FTSE 100 Falls as AB Foods Drops After Trading Update
0858 GMT - The FTSE 100 falls 0.1% to 7577 points after initial
gains with Associated British Foods among the worst performers
after a trading update. AB Foods shares drop 1.6% after saying
like-for-like sales at its fashion retail business Primark over the
16 weeks to January 8 were 11% below pre-coronavirus levels and the
spreading Omicron variant hit footfall in December. Energy giants
Royal Dutch Shell and BP both fall 1.2% as oil prices drop. Luxury
fashion group Burberry and education publisher Pearson continue to
rally, up 1.4% and 2.2% respectively, after Wednesday's
well-received trading updates. DS Smith climbs 0.6% after the
packaging company said it remains on track for a "significant
improvement" in second-half profit.(renae.dyer@wsj.com)
Companies News:
DS Smith Says Performance Has Remained in Line With Expectations
Since Dec. 9
DS Smith PLC said Thursday that its performance since Dec. 9 has
been in line with the board's expectations for a "significant
improvement" in second-half profit.
---
Deliveroo 2021 Gross Transaction Value Growth Was at Top End of
Expectations
Deliveroo PLC said Thursday that its gross transaction value
growth in 2021 was at the top end of the guidance range.
---
AJ Bell's 1Q Total Assets Under Management Rose
AJ Bell PLC said Thursday that total assets under management for
the first quarter of fiscal 2022 rose, driven by its platform
propositions and investment business.
---
Kier Sees 1H Results In Line With Expectations
Kier Group PLC said Thursday that it expects to report results
in line with internal expectations for the first half ended Dec.
31.
---
Smiths News Says Fiscal 2022 Performance to Date in Line With
Views
Smiths News PLC said on Thursday that its overall performance
for fiscal 2022 to date was in line with market expectations, and
that the uncertainty and restrictions stemming from the Omicron
coronavirus variant has only had a limited effect on its
markets.
---
Hochschild Mining Expects Unit Costs to Rise in 2022
Hochschild Mining PLC on Thursday forecast higher costs for 2022
and reported operational performance in line with expectations for
2021.
---
Premier Foods Says 3Q Beat Expectations; Raises FY 2022 Profit
Expectations
Premier Foods PLC said Thursday that its third-quarter was ahead
of expectations and that it has increased its profit forecasts for
fiscal 2022.
---
Wickes Group Core Like-for-Like Sales Fell 6.8% in 4Q; Backs
2021 Guidance
Wickes Group PLC said Thursday that core like-for-like sales
fell 6.8% of the final quarter of last year, though they were up
26% on a two-year basis, and backed its full-year guidance.
---
N. Brown Expects Lower Adjusted Ebitda for FY 2022
N. Brown Group PLC said on Thursday that it expects adjusted
adjusted earnings before interest, taxes, depreciation and
amortization for fiscal 2022 to be at the lower end of previous
guidance, and that product revenue from strategic brands grew 5.5%
in the third quarter.
---
Superdry Swung to 1H Pretax Profit; Sees 3Q Sales Recovery
Superdry PLC reported on Thursday a swing to pretax profit for
the first half of fiscal 2022 and said sales have increased in the
past few weeks, which helped the group improve its gross
margin.
---
PensionBee Group Sees 2022 Revenue of More Than GBP20 Mln
PensionBee Group PLC said Thursday that it expects to generate
revenue of more than 20 million pounds ($27.2 million) in 2022,
boosted by a continued increase in customer numbers, and that
assets under management rose 91% last year.
---
Associated British Foods 1Q Revenue Rose Despite Omicron Hit to
Primark Sales
Associated British Foods PLC said Thursday that revenue for the
first quarter of fiscal 2022 rose on year despite Primark sales
declining, and left its full-year guidance unchanged.
---
Wickes Group Appoints Mark George as New CFO; Julie Wirth to
Retire
Wickes Group PLC said Thursday that it has appointed Mark George
as its new chief financial officer, replacing Julie Wirth who is
retiring.
