Entain Share Price Suggests Market Isn't Sold on Gambling Opportunities
0835 GMT - Entain's share price seems to suggest that the market isn't fully convinced on the long-term structural opportunities of the global gambling industry, especially in the U.S., Shore Capital's research analyst Greg Johnson says in a research note. The gambling-and-betting company's shares in part reflect recent headwinds, which slowed growth in 2022, but that should unwind as this year progresses, leading to an improvement in the growth rate by year-end, Johnson says. "Evidence of accelerating revenue growth, BetMGM moving into profitability, and the associated improvement in [free cash flow], should see the shares rerate materially over the next six to 12 months," Johnson says. Shore has a buy rating on the stock.(kyle.morris@dowjones.com)
Companies News:
Hikma Pharmaceuticals Appoints Riad Mishlawi CEO
Hikma Pharmaceuticals PLC said Wednesday that Riad Mishlawi has been appointed chief executive officer effective Sept. 1 and that Said Darwazah will step down as acting CEO and return to his role as executive chairman.
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LBG Media 2022 Earnings Fell Amid Tough Environment; CFO to Retire
LBG Media PLC said Wednesday that earnings fell in 2022 as the tough economic environment hit advertising spending, and that Chief Financial Officer Tim Croston has decided to retire.
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Unite Group Sees Strong Sales for New Academic Year, Backs Growth Targets
Unite Group PLC said Wednesday that it has recorded strong advance sales for the upcoming academic year and is confident in meeting rental growth targets.
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Everyman 2022 Pretax Loss Narrowed as Cinema Recovers
Everyman Media Group PLC on Wednesday said its 2022 pretax loss narrowed as audiences returned to cinemas and that current trading has been in line with expectations.
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Sosandar to Report Swing to FY 2023 Pretax Profit
Sosandar PLC said Wednesday that it expects to report a swing to a pretax profit for fiscal 2023 and that revenue rose.
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Oxford Cannabinoid Names Clarissa Sowemimo-Coker As Permanent CEO
Oxford Cannabinoid Technologies Holdings PLC on Wednesday confirmed the permanent appointment of Clarissa Sowemimo-Coker as its chief executive officer.
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Marks Electrical FY 2023 Earnings Expected to Rise on Year on Market Share Gains
Marks Electrical Group PLC said Wednesday that it expects adjusted earnings and revenue to rise on year in fiscal 2023 as it made market share gains in the major domestic appliance and consumer electronics markets and booked strong performance across other product categories.
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De La Rue Sees FY 2023 Profit Missing Market Expectations
De La Rue PLC said Wednesday that it expects to report that its fiscal 2023 adjusted operating profit missed market expectations, and set out its fiscal 2024 expectations.
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Craneware to Start GBP5 Mln Share Buyback Program
Craneware PLC said Wednesday that it plans to start a 5 million pound ($6.2 million) share buyback program as the company believes it is the best way to use cash and deliver value to shareholders, while offsetting future dilution from share incentive schemes.
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Treatt Sees Rise in 1H Adjusted Pretax Profit; FY 2023 in Line With Views
Treatt PLC said Wednesday that adjusted pretax profit and revenue rose for the first half of fiscal 2023, and that its performance has been in line with the board's expectations for the year.
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Georgia Capital Approves $10 Mln Share Buyback Program
Georgia Capital PLC said Wednesday that the board has approved a $10 million share-buyback program.
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DP Eurasia's 2022 Pretax Profit Fell on Higher Financial Costs
DP Eurasia NV said Wednesday that its pretax profit fell in 2022 due to rising financial costs, but that revenue rose on year and the strong sales growth has continued in 2023.
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Bezant Resources Raises GBP750,000 in Discounted Placing
Bezant Resources PLC said Wednesday that it has raised 750,000 pounds ($931,950) in a discounted placing, with the proceeds to be used toward the development of a number of its mining projects.
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Vast Resources Raises $1.2 Mln in Placing for Romanian Mine, Obligations
Vast Resources PLC said Wednesday that it has raised 978,967 pounds ($1.2 million) through a share placing, to be used at its Romanian polymetallic mine and to provide liquidity to meet corporate obligations until an expected settlement comes through.
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Petrofac Expects Wider 2022 Loss on Higher Costs
Petrofac Ltd. on Wednesday said it expects to report a wider loss in 2022 due to the recognition of higher project costs after reviewing its portfolio.
