BOE Seen Underestimating Inflation Risks
0952 GMT - The Bank of England is underestimating inflation risks, says Mizuho. Governor Andrew Bailey pushed back market pricing of interest-rate increases Wednesday by telling lawmakers on the House of Commons' Treasury Committee that markets shouldn't get carried away. "We still think the BOE remains way behind the curve on U.K. inflation risks, particularly over the medium-term," Mizuho analysts say, adding that dovish comments risk damaging their credibility further. (lorena.ruibal@wsj.com)
Companies News:
St. James's Place 2021 Pretax Profit Rose, Driven by Higher Demand
St. James's Place PLC said Thursday that pretax profit nearly doubled in fiscal 2021, driven by higher client demand and a more favorable environment after the Covid-related disruptions.
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WPP Swung to 2021 Pretax Profit
WPP PLC on Thursday reported a swing to pretax profit for 2021, as top-line growth was driven by strong demand for services in digital marketing, media, e-commerce and technology.
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Serco Group's 2021 Pretax Profit Rose; Start to 2022 Strong
Serco Group PLC reported Thursday a significant rise in pretax profit for 2021 and said its guidance for 2022 remains unchanged, noting that it had a strong start to the year.
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Rolls-Royce 2021 Pretax Loss Narrowed; CEO Warren East to Step Down
Rolls-Royce Holdings PLC on Thursday reported a narrowed pretax loss for 2021 and said that Chief Executive Officer Warren East will be stepping down at the end of this year after almost eight years in the role.
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BAE Systems 2021 Pretax Profit Rose on Higher Sales
BAE Systems PLC said Thursday that pretax profit rose in 2021 on higher sales, and that in 2022 it looks forward to continuing top-line growth with margin expansion and good cash delivery against its rolling targets.
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Anglo American Declares $1 Bln Special Dividend as 2021 Profit Quadrupled
Anglo American PLC on Thursday declared a special dividend of $1.0 billion and reported that its net profit quadrupled in 2021 on the back of higher commodity prices.
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Hikma Pharmaceuticals 2021 Pretax Profit Fell on Higher Costs; Launches $300M Buyback Program
Hikma Pharmaceuticals PLC said Thursday that 2021 pretax profit fell after booking higher costs, and that it is launching a share buyback program of up to $300 million.
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Lloyds 4Q Pretax Profit Rise Missed Market Views on High Fraud-Related Costs
Lloyds Banking Group PLC on Thursday reported a rise in pretax profit for the fourth quarter of 2021 that fell short of market views as it booked high fraud-related costs, and said it intends to launch a share buyback program of up to 2 billion pounds ($2.71 billion).
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Centrica 2021 Profit Rose; Says Dividends to Restart Soon
Centrica PLC on Thursday reported a significantly improved profit for 2021 and said that it should be in a position to restart its dividend soon.
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Amigo Holdings Swung to a Nine-Month Pretax Profit
Amigo Holdings PLC reported on Thursday a swing to a pretax profit for the first nine months of fiscal 2022.
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Drax Swung to 2021 Pretax Profit But Ebitda Was Hurt by Major Outage
Drax Group PLC on Thursday reported a profit for 2021 although its underlying performance was hurt by a major planned generation outage on one biomass unit.
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Costain Group Pays National Grid GBP43.4 Mln to Settle Legacy Contract
Costain Group PLC said Thursday that it has made a full and final payment of 43.4 million pounds ($58.8 million) to National Grid PLC in settlement of the legacy Peterborough and Huntingdon contract.
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Hays Raises 2022 Op Profit Views, Driven by Gains in Business Confidence
Hays PLC said Thursday that it expects operating profit for 2022 to be above market expectations, as it is benefiting from strong performance in all regions as business confidence increases after pandemic-related disruptions.
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Noble Corp's Proposed Acquisition of Maersk Drilling Investigated by UK Regulator
The U.K. Competition and Markets Authority said Thursday it is starting an investigation into the acquisition by Noble Corp. of The Drilling Company of 1972 A/S, known as Maersk Drilling.
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Go-Ahead Makes GBP30M Provision for Potential U.K. Fine; 2021 Pretax Loss Narrowed
Go-Ahead Group PLC said Thursday that it was making a 30 million pounds ($40.6 million) provision for a potential financial penalty from the U.K.'s Department for Transport, as it reported a narrowed pretax loss for 2021 on increased revenue.
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Inchcape Swung to 2021 Pretax Profit; Raises Dividend and Launches GBP100 Mln Share Buyback
Inchcape PLC on Thursday posted a pretax profit for 2021 on the back of solid consumer demand and higher vehicle gross margins due to vehicle supply shortages, increased its dividend payout and outlined a share buyback program.
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Open Orphan Appoints Yamin Khan as CEO
Open Orphan PLC said Thursday that it has appointed Yamin Khan as chief executive officer with immediate effect.
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Rathbones Group 2021 Pretax Profit More Than Doubled
Rathbones Group PLC on Thursday reported a more-than-doubled pretax profit for 2021, and said funds under management increased.
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Howden Joinery FY 2021 Pretax Profit Rose on Higher Revenue
Howden Joinery Group PLC said on Thursday that pretax profit rose for fiscal 2021 as revenue increased, and that it has made an encouraging start to the new year.
Market Talk:
WPP FY Results Were Strong, Shares Have Further To Go
0953 GMT - WPP's full-year results were strong, says Citigroup, though the advertising and marketing firm's shares fall 7% to 1099 pence as Ukraine jitters hit the wider market. WPP achieved decent 4Q organic growth and a robust full-year margin, Citi says. The outlook is robust and signals upgrades, albeit that was somewhat blunted by higher tax, the brokerage says. Citi raises its 2022 earnings per share forecasts by 2.4% and says it still believes the shares are undervalued, with strong scope for gains over time. "We rate WPP as a buy with a 1400p per share price target," Citi analysts say. (philip.waller@wsj.com)
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AB InBev Confirms Solid Outlook for 2022 Despite Cost Pressures
0936 GMT - AB InBev showed solid results in its 2021 earnings report and provided further evidence that it is progressing toward organic growth, Citi says. The world's largest brewer expects 2022 Ebitda to grow between 4% and 8% and revenue to grow ahead of Ebitda, driven by a "healthy combination of volume and price." The metrics are largely consistent with Citi's estimations, but AB InBev and its peers are facing considerable cost pressures in the new year, it warns. The U.S. bank has a buy rating on the stock and target price of EUR62.00. Shares are up 0.2% at EUR55.28. (michael.susin@wsj.com)
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St James's Place FY Results Show Continued Strength
0930 GMT - St. James's Place's full-year results show it's still doing well, Panmure Gordon says. The FTSE 100-listed asset manager said pretax profit nearly doubled in fiscal 2021, driven by higher client demand and more favorable conditions after Covid-related disruption. St James's Place had already reported a strong year for new business and rising funds-under-management and has reported similarly strong profits, Panmure says. After a strong start to the company's five-year targets, those targets remain firmly in place and in sight, the brokerage adds. "The U.K. wealth-management industry offers a strong growth story and St James's Place will outperform expected industry growth," Panmure says. "That surely is what investment in the sector should be directed towards and we retain our buy recommendation." (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
02-24-22 0526ET
