FTSE 100 Drops as Admiral, Financial Stocks Fall

0912 GMT - The FTSE 100 falls 0.3%, or 25 points to 7894 as insurers and financial stocks fall after Admiral reported lower-than-expected annual profit. Admiral drops 5% after the insurer posted a pretax profit of GBP469 million ($554.6 million), versus GBP769m the previous year and consensus estimates of GBP489.4m, and also cut its dividend. Legal & General, which also reported full-year results, and other financial stocks such as Abrdn, St. James's Place, Hargreaves Lansdown and Schroders are also among the biggest top-flight fallers. Meanwhile, miners, retailers and oil stocks are among a handful of risers. "European markets are mostly in the red, taking their cues from last night's Fed-driven sell-off on Wall Street," Interactive Investor's head of investment Victoria Scholar writes. (philip.waller@wsj.com) 


 
Companies News:

Hiscox 2022 Gross Premiums Written Increased Amid Attractive Rate Environment

Hiscox Ltd. said Wednesday that gross premiums written increased in 2022, boosted by an attractive rate environment and despite forex headwinds from a strengthening U.S. dollar.

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Legal & General 2022 Operating Profit Beats Views

Legal & General Group PLC on Wednesday posted an operating profit beat for 2022 and said it is highly confident in its strategy to continue to deliver growth.

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Breedon 2022 Profit, Revenue Rose; Will Move Shares to Main Market From AIM

Breedon Group PLC said Wednesday that pretax profit rose in 2022 along with revenue, driven by its pricing strategy, and it intends to move its shares to trading on the London Stock Exchange's Main Market.

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Tullow Oil 2022 Swung to a Net Profit But Missed Consensus as Revenue Rose

Tullow Oil PLC said Wednesday that it swung to a net profit for 2022 as revenue rose, but missed consensus, and backed its production guidance for 2023.

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IP Group Swung to 2022 Pretax Loss on Investments Losses

IP Group PLC said Wednesday that it swung to a pretax loss in 2022, driven by changes in value of equities and debt investments.

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Darktrace 1H Net Profit Dropped Amid Elevated Share-Based Payments

Darktrace PLC said Wednesday that net profit dropped for the first half of fiscal 2023 as it booked elevated share-based payments and associated employer tax charges related to vesting of a significant block of grants made at IPO.

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Admiral 2022 Pretax Profit Drops on Inflation Hit, Cuts Dividend

Admiral Group PLC on Wednesday reported a fall in pretax profit for 2022 missing expectations as it proposed a lower dividend for the year due to a challenging market backdrop with high inflation.

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Bakkavor 2022 Pretax Profit Fell on Inflation Cost; U.S. Market Drives Sales

Bakkavor Group PLC said Wednesday that pretax profit for 2022 fell, mainly due to inflationary pressures, and despite revenue rising on the back of strong results in the U.S.

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CLS Holdings Swung to 2022 Pretax Loss on Property Revaluation Losses

CLS Holdings PLC said Wednesday that it swung to a pretax loss in 2022 on losses on the revaluations of its investment properties.

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TClarke 2022 Pretax Profit, Revenue Rose as Data Center Business Expanded

TClarke PLC said Wednesday that 2022 pretax profit rose as revenue increased partly due to the expansion of its data center business, and that outlook for 2023 was healthy.

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MusicMagpie FY 2022 Pretax Loss Narrowed, Revenue Stable

MusicMagpie PLC said Wednesday that pretax loss narrowed in fiscal 2022 as revenue was broadly flat and that the short-term outlook remains challenging.

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SIG Swung to 2022 Pretax Profit on Price Inflation; Says 2023 Started Well

SIG PLC said Wednesday that it swung to a pretax profit in 2022 primarily on product price inflation and strategic growth initiatives, and 2023 has begun well, though it expects weaker demand overall.

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Hotel Chocolat 1H Pretax Profit, Revenue Fell Amid Dip in Online, Wholesale

Hotel Chocolat Group PLC said Wednesday that pretax profit for the first half of fiscal 2023 fell on lower revenue, as online sales fell and wholesale revenue came in lower than expected.

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Quilter Delays Operating Margin Target After 2022 Pretax Profit Fell

Quilter PLC on Wednesday reported lower pretax profit for 2022 as its results were affected by lower equity markets and dampened investor sentiment, leading it to rebase its operating margin target to 2025.

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Galliford Try Swung to 1H Profit; Sees FY 2023 Profit at Upper End of Market Views

Galliford Try Holdings PLC said Wednesday that it swung to a pretax profit in the first half of fiscal 2023 and revenue increased, and it sees full-year adjusted pretax profit at the upper end of current market estimates.