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System1 Group Expects FY 2023 Profit to Beat Expectations on Strong Revenue Growth
System1 Group PLC said Wednesday that its revenue grew in the fourth quarter of its fiscal 2023, and that it expects profit for the full fiscal year to slightly exceed its previous expectations.
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Iomart Sees FY 2023 Revenue Rising But Profit Falling on Higher Costs
Iomart Group PLC said Wednesday that it expects performance for fiscal 2023 to be in line with market expectations, with higher revenue but lower earnings and profit on increased costs.
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Invinity Energy Systems Shares Rise on GBP11 Mln Award
Shares in Invinity Energy Systems PLC rose 21% on Wednesday after the company won 11 million pounds ($13.7 million) of grant funding from the U.K. Energy Security and Net Zero Department which it will use to deploy a 30 megawatt-hour vanadium flow battery.
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Flowtech Fluidpower Replaces CEO; Swung to 2022 Pretax Loss
Flowtech Fluidpower PLC said Wednesday that Mike England has been appointed chief executive officer with immediate effect to replace Bryce Brooks, who is leaving the company, and that it swung to a pretax loss in 2022 on higher costs.
Market Talk:
Crimson Tide Looks on Track to Positive Earnings Swing
0829 GMT - Crimson Tide is building a platform for rapid growth, finnCap analyst Lorne Daniel writes in a research note, following the mobile-business company's preliminary 2022 results. A range of drivers has led to a smaller loss than expected, and with investments leveling off, the outlook looking exiting, a record level pipeline, and annual recurring revenue strongly rising, Crimson Tide looks to be on track for further growth and a swing to positive earnings from this year on, Daniel says. Shares are up 4.8% to 3.30 pence, the highest since September 2021. (christian.moess@wsj.com)
Invinity Energy Systems' Contract Award Derisks the Revenue Ramp
0827 GMT - Invinity Energy Systems' contract award is a major step in derisking its offering, Canaccord Genuity says in a note after the battery manufacturer said it won GBP11 million grant from the U.K. Energy Security and Net Zero Department. "The award is structured as matched funding so implies a GBP22 million order for Invinity," analyst Alex Brooks says, adding that the project should be attractive given the structure. It expects the group's revenue to jump nearly fivefold, strongly underpinned by firm contracts. Canaccord has a buy rating on the stock with a price target at 75 pence. Shares rise 13% to 38.5 pence. (elena.vardon@wsj.com)
Unite Group Delivers Strong Bookings, Continued Rent Growth
0810 GMT - Unite Group's current sales cycle is continuing to track ahead of previous years and like-for-like valuations largely unchanged since the end of 2022, RBC Capital Markets says. The student-accommodation developer's valuation for its specialist fund USAF was unchanged at the end of the first quarter and its joint venture LSAV slipped 0.1%, as rent growth offset yield increases, RBC analysts say in a research note. "We believe today's update reiterates the strength of the U.K. purpose-built student accommodation market as the acute demand/supply imbalance and continued rent growth help support property values," the Canadian bank says. RBC retains its outperform rating and 1,100 pence price target. Shares are up 0.6% at 970.0 pence. (joseph.hoppe@wsj.com)
Everyman Media in the Frame for Future Growth
0811 GMT - Everyman Media Group looks well-placed for future success as it makes progress in the wake of pandemic-related disruptions, Canaccord Genuity says in a note after the cinema operator posted its 2022 results. "With multiple attractive attributes and strong forecast growth in revenues and profits, coupled with a robust balance sheet, we continue to believe the brand is well positioned for future success," analyst Mark Photiades says. Cineworld's specific issues have "unfairly polluted" the market's view of the cinema industry, he says. Canaccord has a buy rating on the stock with a 200-pence target price. Shares rise 0.8% to 66 pence. (elena.vardon@wsj.com)
Hikma Pharmaceuticals Appoints Preferred Candidate as CEO
0804 GMT - Hikma Pharmaceuticals' appointment Riad Mishlawi CEO is in line with analysts' preference for the role, Citi analyst Peter Verdult says in a note. This was due to his track record at the injectables division--he is its current head--since 1990, his understanding of the company's culture and ease with capital markets, Verdult says. The board has charged Riad with executing on the five-year plan and potentially using its strong balance sheet to develop new strategic opportunities, Verdult says. "Year-to-date business trends...are encouraging putting Hikma well on track to deliver on guidance, with risks to the upside in our view," he says. Citi rates the stock buy with a 1,920-pence target price. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-12-23 0643ET
