The FTSE 100 closed down 3.1% on Thursday as central banks
continue to show willingness to sacrifice the economy to get
inflation under control, with the Bank of England raising interest
rates by 25 basis points. Perhaps the most surprising thing was how
underwhelming BOE's response was, says Craig Erlam, senior market
analyst for U.K. and EMEA at Oanda. "At a time when the central
bank announced that inflation is now expected to peak above 11% in
October, it also raised interest rates by a measly 25 basis points
and didn't show a particular willingness to accelerate the
tightening to combat those price pressures," Erlam says in a
research note. The bank clearly hopes inflation will come down
naturally over time, but that is quite the gamble, he adds.
Halma Reports Higher FY 2022 Profit, Expects Growth to Continue
in FY 2023
Halma PLC on Thursday reported an improved profit for the year
ended March 31 and forecast further growth for fiscal 2023.
Informa Backs 2022 Guidance, Increases Buyback After Strong
Informa PLC on Thursday backed its guidance for the full year
and increased its share buyback program after booking strong
performances in all businesses in the first five months of
Halma Names Marc Ronchetti as Next CEO; Andrew Williams to
Retire Next Year
Halma PLC said Thursday that Chief Executive Officer Andrew
Williams has decided to retire next year, and he will be succeeded
by Chief Financial Officer Marc Ronchetti.
Capco to Buy Shaftesbury in All-Share Deal
Capital & Counties Properties PLC said Thursday that it has
agreed to buy Shaftesbury PLC in an all-share deal that will give
Shaftesbury shareholders 53% of the combined group.
ASOS Warns of Inflation Hit; Appoints New CEO, Chairman
ASOS PLC said Thursday that it has adjusted it outlook for
fiscal 2023 as inflation hits consumers, and that it has appointed
Jose Antonio Ramos as its new chief executive officer and Jorgen
Lindemann as chairman.
Halfords Expects FY 2023 Profits to Fall on Lower Demand,
Halfords Group PLC on Thursday forecast lower profits for fiscal
2023 as reduced demand and cost inflation are hurting its
Rockhopper Shares Drop on $7 Mln Discounted Placing,
Shares in Rockhopper Exploration PLC traded down 13% on Thursday
after it said that it has raised $7 million through a placing and
subscription, with the funds to be used toward working capital and
supporting the Sea Lion license extension.
Inchcape Sees 2022 Pretax Profit Beat After Strong Distribution
Inchcape PLC said Thursday that it has continued to perform
strongly since its first-quarter update, with 2022 pretax profit
now forecast to beat market consensus after the strong performance
of its distribution business.
Mountview Estates FY 2022 Pretax Profit Fell on Higher Costs,
Mountview Estates PLC said Thursday that pretax profit for
fiscal 2022 fell, despite higher revenue and raised its total
dividend payout by more than 75%.
THG Says Potential Offers Undervalue Company; Hasn't Provided
Due Diligence Access
THG PLC said Thursday that recent takeover approaches undervalue
the company, and that therefore it hasn't provided the parties due
diligence access after consultation with its major
GB Group Appoints Richard Longdon Chair; FY 2022 Pretax Profit
Fell on Higher Costs
GB Group PLC said Thursday that David Rasche is stepping down as
chairman and that Richard Longdon has been appointed to the role
effective Sept. 1, as it reported a fall in pretax profit for
fiscal 2022 after booking higher costs.
Boohoo's 1Q Revenue Suffered a Hit on Lower International, US
Boohoo Group PLC said Thursday that revenue suffered a hit in
the first quarter of fiscal 2023, but that its outlook for the
full-year remains unchanged as its performance was still up 75%
compared to prepandemic levels.
N. Brown 1Q FY 2023 Rev Fell; Business Environment Challenging
So Far This Yr
N. Brown Group PLC said Thursday that the managed fall in
revenue continued during the first quarter of fiscal 2023 though at
a more moderate level, and that the business environment has been
challenging since the start of the year.
Hurricane Energy Sees $5 Mln Hit From UK Windfall Tax Up to
Hurricane Energy PLC said Thursday that it estimates an impact
of around $5 million from the new U.K. Energy Profits Levy up to
the end of July.
