -- Talking Markets
High commodity prices are boosting mining profits, and companies
are opting to give the money back to shareholders rather than
invest in new projects-which could slow global production
growth.
---
Duke Royalty Generated Record Total Cash Revenue in 4Q
Duke Royalty Ltd. on Monday reported record cash generation for
the fourth quarter of fiscal 2022.
---
Sirius Real Estate FY 2022 Rent Income, Occupancy Rose
Sirius Real Estate Ltd. said Monday that rent income and
occupancy of its sites grew in fiscal 2022, and that it has
collected most of the rent due to it.
---
Manolete Partners Falls on Lower-Than-Expected FY 2022 EBIT
Performance
Shares in Manolete Partners PLC fell Monday after the company
said that it expects to close its fiscal 2022 with an EBIT below
market expectations, due to the U.K.'s temporary restrictions on
insolvencies.
---
Cordel 3Q 2022 Revenue Rose on Flow From Contracts
Cordel Group PLC said on Monday that revenue rose for the third
quarter of fiscal 2022, and that it was discussing partnerships and
commercial projects with significant U.K. rail companies.
---
Rambler Metals 1Q Copper Output Down Slightly Vs. 4Q
Rambler Metals & Mining PLC said Monday that first-quarter
copper production fell slightly from the preceding quarter, while
gold output significantly increased, and that it reaffirmed 2022
guidance.
---
Dekel Agri-Vision Shares Fall on Halved March Palm-Oil
Production
Dekel Agri-Vision PLC shares fell Monday after it said its
crude-palm-oil production in March halved from a year earlier, in
line with guidance, because of a delayed high season.
---
Immotion Group 1Q Revenue Rose
Immotion Group PLC said Monday that revenue doubled in the first
quarter of 2022, and that it has secured four new partner
locations.
---
Market Talk:
Treatt's Investment Seen Delivering Strong Growth in the
Long-Term
1002 GMT - Flavor and fragrance ingredients supplier Treatt
continues to deliver strong sales growth, with 1H sales expected to
be up by more than 11%, building on the 16% growth delivered in the
year-prior period, Peel Hunt says. The order book is materially
higher than in FY 2021, giving confidence that the momentum will at
least be maintained, and as the effect of Covid-19 subsides there
will be a return to the normal seasonal bias in profits with 2H
showing an acceleration versus 1H, the U.K. brokerage says. "We
continue to see Treatt as well set to deliver multiyears of strong
growth given the investment in people and facilities," the broker
says. Peel Hunt rates the stock buy with a 1,400-pence target
price.
---
tinyBuild Looks in Position to Capitalize on Developments
0950 GMT - TinyBuild's retained business momentum, diversified
back catalog and busy pipeline of new titles should place the group
in a strong position to capitalize on industry developments, Shore
Capital says. The video games label has "acquihired"--acquiring a
developer in order to access its staff base, rather than its
product--Demagic Games and its 23 Ukraine-and Russia-based staff,
offering a relocation solution for the at-risk workforce and
aligning with tinyBuild's stated intention of opening a third
studio in Europe, Shore says. "We expect profit growth, supported
by a healthy balance sheet over our forecast horizon," Shore says.
The U.K. investment group retains its buy rating on tinyBuild's
stock. Shares are up 2.4% at 192.0 pence.
---
UK's Economy Is Expected to Contract in 2Q
0745 GMT - Economic growth in the U.K. is set to be weak for
several months and could even contract in 2Q, Pantheon
Macroeconomics says. The economic-research firm expects GDP to fall
0.3% on quarter between April and June, reflecting a decline in
output in the health sector and an extra public holiday in June.
Moreover, a sharp decline in households' real disposable income due
to the cost of living crisis likely will bring the recovery in
households' real expenditure to a standstill, Pantheon says. "Given
this weak near-term outlook for GDP growth, we continue to think
that the [Bank of England's] Monetary Policy Committee will stop
increasing the bank rate after raising it to 1.0% next month," it
says.
---
UK 10Y Gilt Yield Jumps After UK GDP Data Miss
0722 GMT - The yield on 10-year benchmark U.K. government bonds
jumps after official data showed the country's output almost
flattened in February. The 10-year gilt yield rose as high as
1.795% after the announcement, from Friday's close of 1.760%,
according to Tradeweb. U.K. gross domestic product expanded 0.1% in
February compared to the previous month, missing expectations by
economist polled by the WSJ of a 0.2% rise. "It's little wonder the
economy overall is showing signs of stalling from its remarkable
pandemic recovery, given the sense of foreboding which arose from
mid-February as troops amassed on the Ukraine border and then the
commodity shock unleashed by the invasion hit sentiment," says
Susannah Streeter at Hargreaves Lansdown.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
April 11, 2022 12:29 ET (16:29 GMT)
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