The FTSE 100 closed down 1.8% on Thursday, with retail companies
enduring a tough day and Royal Mail--the biggest faller--closing
down 12% after it posted a pretax profit decline for fiscal 2022.
"A lot of today's pain is being felt by U.K. retailers after the
downgrades this week by U.S. retail giants Target and Walmart,
while today U.S. department store Kohl's followed suit by warning
of the effects of higher costs on their margins, and their
profits," says Michael Hewson, chief market analyst at CMC Markets
U.K. Weakness is also being seen at Unilever and Reckitt Benckiser
as worries over margins linger as consumers are squeezed by a cost
of living crisis, Hewson adds.
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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.
---
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:
Fevertree Drinks' Strategy to Improve Profit Despite
Inflation
0857 GMT - Fevertree Drinks' medium-term improvements in
profitability are starting to appear and it could be moving into an
upgrade cycle despite higher raw-material inflation, Liberum
analyst Wayne Brown says in a research note. The London-listed
premium-mixers supplier reported a 1Q performance in line with
expectations, and the commissioning of its second U.S. bottling
line on the East Coast will boost production in 1H and relieve
logistic costs, Brown says. "As local bottling plants scale, they
will support further product margin growth both through
efficiencies and through local sourcing of glass and packaging
materials," he adds. Liberum has a buy recommendation on the stock
and a target price of 2,300 pence. (michael.susin@wsj.com)
National Grid Beat FY 2022 Expectations
0836 GMT - National Grid's results for the year ended March 31
were better than expected, Jenny Ping from Citi says in a note.
Underlying operating profit of GBP4.0 billion was above the GBP3.8
billion consensus, and underlying EPS of 65.3 pence also exceeded
the 62.4 pence the market forecast, the analyst notes. The dividend
and the reported net debt were in line with expectations. Ping
reiterates a neutral rating on the U.K. energy infrastructure
company, arguing that the shares are fully valued and there is
limited reason to get excited on fundamentals.
(jaime.llinares@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
May 19, 2022 12:48 ET (16:48 GMT)
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