Sterling Falls Amid Signs of UK Economic Struggles
1323 GMT - Sterling falls as National Grid's efforts to reduce
household energy consumption and Tuesday's weak U.K. purchasing
mangers' index data serve as reminders that the U.K. economy isn't
out of the woods, Monex Europe says. "We expect sterling to start
underperforming neighboring European currencies as economic data
highlights widening growth differentials, however, the outlook
against the dollar is less clear as conditions in the U.S. continue
to dictate broader risk conditions, to which GBP/USD remains highly
sensitive," Monex forex analyst Simon Harvey says in a note.
GBP/USD falls 0.7% to a near one-week low of 1.2281 and EUR/GBP
rises 0.6% to a one-week high of 0.8844, according to FactSet.
(renae.dyer@wsj.com)
Companies News:
Senior Expects to Beat 2022 Market Profit Forecasts on Strong
Flexonics Unit
Senior PLC said Tuesday that it expects to swing to a 2022
profit ahead of market expectations, reflecting a strong end to the
year, particularly in its Flexonics division.
---
Associated British Foods 1Q Revenue Rose on Resilient Consumer
Spending
Associated British Foods PLC said Tuesday that revenue for the
first quarter of fiscal 2023 rose on year after a
better-than-anticipated consumer spending despite increasing cost
pressures, and backed its fiscal 2023 expectations.
---
M&C Saatchi Had Record 2022 Performance; Chair Gareth Davis
to Step Down
M&C Saatchi PLC said Tuesday that it had a record
performance last year with strong revenue in its higher growth
specialisms and in the U.K. and Americas.
---
Marston's Christmas-Period Sales Rose on Year, Has Hedged
Electricity Costs for FY 2023
Marston's PLC said Tuesday that like-for-like sales rose 13% in
the 16-week period to Jan. 21 compared with a year earlier and that
its electricity costs are now hedged for its fiscal 2023 ending
September.
---
Pebble Beach Expects 2022 Results in Line With Expectations
Pebble Beach Systems Group PLC said Tuesday that it expects to
report full-year 2022 results in line with expectations, following
a strong performance in the second half.
---
Henry Boot Sees 2022 Pretax Profit Just Below Market Views on
Valuation Falls
Henry Boot PLC said Tuesday that it ended 2022 with a pretax
profit slightly below market expectations due to year-end valuation
movements offsetting strong sales, and that it expects 2023 to
prove more challenging.
---
THG PLC Appoints Damian Sanders as Chief Financial Officer
THG PLC said Tuesday that it has appointed Damian Sanders as
chief financial officer with immediate effect, replacing John
Gallemore who has been appointed chief operating officer.
---
Smiths News Says FY 2023 Performance to Date Is in Line With
Views
Smiths News PLC said Tuesday that its fiscal 2023 performance to
date is in line with market expectations, supported by significant
progress on contract renewals.
---
Saga Backs FY 2023 Pretax Profit Guidance, Sees Revenue up to
50% Higher
Saga PLC on Tuesday backed its underlying pretax profit guidance
for fiscal 2023 and said it expects revenue to be ahead of the
previous year as its cruise and travel business benefited from the
postpandemic recovery.
---
Yu Group Expects to Exceed 2022 Guidance
Yu Group PLC expects to exceed annual guidance that it had
upgraded in March, July, September and November, after a surge in
revenue and profitability.
---
City Pub Group COO Toby Smith to Step Down, Rupert Clark to Take
Up Role
City Pub Group PLC said Tuesday Chief Operating Officer Toby
Smith will leave the business on Jan. 27, and that group Managing
Director Rupert Clark will take on the role.
---
Robinson Sees 2022 Adjusted Profit, Revenue Rising
Robinson PLC said Tuesday that it expects to report 2022
adjusted operating profit that rose in line with market views,
while revenue increased 10% on year.
---
OnTheMarket Names Brand Architekts' Tom Carter as New CFO
OnTheMarket PLC on Tuesday named Tom Carter as incoming chief
financial officer and said he will join the company after serving a
six-month notice period with Brand Architekts Group PLC.
