BOE Rate Rises Hurt UK Housing Market

0947 GMT - The latest U.K. housing market data shows mortgage approvals in February increased by 3,900 to 43,500 but remain at one of the weakest levels since the record began in 1986, mainly due to high interest rates caused by Bank of England rate increases, say Davy Research in a note. However, the effective interest rate on newly-drawn mortgages was only 4.24% in February, "showing that the full impact of BOE rate increases on mortgage lending has yet to be felt," they say. (miriam.mukuru@wsj.com)


 
Companies News: 

Moonpig Backs FY 2023 Revenue, Earnings View on 2H Resilience

Moonpig Group PLC said Thursday that its performance has been resilient in the second half to date as it booked its largest ever week of sales in the U.K. ahead of Mother's Day, and backed its expectations for revenue and adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2023.

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SSE Raises FY 2023 Adjusted EPS Guidance Again

SSE PLC on Thursday raised its adjusted earnings per share expectations to more than 160 pence ($1.97) in fiscal 2023, up from the updated 150 pence guidance and backed some of the other targets it issued in January.

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Shoe Zone Launches GBP3 Mln Share Buyback Program

Shoe Zone PLC said Thursday that it is launching a share buyback program to purchase 3.0 million pounds ($3.7 million) worth of shares.

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Arbuthnot Banking 2022 Pretax Profit Rose on BoE's Rate Increases

Arbuthnot Banking Group PLC said Thursday that its pretax profit and net interest income rose significantly in 2022 thanks to the Bank of England's rate increases, which are expected to further boost revenue in 2023.

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Tasty Swung to FY 2022 Pretax Loss on Higher Costs

Tasty PLC reported on Thursday a swing to pretax loss on the back of increased costs despite higher revenue.

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Secure Trust Bank 2022 Pretax Profit Fell, Says Chairman to Retire

Secure Trust Bank PLC on Thursday said is confident it will deliver a strong performance in 2023 and announced the planned retirement of its chairman, as it posted a lower 2022 pretax profit.

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John Lewis of Hungerford 1H Pretax Loss Widened; FY 2023 Pretax Profit Seen Up on Year

John Lewis of Hungerford PLC said Thursday that its pretax loss widened for the first half of fiscal 2023 after booking higher costs, but that the board believed pretax profit for the year will be ahead of fiscal 2022.

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Dillistone Secures Potential Major Contract, Sees Revenue Rise From 2024 Onward

Dillistone Group PLC said Thursday that it has secured a potentially significant contract win with an undisclosed leading U.K.-based contingency recruiter company, without providing financial details on the deal.

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Gresham House 2022 Assets Under Management Rose On Fundraising, Investment Performance

Gresham House PLC said Thursday that its assets under management grew 20% in 2022, driven mainly by strong fundraising and investment performance, while net income increased.

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James Latham Sees FY 2023 Pretax Profit Meeting Market Expectations, Revenue Ahead

James Latham PLC said Thursday that it sees pretax profit for fiscal 2023 in line with market expectations, while revenue for the year ending March 31 is expected to be slightly ahead.

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International Public Partnerships 2022 Pretax Profit Rose; Backs Dividend Guidance

International Public Partnerships Ltd. said Thursday that 2022 pretax profit rose on its portfolio's unrealized fair value gains, and backed its 2023 dividend guidance.

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Aquis Exchange 2022 Pretax Profit Rose on Higher Trading Levels, Tech Growth

Aquis Exchange Ltd. on Thursday posted a rise in its 2022 pretax profit as its revenue was boosted by increased trading levels and it saw higher proceeds from data, technology licensing and issuer fees.

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Keywords Studios Buys Digital Media Management for Initial $67.5 Mln to Add US Expertise, Scale

Keywords Studios PLC said Thursday that it has bought social-media agency Digital Media Management, Inc. for an initial $67.5 million to add U.S. expertise and scale.

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Kelso Group Calls on THG to Consider Stock Listing Move, Share Buybacks

Kelso Group Holdings PLC on Thursday called on THG PLC to consider a move of its listing to the Premium List of the London Stock Exchange and a share-buyback program, as it raised its interest in the U.K. e-commerce company to around 0.5% of its issued share capital.

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Trackwise Designs Shares Fall on Widened 2022 Pretax Loss, Contract Delays, Impairment

Shares of Trackwise Designs PLC fell Thursday after the company said it expects to report widened losses in 2022 on the back of lower revenue and higher expenses, and that it will be hit by production delays and an impairment.

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BowLeven Shares Fall on Going-Concern Warning

Shares in BowLeven PLC fell Thursday after the company said there is material uncertainty about its ability to continue as a going concern, and that it expects to raise additional capital in 2023 to help finance its continuing corporate activities.

