BAESY Bae Systems Plc (PK)

The FTSE 100 closed down on Tuesday as the situation in Ukraine worsened and the price of oil rose despite speculation around the U.S. plans to release strategic reserves. The biggest faller in the session was steel and mining company Evraz PLC, which operates mainly in Russia, and closed the day down 29% at 102.85 pence, followed closely by Russian mining company Polymetal International, which was down 26% at 258.90 pence. On the up side, BAE Systems was the biggest riser of the day, closing up 3.7% at 746.20 pence, buoyed by expectations of an increase in defense spending stemming from the war in Ukraine.

 
Companies News: 

S4 Capital Backs 2021 Guidance But Earnings to Be Delayed

S4 Capital PLC said Tuesday that it still expects to report strong growth for 2021 but earnings will be delayed due to Covid-related restrictions.

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Intertek 2021 Profit Rose on Revenue Growth, Higher Margins

Intertek Group PLC on Tuesday reported a higher profit for 2021, reflecting higher revenue and margins.

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Croda International 2021 Pretax Profit Rose on Pandemic Recovery

Croda International PLC said Tuesday that pretax profit for 2021 rose, with all of its businesses delivering underlying growth ahead of pre-pandemic levels.

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Shell Names Sinead Gorman as CFO, Replacing Jessica Uhl

Shell PLC said Tuesday that it has named Sinead Gorman as its incoming chief financial officer, effective April 1, while current CFO Jessica Uhl will step down on March 31.

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Travis Perkins Swung to 2021 Pretax Profit on Coronavirus Recovery

Travis Perkins PLC said Tuesday that it swung to a pretax profit in 2021 as it recovered from the coronavirus pandemic, reinstating dividends.

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Fiske 1H Pretax Loss Narrowed on Increased Management Fees

Fiske PLC said Tuesday that its pretax loss narrowed in the first half of fiscal 2022 as revenue rose on increased investment management-fee income.

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Abrdn 2021 Pretax Profit Rose; Keeps FY Dividend Unchanged

Abrdn PLC said Tuesday that pretax profit for 2021 rose on the back of positive market movements and reduced net outflows, and maintained its total dividend payout.

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Revolution Bars Swung to Pretax Profit in 1H; Outlook Positive

Revolution Bars Group PLC reported on Tuesday a swing to a pretax profit for the first half of fiscal 2022 amid the end of Covid-19 restrictions.

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Polyus Reports 4Q Profit Fell, Backs 2022 Guidance

Polyus PJSC on Tuesday reported a lower profit for the fourth quarter, and reiterated production guidance for 2022.

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Tibergest PTE Gets Low-Level Acceptances for Photo-Me International Offer

Tibergest PTE Ltd., a company owned by Photo-Me International PLC Chief Executive Serge Crasnianski, said Tuesday that it has received acceptances from shareholders owning 65,774 Photo-Me shares.

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Reach's 2021 Pretax Profit, Revenue Increased on Digital Growth

Reach PLC said Tuesday that revenue and pretax profit rose for 2021 as digital growth more than offset a decline in print, though it expects 2022 profit will be hit by print-driven cost inflation.

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Man Group 2021 Pretax Profit, Assets Under Management Rose on Positive Markets Trend

Man Group PLC said Tuesday that pretax profit in 2021 rose as assets under management increased 20%, driven by positive momentum in markets.

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Essensys 1H Revenue Rose Amid Higher US Recurring Revenue Growth

Essensys PLC said Tuesday that revenue increased in the first half of fiscal 2022, marked by continuing U.S. recurring revenue growth and resilient global customer demand, and said the board remains confident about the group's future growth.

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Essensys Share Fall After Warning on FY 2022 Due to Covid-19 Hit

Shares in Essensys PLC on Tuesday fell after the company said the board expects to miss market expectations for fiscal 2022 due to a delay in the progress of go-to-market activities amid Covid-19, despite also seeing revenue growth in the first half.

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Advanced Oncotherapy Expects Tumor Treatment System to Be Fully Operational This Summer

Advanced Oncotherapy PLC said Tuesday that it expects its LIGHT tumor treatment system to be fully operational this summer.

