RYA Ryanair Holdings Plc

London shares close in the red on Wednesday as new inflation figures worry investors, according to CMC Markets analyst Michael Hewson. "Concerns about inflation, transitory or otherwise have continued to dominate sentiment today, as worries over the pace and persistence of rising prices, temper optimism over the wider global recovery story," he says. Meanwhile, airlines continue to suffer from holiday cancellations, with the likes of Ryanair Holdings PLC and easyJet PLC pulling down the FTSE 100, the analyst says.

Companies News: 

UK Regulator Clears AstraZeneca's Alexion Deal

The U.K. Competition and Markets Authority said Wednesday that it won't refer AstraZeneca PLC's anticipated acquisition of Alexion Pharmaceuticals Inc. for further review.

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Boohoo Closes Middle East Partnership With Alshaya

Boohoo Group PLC said Wednesday that it has signed a partnership with MH Alshaya Co. WLL to operate Debenhams in the Middle East and build its presence in the region.

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Barratt Developments FY21 Completions Rose, Expects Profit to Beat Market Views

Barratt Developments PLC said Wednesday that selling prices and completions in fiscal 2021 rose amid strong customer demand and underlying market strength, and it expects adjusted profit to beat market views.

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Ashmore's Fourth-Quarter Assets Under Management Rose

Ashmore Group PLC said Wednesday that assets under management for the fourth quarter of fiscal 2021 rose when compared with the previous quarter.

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Water Intelligence to Raise $9.5 Mln to Fund Growth

Water Intelligence PLC said Wednesday that it plans to raise $9.5 million via a share placing and subscription and will use the money to drive growth as part of its five-year plan.

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McBride Sees FY 2021 Adjusted Pretax, Operating Profit in Line With Views

McBride PLC said on Wednesday that it anticipated fiscal 2021 adjusted pretax and adjusted operating profit to be in line with current market expectations, and that the board doesn't expect to propose a final dividend for the year ended June 30.

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SSP Group CEO to Step Down at End of Year

SSP Group PLC said Wednesday that Chief Executive Simon Smith has advised the board of his intention to step down at the end of 2021 to pursue a new opportunity at a private-equity-backed business.

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M Winkworth Declares 2Q Dividend, Special Dividend After High Sales

M Winkworth PLC said Wednesday that it will pay a dividend of 2.2 pence (3 cents) to shareholders for the second quarter, and declared a special dividend due to a strong performance.

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Dunelm 4Q Sales Doubled; Expects to Beat FY 2021 Pretax Profit Forecasts

Dunelm Group PLC on Wednesday said that sales for the fourth quarter of fiscal 2021 more than doubled and that it now expects full-year pretax profit to beat market forecasts.

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Numis Says 3Q Revenue Was Strong, Sees Further Expansion

Numis Corp. said Wednesday that it expects to report a record performance for the whole year, with revenue rising on year in the third quarter, although at a slightly slower pace than in the first half.

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Finsbury Food Group FY 2021 Revenue Rose on Strong 2H Performance

Finsbury Food Group PLC said Wednesday that it delivered a strong performance in the second half of the year, with fiscal 2021 revenue rising 2.3%, close to pre-pandemic levels.

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Liontrust 1Q Assets Under Management Increased

Liontrust Asset Management PLC said Wednesday that assets under management rose in the first quarter of fiscal 2022 compared with the previous quarter.

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Knights Group FY 2021 Pretax Profit Rose on Higher Revenue; No Final Dividend

Knights Group Holdings PLC said Wednesday that pretax profit rose on higher revenue in fiscal 2021, but that it isn't declaring a final dividend given the cost-cutting measures taken throughout the year.

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Alpha FX 1H Revenue Rose

Alpha FX Group PLC said Wednesday that revenue nearly doubled for the first half of the year, adding that all its divisions were profitable and delivered strong growth.

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SIG PLC Sees Strong 1H Revenue, Profit; Raises 2021 Profit Guidance

SIG PLC said Wednesday that its first half had strong revenue growth and better-than-expected underlying operating profit, and it raised its full-year profit outlook.

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DP Eurasia 1H Sales Rose on Strong Turkish Level of Demand

DP Eurasia NV said Wednesday that sales for the first half rose 58% due to the unprecedented level of demand in Turkey, and against weak comparables for the first half of 2020 both in Turkey and Russia.

