BP Investors' Upbeat Reaction to Results Is No Surprise

1030 GMT - BP shares top the FTSE 100 risers, up 3% after the oil major reported record annual profit and raised its dividend. While BP and rivals have benefited from higher gas prices due to factors such as the Ukraine war, market forecasts suggest BP's income will trail away in the next few years as extraordinary market conditions fade, Hargreaves Lansdown says. However, BP said that by the end of the decade, it could be earning earnings before interest, taxes, depreciation and amortization of $51 billion-$56 billion and achieving a return on average capital employed of more than 18%, HL says. "If BP's right, this is a pretty unprecedented period of sustained high financial returns," HL fund manager Steve Clayton writes. "No surprise, then, to see the market welcome the results." (philip.waller@wsj.com)

Companies News: 

React FY 2022 Earnings Rose Amid Organic Revenue Growth, LaddersFree Acquisition

React Group PLC said Tuesday that fiscal 2022 earnings rose as revenue benefited from organic growth and the acquisition of LaddersFree in May.


BP Adds $28 Billion to Record Full-Year Profits of Oil Giants

LONDON--BP PLC became the latest oil giant to post record annual profit last year, joining peers on both sides of the Atlantic in capitalizing on soaring energy prices.


Morgan Advanced Materials Sees 2022 Beating Market Views, Expects 2023 Profit Hit

Morgan Advanced Materials PLC said Tuesday that it expects its 2022 performance to slightly exceed market expectations, though it expects production inefficiencies to hit 2023 adjusted operating profit.


Mattioli Woods 1H Pretax Profit Rose

Mattioli Woods PLC on Tuesday posted a rise in half-year pretax profit and said that outlook for fiscal 2023 remains in line with expectations.


Ferrexpo Gets Ukrainian Court Order Freezing Subsidiary's Bank Accounts

Ferrexpo PLC said Tuesday that it has received a court order issued at the request of a prosecutor in Ukraine, to freeze the bank accounts of one of its subsidiaries based in the country, Ferrexpo Poltava Mining.


Zinc Media Sees 2022 Revenue, Adjusted Earnings Ahead of Views After Strong 4Q Performance

Zinc Media Group PLC said Tuesday that revenue and adjusted earnings before interest, taxes, depreciation and amortization for 2022 are expected to be ahead of current market expectations after it booked a strong fourth-quarter performance boosted by its The Edge film content business.


Numis Flags Continuation of Difficult Market Conditions

Numis Corp. said on Tuesday that its revenue for the first four months of fiscal 2023 was similar to the second-half run-rate of fiscal 2022 as it experienced a continuation of difficult market conditions but said it is well-placed to deliver when volumes recover.


Ormonde Mining Shares Suspended After Peak Nickel Stake Buy, Takeover Possibility

Ormonde Mining PLC shares were suspended Tuesday after it said it has acquired a 20% stake in Peak Nickel Ltd. for 450,000 pounds ($540,810), with options to include further acquisitions, including a full takeover.


Sanderson Design Sees FY 2023 Revenue Broadly Flat

Sanderson Design Group PLC said Tuesday that revenue for fiscal 2023 is expected to be broadly flat on year after strong performances from the Morris & Co. brand, licensing and North America, but a hit from the withdrawal from the Russian market.


Frenkel Topping Sees 2022 Revenue in Line With Views

Frenkel Topping Group PLC said Tuesday that it expects to report higher 2022 revenue in line with expectations and is keeping its 2023 outlook unchanged after a strong start to the year.


Victorian Plumbing Names Dan Barton as New CFO as Paul Meehan Steps Down

Victorian Plumbing Group PLC on Tuesday that Daniel Barton has been chosen as its new chief financial officer, replacing Paul Meehan who will be stepping down from the role on March 31 to pursue other opportunities.


Smartspace Software Shares Rise on FY 2023 Revenue Increase

Smartspace Software PLC shares rose Tuesday after it said it expects fiscal 2023 revenue to rise and losses to beat market expectations.


Ebiquity Sees 2022 Revenue 20% Higher on Year

Ebiquity PLC said Tuesday that performance for 2022 was in line with market expectations, with revenue set to be 20% higher on year.


Water Intelligence 2022 Pretax Profit Slipped, Buys Back Nashville Franchise

Water Intelligence PLC on Tuesday said its 2022 pretax profit fell slightly due to non-cash expenses as it posted a 31% rise in revenue and said it has reacquired its Nashville franchise.


Ixico Sees Double-Digit Revenue Growth in Fiscal 2024

Ixico PLC said Tuesday that it continues to see fiscal 2023 revenue of 7 million pounds ($8.4 million) and that it now expects double-digit revenue growth for fiscal 2024.


Brooks Macdonald Names Richard Price as Acting Chairman as Alan Carruthers Resigns

Brooks Macdonald Group PLC on Tuesday said Chairman Alan Carruthers has resigned from the board with immediate effect due to health issues.


Deepverge Appoints Andrew Waters as Chief Financial Officer

Deepverge PLC said Tuesday that it has appointed Andrew Waters as chief financial officer with immediate effect.


East Imperial Sees 2022 Revenue Jump on Broad Sales Growth

East Imperial PLC said Tuesday that 2022 revenue increased 16% on year to around 3.2 million pounds ($3.8 million), driven by increased sales across all markets.


Serica Energy Says Portfolio Production Was Strong in January

Serica Energy PLC said Tuesday that production performance of both the Serica and Tailwind portfolios has remained strong despite challenging weather in January.

Market Talk: 

UK January House Prices Flat But Hope Ahead for Builders

1128 GMT - U.K. house prices were flat in January and on-year growth slowed, according to new data from Halifax, as demand was burdened by the Bank of England's consecutive rate rises, Interactive Investor says. However, looking ahead, the central bank could pause or even cut rates later this year, which is good for the housing market, particularly if the economic downturn is less devastating than feared, Interactive head of investment Victoria Scholar says in a market comment. "The U.K. housebuilders suffered painful stock market losses last year but shares in Taylor Wimpey and Persimmon are both up by around 15% so far in 2023, reflecting the prospect we could be approaching the peak for U.K. interest rates," Scholar says. Barratt Developments is down 0.9%, Taylor Wimpey is up 0.1% and Persimmon is up 0.7%. (joseph.hoppe@wsj.com)

Playtech Court Action Implies Upside to Caliplay Stake

1046 GMT - Playtech's legal dispute with its Mexican partner Caliplay, which is seeking to buy out part of Playtech's interest, demostrates the value of the stake, Peel Hunt analysts say in a research note. If a sale of the stake takes place, it would once again show that the gambling-software-development company's structured agreements create value, and could also lead to a material return of capital to shareholders, they add. Peel Hunt has a buy rating on the stock with an 800 pence target price. (kyle.morris@dowjones.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

February 07, 2023 07:29 ET (12:29 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From May 2023 to Jun 2023 Click Here for more FTSE 100 Charts.
FTSE 100
Index Chart
From Jun 2022 to Jun 2023 Click Here for more FTSE 100 Charts.