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.
FTSE 100 (FTSE:UKX)
Graphique Historique de l'Index
De Fév 2024 à Mar 2024 Plus de graphiques de la Bourse FTSE 100
FTSE 100 (FTSE:UKX)
Graphique Historique de l'Index
De Mar 2023 à Mar 2024 Plus de graphiques de la Bourse FTSE 100