FTSE 100 Flat as Traders Weigh Earnings

0856 GMT - The FTSE 100 trades flat as at 7486 points as investors digest company earnings. Retail company Frasers Group falls 3.5% as it maintained its profit forecast but warned of a challenging macroeconomic environment and said the backdrop for the coming year looks uncertain. British American Tobacco falls 2.2% after the cigarette maker said U.S. industry volumes remain under pressure due to economic factors and post-Covid normalisation of consumption patterns while it expects finance costs to rise due to higher interest rates and the dollar's strength. DS Smith gains 1.3% after the packaging group raised its interim dividend and said it expects its full-year performance to be better than previously forecast. (renae.dyer@wsj.com)

Companies News: 

British American Tobacco Backs 2022 Views Supported by New Category Products

British American Tobacco PLC backed its 2022 guidance on Thursday after a robust performance from its vaping and oral tobacco business, despite inflation hitting its supply chain.


DS Smith 1H Pretax Profit, Revenue Rose as Selling Prices Increase

DS Smith PLC said Thursday that pretax profit jumped and revenue rose for the first half of fiscal 2023, driven by higher average selling prices reflecting a recovery of paper and other input costs.


Frasers Group Backs FY 2023 Guidance After 1H Pretax Profit Rose on Higher Sales

Frasers Group PLC on Thursday reported a rise in pretax profit for the first half of fiscal 2023 as it benefited from higher sales from its acquired brands, and backed its full-year guidance.


In The Style Group Hangs up 'For Sale' Sign; CEO to Step Down

In The Style Group PLC said Thursday that it has appointed Lincoln International to help the board conduct a strategic review of the business, which could lead to the sale of some or all of the company.


Numis FY 2022 Pretax Profit Fell on Deteriorating Market Conditions

Numis Corp. said Thursday that pretax profit for fiscal 2022 fell amid deteriorating market conditions, but added that its merger and acquisitions business remains strong.


BATM Advanced Communications Says it Has Made Solid 2H Progress

BATM Advanced Communications Ltd. said Thursday that it made solid progress in the second half as business returned to normality postpandemic despite supply-chain issues.


Hipgnosis Songs 1H Loss Narrows on Streaming Growth

Hipgnosis Songs Fund Ltd. said Thursday that its first-half loss narrowed as revenue rose after strong growth from streaming.


S&U Sees FY 2023 Positive Performance Despite Challenging Backdrop

S&U PLC said Thursday that is performing well despite the macroeconomic uncertainty and it expects the current trend to continue for the remainder of the fiscal year.


Purplebricks 1H Pretax Loss Widens; Sees Recovery Plan Bearing Fruit in 2H

Purplebricks Group PLC said Thursday that its pretax loss for the first half of fiscal 2023 widened on lower revenue and higher operating costs, but backed its full-year guidance as it sees financial benefits of its recovery plan in the second half.


Tullow Oil Appoints Richard Miller as Permanent Chief Financial Officer

Tullow Oil PLC said Thursday that it has appointed Richard Miller as chief financial officer from Jan. 1, having held the role on an interim basis since April.


Balfour Beatty Sees Revenue Ahead on Year, Profit Ahead of Views

Balfour Beatty PLC said Thursday that full-year revenue is seen ahead on year and profit is seen ahead of market expectations.


In The Style Swung to 1H Pretax Loss on Rising Costs, Lower Revenue

In The Style Group PLC on Thursday reported a swing to pretax loss in the first half of fiscal 2023, driven by higher costs and lower revenue, as consumer sentiment deteriorated amid the uncertain macroeconomic outlook.


MyCelx Technologies Shares Jump as It Expects to Post in Line FY Results

Shares in MyCelx Technologies Corp. jumped 26% on Thursday after the company said that it expects to end 2022 in line with market expectations.


Trakm8 Swung to 1H Pretax Loss on Lower Sales, Higher Costs

Trakm8 Holdings PLC on Thursday reported a swing to a half-year pretax loss on the back of lower software sales and higher material costs, but said it is confident of meeting market expectations.

Market Talk: 

BAT's Move Away From Traditional Tobacco is Encouraging

0854 GMT - British American Tobacco's update gives encouraging signs as the group switches toward new category business, a fast-growing area that includes vapor, oral and tobacco-heating products, Interactive Investor's head of markets Richard Hunter says in a note. The tobacco company, and the whole sector, recognizes the longer-term need to lessen the reliance on traditional tobacco, Hunter says. This reflects in the company's 3.2 million increase of new category consumers, which now stands at a total of 21.5 million against a target of 50 million by 2030, he says. "With increasingly established markets, [...] the group's established scale and cash generation pulls the target closer," Hunter says. (michael.susin@wsj.com)


Frasers Group's 1H Profit Was Above Expectations Despite Disappointing Sales

0838 GMT - Frasers Group's first-half results showed a better-than-expected pretax profit for the period despite sales being around 4% below views, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note. The U.K. sports-fashion retailer's adjusted pretax profit of GBP267 million, compared with RBC's expectations of GBP237 million, was supported by stronger profit generation in the U.K. market, they say. The company's premium lifestyle as well as wholesale and licensing businesses more than offset a weaker performance in international retail, the analysts say. RBC has a perform rating on the stock. (michael.susin@wsj.com)


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(END) Dow Jones Newswires

December 08, 2022 04:25 ET (09:25 GMT)

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