UKX FTSE 100 Index

The FTSE 100 closed Wednesday down 0.46%, having fluctuated between positive and negative territory. The worst performers could be found in commercial real estate, while Ocado traded sharply lower on reports that AQR Capital Management was the latest to take out a short position against the business, CMC Markets UK chief market analyst Michael Hewson said in a research note. "As we come to the end of the week, the month and the quarter there remains a great deal of uncertainty as to what sort of economy we will see in the fourth quarter, and whether the determination of central banks to keep rates high will change if we see further deterioration in the economic outlook over the next few months," Hewson says.

COMPANIES NEWS:

Vanquis Banking Names Dave Watts as CFO

Vanquis Banking Group said it has appointed Dave Watts as chief financial officer, who will join the board and start the role in November.

---

Pendragon Pretax Profit Rises on Robust Performance

Pendragon said pretax profit for the first half rose on the back of a robust performance despite a challenging backdrop.

---

XP Factory Pretax Loss Narrows as Comparative Sales Rise

XP Factory said its first-half pretax loss narrowed as revenue rose on like-for-like sales growth on both its brands, and that results for the year will be in line with market views.

---

Saga Sees FY 2024 Results Beating Views After 1H Pretax Loss Narrowed; Names New CFO

Saga said it expects to beat market estimates for fiscal 2024 after posting a narrower pretax loss for the first half of the year, and that it is appointing Mike Hazell as chief financial officer to replace James Quin.

---

W.H. Ireland Swings to Pretax Loss Amid Challenging Backdrop

W.H. Ireland Group swung to pretax loss for fiscal 2023 after revenue fell amid a challenging market backdrop, but said it expects to return to a break-even position in fiscal 2024.

---

NCC Group Swung to Pretax Loss as Deteriorating Market Environment Persists

NCC Group said it swung to a pretax loss in fiscal 2023 due to a deterioration of the macroeconomic and market environment on its businesses.

---

Safestyle UK Says It Won't Pay Dividend on Widened 1H Loss

Safestyle UK has reported a widened pretax loss for the first half of 2023 due to higher costs and lower sales volume and said it isn't paying a dividend given the losses.

---

Rainbow Rare Earths Will Raise GBP4.5 Mln in Share Placing

Rainbow Rare Earths said it will raise 4.5 million pounds ($5.5 million) in a discount share placing after acquiring an increased stake in the Phalaborwa rare earths project in South Africa.

---

Zinc Media Pretax Loss Narrows as Organic Revenue Rose; 2023 Revenue Seen Above 2022

Zinc Media Group said Wednesday that first-half pretax loss narrowed as organic revenue rose 12%, and that revenue for the year is expected to surpass 2022 as it expects further revenue to be won and recognized in 2023.

---

Amigo Holdings Shares Fall After Warning on Insolvency, Delisting Without Assets Sale

Amigo Holdings shares fell after the company said it expects to become insolvent in the next few months, with its London listing automatically cancelled, if it can't sell its assets shortly.

---

Tasty Shares Fall After Warning of Inflation Hit to Profit, Widened 1H Loss

Tasty shares fell after the group reported a widened pretax loss for the first half of fiscal 2023 and warned that profitability will continue to be hit by inflationary pressures in the second half.

---

Everyman Media Pretax Loss Widened on Higher Costs; Backs 2023 Forecast

Everyman Media Group has a reported a widened pretax loss for the first half of 2023 due to higher administrative and finance expenses despite gross-profit margin growth, and said it expects to meet full-year market expectations.

---

LSL Property Services Pretax Profit Falls on Lower Mortgage Demand

LSL Property Services reported fall in first-half pretax profit on the back of challenging market conditions as high inflation and interest-rate increases dented demand for mortgage products.

---

Graft Polymer Shares Fall After Going Concern Warning

Graft Polymer (UK) shares slumped on Wednesday after the company said there is material uncertainty regarding its ability to continue as a going concern after it posted a fall in revenue and wider pretax loss for the first half of 2023.

---

Coral Products Says Year Has Started Well, but Some Softening Seen in 2Q

Coral Products said the new fiscal year has started well and in line with market expectations, although it has experienced some softening in the second quarter.

---

PPHE Hotel Group Lifts Interim Dividend After Strong Performance

PPHE Hotel Group raised its interim dividend for the first half of the year to 16 pence (19 cents) from 3 pence a year earlier after a strong performance in the period.

---

First Property's Funds Under Management Fall on Divestment, Lower Property Values

First Property Group said third-party funds under management fell from March due to the sale of one property, a reduction in property values and a weakening of the euro, the currency in which its Romanian and Polish properties are valued.

---

TI Fluid Systems on Track to Return to Double-Digit Adjusted EBIT Margin

TI Fluid Systems said it was on track to return to double-digit adjusted earnings before interest and taxes margin, and backed its outlook for the year.

---

Surface Transforms 1H Loss Widened on Higher Costs, Despite Revenue Growth

Surface Transforms reported a widened pretax loss for the first half of the year due to higher administrative expenses and despite revenue and gross profit growth.

---

System1 Group Expects to Beat Full-Year Market Revenue, Profit Views

System1 Group said it expects to top market views for full-year revenue and pretax profit after revenue increased in the first half of fiscal 2024.

---

Byotrol CEO Vivan Pinto Steps Down; Former Chief Executive Appointed Interim Replacement

Byotrol said Chief Executive Officer Vivan Pinto has stepped down to pursue other opportunities, and that former CEO David Traynor has been appointed as interim replacement until a replacement is found.

---

Stelrad Group Names Annette Boren As Finance Chief

Stelrad Group named Annette Boren as its new chief financial officer to succeed George Letham.

---

Arix Bioscience CEO Steps Down

Arix Bioscience said Chief Executive Officer Robert Lyne will step down from the company by the end of 2023 to pursue a new opportunity.

---

Panthera Resources Shares Fall On Indian Court's Petition Rejection

Shares in Panthera Resources fell 24% after the company said the high court of Rajasthan, India, has rejected a writ petition from Metal Mining India, a subsidiary of Panthera-owned Australian company, Indo Gold.

---

Plant Health Care Pretax Loss Narrows on Revenue Growth, Lower Costs

Plant Health Care has reported a narrowed pretax loss for the first half as operation costs fell and revenue rose, and said it expects a strong second half driven by further revenue growth.

---

Camellia Sees Widened 2023 Pretax Loss, Lower Revenue on Weaker Production and Prices

Camellia said it expects lower revenue and a widened pretax loss in 2023 due to lower production and prices in certain markets.

MARKET TALK:

UK Property Firms Look Set to Face Office Rent Pressure

0946 GMT - U.K.-listed property developers drop after Jefferies downgraded several sector players, citing potential pressure on office rents. Jefferies cuts British Land and Land Securities to under-perform from hold and reduces Great Portland Estates and Derwent London to hold from buy. Vacancies in the London office market are at a 30-year high and above the tipping point at which rents fall, the brokerage says. "Retail was technology's first casualty and we think offices are next," Jefferies analysts say in a note. "Utilization has shrunk and landlords are losing pricing power as tenants offload surplus space." British Land and Land Securities fall more than 1%, GPE is down 3% and Derwent London drops nearly 2%, with other developers also losing ground. (philip.waller@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

September 27, 2023 11:59 ET (15:59 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.