FTSE 100 Drops as TUI, Prudential Fall; Aviva Gains
0823 GMT - The FTSE 100 Index edges 0.1%, or six points lower to
7481 as losses for TUI and Prudential offset gains for Aviva and
Admiral. Shares in TUI drop 1.6% after the tour operator reported a
narrower third-quarter loss, but announced further flight
disruption costs of EUR75 million. Prudential falls 0.5% on lower
first-half net profit. Still, the Pru's industry rival Aviva gains
7% after it reported higher first-half operating profit, backed its
full-year dividend guidance and outlined further plans for capital
returns. Another insurer, Admiral, also rises 5% after it posted
better-than-expected first-half profit in its U.K. motor-insurance
RS Group to Buy Mexican Distributor Risoul for $275 Mln
RS Group PLC said Wednesday that it has agreed to buy a
distributor of industrial and automation product and service
solutions in Mexico for $275 million.
Admiral Group 1H Pretax Profit Dropped After Booking Higher
Admiral Group PLC reported on Wednesday a significant decline in
pretax profit for the first half of 2022 on the back of higher
costs, but said that it came in still 19% ahead of pre-pandemic
Deliveroo 1H Pretax Loss Widened on Consumer Headwinds; Begins
GBP75 Mln Share Buyback
Deliveroo PLC said Wednesday that its first-half pretax loss
widened due to increased consumer headwinds, and began a 75
million-pound ($90.6 million) share buyback program.
Royal Mail Warns of Material Losses as Union Moves Forward With
Royal Mail PLC warned on Wednesday that it expects to be
materially lossmaking in fiscal 2023 if a proposed strike action
Airtel Africa Agrees on $125 Mln Loan to Support Operations,
Airtel Africa PLC said Wednesday that it has signed a $125
million revolving credit facility with Citi, and that it will use
the funds to support operations and investments at four of its
Civitas Social Housing NAV Per Share Rose Slightly in June
Civitas Social Housing PLC said Wednesday that it continues to
perform in line with expectations and that its net asset value per
share increased slightly in the first quarter of fiscal 2023.
Aviva Plans Further Buyback After 1H Profit Rose
Aviva PLC reported on Wednesday an increase in operating profit
for the first half of 2022, backed its dividend guidance for the
full year and outlined further plans for capital returns.
Jubilee Metals 2H Earnings Rose on Higher Production --
Jubilee Metals Group PLC on Wednesday reported that its profits
increased in the second half of its fiscal year ended June 30.
Here's what the Africa-focused mining company had to say:
Prudential 1H Net Profit Fell Sharply on Pandemic Restrictions,
Operating Profit Rose
Prudential PLC reported on Wednesday a 90% net profit fall for
the first half of 2022 driven by market volatility amid
coronavirus-related restriction impacts, while its headline
operating profit rose slightly, but missed market views.
88 Energy to Raise Up to $7 Mln via Discounted Share Placing
88 Energy Ltd. said Wednesday that it will raise up to 10
million Australian dollars (US$7 million) via a discounted share
placing and a bookbuild--and will accept oversubscriptions of up to
A$4.9 million--and that it will use the proceeds to finance
potential new ventures and as additional working capital.
S&U Recent Performance Beat Its Expectations, But Remains
S&U PLC said Wednesday that its performance from May 26 to
July 31 in both divisions beat its expectations, though remains
cautious of current economic uncertainty.
Redde Northgate Doubles share Buyback Program to GBP60 Mln
Redde Northgate PLC said Wednesday that it will double its share
buyback program in size to a total of up to 60 million pounds
($72.5 million), given its strong start to the financial year and
significant shareholder support.
TP ICAP 1H Pretax Profit Rose on Global Broking Growth; Is
Optimistic on 2022 Outlook
TP ICAP Group PLC reported Wednesday a significant rise in
pretax profit for the first half of 2022, helped by a rise in
revenue at its global broking division, and said it is
well-positioned for the remainder of the year.
Quilter AuMA Fell 12% in 1H on Adverse Market Movements
Quilter PLC on Wednesday reported that its assets under
management and administration decreased by 12% in the six months
ended June 30.
Deliveroo Director Simon Wolfson Steps Down From Board
Deliveroo PLC said Wednesday that independent nonexecutive
director and Next PLC Chief Executive Simon Wolfson has decided to
step down from its board.
Digitalbox Warns on Slowdown Despite 1H Revenue Beat; Shares
Shares in Digitalbox PLC fell Wednesday after it said
challenging conditions could hurt revenue in the second half,
despite performance in the first half of the year being
significantly ahead of its expectations.
Prudential 1H Volumes Look Surprisingly Good, But Margins
0824 GMT - Prudential's 1H sales volumes were ahead of
expectations, most notably on its annual premium equivalent market
beat, but its profit margins were disappointing, Jefferies analysts
say in a research note as shares trade down 1%. The
insurance-and-investment company's Eastspring business reported a
profit 15.5% below market expectations, mainly due to revaluation
of seed capital, while new business profit margins came in 2.8%
under market views driven by lower sales in Hong Kong, they say.
Jefferies has a buy recommendation on the stock and a price target
of 1,600 pence. (email@example.com)
Deliveroo's 1H Was Better Than Expected
0817 GMT - Deliveroo's first-half results were broadly positive,
with the company beating expectations across revenue, gross margin
and adjusted Ebitda, Goodbody says. While the U.K. food-delivery
company is likely to see macro concerns persist, it is positive
seeing the company make progress on the pathway to profitability,
and with cash burn reducing it should be well on track to reach
positive free cash flow, Goodbody analyst David Brohan says in a
research note. "The valuation remains extremely undemanding--with
an implied enterprise value greater than GBP500 million--given the
improving economics of the group, and the strong position it holds
particularly in London," Brohan says. Goodbody retains its buy
recommendation on the stock. Shares are up 2.7% at 93.7 pence.
Contact: London NewsPlus; Dow Jones Newswires;
(END) Dow Jones Newswires
August 10, 2022 04:45 ET (08:45 GMT)
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