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Camellia Updates 2022 Guidance on Agriculture Performance, Pay Negotiations Outcome

Camellia PLC on Wednesday raised adjusted pretax profit guidance for 2022 as its agriculture division performed ahead of views in the fourth quarter and the outcome of pay negotiations in Bangladesh were significantly better than expected.

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Blackstone/Thomson Reuters Consortium Sells 28 Mln London Stock Exchange Group Shares

Morgan Stanley & Co. International PLC said Wednesday that it has sold 28 million shares in London Stock Exchange Group PLC at 7,150 pence on behalf of the Blackstone/Thomson Reuters consortium, more than originally planned.

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Restaurant Group Shares Fall After 2022 Pretax Loss Widened Under Inflation Pressure

Restaurant Group PLC shares fell early Wednesday after the company said its 2022 pretax loss widened on significant exceptional losses related to inflation, and despite a rise in total sales.

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Amigo Holdings Warns of Extremely Challenging Situation as Equity-Related Negotiations Continue

Amigo Holdings PLC said Wednesday that conversations continue with potential investors to support the 45 million pounds ($53.2 million) capital raise needed to avoid a wind-down of the business and that the situation remains extremely challenging.

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Headlam 2022 Pretax Profit Rose as Price Rises Offset Headwinds

Headlam Group PLC said Wednesday that pretax profit rose in 2022 and revenue was largely on par with 2021 as price increases offset industry headwinds.

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Predator Oil & Gas Completes Due Diligence for Trinidad Asset Deal

Predator Oil & Gas Holdings PLC said Wednesday that it has completed all confirmatory due diligence relating to its agreement to buy Challenger Energy Group PLC's 83.8% interest in the Cory Moruga asset in Trinidad.

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TT Electronics 2022 Performance Beats Views on Record Order Intake

TT Electronics PLC said Wednesday that adjusted profits and revenue rose above expectations in 2022 amid record order intake, and raised its dividend by 13%.

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AIB Group 2022 Pretax Profit Rose, Boosted by Net Interest Income

AIB Group PLC on Wednesday posted an increase in pretax profit for 2022 benefiting from a rising interest rate environment and higher average loan volumes, which it sees continuing into 2023 as it guided for net interest income to be higher.

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MGC Pharmaceuticals Request for $500,000 Funding Is Approved

MGC Pharmaceuticals Ltd. said Wednesday that a $500,000 funding request has been approved and a funds transfer to its Australian bank account processed, set to be used for working capital purposes.

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Ovoca Bio Divests Russian Assets to Desirix LLC for $1.1 Mln

Ovoca Bio PLC said Wednesday that it has agreed to sell some Russian assets to Russian private company Desirix LLC for 84.6 million Russian rubles ($1.1 million) in cash, and that the proceeds will be used for general corporate purposes.

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Hill & Smith 2022 Pretax Profit, Revenue Rose on Strong US Performance

Hill & Smith PLC said Wednesday that pretax profit and revenue rose in 2022, with record profitability beating market views and a particularly strong performance in the U.S.

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Time Finance' Shares Rise on FY 2023 Beat Forecast

Shares of Time Finance PLC rose 16% on Wednesday after the company said that it expects to report consensus-beating pretax profit for fiscal 2023 after a strong nine-month performance. 


 
Market Talk:

Darktrace Looks on Firmer Footing to Meet FY 2023 Guidance

0855 GMT - Darktrace's first-half results show significantly better profitability than expected, with Ebitda significantly ahead of the preannounced metrics, Jefferies analysts say in a research note. The cybersecurity company's full-year guidance is unchanged, but the strong first-half run-rate suggests that numbers for the year are largely derisked, at least in terms of Ebitda, they say. Cash flows were weaker than expected, but while stronger cash flow would be preferred, fiscal 2022 benefited from a post-covid improvement in collections and cash flow at Darktrace has been trending ahead of profits and remains so, the analysts say. Darktrace shares trade far too cheaply considering its growth profile, they add. Jefferies has a buy rating on the stock with a price target of 425.00 pence. (kyle.morris@dowjones.com)

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Admiral UK Motor Underlying Results Similar to Peers, Citi Says

0848 GMT - Admiral's material deterioration in underlying U.K. motor loss ratio isn't too dissimilar to peers, Citi says in a note after the car insurer posted a pretax profit miss for 2022. The underlying trend of U.K. motor was particularly weak albeit slightly better than what motor peers have reported or guided, the U.S. bank says. "Expect a material correction in share price for Admiral today," analyst James Shuck says, adding that shares have outperformed peer Direct Line by around 20% year-to-date. Citi has a neutral rating on the stock. Admiral shares shed 5.1% at 1,984 pence. (elena.vardon@wsj.com)

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Legal & General's Profit Beat Quality Could Be Questioned

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03-08-23 0435ET