UKX

Pound to be Driven by External Developments if BOE Offers Little Guidance

1030 GMT - The Bank of England may fail to offer much guidance on the future path of interest rates in a decision later, leaving sterling vulnerable to external developments, ING says. The market is fully pricing in a 25 basis points rate rise for Thursday's meeting at 1200 GMT and the BOE is likely to be divided over the decision while potentially providing very little policy guidance amid recent market turmoil, ING analyst Francesco Pesole says in a note. "Ultimately, the pound may rapidly default to being driven by external factors: primarily the banking situation and global risk sentiment." GBP/USD rises 0.2% to 1.2298 after earlier hitting a seven-week high of 1.2344, according to FactSet. EUR/GBP falls 0.1% to 0.8841. (renae.dyer@wsj.com)

 
Companies News: 

FinnCap, Cenkos to Merge in All-Share Deal

London-listed investment banks finnCap Group PLC and Cenkos Securities PLC said Thursday that they have agreed to an all-share merger under which finnCap will buy Cenkos for 21.1 million pounds ($25.9 million).

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Safestyle UK Sees 2023 Revenue Below Views Amid Challenging Consumer Backdrop

Safestyle UK PLC said Thursday that 2023 revenue is anticipated to come in below current expectations amid a tough consumer backdrop, and that it swung to a pretax loss in 2022.

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Wickes 2022 Profit Fell on Non-Recurring Costs; Revenue Rose

Wickes Group PLC Thursday reported a fall in pretax profit for 2022, driven by non-recurring costs, and despite a rise in revenue.

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Crest Nicholson Says UK Housing Market Recovering; Early 2023 Sales Improving

Crest Nicholson Holdings PLC said Thursday that a recovery in customer confidence and housing market activity is under way, with sales improving in the new calendar year.

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Inland Homes Shares to Be Suspended on 2022 Results Delay; Considers Fund Raising

Inland Homes PLC said Thursday that it won't be able to publish its 2022 results before the March 31 deadline and its shares will be temporarily suspended, and it is contemplating a fund raising.

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C&C Sees FY 2023 Operating Profit Jump; To Resume Dividends

C&C Group PLC said Thursday that it expects operating profit for fiscal 2023 to nearly double on the back of increased revenue, and that it seeks to return to dividend payments and further capital returns.

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Playtech Reports Record 2022 Earnings Driven by B2B Markets, Snaitech

Playtech PLC said Thursday that adjusted pretax profit and revenue rose in 2022, with record earnings driven by strength in business-to-business markets and its Snaitech division.

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Carr's Group FY 2022 Pretax Profit Rose Despite Higher Costs, Supply-Chain Delays Hitting Engineering Unit

Carr's Group PLC reported Thursday a slight rise in pretax profit for fiscal 2022 as revenue grew in its specialty agriculture division, and despite a decline in engineering revenue due to supply-chain issues and inflationary pressure.

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Inchcape 2022 Pretax Profit Rise on Strong Sales; Raises Dividend

Inchcape PLC said Thursday that pretax profit rose in 2022 on growth across business segments and regional markets, and that it has proposed a final dividend.

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Audioboom Swung to 2022 Pretax Loss Despite Record Revenue

Audioboom Group PLC on Thursday reported a swing to pretax loss for 2022 after booking share-based payment charges and despite revenue hitting record levels, driven by higher monthly downloads.

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ECO Animal Health Sees FY 2023 Earnings Above Market Views; Shares Rise

Shares in ECO Animal Health Group PLC rose 15% on Thursday after the company said that it expects revenue and earnings before interest, taxes, depreciation and amortization for fiscal 2023 to be slightly ahead of market expectations amid strong performance in Asia.

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IDOX Expects Double-Digit Rise in FY 2023 Revenue

IDOX PLC said Thursday that it is well-placed to achieve double-digit revenue growth in fiscal 2023 thanks to high levels of recurring revenue, contract renewals, orderbook and a good acquisition pipeline.

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SRT Marine Systems Shares Rise on Narrowed FY 2023 Pretax Loss, UK Contract News

Shares in SRT Marine Systems PLC rose Thursday after it said it expects to report that pretax loss for fiscal 2023 narrowed as revenue soared, and that it has agreed on a contract for a new U.K. Coast Guard project worth 145 million pounds ($177.9 million).

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Seplat Energy Terminates Consultancy Agreement, Files Suit Against Former Chair

Seplat Energy PLC said Thursday that it has taken legal action against its former chair after terminating a consultancy agreement with its wholly-owned subsidiary and its co-founder with immediate effect.

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Zinnwald Lithium' Shares Jump on Premium Fund Raising

Shares of Zinnwald Lithium PLC rose 24% on Thursday after the company said that it has raised 18.7 million pounds ($23 million) via the premium share placing first announced late Wednesday.

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888 Holdings Backs 2022 Guidance; Sees 2023 Earnings Meeting Market Views

888 Holdings PLC said Thursday that its 2022 results will be consistent with prior guidance, and it is confident in meeting market expectations for adjusted earnings for 2023.

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Osirium Technologies Shares Fall on Widened 2022 Pretax Loss

Shares in Osirium Technologies PLC fell 17% on Thursday after the company reported a widened pretax loss for 2022 on higher administrative expenses, despite higher revenue and record bookings.

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Pollen Street 2022 Pretax Profit Fell on Higher Costs

Pollen Street PLC said Thursday that 2022 pretax profit fell after booking higher costs but that it was well-positioned through its core strategies to drive long-term organic growth.

