FTSE 100 Falls as Traders Digest Earnings
0820 GMT - The FTSE 100 falls 0.5% to 7842 points as investors wade through corporate earnings. CRH shares fall 4.4% after the building materials group said the European backdrop remains challenging amid inflation pressures and some slowdown in the new-build residential sector. Standard Chartered shares decline 0.8% even after reporting better-than-expected first-quarter profits as concerns over the health of the banking sector weigh. Distribution specialist Bunzl, consumer goods giant Reckitt Benckiser, medical equipment company Smith & Nephew and pharmaceutical group GSK drop after publishing trading updates. Persimmon gains 4.9%, leading a rally in housebuilders, after saying it expects to build homes at the top end of its annual guidance range. (renae.dyer@wsj.com)
Companies News:
Persimmon 1Q Sales Fell After Challenging End to 2022, But Sees Improvements
Persimmon PLC said Wednesday that its private sales rate per outlet in the first quarter fell by 37% on year, after a challenging fourth quarter, though it is seeing encouraging signs of improvement.
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Smith & Nephew Posts 1Q Revenue Beat on Growth in Established Markets
Smith & Nephew PLC on Wednesday reported better-than-expected revenue growth for its first-quarter driven by the performance of its established markets and backed its guidance for 2023.
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Bunzl Backs 2023 Guidance After 1Q Revenue Rose
Bunzl PLC said Wednesday that revenue in the first quarter rose 8.4% at actual exchange rates and 1.2% at constant exchange rates, and backed its guidance for the year.
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Elementis 1Q Underlying Revenue Was Flat on Year
Elementis PLC said Wednesday that revenue was flat on an underlying basis in the first quarter of 2023 on benefits from pricing measures and improved mix broadly offsetting weaker volumes.
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GSK 1Q Profit, Sales Beat Expectations But Fell On-Year; Backs 2023 Guidance
GSK PLC on Wednesday reported net profit and sales that beat expectations but declined on-year, and backed its guidance for the full year 2023.
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Reckitt Benckiser 1Q Revenue Rose Ahead of Views; CEO to Step Down
Reckitt Benckiser Group PLC said Wednesday that its first-quarter revenue rose supported by a broad-based growth across its businesses, and said it has appointed Kris Licht as Chief Executive Officer to succeed Nicandro Durante.
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Nichols 1Q Revenue Rose On Packaged Business Performance; CFO Resigns
Nichols PLC on Wednesday said that revenue rose in the first quarter of 2023 on strong performance in its packaged business, and that its chief financial officer will leave the company by the end of the month.
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Drax Sees 2023 Earnings Meeting Market Views; To Start GBP150 Mln Share Buyback
Drax Group PLC said Wednesday that it expects to deliver full-year earnings in-line with analysts' expectations following a strong first-quarter system-support and generation performance, and announced a new 150 million pound ($186.1 million) share buyback program.
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Fresnillo Backs 2023 Guidance; 1Q Production Costs Worsened by Inflation, Currency Effects
Fresnillo PLC on Wednesday backed its 2023 production guidance and said first-quarter adjusted production costs continued to be worsened by continuing cost inflation and the revaluation of the Mexican peso against the dollar.
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Jupiter Fund Management Nonexecutive Chair Nichola Pease Steps Down
Jupiter Fund Management PLC said Wednesday that Nonexecutive Chair Nichola Pease is stepping down for personal reasons and will be replaced by David Cruickshank with immediate effect.
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Brickability Sees Rise in FY 2023 Revenue, Earnings Ahead of Market Views
Brickability Group PLC said Wednesday that it expects to report a rise in revenue for fiscal 2023 and earnings ahead of market expectations, after a resilient performance in the final quarter.
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Breedon Sees 1Q Revenue Rise as Pricing Offsets Volumes Weakness
Breedon Group PLC said Wednesday that performance in the first quarter has been positive, with revenue up 10% on year or 7% on a like-for-like basis on pricing.
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Man Group 1Q Assets Under Management Rose Slightly
Man Group PLC on Wednesday said its assets under management rose 1% over the first quarter.
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Zinc Media Group 2022 Pretax Loss Widened on Acquisition Costs; Revenue Rose 72%
Zinc Media Group PLC said Wednesday that its pretax loss widened in 2022 on acquisitions-related costs, but that revenue jumped on growth in TV and its Zinc Communicate units.
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Warpaint London 2022 Pretax Profit, Revenue Rose; Sees Record 1Q Sales
Warpaint London PLC said Wednesday that 2022 pretax profit rose as sales increased, and that performance in the first quarter continued to be strong as it achieved record sales in the period.
