TUI Drops as Disruption Costs Weigh
0807 GMT - Shares in TUI drop 1.5% even as the tour operator
reported a narrowed third-quarter pretax loss before interest and
said it expects to return to positive underlying full-year EBIT.
"Despite significant year-on-year improvements to the top and
bottom line, TUI is dealing with industry-wide challenges that have
resulted in significant problems for passengers including delays,
flight cancellations and baggage-handling issues," Interactive
Investor's Head of Investment Victoria Scholar says in a note.
"This has amounted to disruption costs of EUR75 million in the
third quarter, leading TUI to make another quarterly loss and
sending shares into the red today." (philip.waller@wsj.com)
Companies News:
RS Group to Buy Mexican Distributor Risoul for $275 Mln
RS Group PLC said Wednesday that it has agreed to buy a
distributor of industrial and automation product and service
solutions in Mexico for $275 million.
---
Admiral Group 1H Pretax Profit Dropped After Booking Higher
Costs
Admiral Group PLC reported on Wednesday a significant decline in
pretax profit for the first half of 2022 on the back of higher
costs, but said that it came in still 19% ahead of pre-pandemic
levels.
---
Deliveroo 1H Pretax Loss Widened on Consumer Headwinds; Begins
GBP75 Mln Share Buyback
Deliveroo PLC said Wednesday that its first-half pretax loss
widened due to increased consumer headwinds, and began a 75
million-pound ($90.6 million) share buyback program.
---
Royal Mail Warns of Material Losses as Union Moves Forward With
Strike
Royal Mail PLC warned on Wednesday that it expects to be
materially lossmaking in fiscal 2023 if a proposed strike action
takes place.
---
Airtel Africa Agrees on $125 Mln Loan to Support Operations,
Investments
Airtel Africa PLC said Wednesday that it has signed a $125
million revolving credit facility with Citi, and that it will use
the funds to support operations and investments at four of its
subsidiaries.
---
Civitas Social Housing NAV Per Share Rose Slightly in June
Quarter
Civitas Social Housing PLC said Wednesday that it continues to
perform in line with expectations and that its net asset value per
share increased slightly in the first quarter of fiscal 2023.
---
Aviva Plans Further Buyback After 1H Profit Rose
Aviva PLC reported on Wednesday an increase in operating profit
for the first half of 2022, backed its dividend guidance for the
full year and outlined further plans for capital returns.
---
Jubilee Metals 2H Earnings Rose on Higher Production --
Commodity Comment
Jubilee Metals Group PLC on Wednesday reported that its profits
increased in the second half of its fiscal year ended June 30.
Here's what the Africa-focused mining company had to say:
---
Prudential 1H Net Profit Fell Sharply on Pandemic Restrictions,
Operating Profit Rose
Prudential PLC reported on Wednesday a 90% net profit fall for
the first half of 2022 driven by market volatility amid
coronavirus-related restriction impacts, while its headline
operating profit rose slightly, but missed market views.
---
88 Energy to Raise Up to $7 Mln via Discounted Share Placing
88 Energy Ltd. said Wednesday that it will raise up to 10
million Australian dollars (US$7 million) via a discounted share
placing and a bookbuild--and will accept oversubscriptions of up to
A$4.9 million--and that it will use the proceeds to finance
potential new ventures and as additional working capital.
---
S&U Recent Performance Beat Its Expectations, But Remains
Cautious
S&U PLC said Wednesday that its performance from May 26 to
July 31 in both divisions beat its expectations, though remains
cautious of current economic uncertainty.
---
Redde Northgate Doubles share Buyback Program to GBP60 Mln
Redde Northgate PLC said Wednesday that it will double its share
buyback program in size to a total of up to 60 million pounds
($72.5 million), given its strong start to the financial year and
significant shareholder support.