---
Sportech Sees 2022 Earnings Beating Market Views on Strong
Operations
Sportech PLC said Tuesday that it expects to report 2022
adjusted earnings before interest, taxes, depreciation and
amortization ahead of market views on a strong operational
performance.
---
AB Foods Backs FY 2023 Views as Revenue Rises on
Better-Than-Expected Consumer Spending -- Update
Associated British Foods PLC said Tuesday that revenue for the
first 16 weeks of fiscal 2023 rose on year after
better-than-anticipated consumer spending despite increasing cost
pressures, and backed its full-year expectations amid lower
inflation volatility.
---
Artisanal Spirits 2022 Revenue to Beat Market Forecasts; Names
Andrew Dane as CEO
Artisanal Spirits Co. said Tuesday that revenue last year grew
20% and is expected to be ahead of market forecasts.
---
Ceres Power 2022 Revenue in Line With Guidance; Agrees China JV
Structure
Ceres Power Holdings PLC said Tuesday that 2022 revenue was in
line with guidance and that the structure of its joint venture in
China with Weichai Power Co. and Robert Bosch GmbH has been
agreed.
---
Staffline Posts In-Line 2022 Revenue; Is Cautious on 2023
Staffline Group PLC on Tuesday posted 2022 revenue and gross
profit in line with the previous year and said it looks ahead at
2023 with caution.
---
Norman Broadbent 4Q, 2022 Net Fee Income Rose; Swung to Positive
Full-Year Ebitda
Norman Broadbent PLC said Tuesday that group net fee income, or
NFI, for the fourth quarter and 2022 rose, and that it swung to a
positive Ebitda for the year.
---
CyanConnode Holdings Raises GBP5.3 Mln via Oversubscribed Share
Placing
CyanConnode Holdings PLC said Tuesday that it has raised 5.3
million pounds ($6.6 million) via an oversubscribed share placing
announced late Monday.
---
Accrol 1H Loss Narrowed on Higher Demand, Recovered Costs; CFO
Richard Newman to Step Down
Accrol Group Holdings PLC said Tuesday that its first-half
pretax loss narrowed as revenue significantly rose on higher demand
and recovered costs, and that Chief Financial Officer Richard
Newman intends to step down.
---
Sureserve FY 2022 Profit Rose, Says It Is Confident For FY
2023
Sureserve Group PLC on Tuesday said its pretax profit for fiscal
2022 rose by around 41% on year and that it is confident for fiscal
2023.
---
Bridgepoint Group to Buy Back Up to GBP50 Mln of Shares
Bridgepoint Group PLC said Tuesday that it plans to buy back up
to 50 million pounds ($61.9 million) of its shares by Sept. 30.
---
Accrol Strategic Review Identifies Paper Mill, Capital Returns
as Priorities
Accrol Group Holdings PLC said Tuesday that it intends to build
a sustainable paper mill and return cash to shareholders through
dividends and buybacks following the completion of a strategic
review.
---
Aptitude Software 2022 Recurring Revenue Rose; Deputy CEO, CFO
to Step Down
Aptitude Software Group PLC said Tuesday that it met 2022 market
views with a rise in recurring revenue, and that Deputy Chief
Executive Officer and Chief Financial Officer Philip Wood will step
down in July.
---
Deltex Medical Says It Is Making Good Operational Progress After
2022 Revenue Rose
Deltex Medical Group PLC said Tuesday that revenue for 2022 rose
10%, and that it IS making operational progress developing products
and securing orders.
---
Netcall Sees Higher 1H Adjusted Ebitda, Revenue on Cloud
Demand
Netcall PLC said Tuesday that it expects adjusted core profit to
rise 29% in the first half of fiscal 2023 as demand for its cloud
offering and new customer acquisitions boost revenue.
---
Bango Sees Revenue Growth, Adjusted Ebitda Meeting Views in
2022
Bango PLC said Tuesday that it expects to report revenue growth
for 2022 and that adjusted earnings before interest, taxes,
depreciation and amortization should be in line.
