FTSE 100 Rises as Reckitt Benckiser And Bunzl Rally After
Results
The FTSE 100 rises 0.2% to 7238 points as consumer goods giant
Reckitt Benckiser and outsourcing group Bunzl rally after posting
quarterly results. Reckitt Benckiser shares advance 4.2% after
reporting a 3.3% increase in like-for-like net revenue for the
third quarter and raising its full-year revenue guidance. Bunzl
gains 1.3% after saying third-quarter revenue jumped 13.0% at
constant exchange rates and it expects to close the year with
slight underlying revenue growth compared to a year ago. Polymetal
International declines 0.5% as weaker commodity prices drag down
mining shares and after the precious metals miner posted an 8.0%
drop in third-quarter production.
Companies News:
THG 3Q Revenue Rose, Backs 2021 Guidance
THG PLC said Tuesday that its third-quarter revenue grew
significantly, driven by strong performance across the board, and
reiterated its full-year guidance.
---
Studio Retail 1H Product Sales Rose Slightly
Studio Retail Group PLC said Tuesday that its product sales for
the first half of fiscal 2022 were slightly higher than in the
year-earlier period and 38% ahead of 2019, but warned of suffering
inventory delays late into the peak season.
---
Petrofac to Raise $275 Mln to Pay Serious Fraud Office Fine,
Debt
Petrofac Ltd. said Tuesday that it is raising $275 million via a
discounted share placing and open offer and will use the money to
pay the U.K. Serious Fraud Office penalty and existing debt.
---
Europa Metals to Raise Up to GBP1.5 Mln
Europa Metals Ltd. said Tuesday that it will raise up to 1.5
million pounds ($2.1 million) via a discounted share placing and a
subscription, and that it will use the proceeds to pursue further
projects and transaction opportunities which could add shareholder
value.
---
Empresaria Raises 2021 Net Fee Income, Adjusted Profit
Forecasts
Empresaria Group PLC said Tuesday that it has seen increased
momentum going into the second half of the year and it has raised
its net fee income and adjusted pretax profit guidance for
2021.
---
Softcat FY 2021 Pretax Profit Rose; Says Strong Start to FY
2022
Softcat PLC on Tuesday reported a rise in pretax profit for
fiscal 2021 and said that its new financial year has started
well.
---
Petrofac 1H Pretax Loss Widened on Lower Revenue, Provision on
Bribery Fine
Petrofac Ltd. on Tuesday reported a widened pretax loss for the
first half of 2021 as revenue continued to be hit by Covid-19 and
as it booked a provision related to the penalty imposed by a U.K.
court on bribery offences.
---
Smartspace Software 1H Pretax Loss Widened on Higher Costs
Smartspace Software PLC reported on Tuesday a widened pretax
loss for the first half of fiscal 2022 due to higher costs and said
that the continued effects of Covid-19 mean that growth won't be as
strong as it had hoped.
---
Essentra Has Had a Strong 2H Start
Essentra PLC said Tuesday that it has had a robust start to the
second half of the year, and that it expects strong revenue growth
in its components and filters divisions in the fourth quarter.
---
Kin & Carta FY 2021 Pretax Loss Narrowed on Higher
Revenue
Kin & Carta PLC on Tuesday reported a narrowed pretax loss
for fiscal 2021 as revenue increased.
---
Sylvania Platinum 1Q Profit Fell on Price Reductions
Sylvania Platinum Ltd. said Tuesday that its profit in the first
quarter of fiscal 2022 was lower than in the previous quarter due
to a drop in prices and reduced production.
Market Talk:
Whitbread's Strong 1H Seen Flowing Into FY 2022's Pretax Profit
Consensus
0742 GMT - Hotel-and-restaurant operator Whitbread's strong 1H
performance is expected by analysts at Citi to flow into a GBP100
million upgrade to company-compiled pretax profit consensus for
fiscal 2022. The estimate currently stands at a GBP176 million
pretax loss, Citi says. The performance has encouraged management
to bring forward its revenue per available room recovery guide from
calendar 2023 to calendar 2022, the U.S. bank says. However,
well-known higher cost pressures such as labor will likely outdo
any upside to fiscal 2023 estimate consensus for pretax
profit--which currently stands at around GBP190 million, the bank
says. "We expect a positive share price reaction but expect
enthusiasm will be tempered by ongoing cost pressures which likely
cap any significant upgrade for fiscal 2023 estimates," Citi
says.
---
Reckitt Benckiser's Higher Sales Will Absorb Cost Inflation
0724 GMT - Reckitt Benckiser's third quarter organic sales
growth significantly beat expectations, and the full-year growth
guidance provides the operating leverage needed to keep margin
guidance unchanged, Citi says. The consumer-goods company's extra
60 to 80 basis points of 2021 organic sales growth is likely
providing the extra funding to keep the full-year margin guidance
unchanged, despite inflation in the cost of goods sold now running
at 10%, the U.S. bank says. "Comments on 2022 margin building
blocks, and clarity on Hygiene pricing prospects, will then be key
to support consensus expectations into next year," Citi says. Citi
retains its buy rating and price target of 6,900 pence. Shares are
up 4.8% at 5,736.0 pence.
---
Reckitt Benckiser Strong 3Q Results Deliver Guidance
Upgrades
0722 GMT - Reckitt Benckiser's good third-quarter results
enabled it to raise full-year sales guidance and maintain margin
guidance--something of a triumph following iffy interim results,
RBC Capital Markets says. The consumer-goods company's divisions
all beat sales expectations, and while its health division was
boosted by an encouraging start to the cold-and-flu season, other
divisions have also managed to deliver significant growth, RBC
says. Reckitt raised its organic 2021 sales growth guidance to
1%-3% from 0%-2%. "While consequent upgrades might be limited, it's
very important and welcome that Reckitt did not further reduce its
guidance, as it did in July, in our view," the Canadian bank says.
RBC maintains a sector perform rating and 6,000 pence price target
on the stock. Shares are up 5.1% at 5,748 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
October 26, 2021 04:16 ET (08:16 GMT)
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