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 business. (philip.waller@wsj.com)

 
Companies News: 

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.

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Admiral Group 1H Pretax Profit Dropped After Booking Higher Costs

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 levels.

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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.

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Royal Mail Warns of Material Losses as Union Moves Forward With Strike

Royal Mail PLC warned on Wednesday that it expects to be materially lossmaking in fiscal 2023 if a proposed strike action takes place.

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Airtel Africa Agrees on $125 Mln Loan to Support Operations, Investments

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 subsidiaries.

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Civitas Social Housing NAV Per Share Rose Slightly in June Quarter

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.

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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.

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Jubilee Metals 2H Earnings Rose on Higher Production -- Commodity Comment

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:

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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.

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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.

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S&U Recent Performance Beat Its Expectations, But Remains Cautious

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.

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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.

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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.

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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.

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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.

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Digitalbox Warns on Slowdown Despite 1H Revenue Beat; Shares Fall

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.

 
Market Talk: 

Prudential 1H Volumes Look Surprisingly Good, But Margins Missed

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. (michael.susin@wsj.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. (joseph.hoppe@wsj.com)

 

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

(END) Dow Jones Newswires

August 10, 2022 04:45 ET (08:45 GMT)

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