Pound Climbs, Bond Yields Fall Again
The pound rose and gilt yields fell a second day after reports
that Chancellor Kwasi Kwarteng will publish debt-reducing plans
early, a day after a U-turn over widely criticized tax cuts for the
Legal & General Backs 2022 Operating Profit; Capital
Generation Despite Volatility
Legal & General Group PLC said Tuesday that it continues to
benefit from positive momentum in the second half, despite the
increased market volatility, and backed its guidance for the
full-year operating profit and capital generation.
Greggs 3Q Sales Rose, Backs Full-Year Outlook
Greggs PLC said Tuesday that sales for the third quarter of the
year rose 15% compared with the same period of 2021, and backed its
expectations for the full-year.
Morses Club Chairman to Step Down
Morses Club PLC said Tuesday that Chairman Nigel Knowles will
step down, effective Nov. 4.
Watkin Jones Expects to Miss FY 2022 Market Views on Delayed
Watkin Jones PLC said Tuesday that it expects to have missed
market views for fiscal 2022 operating profit due to a delay in two
sales, though its second-half performance was better than the
Gresham Technologies Sees 2022 Revenue Ahead of Market Views
Gresham Technologies PLC said Tuesday that it expects revenue
and earnings to be ahead of market expectations for 2022, and
committed renewals to boost revenue in 2023.
Made.com In Sale Discussions; Profitability Strategy Needs GBP45
Made.com Group PLC said Tuesday that it has begun discussions
with a number of parties regarding the group's sale.
Porvair Sees FY 2022 Ahead of Market Views After Strong Start to
Porvair PLC said Tuesday that it had a strong start to the
fourth quarter and that it expects results for the year ending Nov.
30 to be ahead of market expectations.
Character Group Sees FY 2022 Meeting Market Views; Expects FY
Character Group PLC said Tuesday that it expects fiscal 2022 to
meet market expectations as sales momentum persisted, but sees
fiscal 2023 slipping on macroeconomic headwinds.
Inspiration Healthcare 1H Pretax Profit Fell on Supply-Chain
Inspiration Healthcare Group PLC said Tuesday that pretax profit
for the first half of fiscal 2022 fell amid higher costs and
Uniphar Acquires US Healthcare Agency Inspired Health
Uniphar PLC said Tuesday that it has acquired the U.S.-based
healthcare agency Inspired Health for an undisclosed sum.
MGC Pharmaceuticals Appoints Yifat Steuer COO, Deputy CEO
MGC Pharmaceuticals Ltd. said Tuesday that Yifat Steuer has been
appointed chief operating officer and deputy chief executive
officer, and that Brett Mitchell's role as chairman has
transitioned from an executive to a nonexecutive position.
Greggs Shrugs Off Difficult Backdrop With Resilient 3Q
1030 GMT - Greggs has delivered a particularly resilient third
quarter despite the backdrop of a hot summer period, tough prior
year comparisons in August and the impact of the Queen's death,
Goodbody says. The U.K. bakery chain benefits from a strong value
proposition, notable given plenty of nervousness on the U.K.
consumer outlook and consequences from the squeeze on disposable
income, Goodbody analyst Jason Molins says. "With its fully
integrated model and increasing presence across channels and
formats, we believe the business should prove more defensive than
the market is giving it credit for," the Irish brokerage says.
Goodbody reiterates its buy recommendation. Shares are up 8.9% at
1,876.0 pence. (email@example.com)
Greggs Offers Clear Value for Money on Strong 3Q
1028 GMT - Greggs has reported a robust third quarter, with a
9.7% increase in like-for-like sales and reiterating full-year
expectations, and the shares now offer clear value, Jefferies says.
The U.K. bakery chain has noted considerable economic uncertainty,
but highlights its value-for-money positioning is "ever-more"
important, and that business is meeting previous expectations,
Jefferies analysts Andrew Wade and Grace Gilberg say in a research
note. "Another impressively resilient update from Greggs and, while
the business will continue to face inflationary pressures in 2023,
we remain confident that it is as well-positioned as any we cover,"
the U.S. bank says. Jefferies retains its buy rating and 3,250.0
pence price target. Shares are up 8.8% at 1,875.0 pence.
Greggs Looks Well Placed to Weather Economic Turbulence
0957 GMT - Greggs gains 10% after the U.K. bakery-shop chain
reported higher third-quarter sales and backed its full-year
expectations. Although Greggs faces higher food, energy and wage
costs, it is well-positioned as a defensive play to navigate a U.K.
recession thanks to its cheap and popular drinks and snacks,
Interactive Investor says. Its nationwide spread of stores also
gives it a cushion if some parts of the country suffer more than
others in an economic downturn, the financial-services firm says.
"Year-to-date, the stock is down by more than 40% amid the market
turmoil, which means the shares are now heavily discounted and much
more attractively valued than in January," Interactive Investor
Head of Investment Victoria Scholar writes.
Legal & General's Update Seen as Resilient Amid
0926 GMT - Legal & General's update showed a resilient
performance given current market uncertainty, Citi analyst Andrew
Baker says in a research note. The FTSE 100-listed insurance
company hasn't experienced any difficulty in meeting collateral
calls on its annuity portfolio given that the group hasn't been a
forced seller of gilts or bonds, the analyst notes. Rising interest
rates and widening credit spreads are boosting demand for global
pension risk transfer while funding deficits reduce, Baker adds.
L&G also has the busiest global pension risk transfer pipeline
it has ever seen for the remainder of 2022 and into 2023, the
analyst adds. (firstname.lastname@example.org)
Porvair's FY 2022 Outlook Prompts Estimate Upgrades
0828 GMT - Filtration company Porvair reported a strong start to
4Q and an improved outlook for FY 2022 with margins sustained at
good levels at its three divisions, Peel Hunt analyst Andrew
Shepherd-Barron says in a note. The U.K. brokerage raises its
adjusted pretax profit estimates for fiscal years 2022, 2023, and
2024 to GBP17.1 million, GBP17.2 million and GBP17.9 million, from
GBP16.1 million, GBP16.6 million and GBP17.2 million, respectively.
"With multiple long-term fundamental drivers in place, we believe
Porvair is well positioned for the next few years," Shepherd-Barron
says. Peel Hunt rates the stock buy and has a 750 pence target
price. Shares are up 2.8% at 514 pence.
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
October 04, 2022 06:57 ET (10:57 GMT)
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