---
PayPoint 3Q 2022 Net Revenue Rose
PayPoint PLC said Thursday that group net revenue from
continuing operations in the third quarter of fiscal 2022 rose 21%,
and that revenue from its e-commerce division increased 37%.
---
City Pub 2021 Revenue Grew 38% Despite Omicron Hit
City Pub Group PLC on Thursday reported that its revenue grew
38% in 2021 despite a slump in December caused by the Covid-19
Omicron variant.
---
Marlowe PLC to Buy Optima Health Group for GBP135M; To Raise
GBP130M
Marlowe PLC said Thursday that it is buying Optima Health Group
Ltd. for 135 million pounds ($183.7 million), which will be
part-funded via a share placing.
---
Entain Says 4Q Net Gaming Revenue Rose; Narrows 2021 Ebitda
Guidance Range
Entain PLC said Thursday that net gaming revenue rose in the
fourth quarter, and narrowed earnings guidance range for 2021 as
major markets performed well.
---
The Gym Group 2021 Revenue Rose 32%
The Gym Group PLC said Thursday that its revenue grew 32% in
2021, and that performance so far in January has been
encouraging.
---
Revolution Bars Says 1H Sales Rose Despite Christmas
Restrictions
Revolution Bars Group PLC said Thursday that it remains
confident it will its full-year guidance and that sales on a
like-for-like basis for the first half of the year were positive
despite pandemic-related restrictions during the Christmas
period.
---
Spirent Sees 2021 Revenue Growth, Adjusted Operating Profit
Ahead of Consensus
Spirent Communications PLC said Thursday that it expects to
report revenue growth of 10% for 2021 and adjusted operating profit
slightly ahead of market consensus, despite continuing global
supply-chain challenges.
---
Glanbia Co-operative Society Sells 5.75 Mln Glanbia PLC Shares
at EUR12.25 Each
Glanbia Co-operative Society Ltd. said Thursday that it has sold
5.75 million shares in nutrition company Glanbia PLC at 12.25 euros
($13.90) apiece, via the book-build process first announced late
Wednesday.
---
Workspace Group 3Q Customer Demand Rose
Workspace Group PLC said Thursday that customer demand in the
third quarter remained strong, and that like-for-like occupancy was
up 1% to 86.6%.
---
Good Energy Sells Generation Assets to Bluefield Solar for Up to
GBP24.5 Mln
Good Energy Group PLC said Thursday that it has sold its
renewable power generation assets for up to 24.5 million pounds
($33.3 million) to Bluefield Solar Income Fund Ltd.
---
Ibstock Expects 19% Rise in 2021 Revenue
Ibstock PLC said Thursday that it expects to report a 19%
increase in revenue for 2021, and that it is well positioned for
significant further financial and strategic progress in 2022.
---
Wincanton Expects Full-Year Profit to Beat Market Views, Shares
Rise
Shares in Wincanton PLC rose Thursday after the company said it
expects full-year profit to beat market expectations, thanks to a
strong performance across all its businesses in the third
quarter.
---
Artisanal Spirits Expects 2021 Revenue Above Market Views
Artisanal Spirits Co. said Thursday that it expects to report
2021 revenue above market expectations after experiencing strong
growth in U.K. and international sales.
---
Network International Says 2021 Revenue Rose Ahead of Views,
Boosted by 4Q Growth
Network International Holdings PLC said Thursday that revenue
for 2021 rose ahead of consensus, and said that underlying earnings
before interest, taxes, depreciation and amortization is also
expected to be slightly ahead of market views.
---
Parity Group Shares Rise as 2021 Performance Beat Market
Expectations
Shares in Parity Group PLC rose Thursday after it said that 2021
revenue, earnings and debt were ahead of market expectations.
---
Global Ports Investments Says Russian Container Market Grew 7.1%
in 4Q
Global Ports Investments PLC said Thursday that the Russian
container market grew 7.1% on year in the fourth quarter.
