Sterling Investment-Grade Bonds Outperform High-Yield Counterparts in April

1132 GMT - Sterling-denominated investment grade bonds outperformed their high-yield counterparts in April, posting excess returns of 1.4%, compared to excess returns of 0.9% by sterling high yield bonds, says CreditSights analyst Sahil Arora in a note. Sterling IG bonds in the financials sector were among the top performers as the sector rallied in April after the March selloff caused by banking sector turmoil, Arora says. "Sterling denominated financials rallied in April with Additional Tier (AT)1 bonds and insurance subordinated bonds outperforming." Sterling IG bonds in the real estate sector were among the worst performers in April, according to CreditSights. (miriam.mukuru@wsj.com)

COMPANIES NEWS:

Haleon 1Q Pretax Profit Rose, Says Performance Was Strong Across All Categories

Haleon said Wednesday that pretax profit for the first quarter of 2023 has increased on the back of a robust performance across all categories and areas.

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Lloyds Banking Backs 2023 Guidance After 1Q Pretax Profit Beat

Lloyds Banking Group PLC on Wednesday maintained its full-year guidance as it posted better-than-expected pretax profit for its first quarter on strong net income and capital generation.

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Barratt Developments' Home Completion Fall; Sees FY 2023 in Line

Barratt Developments said Wednesday that it has completed fewer homes from Jan. 1 to Apr. 23, and that its outlook for fiscal 2023 ending June 30 is in line with expectations.

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RS Group CFO David Egan Resigns

RS Group said Wednesday that Chief Financial Officer David Egan has resigned from the role and as a director with immediate effect.

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Johnson Matthey Sells Diagnostic Services for GBP55 Mln

Johnson Matthey said Wednesday that it has sold its Diagnostic Services to Sullivan Street Partners and Souter Investments for 55 million pounds ($68.6 million) in cash.

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Intertek Sees Return to Peak Margins With New Growth Strategy, 2023 in Line With Views

Intertek Group said Wednesday that it sees 2023 trading in line with its guidance as it outlined its Intertek 30 AAA growth strategy.

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Wickes Sees 2023 in Line With Views

Wickes Group said Wednesday that its 2023 performance is in line with expectations after an encouraging start.

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Metro Bank 1Q Loans Rose on Year, Deposits Slipped

Metro Bank on Wednesday said that it was profitable on a statutory basis in the first quarter as loans increased on year, though deposits and assets edged lower.

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Gym Group Appoints Will Orr as CEO

Gym Group said Wednesday that it has appointed Will Orr as its chief executive and that he is expected to start later in 2023.

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TI Fluid Systems 1Q Revenue Rose on Growth Across Segments; Backs 2023 View

TI Fluid Systems said Wednesday that revenue climbed 15% in the first quarter of 2023 as revenue across segments and regions grew, and that it backs its full-year guidance.

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Reach's Four-Month Revenue Fell; Backs Market Views for 2023 Profit

Reach said Wednesday that revenue fell 5.9% in the four month period to April 23 against strong comparatives, but that its 2023 profit expectations remain in line with market views.

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Andrews Sykes 2022 Pretax Profit Rose on Record Revenue

Andrews Sykes Group PLC said Wednesday that pretax profit for 2022 rose on the back of record levels of revenue and profitability.

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Ashtead Technology 2022 Pretax Profit Rose, Sees 2023 Performance Ahead of Previous Views

Ashtead Technology Holdings said Wednesday that pretax profit soared for 2022 as revenue surged on organic growth and favorable foreign-exchange rates, and that it expects its performance for this year to be ahead of its previous expectations.

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OSB Group Raises 2023 Loan-Book Guidance After 1Q Growth, Demand

OSB Group on Wednesday raised its full-year loan guidance due to current demand and growth in its net loan book during the first quarter.

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Aston Martin 1Q Pretax Loss Narrowed as Revenue Jumped 27% on Volumes, Pricing

Aston Martin Lagonda Global Holdings said Wednesday that its pretax loss narrowed in the first quarter as revenue rose on higher volumes and strong pricing, and that it backed its 2023 targets.

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Watches of Switzerland CFO to Stand Down; Appoints Anders Romberg as Successor

Watches of Switzerland Group said Wednesday that Chief Financial Officer Bill Floydd will be standing down from May 12 by mutual agreement, and that Anders Romberg will assume the role.

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Lords Group 2022 Pretax Profit Rose on Robust Performance; Backs Mid-Term Views

Lords Group Trading said Wednesday that pretax profit for 2022 rose on the back of record levels of revenue, reiterated its medium-term targets and raised its dividend payout.

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Hotel Chocolat Appoints Stephen Alexander as Nonexecutive Chairman

Hotel Chocolat Group said Wednesday that it has appointed Stephen Alexander as its nonexecutive chairman, effective May 5.