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Anglo Asian Mining Sees Production Doubling in Next Five Years, Plans to Open Four Mines

Anglo Asian Mining PLC on Thursday said it aims to double its production in the next five years with the opening of four new mines in Azerbaijan and to transition to a multi-asset, mid-tier copper and gold producer by 2028.

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Ascential 2022 Pretax Loss Widened on Higher Costs; Early 2023 in Line With Views

Ascential PLC said Thursday that its 2022 pretax loss widened after booking higher costs, and that 2023 has started well and in line with the board's plans.

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Chesnara Swung to Pretax Loss in 2022 on Tough Market Conditions

Chesnara PLC said Thursday that is swung to a pretax loss in 2022 on rising interest rates, falling equity markets and inflationary pressures, despite its insurance premium revenue rising on year.

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K3 Business Technology FY 2022 Loss Narrowed; Appoints New CFO

K3 Business Technology Group PLC said Thursday that its pretax loss narrowed for fiscal 2022 and that it has appointed a new chief financial officer.

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Orcadian Energy Shares Drop on Talks With New Investors

Shares in Orcadian Energy PLC fell 22% on Thursday after the company said it is in active talks with potential new investors as it needs working capital to secure a deal on its Pilot project, and posted a narrowed pretax loss for the first half of fiscal 2023.


 
Market Talk: 

Moonpig Proves Potential Postpandemic, But Still Faces Challenges

0954 GMT - Moonpig's latest update proves that the theory that it was a post-pandemic loser is off the mark, but it does still face challenges, AJ Bell investment director Russ Mould says in a note. The greeting-card and gifting platform booked a sales boom around Mother's Day, but there are still reasons to be slightly sceptical, he says, as its growth predictions emphasize how it is a seasonal business with calendar events such as Christmas, Valentine's Day and Mother's Day as key sales drivers. "Ultimately Moonpig still has a big job to prove that it can deliver on the hype around the stock at the time of its IPO," Mould says. Shares trade up 17% at 133.30 pence.(kyle.morris@dowjones.com)

Gresham House Shows Continuing Appeal to Investor With 2022 AUM Growth

0952 GMT - Gresham House's strong growth in assets under managements in 2022 showcases its continuing appeal to investors, Jefferies analysts write in a research note. Positive net flows across all asset classes, GBP800 million in total, is a solid achievement given the backdrop, especially in 2H, Jefferies says. Strong performances in the new energy and forestry divisions, which offset a decline in the strategic-equity division, helped bring the total gain in assets under management to 20%, demonstrating not only the resilience of Gresham's asset classes, but their continuing appeal to investors, Jefferies says. Shares are up 4.8% at 715 pence. (christian.moess@wsj.com)

Gresham House Looks Set to Meet 2025 Targets

0950 GMT - Gresham House looks on track to meet it goals for 2025, Jefferies analysts write in a research note, after the U.K. asset manager booked a beat to 2022 estimates. "The aim of doubling shareholder value will depend on market sentiment to some extent, but the controllable elements are all on track," the analysts say. Gresham is targeting assets under management above GBP8.0 billion, Ebitda margins above 40%, return on capital employed at 20% and a dividend coverage ratio of 3, Jefferies says. AUM was GBP7.8 billion in 2022, while ROCE was 19.3%. Jefferies maintain a buy rating on the stock. Shares are up 4.8% at 715 pence.(christian.moess@wsj.com)

SSE Gains After FY Earnings Guidance Upgrade

0950 GMT - SSE shares are among the biggest FTSE 100 risers, up 3.5% after the Scottish power generator upgraded full-year 2022/23 adjusted earnings per share guidance to more than 160 pence from more than 150p previously. The update ahead of the publication of annual results in May was robust, Citigroup says. "Overall, we think the market will take well to SSE's trading update," Citi analysts say in a note. "We currently rate SSE at neutral and see the stock as fairly valued."(philip.waller@wsj.com)

Secure Trust Bank's Low Valuation Provides Upside

0941 GMT - Secure Trust Bank's low valuation implies a level of stress that isn't evident in its 2022 results, Peel Hunt says in a note after the private and commercial bank posted a strong performance for the year that beat consensus on both revenue and costs. "Improving efficiency should boost returns, which are already low double digit, and this highlights the low valuation of the shares," say analysts at the brokerage, adding that upside is significant. Peel Hunt has a buy rating on the stock. Shares rise 2.1% at 678 pence. (elena.vardon@wsj.com)

Vodafone Shares Struggle After Comments From German CEO on Job Cuts

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03-30-23 0629ET