UK Politics Could Start to Rock Buoyant Pound
1001 GMT - Sterling appears little moved by the prospect of U.K.
Prime Minister Boris Johnson leaving, but this could change, RBC
Capital Markets says. The pound rose to a two-year high against the
euro after strong inflation data and "still seems relatively
insensitive" to political uncertainty, says RBC currency strategist
Adam Cole. However, "we think this sensitivity rises if and when
the front-runners to replace him [Johnson] become clear," he says,
adding that bookmakers' implied probability of Johnson leaving
before year-end remains high at 67%. EUR/GBP falls 0.1% to 0.8326,
having reached a near two-year low of 0.8312 on Wednesday after
higher-than-expected U.K. inflation data fuelled expectations the
Bank of England will raise interest rates further. GBP/USD rises
0.1% to 1.3636. (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:
Wickes Still Looks Cheap Given Encouraging Guidance
1023 GMT - Wickes maintaining its 2021 pretax profit guidance is
encouraging given that Omicron-fueled disruption that has seen some
sales and profit shifted into the new year, Liberum says. The U.K.
home-improvement retailer forecasts pretax profit of at least GBP83
million for last year. The company's outlook remains positive, with
a more-than-doubled "do-it-for-me" year-end order book, while core
sales rose 26% in the fourth quarter, both on a two year basis,
Liberum says. It also has a strong local trade pipeline, the
brokerage says. "The shares remain far too cheap for the
high-quality growth, upgrade momentum and net cash on the balance
sheet," it says. Liberum retains a buy rating and 450 pence target
price on the stock. (joseph.hoppe@wsj.com)
AB Foods Drops After Omicron Drags on Primark Sales
1016 GMT - Associated British Foods shares dropped 1.7% after
saying like-for-like sales at its fashion-retail business Primark
in the 16 weeks to Jan. 8 were 11% below pre-coronavirus levels and
the spreading Omicron variant hit customer numbers in December.
"ABF's diversified business offered a safety net throughout the
pandemic, but as things normalize, all eyes are on retail for signs
of a comeback," Hargreaves Lansdown analyst Laura Hoy says.
"Compared to last year, when store closures kept sales painfully
low, revenue rose considerably. But sales at Primark have yet to
make their way to pre-pandemic levels. Last year's autumn and
winter stock made it to the shelves this year with very little
discounting, which should be a welcome tailwind for cashflow."
(philip.waller@wsj.com)
Deliveroo Faces Headwinds as Life Returns to Normal
1001 GMT - There are big growth percentages all over Deliveroo's
year-end trading update, but it might just be too little too late
already, Freetrade analyst Dan Lane says. The food delivery company
is chalking up 3.4 orders per month over the period as business
resilience, but the reality is that Omicron was a huge helping hand
that looks set to fall away imminently, Lane warns. "Average order
values are sinking back to pre-COVID levels and, now that the U.K.
is likely to get back to the office and socialising in town, it's
hard to see how Deliveroo can maintain that consumer base and order
frequency," he says. (jaime.llinares@wsj.com)
Burberry's Shares Up on China's Central Bank Cut to Mortgage
Rate
0944 GMT - Shares in Burberry are rising after the Chinese
central bank announced that it is cutting a key mortgage rate, AJ
Bell investment director Russ Mould says. China's central bank is
trying to revive a struggling property sector by relaxing monetary
policy, which benefits the British luxury-goods company given its
substantial exposure to the Asian giant. Other stocks such as those
of mining companies also got a lift off the back of the news, Mould
says. "China's central bank continued to buck global trends," Mould
adds, noting that its peers the Bank of England and Federal Reserve
are in rate-hiking mode. The shares of the likes of Burberry are
currently down, while Burberry's share price is up 1.1% at 1,886.50
pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
January 20, 2022 05:42 ET (10:42 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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