FTSE 100 Rises as Financial, Oil Stocks Gain
0906 GMT - The FTSE 100 gains 1.2%, or 89 points to 7493 amid gains for financial and oil stocks. NatWest Group, Barclays, Lloyds Banking Group and Prudential are the blue-chip index's biggest risers while Harbour Energy, BP and Shell also advance as the price of a barrel of Brent crude increases 0.9% to $74.42. Still, Kingfisher is among a handful of top-flight fallers, down 0.8% as the home-improvement retail group reported lower annual sales and profit. "Sentiment has turned more positive across European markets, with banks outperforming after the turmoil in recent sessions," Interactive Investor's head of investment, Victoria Scholar, writes. (philip.waller@wsj.com)
Companies News:
Pearson to Sell POLS Business to US Private-Equity Firm Regent LP
Pearson PLC said Tuesday that it will sell its international online program management business Pearson Online Learning Services to Californian private-equity firm Regent LP.
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Staffline Swung to 2022 Pretax Profit; Says Uncertainty Will Persist Through 2023
Staffline Group PLC said Tuesday that it swung to a pretax profit for 2022 after booking lower costs, and that it expected the current uncertainty to persist through 2023.
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Kingfisher FY 2023 Pretax Profit Fell on Higher Costs
Kingfisher PLC reported on Tuesday a fall in pretax profit for fiscal 2023 on the back of higher costs, but said that performance was in line with the board expectations against strong prior year comparatives.
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React Group Sees Contract Win Momentum, Views Future With Cautious Optimism
React Group PLC said Tuesday that it is enjoying good contract win momentum with sales growth across all three divisions of its business, and it views the future with cautious optimism.
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Trustpilot Eyes Profitability in 2023; CEO to Step Down
Trustpilot AS said Tuesday that it expects to report positive adjusted earnings in 2023 as it posted a narrower pretax loss for 2022, and that its chief executive is stepping down.
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SThree 1Q Net Fees Rose, Boosted By Increase in Contract Fees
SThree PLC said Tuesday that net fees rose in the first quarter of fiscal 2023 as contract fees increased in almost all its markets.
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Pebble Group Pretax Profit, Revenue Rose Above Market Views in 2022
Pebble Group PLC said Tuesday that pretax profit and revenue rose in 2022, with results slightly ahead of market expectations.
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SThree 1Q Net Fees Rose, Boosted By Increase in Contract Fees
SThree PLC said Tuesday that net fees rose in the first quarter of fiscal 2023 as contract fees increased in almost all its markets.
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SpaceandPeople 2H Performance Was Strong; 2022 Revenue in Line With Views
SpaceandPeople PLC said Tuesday that its performance in the second half of 2022 was strong and that revenue for the year was in line with market expectations.
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ScS Group 1H Pretax Loss Widened, Sees In-Line FY 2023 Pretax Profit
ScS Group PLC said Tuesday that pretax loss for the first half of fiscal 2023 widened on the back of higher costs, but it expects full-year pretax profit to be in line with market expectations.
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Fintel 2022 Pretax Profit Fell; Names New Chair
Fintel PLC on Tuesday reported a fall in pretax profit for 2022 and appointed Phil Smith a its new chair.
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Brand Architekts 1H Pretax Loss Widened on Higher Costs; Focuses on Strategy
Brand Architekts Group PLC said its pretax loss for the first half of fiscal 2023 widened after booking higher costs stemming from an acquisition, and that its attention will remain on delivering its strategy and returning to group profitability.
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Henry Boot 2022 Profit, Revenue Rose on Strong Sales; Confident in Midterm Targets
Henry Boot PLC said Tuesday that 2022 pretax profit and revenue both significantly rose on strong land, development and house sales activity, and while the company remains cautious near term, it expects to meet medium-term targets.
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YouGov Pretax Profit, Revenue Rose on Growth; Backs FY 2023 Views
YouGov PLC said Tuesday that pretax profit and revenue rose in the first half of fiscal 2023 as it benefited from growth in all regions, especially the U.S., and said that it expects to meet full-year market forecasts.
