FTSE 100 Falls, Tracking Heavy Losses in US, Asia

0758 GMT - The FTSE 100 falls 1.6% to 7315 points following a sharp sell-off in Asian and U.S. equities. "The sentiment in the market is highly negative as traders and investors are largely concerned about an economic downturn and soaring inflation," AvaTrade analyst Naeem Aslam says in a note. Scottish Mortgage Investment Trust shares drop 4.6% after posting a negative return for the year to March 31, 2022. Smiths Group falls 1.4% after the engineering group warned that macroeconomic uncertainty remains high while supply chain and inflationary challenges continue as it enters its final quarter. National Grid declines 1.2% after the U.K. electricity and gas utility company said rising inflation and a cost of living crisis posed a major challenge. (renae.dyer@wsj.com)

 
Companies News: 

Royal Mail FY 2022 Pretax Profit Fell, Revenue Rose Slightly

Royal Mail PLC said Thursday that pretax profit fell in fiscal 2022 due to a strong comparative period, though revenue rose slightly.

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Smiths Group Nine-Month Organic Revenue Rose; Backs FY 2023 Revenue Views

Smiths Group PLC said on Thursday that organic revenue for first nine months of its fiscal 2022 grew, but reiterated its full-year guidance on revenue growth given macroeconomic uncertainties.

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National Grid Expects Flat FY 2023 Earnings After FY 2022's Strong Growth

National Grid PLC on Thursday forecast flat earnings for fiscal 2023, and reported an improved profit for fiscal 2022.

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Currys Appoints ASOS' Ian Dyson as Chairman

Currys PLC said Thursday that it has appointed Ian Dyson to succeed Ian Livingston as chairman in September.

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EasyJet 1H Pretax Loss Narrowed as Capacity Increased, Warns on Higher 2H Costs

easyJet PLC said Thursday that its pretax loss for the first half of fiscal 2022 narrowed as revenue rose due to increased capacity, but that fuel prices and the dollar exchange rate will add to costs in the second half.

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Investec FY 2022 Pretax Profit, Funds Under Management Rose

Investec PLC said Thursday that pretax profit and funds under management increased in fiscal 2022, driven by the postpandemic economic recovery, and raised its dividend payout.

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QinetiQ FY 2022 Pretax Profit Fell on Higher Costs

QinetiQ Group PLC said Thursday that pretax profit fell for fiscal 2022 after booking higher costs, and that it has entered fiscal 2023 with confidence, positive momentum and a healthy order book.

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Royal Mail FY 2022 Pretax Profit Fell Despite Revenue Rise; Warns on Short-Term Challenges

Royal Mail PLC said Thursday that pretax profit fell in fiscal 2022 against a strong comparative period, though revenue rose slightly, and it sees clear short-term challenges over the coming year.

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Countryside Partnerships Swung to 1H Pretax Loss, Revenue Fell

Countryside Partnerships PLC said Thursday that it swung to a pretax loss in the first half of fiscal 2022, and revenue fell on a strong comparative period.

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Homeserve Agrees to GBP4.08B Takeover by Brookfield Asset Management

Homeserve PLC said Thursday that it has agreed to a 4.08 billion pound ($5.04 billion) takeover by Brookfield Asset Management Inc.

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Young & Co.'s Brewery Swung to FY 2022 Pretax Profit; Resumes Dividend

Young & Co.'s Brewery PLC on Thursday reported a swing to pretax profit for fiscal 2022, as it returns to a more normalized performance after the pandemic disruption, and said it will resume a final dividend payout.

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Fevertree Drinks Says It Had Solid Start to Year; Backs 2022 Guidance

Fevertree Drinks PLC said Thursday that it has had a solid start to the year and expects to meet the board's expectations for 2022 as a whole.

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Gamma Communications Sees 2022 Ebitda, EPS at Upper Half of Expectations

Gamma Communications PLC said Thursday that it expects 2022 earnings to be at the upper half of the range of market forecasts.

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Euromoney Institutional Investor 1H 2022 Pretax Pft Fell; Expects FY to Top Views

Euromoney Institutional Investor PLC said Thursday that pretax profit fell after booking higher exceptional costs for the first half of fiscal 2022, and that it expects full-year results to be above the board's expectations.

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Provident Financial Says on Track to Meet 2022 Market Expectations

Provident Financial PLC said Thursday that its performance during the first quarter was in line with management expectations and that it remains on track to meet market views for 2022.

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Gym Group Targets GBP40 Mln-GBP50 Mln Pretax Profit by 2025

Gym Group PLC said Thursday that it intends to achieve a pretax profit of between 40 million and 50 million pounds ($49.4 million-$61.7 million) by 2025.

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Great Portland Estates Swung to FY 2022 Pretax Profit Despite Revenue Slip

Great Portland Estates PLC said Thursday that it swung to a pretax profit in fiscal 2022 despite a slip in revenue, after a positive revaluation of its investment properties.

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EasyJet Bookings in Past 10 Wks 6% Above 2019; 1H 2022 Pretax Loss Narrowed -- Update

easyJet PLC said Thursday that bookings in the past 10 weeks have been 6% above the same period in 2019, as it reported a narrowed pretax loss for the first half of fiscal 2022 while revenue rose because of increased capacity.

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Begbies Traynor Sees FY 2022 Results Ahead of Market Views

Begbies Traynor Group PLC said Thursday that its results for the year ended April 30 are expected to be comfortably ahead of market forecasts.

 
Market Talk: 

EasyJet's 1H Unsurprising as Loss Narrowed, Debt Reduced

0752 GMT - EasyJet provided no surprises as it reported a narrowed adjusted pretax loss of GBP545 million--within guidance--and net debt of GBP600 million, down from September's GBP900 million, Citi analyst Sathish B. Sivakumar says in a research note. The London-listed airline's announced capacity ramp-up is in-line with prior plans, Sivakumar says. Meanwhile, ticket yields--the amount earned per passenger mile--sold for 4Q are currently 15% above 2019, he notes. The U.S. bank rates the stock buy with a 450-pence target price. Shares are up 2.4% at 513 pence. (anthony.orunagoriainoff@dowjones.com)

 

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

(END) Dow Jones Newswires

May 19, 2022 04:17 ET (08:17 GMT)

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