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Sopheon Shares Rise on Higher 2022 Profit, Revenue

Sopheon PLC shares rose Thursday after it said its 2022 pretax profit rose together with revenue, while adjusted earnings beat market expectations.

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Hardide Sees 1H Sales Up 7%, But Economic Headwinds Delaying Customer Orders

Hardide PLC said Thursday that it has experienced growth across its key markets over the first half of fiscal 2023 with sales 7% ahead of the same period a year earlier.

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GB Group Managing Director Nick Brown to Retire

GB Group PLC said Thursday that Group Managing Director Nick Brown will retire from the board at the end of this month.

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Marula Mining Hires Consultants, Lawyers, Ahead of London Listing

Marula Mining PLC said Thursday that it is making continued progress in its plans to float on London's junior AIM, with the appointment of technical consultants and a law firm.

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Gulf Keystone 2022 Pretax Profit Rose on Higher Production, Oil Price

Gulf Keystone Petroleum Ltd. said pretax profit rose in 2022 thanks to an increase in oil prices and higher production, and that it has declared a dividend payout.

 
Market Talk: 

Wickes' Strong 2022 Results Highlight Share-Value Potential

1005 GMT - Wickes' shares look attractively cheap, and its 2022 results once again demonstrate the benefits of its balanced, omni-channel model and continued market-share gains, Liberum says. The home-improvement retailer has ticked both the free cash flow and balance sheet strength boxes, and its revenue line appears much more defensive than one might expect, Liberum analysts Wayne Brown and Adam Tomlinson say in a research note. The company should be able to mitigate the softness seen in the do-it-yourself market thanks to material share gains in the repair, maintenance and improvement space, they say. Strong visibility on the do-it-for-me order book should also help, they say. Liberum retains its buy rating and 360 pence price target. Shares are flat on 145.0 pence. (joseph.hoppe@wsj.com)

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C&C's FY 2023 Headwinds To Drag Profits Ahead

1002 GMT - C&C's challenges faced in 2H of FY 2023 and the broader headwinds coming into the new financial year are likely to drag profitability to flat or even down in FY 2024, Shore Capital analyst Greg Johnson says in note. The London-listed alcoholic-drink maker could report in FY 2024 broadly flat volumes, with price/mix up by mid-single digit, while second-half performance is expected to improve, the analyst adds. Shore keeps its recently lowered FY 2024 estimates, with operating profit estimate cut by EUR5 million to EUR85 million, along with the assumption of a return to growth from FY 2025, Johnson adds. (michael.susin@wsj.com)

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C&C FY 2023 Operating Profit Is at Lower End of Views

0955 GMT - C&C's FY 2023 operating profit rebounding to EUR84 million from EUR48 million a year ago reflects rebalancing from off-trade to on-trade as Covid-19 restrictions were lifted, but is at the lower end of guidance, Shore Capital analyst Greg Johnson says in a note. The London-listed alcoholic-drink maker had guided operating profit in a range of EUR84 million to EUR88 million, while Shore expected EUR86 million, Johnson says. However, C&C's statement showed some encouraging points such as key brands continuing to take market share and comments about reinstating the dividend, the analyst says. Shore has a buy rating on the stock. Shares are up 2.2% to 153.1 pence. (michael.susin@wsj.com)

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Amigo Holdings Wind-Down Comes as No Surprise

0951 GMT - Amigo Holdings' decision to wind down the business won't come as a surprise given frequent market updates in recent months highlighting the challenges of meeting its GBP45 million equity-raise requirement, Goodbody says. Although the guarantor-loan provider made significant efforts to transform the business from an operational perspective in recent times, raising a material sum of fresh equity for what was essentially a business relaunch was always likely to be a serious challenge despite the need for responsible, well-regulated lenders in the market, Goodbody analyst Ronan Dunphy says in a research note. Amigo's lack of success also highlights challenges faced by Non-Standard Finance as it embarks on its own scheme of arrangement and proposed GBP95 million equity raise, the Irish brokerage says. Shares are down 77% at 0.4 pence. (joseph.hoppe@wsj.com)

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Portmeirion's Sales Strategy Not Reflected in Share Price

0946 GMT - Portmeirion Group delivered record 2022 sales and is focusing on improving profitability further in 2023, Shore Capital analyst Robert Sanders says ina note. The pottery company's strategy of increasing sales, both by brand and by geography, coupled with a target of achieving a 10% earnings before interest and taxes margin, building to 12.5%, isn't presently reflected in the current share price, Sanders says. "We initiate coverage of PMP with a fair value of 700 pence, which is backed up by a reverse discounted cashflow analysis and note the supportive 2023 estimate of around 5% dividend yield," he says. Shore Capital has Portmeirion as a house stock. Shares are up 5% at 370 pence. (anthony.orunagoriainoff@dowjones.com)

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Playtech Shares Look Attractive Due to Strong Growth

0933 GMT - Playtech delivered positive results for 2022, with revenue up 33%--slightly ahead of Goodbody forecasts--analyst David Brohan says. The U.K.-listed gambling-software company continues to make progress in the U.S., with its key Caliente and Snaitech divisions driving a strong start to 2023, he says. While Goodbody leaves its forecasts unchanged, potential upside remains for earnings, and the company's balance sheet also remains comfortable, Brohan adds. Given Playtech's strong growth and opportunities in the U.S., its share price looks attractive, he says. Goodbody reiterates a buy recommendation on the stock. Shares up 0.6% at 552.50 pence. (don.forbes@wsj.com)

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

(END) Dow Jones Newswires

March 23, 2023 06:52 ET (10:52 GMT)

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