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Card Factory FY 2023 Pretax Profit Soared as Revenue Jumped 27%

Card Factory said Wednesday that its pretax profit rose almost five-fold in fiscal 2023 on strong revenue growth, and that trading in the current fiscal year has slightly exceed board's expectations.

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MetalNRG Gets GBP545,000 From Court Settlement

MetalNRG said Wednesday that it has received 545,000 pounds ($679,451) from a court settlement due from BritNRG and Brit Energy Holdings.

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Smiths News 1H Pretax Profit Rose 17%, Boosted by Higher Newspaper Prices

Smiths News said Wednesday that its pretax profit for the first half of fiscal 2023 rose 17%, as revenue climbed on higher newspaper prices.

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Bank of Ireland Group Backed 2023 Guidance After In-Line 1Q Performance

Bank of Ireland Group PLC on Wednesday backed its 2023 guidance as it posted a first-quarter income, costs and asset quality in line with its expectations.

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Ten Lifestyle Swung to 1H Pretax Profit as Net Revenue Increased

Ten Lifestyle Group said Wednesday it swung to a pretax profit for the first half of fiscal 2023 as net revenue rose 49%, and that member activity has remained robust in all regions since the start of the second half.

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Inspiration Healthcare FY 2023 Pretax Profit Fell on One-Off Costs

Inspiration Healthcare Group said Wednesday that pretax profit for fiscal 2023 fell after booking one-off costs, despite resilient trading amid a challenging macroeconomic backdrop.

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Cambridge Cognition Swung to 2022 Pretax Loss on Admin Costs

Cambridge Cognition Holdings said Wednesday that it swung to a pretax loss in 2022 on administrative costs, but that revenue rose on strong order intake.

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Robert Walters to Buy Back Up to GBP10 Mln in Shares

Robert Walters PLC said Wednesday that it has launched a buyback of up to 10 million pounds ($12.5 million).

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Accsys Technologies Sees FY 2023 Ebitda Slightly Ahead of Guidance

Accsys Technologies PLC on Wednesday said it expects to deliver core earnings for fiscal 2023 moderately ahead of its guidance.

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Grafenia: Gavin Cockerill Becomes Permanent CEO; Sees FY 2023 Sales Rise

Grafenia said Wednesday that acting Chief Executive Officer Gavin Cockerill has become permanent CEO going forward, and that it expects to report a rise in sales from continuing operations for fiscal 2023.

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Aura Energy Raises $6.7 Mln to Support Mauritania Project

Aura Energy said Wednesday that it has received firm commitments to raise 10 million Australian dollars ($6.7 million) to support a project in Mauritania.

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Trident Royalties 1Q Receipts Jumped 63%, Boosted by Iron Royalties

Trident Royalties said Wednesday that its royalty receipts increased 63% in the first quarter of 2023 as royalties from iron, copper and gold all rose.

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Versarien Shares Fall on Discount Share Placing; Turnaround Planning Continues

Versarien shares fell Wednesday after it said it has raised 531,624 pounds ($662,776) in a placing to be used for general operational and working-capital purposes, as work continues on its turnaround plan.

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UK Regulator Proposes Easing of Stock Exchange Listing Rules

The U.K. Financial Conduct Authority said Wednesday that it is proposing changes to make it easier and more effective for companies to list their shares in the country.

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Light Science Technologies Sees Tough Conditions Continue in 2023

Light Science Technologies Holdings said Wednesday it anticipates conditions in 2023 will continue to be tough for its controlled environment agriculture division and that it was significantly lowering overheads and reducing staff headcount.

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Argos Resources Agrees to License Sale, to Delist From AIM; Shares Fall

Shares in Argos Resources fell Wednesday after the company said it has entered an acquisition agreement with JHI Associates for its PL001 production license interests in the North Falkland Basin, and that it would propose a delisting from London's AIM.

MARKET TALK:

Coca-Cola HBC's Momentum Could Lead to Upgrades Later in the Year

1216 GMT - Coca-Cola HBC's underlying 1Q performance and commentary on 2023's profit expectations is reassuring, Goodbody analyst Fintan Ryan says in a note. Although the drinks bottler raised guidance to "confidence in achieving the top-end" of its organic EBIT growth of around 3% target, greater foreign-exchange headwinds--now of EUR50 million to EUR60 million compared with EUR25 million to EUR35 million previously--are likely to offset any underlying upgrades, Ryan says. "While we could see some profit taking today on only modest organic EBIT upgrades, we believe the momentum does leave further potential for upgrades through the rest of the year, subject to summer weather and Africa," he says. Goodbody has a buy recommendation on the stock. Shares are up 2.3% at 2,489 pence. (anthony.orunagoriainoff@dowjones.com)

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Hiscox's Wholesale Momentum Likely to Continue

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05-03-23 0847ET