Intertek's Rivals Look Better Bets, RBC Says
Shares in Intertek Group top the FTSE 100 risers, up 5% after
the testing and inspection company said it was on track to hit
full-year targets. RBC Capital Markets says that while the update
met expectations, it is concerned by Intertek's organic growth
under-performance versus larger peers. The company's acquisition of
SAI Global Assurance was expensive and is unlikely to increase
value in the near-term, the brokerage adds. "We see
better-positioned structural growth names elsewhere in the sector
and, of the testers, prefer SGS for its more diverse portfolio and
more nuanced bolt-on M&A profile," RBC analyst Karl Green
says.
Companies News:
CVS Group Four-Month Sales Rose on Continued Strong Demand
CVS Group PLC said Wednesday that sales for the four months
ended Oct. 31 are up 14% from the same period a year earlier,
driven by continued strong demand.
---
Ten Lifestyle FY 2021 Pretax Loss Narrowed; Sees Increased
Activity in FY 2022
Ten Lifestyle Group PLC on Wednesday reported a narrowed pretax
loss for fiscal 2021 as moves to reduce costs help to offset
decreasing revenue, and said that demand has increased during the
first months of fiscal 2022.
---
Breedon Group Sees 2021 Performance Stronger Than Expected
Breedon Group PLC said Wednesday it expects to report a
better-than-expected underlying Ebit for the year--at the top end
of the market range--boosted by continued growing demand.
---
Horizonte Minerals Raises $197 Mln via Discounted Share Placing;
Shares Fall
Shares in Horizonte Minerals PLC fell on Wednesday after the
company said that its share placing has been conducted at a
discounted price.
---
Marlowe Sees FY 2022 Performance Ahead of Market Views
Marlowe PLC said Wednesday that it expects to report results
ahead of current market expectations for the year ending March 31,
reflecting strong organic growth and successful strategy
execution.
---
Genus Expects Lower FY 2022 Pretax Profit on China Woes
Genus PLC said Wednesday that it anticipates pretax profit for
fiscal 2022 to be moderately lower than previously expected due to
falling pig prices in China.
---
IQE Shares Fall on Anticipated 2021 Revenue Decline on Lower
Demand
Shares in IQE PLC on Wednesday fell after the company said it
expects to post a decline in revenue for 2021 as a result of
softening demand in the fourth quarter.
---
First Property Group 1H Profit Increased on Lower Costs
First Property Group PLC said on Wednesday that its pretax
profit for the first half of fiscal 2022 increased as the group
booked less costs.
---
Altitude Group Shares Rise After Chmn Appointment, Performance
in Line With Mgmt Views
Shares in Altitude Group PLC rose in early trade Wednesday after
the company said that it has appointed a new chairman and that it
is performing positively, in line with management expectations.
---
Scholium Swung to 1H Pretax Profit as Sales Increased
Scholium Group PLC on Wednesday reported a swing to a pretax
profit for the first half of fiscal 2022 as sales recovered once
coronavirus restrictions were eased.
---
Alpha Financial Markets 1H Pretax Profit Fell Slightly, Revenue
Rose
Alpha Financial Markets Consulting PLC reported on Wednesday a
slight decline in pretax profit despite a rise in revenue for the
first half of fiscal 2022 and said it has a growing pipeline of
potential new business going into the second half.
---
Arena Events Group Swung to 1H Pretax Profit; Revenue Nearly
Doubled
Arena Events Group PLC on Wednesday reported a swing to pretax
profit for the first half of fiscal 2022 on higher revenue as
events returned following Covid-19-related issues, including the
Tokyo Olympics and Ryder Cup.
---
Brickability Buys Renewable Energy Products Company for up to
GBP5.5 Mln
Brickability Group PLC said Wednesday that it has acquired
renewable energy products company HBS NE Ltd. for up to 5.5 million
pounds ($7.4 million) as part of the company's plan to broaden its
offering to customers.
---
Lukoil Profits Increase as Production Ramps Up -- Energy
Comment
Lukoil PJSC on Wednesday reported an improved profit for the
third quarter, as production and prices increased. Here's what the
Russian oil-and-gas major had to say:
---
Gateley Expects Higher 1H Revenue, Underlying Adjusted Pretax
Profit
Gateley (Holdings) PLC said Wednesday that it expects to post
growth in revenue and underlying adjusted pretax profit for the
first half of fiscal 2022, adding that the board is confident about
the closure of its second-half performance.
---
Eurocell on Track to Meet 2021 Market Expectations
Eurocell PLC said Wednesday that it remains on track to deliver
a 2021 performance in line with market expectations as it benefited
from a continued positive trend from the first half of the
year.
---
Trident Royalties: Ontario's Supreme Court Dismisses Lithium
Royalty's Litigation
Trident Royalties PLC said Wednesday that a judge of Canada's
Ontario Superior Court of Justice has effectively dismissed the
litigation brought against Trident by Lithium Royalty Corp.
---
MGC Pharmaceuticals Completes Covid-19 Treatment Order, Sees
Record Revenue
MGC Pharmaceuticals Ltd. said Wednesday that it has completed an
order worth 650,000 euros ($731,153) for its Covid-19 treatment
from Swiss PharmaCan AG.
---
Simec Atlantis Energy Seeks Approval to Issue Shares to New
Technology Capital
Simec Atlantis Energy Ltd. said Wednesday that it is seeking
shareholder approval to issue up to 40 million ordinary shares to
New Technology Capital Group to satisfy its obligations under the
placing agreement last December.
Market Talk:
AO World Is Unlikely to Recover Until Business Demonstrates
Growth, Cost Leverage
1022 GMT - Shares in AO World have halved over the past three
months and on Tuesday the online electrical-goods retailer issued a
profit warning. Sales have slowed against tough comparatives,
driving guidance and forecast downgrades, Peel Hunt says. The
company has a strong platform, but needs to show more evidence of
ability to scale over the medium term while generating free cash
flow, Peel Hunt says. "We were buyers of AO on the scope for wider
European expansion, funded by a profitable and cash generative U.K.
base. With FCF now negative, we suspect the shares will fail to
respond until the business demonstrates growth and cost leverage,
which will likely take us into 2023," the brokerage says.
---
Johnson Matthey 1H Results Were Slightly Better Than
Expected
0854 GMT - Shares in Johnson Matthey fall 0.5% after its
first-half results. The chemicals and technology company reported
Ebit of GBP293 million, which was 2% above consensus expectations,
Jefferies says. In addition, full-year guidance is unchanged, its
Advanced Glass Technologies business is to be sold for GBP178
million and the company will launch a GBP200 million share buyback,
Jefferies notes. The bank expected a muted share-price response to
the company's announcements.
---
United Utilities 1H Results Didn't Surprise
0818 GMT - United Utilities results for the first half of the
year were no surprise, which is as it should be for a regulated
utility, Jenny Ping from Citi says. Performance for the six months
ended Sept. 30 was in line with expectations, with underlying EBIT
at GBP333 million compared with the GBP327 million market
consensus. The dividend and net debt were also in line, Ping says.
"We do not expect today's results and outlook to be meaningful for
the shares. We continue to rate United Utilities as neutral," she
says. Shares in the U.K. water company rise 0.3%.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka
Halas at sarka.halas@wsj.com
(END) Dow Jones Newswires
November 24, 2021 06:18 ET (11:18 GMT)
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