The FTSE 100 closed up 0.4% on Wednesday as the usual pre-Fed
calm has hit markets and as a rise in U.K. CPI growth put pressure
on the Bank of England, said Chris Beauchamp, chief market analyst
at online trading platform IG, in a research note. "Hopes that the
Bank of England would be able to stick to a dovish line tomorrow
have been confounded, as a rise in CPI growth piles on the
pressure. Sterling hasn't been able to hold its morning gains
however, succumbing to the same pre-Fed nerves that have hit
stocks," Beauchamp says. Ocado Group ended the day as the biggest
gainer, ending 1.9% higher, while British Land Co. ended the
furthest in the red, down 6.0%.
Companies News:
Superdry to Sell Intellectual Property Assets in APAC for $50
Mln
Superdry PLC said Wednesday that it has signed an intellectual
property transfer agreement with South Korea-based Cowell Fashion
Co. Ltd. for the sale of its assets in certain countries within
Asia Pacific for an upfront payment of $50 million in cash.
---
XPS Pensions Sees 2023 Revenue Above Consensus
XPS Pensions Group PLC said Wednesday that it expects revenue
for fiscal 2023 to be ahead of current consensus and that the board
expects operational gearing to have improved after having managed
costs well.
---
Vistry 2022 Pretax Profit Fell on Exceptional Costs; Early 2023
Sales Improving
Vistry Group PLC said Wednesday that 2022 pretax profit fell on
exceptional costs and despite a rise in revenue, and it reported an
encouraging start to the year with a trend of improving sales.
---
Braemar to Report FY 2023 Rise in Revenue, Underlying Operating
Profit
Braemar PLC said Wednesday that it expects to report a rise in
revenue and underlying operating profit for fiscal 2023, and that
the board is looking at fiscal 2024 with confidence.
---
Fevertree 2022 Pretax Profit Fell on Glass, Freight Costs, Backs
2023 Views
Fevertree Drinks PLC said Wednesday that pretax profit for 2022
fell, mostly driven by increased glass costs and trans-Atlantic
freight costs, but backed its 2023 guidance and raised the dividend
payout.
---
Ten Entertainment 2022 Profit, Revenue Significantly Rose
Postpandemic
Ten Entertainment Group PLC said Wednesday that its 2022 pretax
profit significantly increased together with total sales, as it
delivered its first undisrupted trading year since 2019.
---
Pendragon 2022 Pretax Profit Fall on Cost Inflation, Increased
Interest Rates
Pendragon PLC said Wednesday that its 2022 pretax profit fell on
cost inflation and increased interest rates, although revenue grew
slightly, and that it won't proposed a final dividend.
---
Bytes Technology Sees FY 2023 Sales and Profit Rising on High
Demand
Bytes Technology Group PLC said Wednesday that it delivered
strong sales and profit growth in fiscal 2023, on strong demand for
its software and IT services.
---
Titon Holdings FY 2023 Performance in Line With Views; Sees 2H
Return to Profitability
Titon Holdings PLC said Wednesday that its performance in fiscal
2023 has been in line with the board's expectations and that
directors continue to expect a return to profitability in the
second half of the year ending Sept. 30.
---
Hostelworld 2022 Pretax Loss Narrows As Sector Recovers
Hostelworld Group PLC on Wednesday reported a narrowed pretax
loss for last year on revenue that rose more than four-fold due to
higher bookings on the back of a strong postpandemic recovery in
the travel sector.
---
Arrow Exploration Gets Better-Than-Expected Results at Colombia
Well
Arrow Exploration Corp. said Wednesday that initial production
rates from its new Rio Cravo Este-4 well in Colombia have been very
encouraging, with better-than-expected flow rates.
---
Mpac 2022 Pretax Profit Hurt by Supply-Chain Issues; CEO to Step
Down
Mpac Group PLC said Wednesday that despite a rise in revenue,
its pretax profit fell in 2022, blaming global supply-chain issues
and that Chief Executive Officer Tony Steels plans to step
down.
---
Judges Scientific 2022 Pretax Profit Rose; Says Supply-Chain
Disruptions Persist
Judges Scientific PLC said Wednesday that supply-chain
disruptions persist and that its 2022 pretax profit rose as revenue
increased on higher organic growth and an acquisition's
contribution.
Market Talk:
Pendragon Performed Well in 2022 Amid Significant Headwinds
0941 GMT - Pendragon reported an encouraging start to 2023 after
delivering in-line 2022 results amid macro uncertainties, Jefferies
analysts Andrew Wade and Grace Gilberg write in a research note.
Despite significant headwinds prompting a 30% on-year fall of
pretax profit in 2022, the full-year results mark a very resilient
outcome, with operating profit around GBP10 million ahead of
Jefferies forecast this time last year, the analysts say. Jefferies
also notes the company's upbeat outlook, with volumes in new and
used car market showing good on-year growth. "We infer solid
double-digit volume gains in both," the analysts say. Jefferies
raises it 2023 pretax profit estimate by 15% to GBP52 million and
the price target on the stock to 28 pence from 25 pence.
(christian.moess@wsj.com)
UK Core Inflation Rise Unwelcome for Bank of England Decision
Makers
0938 GMT - A day before the Bank of England makes its latest
decision, it's faced with an unwelcome resurgence in U.K. core
inflation, says James Smith, developed markets economist at ING, in
a note. Core CPI was 6.2% in February, versus 5.8% in January, and
more importantly shows that the surprise dip in services CPI in the
first month of the year was a temporary one, he says. Policy makers
have said service-sector inflation tends to be more persistent and
less volatile, therefore more long-lasting, Smith says. But the
bank has been paying less attention to a single indicator, and
broader data has been more encouraging over the past month, with
the BOE's main survey of businesses pointing to less aggressive
price and wage rises, and wage data appearing to be easing, Smith
says. (edward.frankl@wsj.com)
Ten Entertainment's 2022 Results Bowl Over Market
Expectations
0928 GMT - Ten Entertainment's 2022 results were slightly ahead
of expectations, with margins in particular surprising to the
upside, reflecting tight costs control, fixed operating leverage
and increased scale, Liberum says. The family-entertainment centers
operator is capitalizing on the increasing popularity of social
entertainment, with digital innovation adding to its universal
appeal, a refurbishment program underway and steady adding of new
space and activities to improve sales density, Liberum analysts say
in a research note. Ten Entertainment has consistently beat
expectations and its shares have risen 15% over the past 12 months,
compared to the wider sector falling 15%, and yet its shares still
look attractively cheap, the brokerage says. Liberum retains its
buy rating and 400 pence price target. Shares are up 1.1% at 288.0
pence. (joseph.hoppe@wsj.com)
Anpario Retains Strong Long-Term Prospects Despite Current
Headwinds
0923 GMT - Anpario is currently facing a tough macro environment
which should continue hurting performance in 2023, Shore Capital
analyst Akhil Patel says, cutting its revenue forecast for the year
by 13%. However, despite short-term supply-chain issues and
inflationary pressures, the animal-feed manufacturer's long-term
growth potential remains intact, he says. As inflation subsides,
demand for Anpario's products should increase, while continued
investment in sales and production should set the company up well
for future growth, Patel says. "While we do expect to see a
negative reaction to the shares following the weaker-than-expected
outlook, we believe once the shares settle, this will provide an
attractive entry point for investors looking for a high-margin,
well-managed business," the analyst says. Shares are trading down
26% at 230 pence. (don.forbes@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
March 22, 2023 13:47 ET (17:47 GMT)
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