Tesco Could Make Further Acquisitions Given Robust Free Cash
Flow
1328 GMT - Tesco's acquisition of Paperchase's brand and
intellectual property shows the group is able to make opportunistic
moves to improve its offer, Shore Capital analysts Clive Black and
Darren Shirley say in a note. The U.K. grocer's deal details are
expected to appear in its fiscal 2023 report, they say. Although no
further information was disclosed, Paperchase could turn up in a
variety of forms in Tesco's broad range of U.K., and maybe Irish,
stores in due course, the analysts say. Tesco isn't expected to
show material M&A activity at this stage, but more
opportunistic deals could appear given its considerable free cash
flow, they add. (michael.susin@wsj.com)
Companies News:
Vodafone Says It Is on Track to Meet FY 2023 Guidance After 3Q
Total Revenue Fell Slightly
Vodafone Group PLC said Wednesday that third-quarter total
revenue fell slightly on year and that it is on track to meet its
updated fiscal 2023 guidance.
---
Entain Raises 2022 Ebitda Guidance After Higher Net Gaming
Revenue
Entain PLC on Wednesday raised its earnings guidance for 2022 as
it posted an 12% rise in net gaming revenue for the year.
---
Severn Trent Names Helen Miles New CFO to Replace James
Bowling
Severn Trent PLC said Wednesday that it has appointed Helen
Miles as its new chief financial officer after James Bowling
decided to retire in July 2023.
---
Halma Buys Thermocable for Initial GBP22 Mln
Halma PLC said Wednesday that it has bought Thermocable Ltd. for
an initial consideration of 22 million pounds ($27.1 million) on a
cash-free and debt-free basis.
---
GSK 4Q Sales and Earnings Rose, Driven by Specialty Medicines,
Vaccines
GSK PLC on Wednesday posted rising earnings and sales for the
fourth quarter, which the company said were boosted by its
specialty medicines and vaccines businesses.
---
Gaming Realms 2022 Earnings, Revenue Grew; Appoints New CEO,
CFO
Gaming Realms PLC said Wednesday that 2022 earnings and revenue
grew thanks to growth in licensing and that it has appointed a new
chief executive and a chief financial officer
---
Restore 2022 Performance in Line With Views; 2023 Started With
Positive Momentum
Restore PLC said Wednesday that its performance in 2022 was in
line with market expectations and that it entered 2023 with
positive momentum as it continued to see substantial growth
potential across its organic and acquisition strategies.
---
Made Tech 1H Revenue Jumped, Earnings in Line on Organic
Growth
Made Tech Group PLC said Wednesday that revenue for the first
half of fiscal 2023 jumped 76% on strong organic growth and that
adjusted earnings before interest, taxes, depreciation and
amortization was in line with management's expectations.
---
Tialis Essential IT PLC Completion of Acquisition
TIDMTIA
---
Orcadian Energy to Raise GBP500,000 via Discounted Share
Placing
Orcadian Energy PLC said Wednesday that it is planning to raise
500,000 pounds ($615,850) via a discounted share placing and will
use the money toward its work program and for working capital
purposes.
---
GSK 4Q Sales and Earnings Rose, Driven by Specialty Medicines,
Vaccines -- Update
GSK PLC on Wednesday posted rising earnings and sales for the
fourth quarter, which the company said were boosted by its
specialty medicines and vaccines businesses.
---
Keywords Studios Buys 47 Communications LLC to Add Expertise,
Scale in US
Keywords Studios PLC said Wednesday that it has bought 47
Communications LLC to add expertise and scale to its marketing and
PR offering in the U.S.
---
Tandem Group Shares Fall on 2022 Revenue Fall
Shares at Tandem Group PLC fell Wednesday after the company said
that 2022 revenue will be down around 35% on the prior year, but
still in line with market expectations.
---
Virgin Money Flags Good Financial Momentum After Positive 1Q
Virgin Money UK PLC said Wednesday that its first-quarter
performance was positive as it posted a rise in customer deposits
and net interest margin.
---
Pathfinder Minerals Shares Leap on Deal with Acumen Advisory
Shares of Pathfinder Minerals PLC rose as much as 47% on
Wednesday after the company said that Acumen Advisory Group LLC has
exercised its right to buy IM Minerals Ltd. as previously announced
in September.
---
FDM Group Sees 2022 Revenue Rise, Performance in Line With
Board's Views
FDM Group (Holdings) PLC said Wednesday that it expects 2022
revenue to rise and its financial performance for the year to be in
line with the board's expectations.
---
BATM Advanced Communications Appoints Ran Noy as CFO
BATM Advanced Communications Ltd. said Wednesday that it has
appointed Ran Noy as chief financial officer with immediate
effect.
---
Renew Holdings 1Q Performance in Line With Board
Expectations
Renew Holdings PLC said Wednesday that its performance in the
first quarter of fiscal 2023 was in line with the board's
expectations.