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Portmeirion Group 1H Revenue Rose, Confident on Outlook

Portmeirion Group PLC said Wednesday that revenue for the first half of 2021 rose and it is confident in its outlook for the rest of the year despite supply chain-related challenges.

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Intelligent Ultrasound Expects Widened 1H Operating Loss, Higher Sales

Intelligent Ultrasound Group PLC said Wednesday that it expects to report a widened operating loss for the first half of 2021, despite an increase in revenue driven by a strong recovery in its simulation division.

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Mission Group Says 1H Performance Exceeded Board's Expectations

Mission Group PLC said Wednesday that despite pandemic lockdown restrictions, it has experienced a sequential on-quarter recovery in revenue and profit over the first half of the year, with business exceeding the board's expectations.

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eBay Sells 125 Mln Shares in Adevinta to Private Equity Firm Permira for $2.25 Bln

E-commerce company eBay Inc. said Wednesday that it has agreed to sell around 125 million of its shares in Adevinta ASA to private equity firm Permira for $2.25 billion.

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Allergy Therapeutics Expects to Beat FY 2021 Revenue Forecasts

Allergy Therapeutics PLC said Wednesday that it expects to report market beating revenue for fiscal 2021 as it benefited from a strong euro.

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PRS REIT 4Q Completions, Rental Value Rose

PRS REIT PLC said Wednesday that it completed more homes in the fourth quarter of fiscal 2021 than the prior year and that its estimated annual rental value rose.

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Hurricane Energy Says 2Q Revenue Was Strong, Net Free Cash Rose

Hurricane Energy PLC said Wednesday that second-quarter revenue was strong, and that its net free cash increased.

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Coats Group 1H Sales Rose

Coats Group PLC said Wednesday that group sales for the first half rose, and that it expects its performance for the year to be moderately ahead of the board's previous expectations.

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Challenger Energy Completes Saffron Well Study in Trinidad & Tobago, Signs Loan Term Sheet

Challenger Energy Group PLC said Wednesday that logging of the Saffron-2 well in Trinidad & Tobago has been completed, and entered a term sheet for a $10 million loan.

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Blencowe Resources Shares Fall on Discounted Share Placing

Shares in Blencowe Resources PLC fell as much as 11% in early trade Wednesday after the company said it has raised 235,000 pounds ($324,676) via a discounted share placing, and will use the money toward its Orom-Cross graphite project in northern Uganda.

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Science in Sport Swung to 1H Underlying Profit on Higher Revenue

Science in Sport PLC said Wednesday that it swung to an underlying profit for the first half as revenue rose and supply-chain efficiencies and a continued online shift helped its margin.

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Kromek FY 2021 Pretax Profit Narrowed, Revenue Fell

Kromek Group PLC said Wednesday that its fiscal 2021 pretax loss narrowed though revenue fell, and it has secured a number of new orders.

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IQE Expects Lower 1H Revenue, Adjusted Earnings, But in Line With Views

IQE PLC said Wednesday that it expects to report lower revenue and adjusted earnings for the first half of 2021, but that its performance was in line with management expectations.

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Pharos Energy Warns of Posting 1H Loss, Revenue Fall

Pharos Energy PLC said Wednesday that revenue is expected to decline for the first half of the year when compared with the year-earlier period.

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Guild Esports Chairman Steps Down, Appoints Derek Lew as Successor

Guild Esports PLC said Wednesday that its Executive Chairman Carleton Curtis has decided to step down and leave the company, and that director Derek Lew has been appointed nonexecutive chairman.

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Arecor Therapeutics' 1H Performance Progressed in Line with Views

Arecor Therapeutics PLC said Wednesday that its first-half performance was in line with expectations.

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Remote-Monitoring Company Big Technologies Plans to Float on London's AIM

Big Technologies PLC said Wednesday that it plans to float on London's junior AIM market later this month.

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Altona Rare Earths Appoints Cedric Simonet as COO

Altona Rare Earths PLC said Wednesday that it has appointed Cedric Simonet as its chief operating officer with immediate effect.

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LendInvest Shares Rise in London Stock Market Debut

Shares of LendInvest PLC rose as much as 10% in early trade Wednesday as the company started trading on the London Stock Exchanges Junior AIM, implying a market capitalization of 281.7 million pounds ($389.2 million).

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Bradda Head to Raise GBP6.2 Mln in London Float to Develop Lithium Portfolio

Bradda Head Ltd. said Wednesday that it plans to float on London's AIM, raising 6.2 million pounds ($8.6 million) to advance development of a portfolio of lithium assets.