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Rotork 2021 Profit Fell as Revenue Was Hurt by Supply-Chain Issues

Rotork PLC on Tuesday reported a profit drop for 2021, as supply-chain constraints hurt the business.

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Mobile Streams Says Monthly Revenue Rises Significantly; Prepares for Huawei Users

Mobile Streams PLC said Tuesday that its monthly revenue is now more than $150,000, nearly doubling since December, and it has begun the process of making its content available to Huawei Technologies Co. handset users.

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PCI-PAL 1H Pretax Loss Narrows; Sees FY in Line With Market Views

PCI-PAL PLC said Tuesday that pretax loss narrowed in the first half of fiscal 2022 on a rise in revenue, and that it remains on track to meet its market forecasts for the current financial year.

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XP Power Chairman James Peters to Retire in 2023

XP Power Ltd. said Tuesday that Chairman James Peters intends to retire after the general meeting in April 2023.

 
Market Talk: 

Reach's Positive Management Not Seen Protecting It From Inflation

1105 GMT - Reach's management has performed well in a difficult environment, but the U.K. media group's pretax profit for 2022 should be hit by inflation on news print, energy, salaries and distribution, Peel Hunt says. The share price has declined to a level well below its 280 pence target price, Peel Hunt adds. While this should open the door to a more positive recommendation than its hold, it stops short of an upgrade owing to uncertainty relating to the U.K. consumer environment and over Western European security, with its implications for economic growth, the U.K. brokerage says. Shares trade down 25% at 171.40 pence.

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Revolution Bars 1H Earnings Should Drive Upgrades to Forecasts

1047 GMT - Revolution Bars' earnings for the first half of fiscal 2022 were strong and will likely drive full-year upgrades to consensus, Peel Hunt says. The U.K. brokerage raises its full-year Ebitda consensus for the bar operator--which owns the Revolution and Revolution de Cuba brands--by 12% to GBP9 million. "We believe incremental sales from refurbishments could drive more forecast upgrades, hence we view the shares as attractive," it adds. Peel Hunt has a buy recommendation on the stock and a target price of 35 pence a share. Shares are up 6.3% at 21.25 pence.

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UK Households Credit Growth Likely to Remain Weak in the Short-Term

1026 GMT - The muted rise in U.K. consumer credit in January suggests that households were cautious at the beginning of the year, while the outlook for borrowing in the short-term is darkening, Capital Economics says. Consumer credit rose by GBP0.6 billion in January, smaller than the GBP0.8 billion in December and well below the GBP1.2 billion average monthly increase in the two years prior to the pandemic, the economic-research firm says. "With higher interest rates on the horizon and the cost of living crisis only set to worsen, we wouldn't be surprised after a rebound in February to see credit growth remain weak in the months ahead," CE says.

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Flutter Entertainment Shares Are Seen as Good Value

1020 GMT - Flutter Entertainment's 2021 Ebitda excluding the U.S. was down 10%, but Peel Hunt reiterates its buy recommendation as it says the shares represent good value following a period of decline. The recommendation is based on the Sisal deal in Italy, which is due to complete, and strong market leadership in the U.S., the U.K. brokerage says. Revenue growth is seen accelerating in the second half as the first six months present tough comparatives, it says. The revenue contribution from Russia and Ukraine is in jeopardy, but its exposure to the countries has been falling, with the GBP60 million contribution in 2021 being 4% of group Ebitda excluding the U.S. Peel Hunt reiterates its target price of 14,500 pence. Shares trade down 15% at 9,228 pence.

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UK's Factory Sector Growth Accelerates on Strong Demand, Improving Supply Chains

0952 GMT - Factory activity in the U.K. gained momentum in February due to strong domestic demand, fewer input shortages and easing global supply-chain pressures, according to a purchasing managers survey. The IHS Markit/CIPS manufacturing PMI increased to 58.0 in February from 57.3 in January, a three-month high. Faster growth in output, new orders and inventories lifted the index, offsetting the effect of slower job creation and lessening supply-chain disruptions, the report says. Input price inflation remained high, but the survey points to moderating cost increases. "Although this easing may have provided some temporary respite, signs that energy and oil prices may stay high is a further cause for concern," IHS Markit director Rob Dobson says.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

March 01, 2022 12:38 ET (17:38 GMT)

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