The FTSE 100 ended the week on a positive note on Thursday, closing up 1.03% at 7741.56 ahead of the Easter weekend. "It has been another good week for the FTSE 100, on course for its third successive weekly gain, although it remains well short of its March peaks, with banks and commercial real estate still some way short of returning to the levels we saw at the beginning of March," says CMC Markets UK analyst Michael Hewson. Admiral Group ends up 4.5% and tops the British blue-chip index at market close along with United Group and Land Securities Group, having both gained more than 3%.
Companies News:
De La Rue Names Charles Andrews as Interim CFO
De La Rue PLC said Thursday that it has appointed Charles Andrews as interim chief financial officer with effect from April 11.
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Shell Sees 1Q Integrated Gas Production Rising, With Higher LNG Volumes
Shell PLC on Thursday forecast improved production from its integrated gas-and-oil products division in the first quarter of 2023, with higher liquid natural gas liquefaction volumes.
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Motorpoint Sees FY 2023 Break-Even Pretax Profit, Revenue to Reach Record High
Motorpoint Group PLC said Thursday that it expects pretax profit for fiscal 2023 to be broadly break even, while revenue is anticipated to reach record highs.
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Helical Says It Is Well-Placed to Capitalize on Office-Space Trends
Helical PLC said Thursday that it was well-positioned to capitalize on the continuing market dislocation and structural trends affecting the office sector.
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Robert Walters 1Q Gross Profit Rose Slightly Despite Tough Market Terms, Comparables
Robert Walters PLC said Thursday that its gross profits rose slightly in the first quarter of 2023, despite difficult macroeconomic conditions and tough comparables.
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Fulcrum Utility Sees FY 2023 Meeting Guidance; Will Exit Smart Metering
Fulcrum Utility Services Ltd. said Thursday that it expects it full-year results to meet prior guidance, and that it will exit the smart-metering business.
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EDF's Acquisition of GE's Nuclear Steam Power Business Faces Probe by UK Regulator
The U.K. Competition and Markets Authority has launched a merger inquiry into the acquisition by Electricite de France SA of General Electric Co.'s nuclear steam power business for competition concerns.
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Gear4Music Sees FY 2023 Earnings Lower Than Previously Forecast on Weaker Demand, Economic Conditions
Gear4Music (Holdings) PLC said Thursday that it expects to report that earnings for fiscal 2023 were lower than previously forecast following weaker consumer demand during February and March and generally challenging economic conditions.
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Xpediator Agrees to GBP62.3 Mln Cogels Consortium Takeover
Xpediator PLC said Thursday that it has agreed to a 62.3 million-pound ($77.6 million) takeover by DLM Bidco Ltd., a new company created by a consortium that includes its largest shareholder Cogels Investments.
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Barryroe Offshore to Raise Up to EUR20 Mln via Placing, Open Offer
Barryroe Offshore Energy PLC said Thursday it will raise up to 20 million euros ($21.8 million) via a placing and an open offer and that it will use the proceeds to meet working capital requirements and develop the offshore Barryroe project over the next two years.
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SigmaRoc Says Sweden Appeals Compensation Award in Dispute Over Land-Use Restrictions
SigmaRoc PLC said Thursday that the Swedish state has appealed against a decision to award compensation to the company amid a dispute over land-use restrictions.
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Real Good Sees FY2024 Improvement, Secures GBP550,000 Loan
Real Good Food PLC said Thursday that it expects fiscal 2024 performance to improve, on the back of its reform program, and that it has secured a further loan.
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Tyman CEO Jo Hallas Steps Down by Mutual Agreement With Board
Tyman PLC said Thursday that its Chief Executive Officer Jo Hallas will step down from today after mutual agreement with the board.
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Rosslyn Data Technologies Sees FY 2023 Revenue Fall
Rosslyn Data Technologies PLC said Thursday that it expects to report a fall in revenue in fiscal 2023, despite an expected rise in annual recurring revenue, while its earnings loss narrowed on new customer wins and strong demand.
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Celsius Resources Nonexecutive Vice Chairman Jonathan Colvile Steps Down
Celsius Resources Ltd. said Thursday that nonexecutive Vice Chairman Jonathan Colvile has resigned from the role and the board effective immediately.
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Malvern International 2022 Pretax Loss Narrowed as Student Numbers Recovered
Malvern International PLC said Thursday that its pretax loss narrowed and its revenue more than doubled in 2022 as the easing of travel restrictions led to a recovery in student numbers.
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Integrated Diagnostics 2022 Revenue, Pretax Profit Fell With Demand, Inflation
Integrated Diagnostics Holdings PLC said Thursday that 2022 revenue and pretax profit fell following declines in demand for Covid-19-related products and services and inflation affecting markets.
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Gresham House Energy 2022 Pretax Profit Rose, Helped By Revaluation of New Projects
Gresham House Energy Storage Fund PLC said Thursday that 2022 pretax profit rose, helped by the revaluation of new projects and increased third-party revenue forecasts, and that some projects initially planned for 2022 are expected to be commissioned in 2023.
Market Talk:
UK's Easing Inflationary Pressures Signal End of BOE Rate Increases
1105 GMT - The U.K. could be done with interest-rate rises as inflation drivers such as high energy prices come down, writes ING economist James Smith in a note. "U.K. inflation expectations among both businesses and consumers have begun to ease," he writes. "If the recent trends in inflation and wages continue then we think the Bank of England is done with rate increases." Nonetheless, interest rate cuts could be some way off as U.K. inflation is unlikely to fall rapidly in the near term, according to Smith. "We shouldn't expect the first BOE rate cut until 2024," he writes. (miriam.mukuru@wsj.com)
Hilton Food's UK Business Turnaround, Growth Seen as Reassuring
1004 GMT - Hilton Food Group deserves credit for the efforts to turn around its U.K. seafood business, RBC Capital Markets analysts Emma Letheren and James Edwardes Jones say in a note. "We are particularly reassured by the fact margins would have been up in 2022 excluding the impact of U.K. Seafood," they say. The food-packing business's forward focus on organic opportunities rather than traditional merger and acquisitions also boosts optimism, the analysts add. RBC raises its price target to 700 pence from 600 pence on the stock to reflect higher margin forecasts. Shares are up 2.9% to 679 pence. (michael.susin@wsj.com)
Shell Flags Good 1Q, Higher LNG Output Bodes Well
0939 GMT - Shell appears to have started 2023 well, says Panmure Gordon following a first quarter 2023 update note from the oil major. Panmure Gordon highlights factors such as an expected rise in liquefied natural gas liquefaction in the first quarter versus the fourth quarter last year and an improvement in marketing division results compared with 4Q. Still, while chemicals margins are expected to rise to $140/tonne from $37/tonne, chemicals sub-segment adjusted earnings are expected to reflect a loss in 1Q, Panmure says. "This would suggest 2023 has got off to a good start for Shell and increased LNG production should be lucrative," Panmure analyst Ashley Kelty says in a note. Shell shares rise 1.6%. (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-06-23 1231ET