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Manx Financial 2022 Pretax Profit Rose on Interest Income Boost
Manx Financial Group PLC on Tuesday reported a rise in pretax profit for 2022, boosted by higher interest revenue.
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Pressure Technologies Sees Wider FY 2022 Loss on Accounting Correction
Pressure Technologies PLC said Tuesday that it expects to report a wider adjusted operating loss in fiscal 2022 due to an accounting correction, though there will be a corresponding profit increase in future years.
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Scottish Mortgage Investment Trust Says Chair Fiona McBain to Step Down
Scottish Mortgage Investment Trust PLC said Tuesday that Chair Fiona McBain will step down and that Justin Dowley will succeed her with effect from the conclusion of its 2023 annual general meeting.
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Gamma Communications 2022 Pretax Profit Fell on Impairments; Increases Dividends
Gamma Communications PLC said Tuesday that pretax profit fell in 2022 due to impairment charges, but revenue and earnings rose, and that it increased dividends.
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AB Dynamics Sees Encouraging 1H Performance, Backs Full-year Views
AB Dynamics PLC said Tuesday that performance in the first six months of fiscal 2023 was encouraging and in line with management expectations, and back its full-year views.
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Wynnstay Group Starts Fiscal 2023 in Line With Expectations
Wynnstay Group PLC said Tuesday that it has performed broadly in line with management expectations in the first four months of fiscal 2023.
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Kape Technologies 2022 Profit, Revenue Surged on Strong Organic Growth
Kape Technologies PLC said Tuesday that its 2022 pretax profit almost tripled along with revenue, driven by significant organic growth across digital privacy, security, and content divisions and strong market tailwinds.
Market Talk:
Trustpilot's Shares Reflect Attractive Risk-Reward Opportunity
1001 GMT - Trustpilot is eyeing profitability a year earlier than anticipated, says Berenberg in a note after the review website for businesses said it expects to be Ebitda and cash flow positive in 2023. "We think reducing sales and marketing dollars in current market conditions is the right strategy as businesses will naturally be more reluctant to pay for any new subscriptions. This means lower-than-expected top-line growth in FY23 but higher profitability," say analysts at the brokerage. They note Truspilot has significant growth opportunities and the risk-reward balance at the current valuation is compelling, adding all KPIs in the 2022 results point to increasing virality, or network effects. Berenberg has a buy rating on the stock. Shares slip 0.8% at 91.75 pence. (elena.vardon@wsj.com)
AB Dynamics' Future Appears Encouragingly Bright
0853 GMT - AB Dynamics' growth should remain strong despite the difficult macroeconomic environment, given the positive momentum in the advanced driver-assistance system market, Liberum says. The company, which provides testing systems and measurement products to the automotive market, posted a brief first-half update that states performance is in line and full-year expectations are unchanged. While there may have been some lumpiness in order intake, overall momentum is encouraging, Liberum analysts say in a research note. "We think that the investment that AB Dynamics has made in recent years can now be leveraged, leading to a return to EBIT margins over 20%, providing material upside to our forecasts over time," the brokerage says. Liberum retains its buy rating and 2,700 pence price target. Shares are up 1.5% at 1,645.0 pence. (joseph.hoppe@wsj.com)
Kingfisher's FY 2023 Performance Seen as Slightly Ahead of Views
0850 GMT - Kingfisher's FY 2023 performance came in slightly stronger than expected, while guidance for the new fiscal year was in line with expectations, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note. The home-improvement retailer reported a better-than-expected performance of its U.K. division, while France and Poland were below forecast, they say. Kingfisher stated that it is comfortably in line with FY 2024 pretax profit market expectations and sees FY 2024 net debt at GBP2.3 billion, in line with RBC's forecast, they say. "We think Kingfisher's management team has introduced a more effective trading strategy, with a stronger digital offer and better inventory and cost control," they add. (michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-21-23 0526ET
