Berkeley, Rivals Rise as Traders Shrug Off Price Fears
1046 GMT - Berkeley Group shares top the FTSE 100 risers, up
4.8% after the U.K. house-builder reported higher first-half pretax
profit and revenue and raised its full-year earnings expectations.
"Berkeley Group shares have perked up considerably, rallying over
4% this morning on a very good set of numbers," IG analyst Chris
Beauchamp says. "A lack of concern about inflation has provided a
further reason for investors to jump back in. Housebuilders
generally have moved higher this morning, helped by the Berkeley
numbers and the generally bullish tone prevailing in markets."
Still, Taylor Wimpey's gains lag rivals, rising 1.3% as the builder
said Pete Redfern will step down as chief executive after more than
14 years.
Companies News:
TUI FY 2021 Loss Narrowed, Missing Market Views
TUI AG on Wednesday reported a narrowed net loss for fiscal
2021, which missed full-year market expectations, and said that the
first winter quarter of 2022 is nearly fully booked.
---
Taylor Wimpey CEO Pete Redfern to Step Down
Taylor Wimpey PLC said Wednesday that Pete Redfern will step
down as chief executive officer after more than 14 years in the
role.
---
Quiz Swung to a 1H Pretax Loss
Quiz PLC on Wednesday reported a swing to a pretax loss for the
first half of fiscal 2022 and said that revenue in the first two
months of the second half has increased significantly, in line with
pre-Covid-19 levels.
---
Berkeley Group 1H Profit, Revenue Increased; Raises FY 2022
Guidance
Berkeley Group Holdings PLC said Wednesday that pretax profit
and revenue increased for the first half of fiscal 2022, and raised
its full-year earnings expectations.
---
Centrica to Sell Spirit Energy's Oil & Gas Assets in
Norway
Centrica PLC said Wednesday that it has agreed to the sale of
Spirit Energy's oil-and-gas assets in Norway to Equinor ASA and
Sval Energi AS for $1.08 billion.
---
Stagecoach Group 1H Pretax Soars on Back of Lower Debts
Stagecoach Group PLC said Wednesday that its pretax profit
increased on the back of passenger volumes recovery and the
reduction of its net debt.
---
McColl's Retail FY Revenue, Adjusted Ebitda Set to Decline
McColl's Retail Group PLC said Wednesday that revenue and
adjusted Ebitda declined during fiscal 2021 as a whole due to
supply-chain disruptions and Covid-19 restrictions, and warned
about the business continuing to be hit during the current
financial year.
---
Glanbia Plans EUR50 Mln Share Buyback Program
Glanbia PLC said Wednesday that it is starting a 50 million euro
($56.3 million) share buyback program to reduce its share
capital.
---
Equals Group Year-To-Date Revenue Rose; Already Beat Full-Year
Views
Equals Group PLC said Wednesday that it has already
significantly exceeded its full-year expectations for both adjusted
earnings and revenue.
---
Games Workshop Says Performance Is In Line With Expectations
Games Workshop Group PLC said Wednesday that its performance
since September has been in line with expectations.
---
SSP Group FY 2021 Pretax Loss Narrowed on Lower Costs
SSP Group PLC said Wednesday that its fiscal 2021 pretax loss
narrowed as revenue decreased after it booked lower costs and said
that revenue for the first nine weeks of the new year are averaging
66% of 2019 levels.
---
Alpha FX Group Expects to Beat Market Views for 2021
Earnings
Alpha FX Group PLC said Wednesday that its performance has
remained strong since the first half of 2021, adding that it
expects to close 2021 with revenue and earnings ahead of most
market views.
Market Talk:
Centrica's Sale of Norwegian Oil & Gas Assets Should Please
Investors
0846 GMT - Investors will be happy to see Centrica shed its
interest in the Norwegian Spirit oil-and-gas assets, which should
fetch just under GBP400 million in proceeds after the closing of
hedging-related costs and minority distributions from the GBP800
million sale, RBC Capital Markets says. It should also be taken
positively that Centrica has passed on the GBP830 million of
decommissioning costs, the bank says. Given that the Norwegian
assets were prominently oil-focused, the deal leaves the remaining
U.K. portfolio stationed in gas assets, RBC adds. "We still think
this newsflow will be positively received by the market where
expectations for any positive net cash disposal by Centrica are
very low." Shares in the owner of British Gas are up 0.5%.
---
Berkeley Group Looks Focused on Investment, Not Returns
0827 GMT - Berkeley Group's first half was reassuringly
positive, but its investment cycle keeps ticking on, Jefferies
says. The house builder reports net cash of GBP845 million, and
while the group appears to have the pipeline to reach its target
gross margin on the land bank, management reports that it will make
a net GBP700 million investment into land and build over the coming
years, the U.S. bank says. "This suggests a later timing of the
inflection in working capital and a push back of the substantial
capital return potential of the group," Jefferies says, retaining
its buy rating on Berkeley's stock and price target of 4,635 pence.
Shares are up 4.4% at 4,840 pence.
---
Centamin Delivers on Sukari Potential, But Cost Guidance
Disappoints
0825 GMT - Centamin has announced a review for its flagship
Sukari gold mine in Egypt. Gold reserves have been increased by 1.1
million ounces, enabling a mine schedule of at least 12 years which
will enable the company to reach annual production of 500,000
ounces. The update has delivered on Sukari's potential and suggests
more upside to come as exploration and underground expansion accrue
over time, RBC Capital Markets says. Also, with $256 million on the
balance sheet, the group might look to return some cash to
shareholders, RBC says. On the downside, forward guidance,
especially for 2022 costs, is disappointing, the bank says. The new
cost guidance midpoint of $1,350 an ounce is ahead of $1,038
previously.
---
Berkeley's Uplifted Outlook Points to a Strong Future
0825 GMT - Berkeley Group's positive first half came broadly in
line with expectations, but the outlook points to a strong uplift
in profits by fiscal 2025, Citi says. The house builder has noted a
resilient sales market and upgraded its pretax profit forecasts for
the next three years, culminating in GBP625 million in profit by
fiscal 2025, the U.S. bank says. "We expect consensus estimates to
move higher, especially for fiscal 2023 to fiscal 2024 on the back
of the revised guidance, with scope for further outperformance into
fiscal 2024," Citi says, retaining its buy rating on Berkeley's
stock and price target of 5,094 pence. Shares are up 4.5% at 4,844
pence.
---
Taylor Wimpey Is in Solid Shape Despite CEO Departure, Says
Citi
0823 GMT - Taylor Wimpey is being left in solid shape by its
departing CEO Pete Redfern, says Citi. The U.S. bank says the
senior management team is experienced and it highlights CFO Chris
Carney and COO Jennie Daly. Redfern announced his exit after nearly
15 years with the U.K. house builder where he navigated it through
some challenging times during the global financial crisis and the
coronavirus pandemic, it says. "The current strategy also remains
well underpinned by land investments made over the last 18 months
and the balance sheet remains in good shape to drive growth and
higher returns to shareholders," Citi says. The bank has a buy
rating on the stock and a target price of 210 pence. Shares trade
0.2% higher at 168.15 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
December 08, 2021 06:05 ET (11:05 GMT)
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