ASOS Cuts FY 2022 Guidance as Inflation Hits Consumers; Appoints
New CEO -- Update
ASOS PLC said Thursday that it has lowered its outlook for
fiscal 2022 as inflation hits customers, and that it has appointed
Jose Antonio Ramos as its new chief executive officer and Jorgen
Lindemann as chairman.
musicMagpie 1H Revenue, Adjusted Ebitda Fell In Challenging
MusicMagpie PLC said Thursday that revenue and adjusted Ebitda
fell for its first half of fiscal 2022 amid a challenging economic
NWF Group FY 2022 Performance Stronger Than Anticipated; Expects
NWF Group PLC said Thursday that its performance in fiscal 2022
was materially stronger than what it expected at the start of the
year, and that it will deliver record results for the year ended
CareTech Holdings 1H Pretax Profit Fell Amid Higher Costs and
CareTech Holdings PLC said Thursday that pretax profit for the
first half of fiscal 2022 fell but that its performance was broadly
in line with the board's expectations.
Best of the Best Shares Jump on GBP6.3 Mln Return to
Shares in Best of the Best PLC rose 24% in early trade Thursday
after the company said that is planning to return up to 6.3 million
pounds ($7.7 million) to shareholders via a tender offer, as part
of its plan to return surplus cash.
Feedback to Report FY 2022 Revenue Increase; Shares Rise
Shares in Feedback PLC rose Thursday after it said that it
expects to report a rise in revenue for fiscal 2022, and that it
continued targeting a number of opportunities as it remained
focused on investing in the U.K. and India.
Petroneft Resources Granted Extension to Publish 2021
Petroneft Resources PLC said Thursday that it has been granted
an extension of up to three months to report its 2021 results, to
Sept. 30, due to the continued impact of Covid-19.
GB Group's Forecasts Set to Stay Around Same Level After FY 2022
0928 GMT - GB Group's FY 2022 revenue of GBP242.5 million beat
consensus by 1%, and it is on track to deliver targeted synergies
of GBP5 million, Jefferies analysts Charles Brennan and Alex Nguyen
say in a note. The identity-data-intelligence specialist's core
organic growth--excluding a one-off benefit from U.S. government
stimulus--came in slightly higher at 15.5% than the previously
reported 15%. Adjusted EBIT margin was also higher at 24.3% versus
expectations of 23.5%, while it remains committed to guidance of
12% to 14% organic growth on a pro-forma level, the analysts say.
"With consensus baking in around 12%, we expect expectations to
stay at around the current level," the analysts say. Jefferies
rates GB Group buy and has a 1,050 pence target price on the stock.
Inchcape's Distribution Business Supports Full-Year Pretax
0900 GMT - Inchcape's outperformance is being driven by
higher-quality distribution earnings and this supports confidence
in its full-year pretax profit expectations, Peel Hunt analyst
Andrew Nussey says in a research note. The U.K. car dealership now
sees 2022 pretax profit of between GBP350 million and GBP370
million and this looks likely to see upside pressure from 2023
expectations, he says. "We also suspect that the M&A pipeline
remains active, given the strength of the balance sheet and current
market dynamics," Nussey says. Peel Hunt reiterates its buy rating
on the stock with a 1,000 pence price target. Shares trade up 1.3%
at 690.50 pence. (email@example.com)
Boohoo Shares Look Cheap After Weak Start to FY 2023
0807 GMT - Boohoo Group had a weak start to fiscal 2023, with
net revenue declining by 8% on a year-on-year basis, Liberum says.
This was below consensus and Liberum's views, the U.K. brokerage
says. Meanwhile, rival online retailer Shein is making further
ground, Liberum says, adding that it expects Boohoo's margins to be
in the lower half of the 4%-7% range for fiscal 2023. Despite this,
Boohoo shares appear cheap with performance still strong on a
prepandemic basis, Liberum adds. Liberum keeps its hold rating on
the stock and has a target price of 70 pence a share. Shares are
down 13% at 56.20 pence. (firstname.lastname@example.org; @sabelaojeaguix)
Halma Remains Well-Placed After Strong FY 2022
0744 GMT - Halma made strong progress in fiscal 2022 as
expected, with record revenue and profit for the 19th consecutive
year, Shore Capital says in a note. Adjusted pretax profit of
GBP316.2 million was 3% ahead of consensus, the U.K. investment
group notes. The safety, health and environmental technology group
achieved growth across all sectors and major regions, with the
strongest being the U.S. and the U.K., Shore says. "In our view,
Halma is a high quality business with long-term growth drivers and
strong operating margins. We believe customer investment cycles
could recover faster, thus we believe Halma is well placed to take
advantage and one of the most resilient names in the sector," Shore
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
June 16, 2022 12:12 ET (16:12 GMT)
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