---
NetScientific Chairman John Clarkson Steps Down
NetScientific PLC said Wednesday that John Clarkson has stepped
down as chairman and resigned from the board with immediate effect,
and that Jonathan Robinson will become interim nonexecutive
chairman as the company completes its chairman-recruitment
process.
---
Argo Blockchain CFO Alex Appleton Resigns
Argo Blockchain PLC said Wednesday that Chief Financial Officer
Alex Appleton has resigned following the completion of the sale of
the Helios facility to Galaxy Digital Holdings Ltd.
---
Scancell Holdings Names Jean-Michel Cossery Nonexecutive
Chairman
Scancell Holdings PLC said Wednesday that Jean-Michel Cossery
has been appointed nonexecutive chairman of the board with
immediate effect, and that Chairman John Chiplin will step down
following this appointment.
---
KEFI Gold & Copper Exploring Dual Listing on Saudi
Exchange
KEFI Gold & Copper PLC said Wednesday that it has appointed
advisers to prepare for a potential dual listing of its shares on
the Saudi Exchange in Saudi Arabia.
---
Barryroe Offshore Energy Confirms CEO on Permanent Basis;
Appoints New CFO
Barryroe Offshore Energy PLC said Wednesday that it has
confirmed the appointment of Alan Curran as chief executive
officer.
---
Bestway Group Raises Sainsbury Shareholding to 4.469%
J Sainsbury PLC said Wednesday that Bestway Group Ltd. has
increased its shareholding in the company to 104.8 million shares,
or 4.469% of its issued share capital.
---
CT Automotive Names Anna Brown New CFO
CT Automotive Group PLC on Wednesday said that it has appointed
Anna Brown as its chief financial officer, succeeding David
Wilkinson.
---
Hollywood Producer, French TV Group Interested in Deal for ITV's
Studios Business, Reuters Reports
--Hollywood producer Peter Chernin and French TV production
group FL Entertainment are interested in a deal for ITV's studios
business, Reuters reports, citing sources familiar with the
matter.
---
BP's CEO Plays Down Renewables Push -- WSJ
By Jenny Strasburg
---
Trending: GSK 4Q Earnings, Sales Beat Expectations
1139 GMT - GSK PLC is among the most mentioned companies across
news items over the past 12 hours, according to Factiva data, after
it posted higher sales and profit for the fourth quarter which beat
consensus expectations. The British pharma major posted net profit
of GBP1.50 billion, up from GBP749 million the year prior, on sales
which rose to GBP7.38 billion. Operating profit and earnings per
share beat analysts' expectations, coming in at GBP1.87 billion and
36.5 pence, respectively. Analysts had forecast operating profit to
be GBP1.49 billion and EPS at 21.2 pence. The company posted record
sales of its best-selling shingles vaccine Shingrix, AJ Bell
analysts note, adding that 2022 was a landmark year for the
company. Dow Jones & Co. owns Factiva.
(cecilia.butini@wsj.com)
---
Mkango Resources Agrees on Loan and Equity Investment With CoTec
Holdings
Mkango Resources Ltd. said Wednesday that it has agreed on a 2
million-pound ($2.5 million) convertible loan agreement, and a
GBP1.5 million equity investment in subsidiary Maginito Ltd., with
CoTec Holdings Corp.
---
BP's CEO Plays Down Renewables Push as Returns Lag -- Update
By Jenny Strasburg
---
BP's CEO Plays Down Renewables Push as Returns Lag -- 2nd
Update
By Jenny Strasburg
---
Advanced Medical Solutions Grp PLC Acquisition of Connexicon
Medical
TIDMAMS
Market Talk:
Virgin Money Seen as Middle of the Pack Compared With Peers
1032 GMT - Virgin Money UK is cheap but still needs a lot of
investment to compete with large U.K. peers, RBC Capital Markets
says in a note after the financial-services company's 1Q update in
which it backed its guidance for fiscal 2023. "We struggle to
understand what makes VMUK an attractive investment other than the
fact that the bank is cheap. VMUK is in the middle of the pack when
it comes to interest rate sensitivity and excess capital and we are
not quite sure if this bank is branch or digital led," analyst
Benjamin Toms says. RBC rates the stock sector perform with a price
target of 215 pence. Shares are flat at 193 pence.
(elena.vardon@wsj.com)
---
UK Retail Prices Could Moderate Considerably as Year
Progresses
1045 GMT - U.K. retail inflation is clearly on the rise but
expected to moderate considerably following the one-year
anniversary of the Russian invasion of Ukraine, Shore Capital
analyst Clive Black says in a note, citing the shop-price index by
Nielsen IQ and the British Retail Consortium. "Whilst a steep
downward trajectory is anticipated," retail inflation is expected
rather in the mid-single digit area at the end of 2023, with U.K.
CPI in the 3.0%-5.0% range, Black says. U.K. CPI currently stands
at 10.5% and has left the peak behind, he says. Pricing will
continue to be the dominant factor in the near-term for retail
sales, but mix and volumes are set to improve, he adds.
