FTSE 100 Edged Up; AB Foods Gains as Primark Sales Rebound
20 June 2022 - 6:25PM
Dow Jones News
FTSE 100 Rises; Primark-Owner AB Foods Gains After Update
0753 GMT - The FTSE 100 rises 0.2% to 7029 points as it attempts
to recover gains after losses last week on concerns about sluggish
economic growth and monetary policy tightening by central banks.
Associated British Foods shares gain 1.1% after it maintained its
full-year guidance following a 32% rise in 3Q revenue, led by
strong growth in its Primark retail chain. Primark--representing
around 44% of overall sales--is the main focus, particularly given
the travails recently reported by other retailers, Interactive
Investor analyst Richard Hunter writes. "With the shackles of the
pandemic now largely removed, the figures are very promising, with
the unit seemingly coming back into fashion."
(renae.dyer@wsj.com)
Companies News:
Deliveroo Appoints Scilla Grimble as CFO
Deliveroo PLC said Monday that it has appointed Scilla Grimble
as chief financial officer and that she is expected to start by no
later than June 2023.
---
Euromoney Institutional in GBP1.6 Bln Takeover Talks
Euromoney Institutional Investor PLC said Monday that it is in
talks with a consortium comprising private equity company Astorg
Asset Management S.ar.l and Epiris LLP over a potential 1.6 billion
pound ($1.96 billion) takeover.
---
Union Jack Oil to Report Maiden Profit in 1H
Union Jack Oil PLC said Monday that it expects to report a
maiden profit for the first half of 2022.
---
Rank Lowers FY 2022 Underlying Operating Profit Views on Weaker
Casinos, Inflation
Rank Group PLC said Monday that it expects like-for-like
underlying operating profit for fiscal 2022 to be below its
previously guided range due to weaker-than-expected performance at
its Grosvenor casino business and inflationary cost pressures.
---
easyJet Warns on Costs, Capacity as Delays Hit Air Travel --
Update
easyJet PLC warned Monday that its operating costs will be
higher than expected in the second half of the year, reflecting
additional leased aircraft, crew costs and airport charges.
---
Kingspan Sees Record 1H Profit Despite Market Deterioration
Kingspan Group PLC said Monday that it expects to report a
record profit for the first half of the year despite a market
deterioration in the last two months.
---
Filtronic Sees Increased FY 2022 Adjusted Ebitda on Sales Mix,
Cost Control
Filtronic PLC said Monday that it expects adjusted Ebitda for
fiscal 2022 to exceed market expectations after a strong second
half and a strong sales mix and tight cost control.
---
IOG Says Saturn Banks Gas Production Is on Track
IOG PLC said Monday that Saturn Banks production continues to be
restored as expected and forecast gross gas output of between 45
million and 60 million standard cubic feet a day for the second
half of 2022.
---
AB Foods 3Q Revenue Rose, to Trial Click & Collect Service
-- Update
Associated British Foods PLC said Monday that revenue for its
fiscal third quarter increased, with Primark revenue beating
prepandemic levels, and said it will trial a click-and-collect
service in some U.K. stores.
Market Talk:
AB Foods' Primark Click & Collect Trial is Welcome News
0703 GMT - AB Foods launching a "click and collect" trial at
Primark, allowing customers to order children's clothes online at
some U.K. stores, is positive news, RBC Capital Markets analysts
Richard Chamberlain and Manjari Dhar say in a research note. The
analysts expect that investors will the trial well, noting that
Primark has also improved its website and that all of its stores
are open. "We expect a strong recovery in sales, but margins are
likely to be impacted by currency and other inflation pressures,
and potentially if Primark has to invest more in improving the
convenience of its offer," they say. (michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
June 20, 2022 04:10 ET (08:10 GMT)
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