---
Everest Global Shares Rise on High-Premium Share
Subscription
Shares of Everest Global PLC rose as much as 37% on Tuesday
after the company said it has raised 699,930 pounds ($866,443) via
a high-premium share subscription and that it will use the money
for general working capital purposes.
---
FireAngel 2022 Adjusted Pretax Loss Narrowed; Sees Higher
Revenue in 2023
FireAngel Safety Technology Group PLC on Tuesday said its
adjusted pretax loss for 2022 narrowed as it reported higher sales,
and said it sees a significant increase in revenue for 2023.
---
NAHL Sees 2022 Pretax Profit Beating Market Views, Expects
Revenue Growth
NAHL Group PLC said Tuesday that it expects 2022 pretax profit
to rise ahead of market views, and growth in revenue and operating
profit.
---
I(X) Net Zero Names Par Lindstrom as CEO After Steve Oyer Steps
Down
I(X) Net Zero PLC on Tuesday said it has appointed Par Lindstrom
as chief executive officer, with Steve Oyer stepping down from the
board with immediate effect.
---
Eleco Sees 2022 Revenue, Earnings Slip Slightly on Business
Model Shift
Eleco PLC said Tuesday that it expects 2022 revenue and earnings
to slip slightly but to broadly meet market views as it shifts away
from perpetual upfront licenses.
---
Norcros's David McKeith to Act as Board Chair as Gary Kennedy
Takes Temporary Leave
Norcros PLC on Tuesday said current Senior Independent Director
David McKeith has taken the role of acting board chair effective
immediately.
---
Velocity Composites Shares Fall on Lower FY 2022 Margins
Shares in Velocity Composites PLC fell Tuesday after the company
said that its gross margin for fiscal 2022 fell to 23% from 26% due
to significant inflationary pressures, and that pretax loss
remained flat.
---
Harvest Minerals Invoiced Sales of Organic Fertilizer Rose in
2022
Harvest Minerals Ltd. said Tuesday that invoiced sales of its
organic fertilizer, KP Fertil, rose in the fourth quarter, as well
as in 2022, and that it expects sales to rise further in 2023.
---
Capricorn Energy CEO Simon Thomson, Nonexecutive Chairwoman
Nicoletta Giadrossi Step Down
Capricorn Energy PLC said Tuesday that Chief Executive Simon
Thomson and Nonexecutive Chairwoman Nicoletta Giadrossi have
stepped down from their roles with immediate effect.
---
UK Businesses in Financial Distress Rose in 4Q, Report Says
The number of U.K. businesses in significant financial distress
in the fourth quarter rose 8% on year and by 4% on as companies
dealt with a combination of Covid-19 debt, inflation and greater
pressure on consumers, according to a report published Tuesday by
Begbies Traynor.
---
Iconic Labs Shares Fall on Restoration to Trading After 2021
Suspension
Iconic Labs PLC shares fell upon their restoration to trading by
the U.K.'s Financial Conduct Authority at 1200 GMT Tuesday, having
been suspended since June 2021.
---
Pittards Names Alan Burgess As CFO
Pittards PLC said Tuesday that it has appointed Alan Burgess as
chief financial officer with immediate effect.
---
Man Group picks Pictet's Matthew Giordmaina for senior
operations role -- Financial News
The latest hire comes amid a recent slew of senior appointments
in the London office
---
Capricorn Energy CEO, Nonexecutive Chairwoman Step Down --
Update
Capricorn Energy PLC said Tuesday that Chief Executive Officer
Simon Thomson and Nonexecutive Chairwoman Nicoletta Giadrossi have
stepped down from their roles with immediate effect.
Market Talk:
Property and Casualty Insurance Still Leads Sector in Europe
1223 GMT - Property and casualty insurance is still the place to
be among European insurers as the sector gathered pace over life
insurers in the fourth quarter, Citi says. "We expect this momentum
to continue through 2023 and see no reason to change our
fundamental positioning of overweight P&C," the U.S. bank says.
