FTSE 100 Falls; Industrial, Packaging Losses Offset Higher Financials

FTSE 100 Falls as Industrial, Packaging Stocks Drop

0912 GMT - The FTSE 100 Index falls 0.6%, or 45 points to 7884 as losses for industrial and packaging stocks offset gains for financial shares and Informa. Spirax-Sarco Engineering drops 5% after the steam-system supplier reported lower-than-expected annual pretax profit. Packaging companies lose ground as D.S. Smith said in a third-quarter update that like-for-like corrugated-box volumes during 2H had been lower than in the comparative period. Smith's shares fall 3% and Smurfit Kappa and Mondi also retreat. Still, Aviva gains 3% and other insurers advance after Aviva reported what Citigroup described as reassuring full-year results. Informa also rises 3% after the business publisher announced higher annual profit and revenue. ([e-mail])

 
Companies News: 

ConvaTec Group 2022 Pretax Profit Fell on Higher Charges; Revenue Rose

ConvaTec Group PLC said Thursday that pretax profit fell in 2022 on higher expenses and charges, despite higher revenue, and raised its dividend payout.

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Aviva Swung to 2022 Pretax Loss; Launches GBP300 Mln Buyback

Aviva PLC on Thursday posted a swing to pretax loss for 2022 as it was hit by adverse market movements and launched a 300 million-pound ($355.3 million) share buyback.

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DS Smith Says Positive 1H Trends Have Continued Into 2H

DS Smith PLC said Thursday that positive trends experienced in the first half of the year have continued into the second, and performance has been in line with the board's expectations.

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Informa 2022 Pretax Profit, Revenue Rose; Buys Tarsus for $940 Mln

Informa PLC said Thursday that pretax profit and revenue rose for 2022 and that it was buying Tarsus for $940 million.

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Spirax-Sarco Engineering 2022 Pretax Profit Fell, Missed Consensus on Higher Costs

Spirax-Sarco Engineering PLC said Thursday that 2022 pretax profit fell and missed consensus after booking higher costs, and that it expects sales and adjusted operating profit to be more weighted toward the second half of 2023.

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Endeavour Mining 4Q Profit Fell on Impairments; Revenue Rose

Endeavour Mining PLC said Thursday that it swung to a fourth quarter pretax loss on a one-off impairment of goodwill, though revenue rose.

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Entain 2022 Revenue, Earnings Rose: US JV Set to Be Ebitda Positive in 2H 2023

Entain PLC said Thursday that revenue and underlying earnings rose in 2022 and that it expects its U.S. joint venture to be Ebitda positive in the second half of 2023.

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M&G Swung To 2022 Pretax Loss; Says On Track To Meet 2024 Capital Generation Target

M&G PLC on Thursday reported a swing to 2022 pretax loss and said it is on track to meet its capital generation target by the end of 2024.

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Hammerson 2022 Net Loss Narrows on Lower JV Losses, Property Revaluations

Hammerson PLC on Thursday reported a narrowed net loss for last year--beating market forecasts--after reporting lower losses from joint ventures and revaluations on properties.

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Alliance Trust Swung to 2022 Pretax Loss Amid Inflation, Ukraine War, Higher Interest Rates

Alliance Trust PLC said Thursday that it swung to a pretax loss in 2022 amid high inflation, the war in Ukraine and higher interest rates.

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Harbour Energy 2022 Net Profit Fell Due to UK Tax Charge; Launches $200 Mln Buyback Program

Harbour Energy PLC said Thursday that 2022 net profit fell and missed consensus after booking a $1.5 billion one-off non-cash deferred tax charge associated with the U.K.'s Energy Profits Levy, and that it was launching a $200 million share buyback program.

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HSBC Says IFRS 17 Implies Lower 2023 Net Interest Income Guidance, 1H 2022 Figures

HSBC Holdings PLC on Thursday said its net interest income guidance for 2023 is expected to be lower under the IFRS 17 accounting standard, which it said will only change the timing of profit recognition.

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Franchise Brands 2022 Pretax Profit, Revenue Rose Driven by B2B Division

Franchise Brands PLC said Thursday that pretax profit rose significantly in 2022 on higher revenue, beating expectations and driven by record growth at its business-to-business division.

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Kier Group 1H Profit Doubled on Strong Operations; Order Book Grows

Kier Group PLC said Thursday that its pretax profit for the first half of fiscal 2023 doubled despite flat revenue, and its order book rose.

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Domino's Pizza FY 2022 Pretax Profit Fell on Costs, Interest Rates; Sees Higher FY 2023 Ebitda

Domino's Pizza Group PLC said Thursday that fiscal 2022 pretax profit fell on technology platform costs and interest rates, and that it expects higher profitability for the year ahead.

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PageGroup 2022 Pretax Profit, Revenue Rose Amid Record Performance

PageGroup PLC said Thursday that pretax profit and revenue rose in 2022, with a record performance in 27 countries.

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Town Centre Securities Swung to 1H Loss on Property Valuation Losses

Town Centre Securities PLC said Thursday that it swung to a pretax loss in the first half of fiscal 2023, driven by property valuation falls.

 
Market Talk: 

Spirax-Sarco Shares Drop After FY Profit Fall

0933 GMT - Spirax-Sarco Engineering drops 5% after the steam-system supplier reported lower annual pretax profit. Pretax profit came in at GBP308.1 million, versus GBP314.5m a year ago and consensus expectations of GBP337.4m. Still, adjusted earnings per share of 377.2p in the year to Dec. 31 were up 11% on a year ago and 3% ahead of consensus, Shore Capital says, keeping its hold recommendation. "In the long-term, we believe Spirax can continue gaining market share and grow ahead of peers," Shore analysts say in a note. "However, we think the risks the company faces may be greater than the market perceives, with only around half of its revenue driven by defensive markets." ([e-mail])

M&G's Excess Capital Debate Removed For Now, Says Citi

0910 GMT - M&G's solvency miss and debt reduction removes the excess capital debate for now, says Citi in a note after the savings-and-investments business posted a solvency II ration 13 percentage points below consensus due to deferred tax assessment impacts. "We expect the market to focus on the debt reduction in the context of a solvency ratio which is now only c.9ppts above its excess capital range," says analyst Andrew Baker. Citi rates the stock neutral. Shares rise 1.9% at 220.5 pence, having reversed course after opening in the red. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

03-09-23 0450ET