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Trifast Sees FY 2023 Revenue Rising, Profit Slightly Ahead of Guidance
Trifast PLC said Wednesday that fiscal 2023 organic revenue rose around 7% at constant currency, driven in particular by U.S. operations, and that it expects adjusted profit to marginally exceed prior guidance.
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Narf Industries Shares Fall on 2022 Results Delay
Shares in Narf Industries PLC fell 18% on Wednesday after the company said the publication of its 2022 results will be delayed and that it has appointed an interim chief financial officer.
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Gem Diamonds Sold Seven Diamonds in 1Q for $11.1 Mln
Gem Diamonds Ltd. said Wednesday that it sold seven diamonds in the first quarter and that this generated revenue of $11.1 million for the period ended March 31.
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Biome Technologies 1Q Revenue Rose, Backs Guidance; 2022 Loss Narrowed
Biome Technologies PLC said Wednesday that its first-quarter revenue rose significantly on year and retained full-year guidance, and its 2022 loss narrowed.
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Image Scan Holdings Swung to 1H Pretax Profit on Higher Orders
Image Scan Holdings PLC on Wednesday said it swung to a pretax profit for the first half of fiscal 2023 as it booked and delivered more contracts to customers.
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Learning Technologies 2022 Pretax Profit Tripled on Soaring Revenue
Learning Technologies Group PLC said Wednesday that pretax profit more than tripled in 2022, as revenue more than doubled benefiting from the integration of its late-2021 acquisition of GP Strategies.
Market Talk:
Persimmon's 1Q Update Was Positive, But Unlikely to Shift Views
0813 GMT - Persimmon's first-quarter update is encouraging overall, with a sequential sales improvement, firm pricing and guidance towards the upper end of expectations, though consensus changes are likely to be limited, Goodbody says. The house builder's on-year change in sales rates continues to become less negative, and while building cost inflation pressures are still to the fore, house prices remaining firm offers encouragement, Goodbody analyst Shane Carberry says. "Our current, and recently updated forecasts implies that Persimmon will deliver a 2023 unit delivery of [around] 9000, broadly in line with today's better guidance. We therefore foresee limited changes to forecasts," the Irish brokerage says. Goodbody retains it buy recommendation. Shares are up 4.9% at 1,297 pence. (joseph.hoppe@wsj.com)
Learning Technologies Looks Exposed To Macro Challenges
0813 GMT - Learning Technologies' 2022 results were mainly positive, but the company looks exposed to macro challenges, Citi analysts write in a research note. The few positive surprises in an otherwise unsurprising, in-line print were the lower-than-expected net debt and the higher-than-expected final dividend, the analysts say. However, the company looks exposed to broader macro challenges, and its guidance of high single-digit growth on adjusted EBIT growth suggests some downside pressure to consensus forecasts, as the market is currently assuming adjusted EBIT growth above 10%, Citi says. Citi has a neutral rating on the stock. Shares are down 15% at 110.80 pence. (christian.moess@wsj.com)
GSK's 1Q Beat Signals Little Near-Term Risk to Earnings
0813 GMT - GSK delivered a respectable revenue and earnings beat in the first quarter, Citi analyst Andrew Baum says in a note. The results signal little material risk to GSK's near-term earnings, the issue is rather that the market continues struggling to rerate the stock given some concerns over litigation and loss of exclusivity on its HIV drug dolutegravir, Baum says. The British pharma major's sales and adjusted EPS were 7% and 11% ahead of consensus, respectively, and notably strong product included dolutegravir-based products for HIV as well as vaccines, says the analyst. GSK shares trade down 1% at 1,485.8 pence. (cecilia.butini@wsj.com)
Worldline 2023 Guidance Seems Within Reach After Better-Than-Expected 1Q
0808 GMT - Worldline's first-quarter revenue came in ahead of consensus expectations and its full-year outlook seems within reach, Bryan Garnier analyst Paul Charpentier says in a note. The French payments company reported a 9.2% rise in organic revenue for the quarter, which BG says exceeded consensus views. Worldline also reiterated 2023 guidance that calls for revenue growth of 8%-10% on a like-for-like basis, and an improvement in its operating margin before depreciation and amortization of 100 basis points relative to its pro-forma 2022 result. "We consider these targets are largely achievable," BG says. Worldline shares rise 1.1%. (adria.calatayud@dowjones.com)
Reckitt Benckiser's New CEO Seen a Safe Bet; Consensus Upgrades Could Follow
(MORE TO FOLLOW) Dow Jones Newswires
04-26-23 0521ET