Life insurers look expensive with limited upside potential and
significant macro headwinds, while reinsurer and specialty insurers
seem cheap with considerable return on equity upside potential
against consensus, it notes. Citi's top picks are Swiss Re,
Prudential and AXA, but also flags Scor, Zurich and Admiral as top
names--all of which it rates buy. The bank cuts Direct Line to sell
from neutral citing underperformance compared with peers and risk
of a 2023 dividend cut. (elena.vardon@wsj.com)
---
AB Foods' Primark Growth Seen as Encouraging
1254 GMT - AB Foods' performance update is an encouraging
statement especially regarding Primark's performance, Shore Capital
analysts Clive Black and Darren Shirley say in a note. The
conglomerate's retail arm excelled in the U.K., with notable
market-share gains of 50 basis points and sales growth of 15%,
while continental Europe also provided sales growth of 16%, they
note. "We are pleased, as with a number of U.K. consumer stocks,
that the share has commenced FY 2023 in a sound to encouraging
manner (+18% YTD) with smoke signals to what may be a better than
previously feared earnings outcomes", they add. Shore has a buy
recommendation on the stock and a target price of 1,870.0 pence.
(michael.susin@wsj.com)
---
European Stocks Drop Ahead of Likely US Losses
1321 GMT - European stocks mostly fall despite upbeat eurozone
economic data, while Wall Street looks set to open lower. The Stoxx
Europe 600, DAX and FTSE 100 drop 0.3%, though the CAC 40 trades
broadly flat. Brent crude rises 0.3% to $88.42 a barrel. IG futures
data show the Dow opening at 33532, versus Monday's close of 33629.
"The eurozone composite PMI exited contraction territory in
January, rising from 49.3 to 50.2, beating expectations for a more
moderate improvement," UniCredit economist Tullia Bucco says in a
note. "This is the highest reading since June and suggests downside
risks are receding." (philip.waller@wsj.com)
---
City Pub Group Has Headroom for New Acquisitions, Liberum
Says
1331 GMT - City Pub Group finished 2022 strongly with 4Q
comparative sales growth estimates up 7.8% and two more
acquisitions, Liberum analysts Anna Barnfather and Nishant Dahad
say in a note. This drove revenue to around GBP57.6 million despite
rail strike disruption, with current performance remaining strong
and GBP30 million of debt headroom adding the possibility of more
acquisitions, the analysts say. Liberum lowers the company's Ebitda
estimates for 2022 4% to GBP9.6 million to account for additional
cost inflation and rail disruption, but 2023 Ebitda estimates
remain unchanged at GBP12.6 million, the analysts say. Liberum
rates the stock buy and has a 115 pence target price. Shares are up
2% at 76 pence. (anthony.orunagoriainoff@dowjones.com)
---
i(x) Net Zero's New CEO to Uplift Portfolio, Says Shore
Capital
1403 GMT - i(x) Net Zero's appointment of CIO and co-founder Par
Lindstrom as CEO is a positive development for the investing
company, Shore Capital says in a note. "After a disappointing first
year on the market, we feel that the company will be helped by
Par's extensive investment experience and close knowledge of i(x)'s
portfolio companies and that i(x) will benefit from the more
proactive management of the portfolio," say analysts Rachel May and
Sam Banerjee. They hope there will be greater focus on the group's
two largest holdings--WasteFuels and Enphys--given Lindstrom's
close involvement in them, which could drive a meaningful uplift to
net asset value in the near-term. Shore has i(x) as a house stock.
Shares are up 5.6% at 14.25 pence. (elena.vardon@wsj.com)
---
Saga Shares Increase Sharply After Upbeat Trading Statement
1409 GMT - Saga shares rise 10% after the over-50s tour operator
and insurer backed full-year underlying pretax profit guidance and
forecast revenue ahead of the previous year. Underlying pretax
profit in the year to the end of January remains on track to come
in between GBP20 million and GBP30 million, while revenue should be
40-50% ahead of last year amid recovering cruise and travel demand,
IG cites the company as saying. "Saga continues to push towards
significant growth across earnings and revenue, according to an
update covering the period from Aug. 1 to Jan. 23," IG analysts say
in a note. (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
January 24, 2023 09:30 ET (14:30 GMT)
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