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.
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.
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.
tinyBuild COO Luke Burtis Resigns; 2022 Pretax Profit, Revenue
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.
Next PLC Backs FY 2024 Guidance After FY 2023 Pretax Profit Beat
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.
Up Global 1H Pretax Fall on Higher Interest Rates and Impairment
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.
LoopUp Group Says 2022 Revenue Beat Views After PGi Connect
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.
Artisanal Spirits 2022 Pretax Loss Narrowed on
Artisanal Spirits Co. said Wednesday that pretax loss for 2022
narrowed on the back of better-than-expected revenue increase
across its markets.
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.
One Media IP Fiscal 2022 Profit Fell on Investment in
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.
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.
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.
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.
Medica 2022 Pretax Profit Rise On Increasing Revenue, Gross
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.
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.
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. (firstname.lastname@example.org)
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%.
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. (email@example.com)
Contact: London NewsPlus; firstname.lastname@example.org
(END) Dow Jones Newswires
March 29, 2023 05:54 ET (09:54 GMT)
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