(michael.susin@wsj.com)
---
GSK's 2022 Was Solid But Shares Lack Drivers, Rivals Look
Better
1046 GMT - GSK's full-year results were solid and better than
expected, though the shares need more drivers and rivals look more
attractive, fund manager Quilter Cheviot says. GSK has now done
well for a few quarters in a row, helped by good performances from
shingles vaccine Shingrix and older products such as respiratory
product Advair, Quilter says. Still, 2023 is a relatively light
year in terms of catalysts for the company and GSK needs to improve
its line-up of new drugs, Quilter says. "All in all, solid results
to finish 2022, but headwinds remain and there are better-quality
healthcare stocks available to investors," Quilter analyst Sheena
Berry writes. (philip.waller@wsj.com)
---
Renew Holdings 1Q Supported by Order Growth
1059 GMT - Renew Holdings 1Q update confirmed performance was in
line, supported by further order-book growth, Peel Hunt analyst
Andrew Nussey says in a note. The engineering-services company's
outlook remains positive given its structural growth
drivers,specialist capabilities, order-book visibility and its
proven ability to manage inflationary and skills pressures, Nussey
says. Renew Holdings also enjoyed further material awards in
January, according to media reports, which reflects strategic and
operational progress, Nussey says. Meanwhile, the company's free
cash flow is becoming increasingly positive, and its strong
position in relation to peers suggests scope for material
outperformance, he says. Peel Hunt rates the stock buy with a 900
pence target price. (anthony.orunagoriainoff@dowjones.com)
---
Virgin Money's Unchanged Net Interest Income Guidance Is
Conservative, Says Citi
1124 GMT - Virgin Money UK's unchanged net interest income
guidance reflects management conservatism, says Citi. "The
commentary [seems] to suggest that the positives (structural hedge,
liability margins) and negatives (mortgage spreads, higher liquid
balances) are evenly balanced," say analysts at the brokerage. They
see the financial-services group's solid 1Q update leading to
high-single-digit increases to consensus on the back of higher net
interest margin and balance growth. Citi rates the stock buy but
prefers peers Lloyds and Natwest, which have better NII, earnings
momentum and offer higher returns. Shares edge down 0.1% at 192.8
pence. (elena.vardon@wsj.com)
---
Virgin Money Could Become a Bid Target If Shares Don't Rise,
Says Shore Capital
1137 GMT - Virgin Money UK could become an acquisition target if
shares fail to climb further toward Shore Capital's price target,
the U.K. investment group says, adding the stock remains materially
undervalued despite having rallied from their lows over recent
months. The financial-services company first-quarter lending
momentum was better than expected, but Shore sees it moderating
over the rest of the year. "The balance sheet is largely secured
and well capitalized, which provides protection to the downside,
while a failure to re-rate could potentially see the group become a
bid target for private equity," says analyst Gary Greenwood in a
note. Shore rates the stock buy with a price target of 320 pence.
Shares edge up 0.1% at 193.1 pence. (elena.vardon@wsj.com)
---
US and UK Corporate Bonds Outperform European Counterparts in
January
1145 GMT - Dollar-denominated and sterling-denominated corporate
bonds have outperformed their euro counterparts in January 2023
after an overall awful performance in credit markets in 2022,
Deutsche Bank Research macro strategist Henry Allen and head of
global economics and thematic research Jim Reid say in a note.
Various assets have put in a very strong performance in January as
the macro-economic outlook has improved due to falling energy
prices and reopening of China's economy. "All the credit indices we
follow were in positive territory over January," the analysts say.
(miriam.mukuru@wsj.com)
---
Vodafone Held Back by Weak German Market
1147 GMT - Vodafone Group shares are among the biggest FTSE 100
fallers, down 2% after the telecom company reported a third-quarter
slowdown in service revenue versus the second quarter, weighed by
its Europe business. The group said it was maintaining its
full-year targets, but that the European revenue decline showed it
could do better. A weak German market is holding Vodafone back
despite an otherwise improving story, Hargreaves Lansdown says.
"The market was underwhelmed, with the shares slipping 1% at the
open," HL head of equity funds Steve Clayton writes.
(philip.waller@wsj.com)
---
ITV's Studios Business Has Hidden Value, But Any Deal Could Be
Tricky
1150 GMT - ITV's studios business has significant hidden value,
but the challenge is unlocking it, Citi's Thomas Singlehurst and
Ella Walker-Hunt say in a research note. Reuters has reported that
there have been multiple expressions of interest in ITV Studios but
no formal approach has been confirmed, say the analysts. A complete
or majority sale is unlikely, a small stake sale would be the
easiest way to signal value, but it isn't clear that potential
acquirers would be willing for such a deal, they add. Citi has a
buy rating for the stock with a 100 pence target price.
(kyle.morris@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
February 01, 2023 08:49 ET (13:49 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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