---
Pennant International Shares Fall on 2021 Revenue, Earnings
News
Shares in Pennant International Group PLC fell on Thursday after
the provider of technology-based training said it expected to
report revenue of around 16 million pounds ($21.8 million) for 2021
and a loss before interest, taxation and amortization.
---
Aptitude Software Shares Rise on 2021 Annual Recurring Revenue
Growth
Shares in Aptitude Software Group PLC on Thursday rose after the
company said it made strong progress in 2021, marked by the closure
of several new agreements in the second half and growth in annual
recurring revenue.
Market Talk:
BOE's Likely Inflation Forecast Revision to Trigger Repricing in
Gilts
0901 GMT - The Bank of England is likely to revise up its
inflation forecasts, which would push borrowing costs higher, says
Mizuho. Speaking before the U.K.'s Treasury Committee on Wednesday,
BOE Governor Andrew Bailey expressed concerns about inflationary
pressures becoming more stubborn due to higher energy costs.
"Inflation should still have a few months before peaking, and the
BoE is likely sowing the seeds for yet another upward revision of
their inflation forecast, which should in turn fuel another hawkish
repricing," analysts at the Japanese bank say. The annual rate of
consumer price inflation hit a nearly 30-year high of 5.4% in
December. The 10-year gilt trades last at 1.256%, according to
Tradeweb.(lorena.ruibal@wsj.com)
---
Superdry's Shares Likely to Continue Rising After Strong
Recovery in Results
0835 GMT - Superdry's first-half results and cash of GBP20
million is testament to the success of the company's strategy,
Liberum says. "With footfall on an improving trend across retail,
and wholesale delivering on expectations despite supply-chain
issues, underpins confidence for the second half," the U.K.
brokerage says. Liberum sees no changes to forecasts for the
British clothing brand, but expects the share-price recovery to
continue following the 11% jump seen last month. Liberum has a buy
recommendation on the stock and a target price of 500 pence a
share. Shares are up 1.4% at 252.50 pence. (sabela.ojea@wsj.com;
@sabelaojeaguix)
---
Deliveroo Shares Seen Rising After 4Q Update
0818 GMT - Shares in Deliveroo are up 3.4% after the company
released a year-end trading update. The numbers were in line with
expectations, with both gross transaction value and orders 1% below
consensus, Citi says. U.K. order growth of 41% in the fourth
quarter outpaced competitor Just Eat Takeaway, the U.S. bank notes.
"We do not expect consensus 2022 GTV or gross margin expectations
to change as result of this update. As such, we expect a relatively
positive share price reaction given recent weakness," Citi says.
(jaime.llinares@wsj.com)
---
AB Foods' Primark Can Defend Double-Digit Margins
0819 GMT - Associated British Foods' Omicron-reduced footfall
late in the first quarter has hit Primark sales less than Jefferies
had feared. This should be the last Covid-19-related deterioration
in sales momentum for the British conglomerate's fashion retail
unit, Jefferies says. "Past periods of reduced restrictions have
shown Primark's ability to defend strong consumer attractions and
double-digit margins," the bank says. Jefferies has a buy
recommendation on the stock and a target price of 2,700 pence a
share. Shares are up 1.2% at 2,155.00 pence. (sabela.ojea@wsj.com;
@sabelaojeaguix)
---
Entain Has Potential to Build Global Scale
0758 GMT - Entain struck a positive tone in its update and RBC
Capital Markets says it likes the gambling-and-betting company's
ambition to build a global business of scale, backed by its
best-in-class tech platform. The Canadian bank says it likes the
broader global outlook of Entain, and believes BetMGM--its joint
venture with MGM Resorts International--will be one of the
long-term winners in the U.S. There is also a compelling relative
valuation argument, RBC says, as the stock trades at a significant
discount to rival Flutter, a discount it thinks is no longer
warranted. RBC has an outperform rating on the stock with a target
price of 2,200 pence.(kyle.morris@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
January 20, 2022 04:30 ET (09:30 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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