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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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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