FTSE 100 Falls as AB Foods, Banks Retreat
0815 GMT - The FTSE 100 falls 0.4% to 7877 points as Associated British Foods shares decline after posting weaker profits and banking stocks retreat after embattled U.S. lender First Republic Bank reported a slump in deposits. Primark owner AB Foods drops 5.7% after reporting a 3% decline in first-half profit and remained cautious about the outlook for consumer spending amid a cost of living crisis. U.K. bank stocks fall on fresh concerns about the sector after First Republic said deposits fell by more than $100 billion in the first quarter. Mining shares drop on lower copper prices. Whitbread gains 3.7% after the Premier Inn owner reported higher-than-expected annual profit, above pre-pandemic levels, on strong demand for accommodation. (renae.dyer@wsj.com)
Companies News:
AB Foods Backs FY 2023 Views After 1H Sales Rose, Although Profit Fell
Associated British Foods PLC said Tuesday that adjusted operating profit for the first half of fiscal 2023 fell, but backed its full-year guidance amid robust sales growth and less volatile inflation, and raised its dividend payout.
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Travis Perkins 1Q Sales Fell On Challenging Market Conditions
Travis Perkins PLC said Tuesday that sales fell in the first quarter of 2023 due to challenging market conditions.
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Anglo American 1Q Production Rose 9% On Year; Backs 2023 Guidance
Anglo American PLC on Tuesday said its first-quarter production rose 9% compared with the same period the previous year driven by copper production at its new mine in Peru as well as improvements in its steelmaking coal and iron ore business operations.
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JD Sports Fashion Appoints Darren Shapland, Angela Luger as Nonexecutive Directors
JD Sports Fashion PLC said Tuesday that it has appointed Darren Shapland and Angela Luger as nonexecutive directors from June 1.
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Whitbread FY 2023 Pretax Profit Rose; Launches GBP300 Mln Buyback Program
Whitbread PLC said Tuesday that pretax profit rose for fiscal 2023, and that it was launching a 300 million pounds ($374.6 million) buyback.
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Jupiter Fund Management 1Q Assets Under Management Rose
Jupiter Fund Management PLC on Tuesday posted a rise in its assets under management over the first quarter of 2023 compared with the previous quarter, propped up by positive market movements performance.
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Loungers FY 2023 Revenue Reaches Record Level After 2H Like-For-Like Sales Rose
Loungers PLC said Tuesday that revenue for fiscal 2023 reached a record level after a 12% rise in like-for-like sales in the second half and a strong final 12 weeks of the year.
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Coca-Cola Europacific Partners 1Q Sales Rose
Coca-Cola Europacific Partners PLC said Tuesday that its revenue rose 12% in the first quarter of 2023 on strong demand in Europe.
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IWG Backs 2023 Views After Record 1Q Revenue
IWG PLC said Tuesday that its outlook for 2023 remains unchanged after the group reported a record revenue for the first quarter and continues to focus on reducing debts.
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Eurowag 1Q Net Revenue Rose 31% on Growth of Active Customers
W.A.G Payment Solutions PLC on Tuesday posted a 31% rise in net revenue in the first quarter of 2023 as its number of active customers and trucks grew, and backed its medium-term guidance.
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Quilter 1Q Assets Under Management and Administration Edged Up On-Quarter
Quilter PLC on Tuesday said its first-quarter assets under management and administration rose slightly on net inflows, a modest pick-up in equity markets and slightly lower bond yields in the period.
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Next 15 Swung to Pretax Profit in FY 2023 on Acquisitions, Contract Wins
Next 15 Group PLC said Tuesday that it swung to a pretax profit in fiscal 2023, as revenue was boosted by acquisitions and contract wins.
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RWS Holdings Sees FY 2023 Adjusted Pretax Profit at Lower End of Views; Shares Fall
RWS Holdings PLC shares fell on Tuesday after the group said it expects adjusted pretax profit for fiscal 2023 to be at the lower end of market expectations due to reduced levels of activity.
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AB Dynamics 1H Pretax Profit Fell Despite 30% Revenue Growth
AB Dynamics PLC said Tuesday that pretax profit fell in the first half of fiscal 2023, but that revenue rose 30% due to strong performances in main segments.
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Hammerson 1Q Rental Income Increased as Footfall, Sales Rose
Hammerson PLC said Tuesday that its rental income rose in the first quarter as more people visited and shopped at its centers.
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Smoove PLC Says Third-Party Talks Have Ended
Smoove PLC said Tuesday that talks with a third party over a possible deal have ended following separate takeover talks with PEXA Group Ltd.
Market Talk:
AB Foods Cautious Outlook Prompts Share Price Drop
0928 GMT - AB Foods' cautious guidance will be a disappointment for investors despite impressive 1H headline figures, AJ Bell investment director Russ Mould says in a note as shares fall 5.6%. "Management is worried about the impact of high inflation and higher interest rates on the consumer and so it is guiding for slower growth at Primark. It also says margins aren't going to improve near-term," Mould highlights. The British conglomerate also expects to book higher staff costs and extra investment in technology, while freight and energy costs are easing, he adds. (michael.susin@wsj.com)
Whitbread Gains as Investors Cheer Profit Rise, Buyback
0918 GMT - Shares in Whitbread rise 5% to 3277 pence after the Premier Inn owner reported higher profit in the year to March and announced a GBP300 million share buy-back. Fourth-quarter revenue per available room topped expectations and the planned cash returns were expected, but nonetheless likely well received, Barclays says, reiterating its overweight recommendation and 3750p price target on the stock. "Whitbread remains one of our preferred picks," Barclays analysts say in a note, adding that consensus forecasts for this year could increase. (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-25-23 0555ET
