UKX

FTSE 100 Gains as Banking Worries Ease

0824 GMT - The FTSE 100 rises 0.4% to 7514 points as concerns over a possible banking crisis ease. "With banking worries put on the back burner for now, with no further stresses in the system emerging, investors' appetite for a bit more risk is returning," Hargreaves Lansdown analyst Susannah Streeter writes. U.K. banks including HSBC, Standard Chartered and Barclays gain. Ocado shares increase 2.1% after the online grocer said Tuesday it expects its joint venture with Marks & Spencer to return to profitability in 2023. Supermarket chain Tesco adds 2.0% after Morgan Stanley upgraded the stock to overweight from equal weight and raised its price target. Next falls 7.6% after the fashion retailer reiterated that it expects profits and sales to fall this year. (renae.dyer@wsj.com)

 
Companies News: 

Mirriad Advertising Says Numerous Companies Have Made Offers Since Start of Review

Mirriad Advertising PLC said Wednesday that a number of parties have entered early-stage discussions over a potential investment or acquisition of the company since the launch of the strategic review and formal sale process.

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Michelmersh Brick 2022 Pretax Profit Rose on Price Increases

Michelmersh Brick Holdings PLC on Wednesday posted a rise in its revenue and profit for 2022 on the back of two price increases to offset higher input costs.

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tinyBuild COO Luke Burtis Resigns; 2022 Pretax Profit, Revenue Rose

TinyBuild Inc. said Wednesday that Chief Operating Officer Luke Burtis resigned with immediate effect, and that 2022 pretax profit rose as revenue benefited from the performance of new titles and back catalogue sales.

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Next PLC Backs FY 2024 Guidance After FY 2023 Pretax Profit Beat Views

Next PLC said on Wednesday that pretax profit for fiscal 2023 rose ahead of the board's expectations and backed its guidance for fiscal 2024 as it anticipates inflation will ease.

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Up Global 1H Pretax Fall on Higher Interest Rates and Impairment Charge

Up Global Sourcing Holdings PLC said Wednesday that pretax profit fell in the first half of fiscal 2023 due to the increase in interest rates and an impairment charge, despite revenue rising driven by online sales.

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LoopUp Group Says 2022 Revenue Beat Views After PGi Connect Transaction

LoopUp Group PLC said Wednesday that it expects to report 2022 revenue ahead of market expectations, boosted in the fourth quarter by its transaction with PGi Connect.

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Artisanal Spirits 2022 Pretax Loss Narrowed on Better-Than-Expected Revenue

Artisanal Spirits Co. said Wednesday that pretax loss for 2022 narrowed on the back of better-than-expected revenue increase across its markets.

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BSF Enterprise Raises GBP2.9 Mln to Fund Organic Growth

BSF Enterprise PLC said Wednesday that it has raised 2.9 million pounds ($3.6 million) via an oversubscribed share placing and will use the money toward organic growth and for working capital.

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One Media IP Fiscal 2022 Profit Fell on Investment in Subsidiary

One Media iP Group PLC said Wednesday that revenue rose for fiscal 2022 but that profit fell as it continued to invest into its anti-piracy software subsidiary TCAT.

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Essentra 2022 Pretax Loss Widened; Launches GBP60M Buyback

Essentra PLC on Wednesday said its pretax loss widened in 2022 and launched a share buyback from the proceeds of the disposal of its filter and packaging divisions.

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Big Technologies 2022 Profit Rose Amid Growing Demand

Big Technologies PLC said Wednesday that pretax profit rose for 2022 as it saw growing demand, new contract wins and deployment of a record number of new electronic monitoring devices to customers in the criminal justice sector.

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RM PLC Swung to FY 2022 Pretax Loss on Higher Costs

RM PLC said Wednesday said that it swung to a pretax loss in fiscal 2022 due to higher costs, despite revenue rising on strong growth in its RM assessment unit.

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Medica 2022 Pretax Profit Rise On Increasing Revenue, Gross Profits

Medica Group PLC said Wednesday that its pretax profit increased thanks to rising revenue and gross profits, and that it has declared a final dividend.

 
Market Talk: 

Team17 Seen With Strong Traction Across Divisions

0924 GMT - Team17 Group had a strong 2022 performance and there is clear traction across all divisions of the business, Shore Capital analyst Katie Cousins says in a research note. Positive momentum at the videogame developer was clear during 2022, with total revenue growth of 52%, she says. There were 18 new releases in the year and the back catalogue continued to see support from new content and updates, she adds. "We continue to believe that the diverse portfolio, good brand awareness and healthy balance sheet will continue to provide resilience for the group against an uncertain consumer market," Cousins says. Shore has a buy rating on the stock. Shares trade up 1.2% at 410.00 pence. (kyle.morris@dowjones.com)

Michelmersh Brick's 2022 Print Highlights Market Position

0921 GMT - Michelmersh Brick is different to larger peers Ibstock and Forterra despite being exposed to many of the same high-level economic drivers, Berenberg says in a note after the brick manufacturer posted an impressive set of 2022 results. "With the business operating with smaller volumes and on typically high-end/specialist projects, and with a more balanced and diversified order book, we think it can charge premium prices and be more nimble--and we believe the past 12 months provide good evidence of this," says analyst Robert Chantry. He adds that shares are very cheap considering its long track record of delivery, near-term resilience versus peers and balance sheet strength. Berenberg rates the stock buy and raises its target price to 170 pence from 160 pence. (elena.vardon@wsj.com)

Next FY Profit Tops Hopes, But Outlook May Disappoint

0917 GMT - Next's annual profit topped expectations, but the U.K. clothing and homeware retailer's outlook may have disappointed investors, Barclays says. Next beat its pretax profit guidance in the year to January thanks to a stronger retail performance and good clearance rates, Barclays says. "However, our feeling is that the market's reaction may focus on the lack of upgrade to FY24 pretax profit (maintained at GBP795m)," Barclays analysts say in a note, though they point out that it is still early in the year and upgrades could come later. Shares fall 6%. (philip.waller@wsj.com)

Next Sets Ambitious Growth Plans for the Future

0849 GMT - Next has laid some ambitious foundations for growth after beating fiscal 2023 expectations, Interactive Investor's head of markets Richard Hunter says in a note. The fashion retailer's strands of future growth are split into the new four areas outside its core business: total platform, investment and acquisitions, new brands and third party licenses, and overseas expansion, Hunter says. "Each of these has to some extent already been tested and proven on a smaller scale and the group now considers that the time is right to turn up the heat for more measured expansion," he says. As consumer preference shifts from online to physical store, Next is exposed to both areas, he adds. (michael.susin@wsj.com)

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

(END) Dow Jones Newswires

March 29, 2023 05:54 ET (09:54 GMT)

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