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Miner Central Copper Resources Plans London IPO

Mining company Central Copper Resources Ltd. said Wednesday that it plans to float on London's junior AIM and that it plans to raise funds to advance copper projects in Congo and Zambia.

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Poolbeg Pharma to Raise GBP25 Mln in London IPO

Poolbeg Pharma PLC said Wednesday that it plans to raise 25 million pounds ($34.5 million) and float on London's junior AIM on July 19.

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Intu Debenture Agrees to Settle Additional Liabilities With Administrators

Intu Debenture PLC said Wednesday that it has agreed to settle previously announced additional liabilities with its administrators found during the administrators' due-diligence process.

Market Talk: 

AstraZeneca Seen Upgrading EPS Guidance After Alexion Deal Closure

1118 GMT - AstraZeneca's closure of its Alexion acquisition is expected to prompt an upgrade to EPS guidance, likely when the company reports results on July 29, UBS says. The acquisition is expected to add about $0.40 to the pharma company's standalone EPS guidance this year, which now stands in a range of between $4.75 and $5, says UBS. Confidence in AstraZeneca's research-and-development productivity is seen returning as a result of the acquisition and after the unhelpful Covid-19 vaccine dynamics that the company has been going through, UBS says. This should in turn boost confidence in AstraZeneca's growth profile, according to the Swiss bank. (cecilia.butini@wsj.com)

BOE Seen Facing Pressure to React to Inflation, Lifting Pound

1114 GMT - June's higher-than-expected U.K. inflation lifted sterling versus the dollar as this means the Bank of England faces the same pressure as the Federal Reserve to respond to rising prices, Silicon Valley Bank says. The data provide evidence that inflation is running hot in the U.K. and the U.S., encouraging the BOE and the Fed to monitor price pressures and potentially tighten monetary policy, Silicon's Sam Cooper says. "The upside surprise in the U.K.'s consumer price index reading could question the BOE's view that inflation is transitory as the consumer price gauge recorded its second beat in two consecutive months." Annual U.K. rose to 2.5% in June, beating the 2.2% expected by economists in a WSJ survey. GBP/USD rises 0.4% to 1.3865. (renae.dyer@wsj.com)

BofA Raises UK 2021 Inflation Forecasts After June's Upside

1059 GMT - Bank of America raises its inflation forecasts for the U.K. in 2021 after earlier stronger-than-expected prices data for June, though it lowers its projections for 2022. The U.S. bank now expects the consumer price index and retail price index to reach 3.3% and 2.0% this year, revising its forecasts 4 basis points and 11 basis points higher respectively. "We raise our 2021 inflation forecasts again after inflation surprised on the upside in June," the bank says. CPI inflation rose from 2.1% in May to 2.5% in June, well above the consensus of 2.2% and still above BofA's higher call of 2.4%. Yet the bank lowers its CPI inflation forecast by 10 basis points to 2.3% in 2022, as the prospect of higher prices this year will create tougher base effects for next year. (lorena.ruibal@wsj.com)

SSP Group Trading Continues to Recover in the Wake of the CEO Departure

0951 GMT - SSP Group trading continues to pick up as CEO Simon Smith announces his departure at the end of 2021, Shore Capital says. The company's recovery is being driven by domestic and leisure travel, as expected, and most notably in North America, where U.S. airport passenger volumes have been running at 80% of 2019's level recently, the U.K. investment group says. "Vaccines and variants will likely dominate sentiment and the pace of recovery from here but as global travel recovers, we believe that the group, and Mr. Smith's successor, will be well-positioned to take advantage of the favorable structural backdrop," Shore says. Shore Capital rates the stock to buy and has a 264 pence target price. (anthony.orunagoriainoff@dowjones.com)

McBride's FY Debt, Profits Expected to Be in Line With Views

0941 GMT - McBride's fiscal 2021 profits and net debt are expected to be in line with consensus, reflecting the 2H's tougher volume environment and cost inflation, Peel Hunt says. These conditions are continuing and the company is discussing margin-recovery actions with customers as these were affected by a lower volumes, higher cost environment, the U.K. brokerage says. This was most acute in the liquids category and the supplier of household and personal-care products aims to apply an immediate variable pricing surcharge to sales contracts, the broker says. "The shares are currently trading at close to our target price of 89 pence, which we do not expect to change until the pricing environment becomes clearer," the broker says. Peel Hunt has an add rating on the stock. (anthony.orunagoriainoff@dowjones.com)

