FTSE 100 Edges Higher as BAE Systems, Centrica Gain
0933 GMT - The FTSE 100 edges 0.1%, or 11 points, higher to 7396 as gains for BAE Systems and Centrica offset losses for Vodafone. BAE shares rise 3% after the defense group said it had done well in the second half so far despite tough conditions and backed its guidance for the year. Centrica gains 4% after the owner of British Gas announced the start of a share-buyback program. Imperial Brands advances 1% after the tobacco group reported higher annual adjusted operating profit. Still, Vodafone Group shares fall 6% after the mobile-phone operator reported lower first-half adjusted earnings.(philip.waller@wsj.com)
Companies News:
BAE Systems Says 2H Performance Good So Far; Backs Guidance
BAE Systems PLC said Tuesday that its operational performance in the second half to date has been good despite challenging conditions, and backed its guidance for the year.
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Melrose Industries Group Revenue Up 14% Between July 1 and October 31
Melrose Industries PLC said Tuesday that its performance for the period of July 1 to Oct. 31 has been in line with the board's expectations, with revenue up 14% and operating profit substantially higher.
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UK Competition Regulator to Probe CapCo, Shaftesbury Deal
The U.K. competition regulator said Tuesday that it is considering whether the merger between Capital & Counties Properties PLC and Shaftesbury PLC might substantially reduce competition.
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Imperial Brands FY 2022 Pretax Profit Fell Amid Higher Costs; Raises Dividend
Imperial Brands PLC said Tuesday that pretax profit for fiscal 2022 fell as it booked increased costs and revenue declined, and raised its dividend payout.
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Morses Club to Constrain Lending as Funder Won't Provide an Advance
Morses Club PLC said Tuesday that it will take steps to constrain lending as its funders have confirmed that they won't provide a peak trading advance against its loan book for the period from Nov. 15 to Feb. 14.
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Ninety One 1H Pretax Profit Fell Amid Challenging Backdrop
Ninety One PLC said Tuesday that pretax profit fell in the first half of fiscal 2023 and reported outflows amid a challenging macroeconomic backdrop, and said that it expects these pressures to continue.
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Hornby Appoints Oliver Raeburn as New CEO
Hornby PLC said Tuesday that it has appointed Oliver Raeburn as group chief executive officer from early next year, whereupon Executive Chairman Lyndon Davies will step down to a nonexecutive role.
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Vodafone Sets New EUR1 Bln Costs-Saving Target as Macroeconomic Environment Worsens
Vodafone Group PLC on Tuesday reported a rise in pretax profit and revenue for the first half of fiscal 2023, but updated its guidance for the full year amid the challenging macroeconomic environment and set a new costs-savings target of more than 1 billion euros ($1.03 billion).
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Land Securities Swung to 1H Pretax Loss on Market Yield Shift
Land Securities Group PLC said Tuesday that it swung to a pretax loss in the first half of fiscal 2023, as shifts in market yields offset growth in earnings and revenue.
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DX (Group) Appoints Mark Hammond as New Executive Chairman
DX (Group) PLC said Tuesday that Mark Hammond has been appointed as executive chairman with immediate effect after Ron Series decided to retire.
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Workspace Group 1H Pretax Profit Rose Significantly on Higher Rent
Workspace Group PLC said Tuesday that first-half pretax profit and revenue rose significantly on higher net rental income and a swing to profit on the fair value of investment properties.
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Pressure Technologies to Raise Up to GBP2.5M to Support Working Capital
Pressure Technologies PLC said Tuesday that it is planning to raise up to 2.5 million pounds ($2.9 million) via a share placing and retail offer, and will use the money to support its short-term working capital requirements, while it progresses with longer-term financing opportunities.
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Speedy Hire 1H Pretax Profit Fell on Higher Costs; Sees FY 2023 in Line With Views
Speedy Hire PLC said Tuesday that pretax profit fell for the first half of fiscal 2023 due to increasing costs, but added that it is confident to deliver full-year performance in line with the management expectations.
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Baron Oil to Raise Up to GBP6 Mln; Shares Fall
Shares in Baron Oil PLC fell Tuesday after it said that it will raise around 6 million pounds ($7.1 million) via a discounted placing, a subscription and a retail offer.
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DX (Group) Shares Rise as FY 2022 Pretax Profit, Revenue Increase
Shares in DX (Group) PLC rose 8% on Tuesday after it said that pretax profit and revenue rose on the back of the successful execution of the growth strategy and investment.
Market Talk:
Vodafone Shares Tumble on Free Cash Flow Guidance Downgrade
0923 GMT - Vodafone Group's shares were sent sharply lower in early trade after the U.K. telecoms company downgraded its full-year free cash flow forecast from EUR5.3 billion to EUR5.1 billion, Interactive Investor's head of investment Victoria Scholar says in a note. While it did manage to grow its sales thanks to higher services revenue growth and equipment sales, its earnings suffered in the first half, she says. The full-year outlook was gloomy and the company has been struggling in Germany amid regulatory changes in its biggest market. Also, increasing costs from energy and labor have been a drag, but price increases to offset these might turn customers away, she notes. Shares trade down 5.9% at 97.99 pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
11-15-22 0457ET