---
TP ICAP 1H Pretax Profit Rose on Global Broking Growth; Is
Optimistic on 2022 Outlook
TP ICAP Group PLC reported Wednesday a significant rise in
pretax profit for the first half of 2022, helped by a rise in
revenue at its global broking division, and said it is
well-positioned for the remainder of the year.
---
Quilter AuMA Fell 12% in 1H on Adverse Market Movements
Quilter PLC on Wednesday reported that its assets under
management and administration decreased by 12% in the six months
ended June 30.
---
Deliveroo Director Simon Wolfson Steps Down From Board
Deliveroo PLC said Wednesday that independent nonexecutive
director and Next PLC Chief Executive Simon Wolfson has decided to
step down from its board.
---
Digitalbox Warns on Slowdown Despite 1H Revenue Beat; Shares
Fall
Shares in Digitalbox PLC fell Wednesday after it said
challenging conditions could hurt revenue in the second half,
despite performance in the first half of the year being
significantly ahead of its expectations.
Market Talk:
Prudential 1H's Seen Resilient Amid Challenging Market
Backdrop
0747 GMT - Prudential reported a resilient performance in the
first half given the difficult macroeconomic backdrop, Citi's
analyst Andrew Baker says in a research note. The
insurance-and-investment business delivered an annual premium
equivalent 8% above market views driven by China, Hong Kong and the
growth markets, Baker adds. Although the Hong Kong-China border
reopening remains uncertain, consumer surveys confirms that demand
should boost once it opens again, the analyst notes. This
development--together with a resilient operating performance and
continued sales momentum in July--could support Prudential's
shares, which are down 20% year-to-date, the analyst notes. Citi
has a buy recommendation on stock. (michael.susin@wsj.com)
Aviva's Buyback Will Be on Focus After 1H Beat, Citi Says
0728 GMT - Aviva delivered a decent beat on its 1H operating
earnings driven by bulk purchase annuity volumes and margins, while
the focus will be on the size of its new buyback plans in 2022,
Citi's analyst James Shuck says in a note. The buyback, which was
unveiled earlier than expected, is expected to be in the range of
GBP250 million-GBP300 million, the U.S. bank forecasts, adding that
this represents 2% to 2.5% of the insurer's market capitalization.
"We see enough here to reassure about business positioning and
monetizing the strong free cash flow yield while leaving room to
invest in the business and for bolt-on M&A", the analyst adds.
(michael.susin@wsj.com)
Admiral 1H US Motor Insurance Losses, Underwriting Loss Ratio
Set to Hit Outlook
0732 GMT - Admiral Group PLC has reported a solid set of results
for the first half of 2022 in relation to its U.K. insurance
business, but this was offset by its U.S. motor-insurance
performance, Jefferies says in a research note. The FTSE 100-listed
car-insurance suffered elevated losses in the U.S. due to high
claims inflation, the U.S. bank says, noting that it also booked an
underwriting year loss ratio of 93% at the half-year, the highest
level in more than a decade. "As mentioned in our recent downgrade
note, not only will this impact current year earnings, but also
future profit commissions," Jefferies says. Shares are up 3.1% at
2,028.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
Deliveroo's First-Half Results Look Strong, Citi Says
0726 GMT - Deliveroo's first-half results were strong, with a
better-than-expected Ebitda thanks to the gross profit margin,
further signs of rationalization as it intends to exit the
Netherlands and a GBP75 million share buyback, Citi says. The U.K.
food-delivery company's management also notes that the exit rate of
growth in June and July was stronger than through most of the
second quarter, Citi analyst Monique Pollard says in a research
note. "We expect a positive share-price reaction to this print
given the Ebitda beat, strong gross profit margin, better [gross
transaction value] exit rate in the second quarter and share
buyback announced," she says. Citi retains its buy/high risk rating
on the stock and 110 pence price target. Shares are down 2.4% at
93.44 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; Dow Jones Newswires;
paul.larkins@wsj.com
(END) Dow Jones Newswires
August 10, 2022 04:27 ET (08:27 GMT)
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