UK Builders Have Mixed Reaction to Housing-Market News

0938 GMT - U.K. house-builders respond in mixed fashion to corporate and macro-economic news from the sector. Barratt Developments rises 0.7% after the construction group forecast better-than-expected full-year adjusted pretax profit. Still, others fall as official house-price data shows prices rising 10% in the year to May, with property prices in London weakest and north-west England strongest. Such rapid price growth can't continue forever and the data may well represent a peak, Garrington Property Finders says. "With the stamp-duty holiday now ended in Wales and Scotland, and tapering away in England and Northern Ireland, the temporary stimulus it provided is fading fast," Garrington's Chief Executive Jonathan Hopper says. "The more conventional market dynamics of demand and supply are likely to drive prices from here." (philip.waller@wsj.com)

Barratt Developments Medium-Term Delivery Looks on Track

0915 GMT - Barratt Developments has posted a positive trading update, Citi's Ami Galla says, as the home builder reported increased full-year completions in fiscal 2021 and raised underlying pretax profit guidance. Underlying consensus expectations for Barratt's fiscal 2021 earnings are likely to move up around 3% to 4% on the back of completions, the bank says. Barratt is progressing well toward driving higher volume growth, and focus will likely remain on the underlying cost headwinds and progress on outlet growth--driving volume performance in the medium term, Galla says. Citi retains a buy rating on stock, with a target price of 878 pence. Shares are up 0.6% at 701.0 pence. (joseph.hoppe@wsj.com)

Barratt Developments Offers Strong Mix of Returns and Targets

0915 GMT - Barratt Developments' recent performance has remained strong, the balance sheet has strengthened and the forward order book looks to be in great shape, with the house builder delivering a good balance of returns and sustainability targets, Peel Hunt says. While Barratt's balance between selling-price increases and cost pressures in fiscal 2022 is likely to be favorable, the biggest challenge will be build rates and, as such, the brokerage expects to make few changes to its forecasts. "However, having seen the shares drift back by 11% in the past month, we believe it is time to upgrade from hold to add," Peel Hunt says, retaining its 800 pence price target. Shares are up 0.6% at 701.0 pence. (joseph.hoppe@wsj.com)

Barratt Developments Seen as in Good Position Though Some Sector Caution Remains

0911 GMT - House builder Barratt Developments is well positioned going into the new financial year despite some caution around the sector, Interactive Investor analyst Richard Hunter says. Barratt's share price rose by 29% over the last year, compared with a 15% rise in the wider FTSE 100, the online investment platform says. Barratt is upbeat, though the withdrawal of coronavirus-related government aid programs hasn't yet been felt, strong inflation readings remind of interest rates rises and completions have been temporarily inflated by the stamp-duty property tax holiday--but business is still robust, Interactive Investor says. "With strong demand and a promising outlook in evidence, market consensus also remains positive on prospects, coming in at a strong buy," Hunter says. Shares are up 0.8% at 702.0 pence. (joseph.hoppe@wsj.com)

UK Inflation to Trend Upward in Midterm

0901 GMT - Structural factors such as an aging population, continued deglobalization in goods trade and fiscal activism are expected to reinforce the inflationary dynamic in the U.K., Berenberg economists say. The bank projects sustained core inflation within the 2.5% and 3% range by the middle of the decade, with risks to the outlook tilted to the upside. "Given the long-run outlook for persistent inflation modestly above central bank targets in the U.K. and the U.S., a stronger-than-expected near-term inflation impulse could turn into a sustained trend," Berenberg says. "The warning from history is clear--all periods of high sustained inflation appear temporary at first," the bank says. (xavier.fontdegloria@wsj.com)

Dunelm Seen Benefiting From Continued Strong Demand

0856 GMT - Dunelm Group has been successful in capitalizing on its expanding e-commerce amid the coronavirus pandemic, which bodes well for further progress, according to Interactive Investor analyst Keith Bowman. The homeware retailer has used the challenges of the pandemic and closed stores to successfully boost its digital related sales, Bowman says. "A buoyant housing market and more time spent at home due to the Covid crisis are likely playing into its hands. Demand for bedding, curtains, bathroom textiles and cushions, and newer categories such as dining furniture has proved strong," the analyst says. (matteo.castia@dowjones.com)

Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-931

(END) Dow Jones Newswires

July 14, 2021 12:14 ET (16:14 GMT)

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