FTSE 100 Falls Sharply in Early Trade; Burberry Shines
0825 GMT - The FTSE 100 falls 1.6% in early trade, hitting a
six-month intraday low of 6787.98, as it tracks losses in Asian and
U.S. markets overnight and concerns remain about last week's
debt-funded U.K. budget. Investors are wary of potential aggressive
interest-rate rises by the Bank of England to counteract the impact
of the U.K. spending proposals. "The U.K. situation continues to
provide concern, as the IMF waded in last night with a fairly blunt
warning about the country's financial situation," IG analysts
write. Legal & General, Rolls-Royce and Ocado all fall by
around 5%. Burberry bucks the trend, up 4.2% after the luxury-brand
company named Daniel Lee as chief creative officer.
(jessica.fleetham@wsj.com)
Companies News:
Burberry Names Daniel Lee as New Chief Creative Officer Starting
October
Burberry Group PLC said that Chief Creative Officer Riccardo
Tisci will step down at the end of September, to be replaced by
Daniel Lee.
---
Spirax-Sarco to Buy U.S.-Based Durex International
Spirax-Sarco Engineering PLC said Wednesday that it has entered
into a definitive agreement to buy Durex International Corp., a
U.S.-based specialist in custom electric thermal products.
---
Avingtrans FY 2022 Pretax Profit, Revenue Rose on Organic Growth
in Two Segments
Avingtrans PLC said Wednesday that its pretax profit and revenue
rose in fiscal 2022, thanks to organic growth in two divisions, and
that the war in Ukraine and its effect on global inflation pose the
biggest uncertainties.
---
DX 1H Pretax Profit Rose; Announces Capital Allocation
Policy
DX (Group) PLC said Wednesday that pretax profit for the first
half of fiscal 2022 rose after it booked progress at DX Freight and
strong central cost control.
---
Amigo Says It Is Meeting Expectations; Plans to Hold GBP40 Mln
Capital Raising
Amigo Holdings PLC said Wednesday that it is performing in line
with expectations, and that it plans to hold a capital raising of
around 40 million pounds ($42.9 million), including a
business-program-mandated share issue.
---
Boohoo Group Downgrades FY 2023 Views on Lower Sales,
Inflationary Pressures
Boohoo Group PLC reported on Wednesday a swing to pretax loss
for the first half of fiscal 2023 and downgraded its guidance for
the full-year driven by the impact of inflationary pressures and
lower-than-expected sales.
---
Gama Aviation Sees Lower 2H Margins; 1H Pretax Loss Narrowed
Gama Aviation PLC said Wednesday that it expects margins in the
second half to be hurt by inflationary cost pressures and
supply-chain challenges as it reported a narrowed first-half pretax
loss on higher revenue.
---
DP Poland 1H Pretax Loss Widened as Higher Costs Outweighed
Revenue Jump
DP Poland PLC said Wednesday that its pretax loss widened
despite a rise in revenue, due to increased direct costs from
inflationary pressures.
---
Everyman Media 1H Pretax Loss Narrowed After Admissions
Growth
Everyman Media Group PLC said Wednesday that its pretax loss for
the first half of 2022 narrowed following healthy admissions growth
and robust spending per customer.
---
XP Factory 1H Pretax Loss Widened Amid Higher Costs
XP Factory PLC said Wednesday that its pretax loss for the first
half of 2022 widened as costs increased, but that revenue jumped
due to the strong performance of its Escape Hunt and Boom Battle
Bar brands.
---
Diversified Energy Buys Texas, Oklahoma Assets from
ConocoPhillips for $240 Mln
Diversified Energy Co. said Wednesday that it has acquired
certain upstream assets and related facilities in Oklahoma and
Texas from ConocoPhillips Co. for $240 million before
adjustments.
---
Roebuck Food Swung to 1H Pretax Profit, Revenue Rose
Roebuck Food Group PLC said Wednesday that it swung to a
first-half pretax profit on continuing activities and that revenue
rose, and that it was still carrying out a strategic review of its
businesses.
---
CML Microsystems Sees 1H Profit Beating Views, FY 2023 Topping
Market Forecasts
Shares of CML Microsystems PLC rose 13% on Wednesday after the
company said it expects to report profit for the first half of the
fiscal year that is significantly above management's previous
expectations after a strong start to the year, and to beat market
forecasts for the year as a whole.
---
7Digital 1H Pretax Loss Narrowed After Licensing, Contract
Wins
7Digital Group PLC said Wednesday that its pretax loss for the
first half of 2022 narrowed after it secured five new licensing
customers and three contract expansions or extensions.
---
Glantus Shares Plummet After Warning on 2022 Revenue,
Earnings
Shares in Glantus Holdings PLC fell 61% in early trade Wednesday
after it warned full-year revenue and earnings before interest,
taxes, depreciation and amortization are seen to be significantly
below market expectations.
---
Non-Standard Finance Seeks Capital Raise to Pay Debts, Shares
Fall 58%
Non-Standard Finance PLC shares more than halved on Wednesday
after the company reported a widened pretax loss for the first half
of 2022 and said it is pursuing a capital raise to redress
liabilities.
---
EMIS 1H Pretax Profit Slipped on Exceptional Costs; Revenue
Rose
EMIS Group PLC said Wednesday that its first-half pretax profit
slipped despite a rise in revenue, primarily on one-off costs
related to its technology transformation program.
Market Talk:
Boohoo Should Focus on Improving Operational Performance
0822 GMT - Boohoo 1H performance pointed to a challenging year
for fast-fashion retailers, with a worse-than-expected fall in
sales, Davy Research analysts say in a research note. Amid the
current backdrop, it would make sense to focus on improving
operational performance, specifically in terms of sourcing,
inventory and overheads, the analysts say. In a positive note, the
online fashion retailer's balance sheet remains solid, with around
GBP315 million in gross cash and a net debt at GBP10 million, they
add. Davy has an outperform rating on the stock. Shares fall 8%.
(michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
September 28, 2022 04:42 ET (08:42 GMT)
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