The FTSE 100 closed up 1.8% on Tuesday, with banking stocks
rising and fears of a full-blown crisis receding, AJ Bell head of
financial analysis Danni Hewson says in a note. "London's FTSE 100
enjoyed its best rally of the year so far, closing up almost 2%
buoyed by gains from high street banking stalwarts NatWest,
Barclays and Lloyds," Hewson says. Rolls-Royce Holdings ended the
day as the biggest gainer, up 6.4%, while Fresnillo was the biggest
faller, ending down 3.9%.
Companies News:
Pearson to Sell POLS Business to US Private-Equity Firm Regent
LP
Pearson PLC said Tuesday that it will sell its international
online program management business Pearson Online Learning Services
to Californian private-equity firm Regent LP.
---
Staffline Swung to 2022 Pretax Profit; Says Uncertainty Will
Persist Through 2023
Staffline Group PLC said Tuesday that it swung to a pretax
profit for 2022 after booking lower costs, and that it expected the
current uncertainty to persist through 2023.
---
Kingfisher FY 2023 Pretax Profit Fell on Higher Costs
Kingfisher PLC reported on Tuesday a fall in pretax profit for
fiscal 2023 on the back of higher costs, but said that performance
was in line with the board expectations against strong prior year
comparatives.
---
React Group Sees Contract Win Momentum, Views Future With
Cautious Optimism
React Group PLC said Tuesday that it is enjoying good contract
win momentum with sales growth across all three divisions of its
business, and it views the future with cautious optimism.
---
Trustpilot Eyes Profitability in 2023; CEO to Step Down
Trustpilot AS said Tuesday that it expects to report positive
adjusted earnings in 2023 as it posted a narrower pretax loss for
2022, and that its chief executive is stepping down.
---
SThree 1Q Net Fees Rose, Boosted By Increase in Contract
Fees
SThree PLC said Tuesday that net fees rose in the first quarter
of fiscal 2023 as contract fees increased in almost all its
markets.
---
Pebble Group Pretax Profit, Revenue Rose Above Market Views in
2022
Pebble Group PLC said Tuesday that pretax profit and revenue
rose in 2022, with results slightly ahead of market
expectations.
---
SThree 1Q Net Fees Rose, Boosted By Increase in Contract
Fees
SThree PLC said Tuesday that net fees rose in the first quarter
of fiscal 2023 as contract fees increased in almost all its
markets.
---
SpaceandPeople 2H Performance Was Strong; 2022 Revenue in Line
With Views
SpaceandPeople PLC said Tuesday that its performance in the
second half of 2022 was strong and that revenue for the year was in
line with market expectations.
---
ScS Group 1H Pretax Loss Widened, Sees In-Line FY 2023 Pretax
Profit
ScS Group PLC said Tuesday that pretax loss for the first half
of fiscal 2023 widened on the back of higher costs, but it expects
full-year pretax profit to be in line with market expectations.
---
Fintel 2022 Pretax Profit Fell; Names New Chair
Fintel PLC on Tuesday reported a fall in pretax profit for 2022
and appointed Phil Smith a its new chair.
---
Brand Architekts 1H Pretax Loss Widened on Higher Costs; Focuses
on Strategy
Brand Architekts Group PLC said its pretax loss for the first
half of fiscal 2023 widened after booking higher costs stemming
from an acquisition, and that its attention will remain on
delivering its strategy and returning to group profitability.
---
Henry Boot 2022 Profit, Revenue Rose on Strong Sales; Confident
in Midterm Targets
Henry Boot PLC said Tuesday that 2022 pretax profit and revenue
both significantly rose on strong land, development and house sales
activity, and while the company remains cautious near term, it
expects to meet medium-term targets.
---
YouGov Pretax Profit, Revenue Rose on Growth; Backs FY 2023
Views
YouGov PLC said Tuesday that pretax profit and revenue rose in
the first half of fiscal 2023 as it benefited from growth in all
regions, especially the U.S., and said that it expects to meet
full-year market forecasts.
---
Manx Financial 2022 Pretax Profit Rose on Interest Income
Boost
Manx Financial Group PLC on Tuesday reported a rise in pretax
profit for 2022, boosted by higher interest revenue.
---
Pressure Technologies Sees Wider FY 2022 Loss on Accounting
Correction
Pressure Technologies PLC said Tuesday that it expects to report
a wider adjusted operating loss in fiscal 2022 due to an accounting
correction, though there will be a corresponding profit increase in
future years.
---
Scottish Mortgage Investment Trust Says Chair Fiona McBain to
Step Down
Scottish Mortgage Investment Trust PLC said Tuesday that Chair
Fiona McBain will step down and that Justin Dowley will succeed her
with effect from the conclusion of its 2023 annual general
meeting.
---
Gamma Communications 2022 Pretax Profit Fell on Impairments;
Increases Dividends
Gamma Communications PLC said Tuesday that pretax profit fell in
2022 due to impairment charges, but revenue and earnings rose, and
that it increased dividends.
---
AB Dynamics Sees Encouraging 1H Performance, Backs Full-year
Views
AB Dynamics PLC said Tuesday that performance in the first six
months of fiscal 2023 was encouraging and in line with management
expectations, and back its full-year views.
