FTSE 100 Drops as Property, Mining Stocks Fall

0921 GMT - The FTSE 100 Index drops 0.2%, or 12 points to 7524 as losses for property, packaging and mining stocks offset gains for banks. British Land, Land Securities and Segro top the ranks of blue-chip fallers after a broker downgrade for British Land, according to market analysts. Packaging groups Smurfit Kappa, DS Smith and Mondi are also among the biggest losers and miners Rio Tinto, Fresnillo, Antofagasta and BHP fall. NatWest, HSBC, Barclays and Lloyds Banking Group are among the largest risers. "European markets have failed to follow global markets into the green, with the FTSE 100 trading lower after U.K. inflation surpassed expectations, defying the recent downtrend for price pressures," Interactive Investor head of investment Victoria Scholar writes. (philip.waller@wsj.com)

Companies News: 

Superdry to Sell Intellectual Property Assets in APAC for $50 Mln

Superdry PLC said Wednesday that it has signed an intellectual property transfer agreement with South Korea-based Cowell Fashion Co. Ltd. for the sale of its assets in certain countries within Asia Pacific for an upfront payment of $50 million in cash.


XPS Pensions Sees 2023 Revenue Above Consensus

XPS Pensions Group PLC said Wednesday that it expects revenue for fiscal 2023 to be ahead of current consensus and that the board expects operational gearing to have improved after having managed costs well.


Vistry 2022 Pretax Profit Fell on Exceptional Costs; Early 2023 Sales Improving

Vistry Group PLC said Wednesday that 2022 pretax profit fell on exceptional costs and despite a rise in revenue, and it reported an encouraging start to the year with a trend of improving sales.


Braemar to Report FY 2023 Rise in Revenue, Underlying Operating Profit

Braemar PLC said Wednesday that it expects to report a rise in revenue and underlying operating profit for fiscal 2023, and that the board is looking at fiscal 2024 with confidence.


Fevertree 2022 Pretax Profit Fell on Glass, Freight Costs, Backs 2023 Views

Fevertree Drinks PLC said Wednesday that pretax profit for 2022 fell, mostly driven by increased glass costs and trans-Atlantic freight costs, but backed its 2023 guidance and raised the dividend payout.


Ten Entertainment 2022 Profit, Revenue Significantly Rose Postpandemic

Ten Entertainment Group PLC said Wednesday that its 2022 pretax profit significantly increased together with total sales, as it delivered its first undisrupted trading year since 2019.


Pendragon 2022 Pretax Profit Fall on Cost Inflation, Increased Interest Rates

Pendragon PLC said Wednesday that its 2022 pretax profit fell on cost inflation and increased interest rates, although revenue grew slightly, and that it won't proposed a final dividend.


Bytes Technology Sees FY 2023 Sales and Profit Rising on High Demand

Bytes Technology Group PLC said Wednesday that it delivered strong sales and profit growth in fiscal 2023, on strong demand for its software and IT services.


Titon Holdings FY 2023 Performance in Line With Views; Sees 2H Return to Profitability

Titon Holdings PLC said Wednesday that its performance in fiscal 2023 has been in line with the board's expectations and that directors continue to expect a return to profitability in the second half of the year ending Sept. 30.


Hostelworld 2022 Pretax Loss Narrows As Sector Recovers

Hostelworld Group PLC on Wednesday reported a narrowed pretax loss for last year on revenue that rose more than four-fold due to higher bookings on the back of a strong postpandemic recovery in the travel sector.


Arrow Exploration Gets Better-Than-Expected Results at Colombia Well

Arrow Exploration Corp. said Wednesday that initial production rates from its new Rio Cravo Este-4 well in Colombia have been very encouraging, with better-than-expected flow rates.


Mpac 2022 Pretax Profit Hurt by Supply-Chain Issues; CEO to Step Down

Mpac Group PLC said Wednesday that despite a rise in revenue, its pretax profit fell in 2022, blaming global supply-chain issues and that Chief Executive Officer Tony Steels plans to step down.


Judges Scientific 2022 Pretax Profit Rose; Says Supply-Chain Disruptions Persist

Judges Scientific PLC said Wednesday that supply-chain disruptions persist and that its 2022 pretax profit rose as revenue increased on higher organic growth and an acquisition's contribution.

Market Talk: 

Hostelworld Set for Further Recovery After Strong 2022

0905 GMT - Hostelworld's 2022 results provide a strong foundation for further recovery in 2023, Shore Capital analysts Katie Cousins and Greg Johnson say in a note. Net bookings at the online hotel-booking platform have now surpassed 90% of prepandemic levels, while adjusted Ebitda looks set for a full recovery in 2024, they say. For the year ahead, Shore Capital expects a further rise in net revenue to EUR88 million and adjusted Ebitda of EUR15 million, with recent investments providing market share gains over the medium term. "If recent year-to-date momentum is sustained, we see scope for a positive revision of our forecast and note that risk is on the upside in our view," the analysts say. Shore Capital has a buy rating on the stock. (don.forbes@wsj.com)

Fevertree Reassures With Plans to Boost Margin

0903 GMT - Fevertree Drinks' 2022 earnings didn't bring any surprises although the disclosed plans to improve its gross margin are reassuring news, RBC Capital Markets analysts Emma Letheren and James Edwardes Jones say in a note. With the London-listed mixer-maker's performance being in line with its previous trading update, the fact that there is no new headwinds is also positive given previous years of volatility, they say. However, there are signs of increasing competition in the U.S., where Fevertree is the largest premium mixer brand, they add. (michael.susin@wsj.com)

UK Gilt Yields Rise on Strong UK February Inflation

0859 GMT - U.K. gilt yields rise after data showed U.K. February inflation unexpectedly accelerated to 10.4% from 10.1% the previous month, raising expectations of more Bank of England interest rate rises, including on Thursday. "U.K. CPI inflation surprised strongly to the upside in February, ahead of the 9.9% y/y expected by analysts and the BOE in the February monetary policy report," RBC Capital Markets analysts write in a note. U.K. 10-year gilt yields last trade up 12 basis points at 3.482%, Tradeweb data show. U.K. 2-year gilt yields are last up around 17bps at 3.473%. (miriam.mukuru@wsj.com)

UK Inflation Data Increase Chances of a 25Bps BOE Rate Rise on Thursday

0815 GMT - Stronger-than-expected U.K. February inflation increases the chances of a 25 basis-point rate increase by the Bank of England when it announces a decision on Thursday, say Mizuho analysts in a note. U.K. inflation in February rose to 10.4% from 10.1% the previous month, stronger than the 9.9% consensus by economists in a WSJ poll. Core inflation increased to 6.2% from 5.8%. (miriam.mukuru@wsj.com)


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

(END) Dow Jones Newswires

March 22, 2023 05:39 ET (09:39 GMT)

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