Mitie Group's Raised Full-Year Guidance Is Seen Lifting Market Estimates
Mitie Group's improved guidance for operating pretax profit in fiscal 2022 will likely drive up the consensus estimate for earnings per share in the year by 18% to 28%, Jefferies says after the U.K. outsourcing group issued a positive trading update. Mitie's guidance is well ahead of the market consensus of GBP124 million and Jefferies's estimate of GBP125 million, the bank says. Jefferies has a buy rating on the stock and a target price of 99.00 pence. Shares are up 2.1% at 72.40 pence.
Fusion Antibodies Says Revenue Growth Is Consistent With Previous Financial Period
Fusion Antibodies PLC said on Friday that revenue growth in the financial period ending March 31, 2022, has been consistent when compared to the previous financial period and in line with the board's expectations.
Kingswood 1H Pretax Loss Nearly Halved on Revenue Jump, Lower Costs
Kingswood Holdings Ltd. on Friday reported a nearly halved pretax loss for the first half of 2021 on a surge in revenue and reduced costs, noting a stronger performance in the U.K. and the U.S.
Tortilla Mexican Grill to Float on London's AIM
Tortilla Mexican Grill PLC said Friday that it plans to float on London's junior AIM, with trading expected to start on Oct. 8.
Shell Completes Sale of Egyptian Assets to Cairn, Cheiron
Royal Dutch Shell PLC said Friday that it has completed the sale of its Western Desert assets onshore Egypt to Cairn Energy PLC and Cheiron Petroleum Corporation for up to $926 million.
Judges Scientific 1H Pretax Profit Rose; Expects Full Year to Beat Market Views
Judges Scientific PLC on Friday posted a rise in first-half pretax profit on the back of higher revenue, and said it expects to perform ahead of consensus expectations for the full year.
Amte Power Appoints James Hobson as its New Finance Chief
Amte Power PLC said Friday that it has appointed James Hobson as chief financial officer designate, replacing Adam Westcott.
Chaarat Gold Appoints Mike Fraser as CEO
Chaarat Gold Holdings Ltd. said Friday that it has appointed Mike Fraser as chief executive officer.
Iofina 1H Pretax Profit, Revenue Rose
Iofina PLC said Friday that pretax profit rose in the first half of the year on increased revenue, but that iodine production in the period was hurt by extreme winter weather and lower brine supply from its oil-and-gas partners.
Peel Hunt to Raise GBP112 Mln via Share Placing
Peel Hunt Ltd. said Friday that it expects to raise 112 million pounds ($153.7 million) via an oversubscribed share placing that attracted strong support from high quality institutional and retail investors.
Novatek Director Mark Gyetvay Arrested in US on Tax Charges
Novatek's director and former chief financial officer Mark Gyetvay has been arrested in the U.S. accused of hiding money in offshore accounts to avoid taxes, the Department of Justice said Thursday.
Tintra Shares Rise on Conversion of Loan Stock Announcement
Shares in Tintra PLC rose on Friday after the company said that Tintra Acquisitions Ltd. issued a conversion notice in relation to 50,000 pounds ($68,595) of its convertible loan stock on Thursday.
Iofina's 1H Results Point to Recovery in Iodine Market
0804 GMT - Iodine producer Iofina delivered record 1H results despite weather and brine supply-related production outages during the period, showing that the recovery in the iodine market is picking up pace, finnCap says. The U.S. brokerage says iodine spot prices are now above its long-term forecast driven by higher demand, and that the iodine market is expected to continue improving. "Alongside a strengthened balance sheet [this] provides management with plenty of firepower to pursue the next leg of its progressive growth strategy," the brokerage says. finnCap has a 25 pence target price. Shares are flat at 16 pence.
A Sustained Period of High Inflation Could Be Controlled by Central Banks
0714 GMT - A sustained period of inflation in advanced economies of 3% to 4% over the coming years could be dealt with relatively easily by central banks, Capital Economics senior U.K. economist Ruth Gregory says. But if inflation were to rise much further, policymakers would have to raise rates more aggressively and for longer, she adds. Other forms of policy tightening, including fiscal policy, may help, but interest rates would be the main policy tool to bring inflation down, the economist says. "The subsequent economic damage wouldn't be as large as that seen in the 1980s or the Global Financial Crisis, but a global recession and the bursting of housing bubbles in some advanced economies would be difficult to avoid," Gregory says.
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