---
Wynnstay Group Starts Fiscal 2023 in Line With Expectations
Wynnstay Group PLC said Tuesday that it has performed broadly in
line with management expectations in the first four months of
fiscal 2023.
---
Kape Technologies 2022 Profit, Revenue Surged on Strong Organic
Growth
Kape Technologies PLC said Tuesday that its 2022 pretax profit
almost tripled along with revenue, driven by significant organic
growth across digital privacy, security, and content divisions and
strong market tailwinds.
Market Talk:
BOE Looks Likely to Raise Rates by 25Bps, But Rates Are Near
Their Peak
0936 GMT - The Bank of England, likely relieved that it isn't
British banks that are making the headlines, is expected to proceed
with a 25 basis-point interest-rate rise on Thursday, says Steven
Bell, EMEA chief economist at Columbia Threadneedle Investments in
a note. U.K. interest rates are already close to their peak,
however, he says. "Falling energy prices mean that U.K. inflation
is set to tumble and fears of recession have receded," he says. The
recent budget will have added to these trends, while wage pressures
have already eased and the headwinds from higher mortgage rates are
strong, Bell says. Markets are pricing in a 14 basis-point rate
rise this week, according to Refinitiv, suggesting the decision
will be a close call between a rise and unchanged rates.
(emese.bartha@wsj.com)
Pound May Fall But Only Marginally if BOE Keeps Rates Steady
0934 GMT - The pound could fall as there's a strong case for the
Bank of England to leave interest rates unchanged Thursday,
although any declines may be limited, MUFG Bank says. "Even prior
to the recent pick-up in fears over the health of the banking
system, the BOE was already much more cautious than the European
Central Bank and Federal Reserve over the need for further rate
hikes," MUFG currency analyst Lee Hardman says in a note. Leaving
rates on hold would pose "some downside risk" for the pound but its
recent resilience to risk aversion suggests it could continue to
perform better than expected in the near-term, he says. GBP/USD
falls 0.3% to 1.2235 and EUR/GBP rises 0.4% to 0.8772.
(renae.dyer@wsj.com)
AB Dynamics Delivers Strong 1H Update With Upbeat Outlook
0928 GMT - AB Dynamics has issued a strong first-half update,
highlighting encouraging business and good momentum in line with
its expectations, Shore Capital says. The automotive testing
systems and measurement products provider has a solid order book
providing good visibility, and despite noting supply-chain
disruption and wider economic uncertainty, it remains confident in
further strategic and financial progress, Shore analyst Akhil Patel
says in a research note. "The group's future growth prospects
remain supported by long-term structural and regulatory growth
drivers, [including] population growth, urbanization, increasing
health and safety regulation and automotive manufacturers
developing electric vehicles with protected advanced
driver-assistance system budgets," the investment group says. Shore
retains its buy rating on the stock. Shares are up 1.5% at 1,645.0
pence. (joseph.hoppe@wsj.com)
Kingfisher FY Profit Falls; Gets February Trading Boost
0927 GMT - Kingfisher shares rise 0.7% as the home-improvement
retail group reported lower annual sales and adjusted pretax
profit, but flagged upbeat February trading. Profits have fallen
back from last year's highs, but the group--which owns the U.K.'s
B&Q, France's Castorama and trade-counter business
Screwfix--said like-for-like sales had risen in double-digits on a
three-year basis, Hargreaves Lansdown says. "The group is pointing
to a stronger performance in the current financial year, with
like-for-like sales in February inching back into positive
territory," HL head of equity funds Steve Clayton writes.
"Screwfix's international expansion is being accelerated, with 25
store openings in France planned. The market took the messaging
positively, pushing the stock up almost 3% in early trading."
(philip.waller@wsj.com)
Trustpilot's Lowered Growth Guidance Could Disappoint
0913 GMT - Trustpilot is feeling the toll of macro uncertainties
as it lowered growth guidance for 2023, which could disappoint,
Goodbody says in a note after the review website posted in-line
2022 results and said it expects positive adjusted Ebitda for the
year ahead. "Top-line guidance for FY23 has been pulled back to
'mid-teens' growth (Goodbody estimate: +20%) on the back of the
uncertain macro environment, which is impacting new business and
retention bookings," says analyst Patrick O'Donnell, adding that
the CEO Peter Holten Muhlmann's intention to transition into a
founder and nonexecutive director role may disappoint further.
Goodbody has a buy rating on the stock. (elena.vardon@wsj.com)
UK Government Can Take Comfort in Interest Bill Fall as February
Borrowing Ballooned
0904 GMT - The U.K. government in February borrowed GBP16.7
billion, the highest figure for that month since records began, as
cushioning households from the impact of sky-high energy costs came
with a huge price tag, AJ Bell says. But the silver lining from
February's economic grey clouds is that the cost of servicing all
that debt fell GBP1.3 billion compared with last year, thanks to
the vagaries of index-linked gilts, Danni Hewson, AJ Bell head of
financial analysis, says in a note. Still, the debt-to-GDP ratio
has climbed over the 99% mark, hitting levels last seen in the
early 1960s, which will focus minds in a treasury tasked with
bringing debt levels under control, she adds.
(edward.frankl@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
March 21, 2023 13:45 ET (17:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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