FTSE 100 Falls as UK Spring Budget Eyed
0850 GMT - The FTSE 100 falls 0.4% to 7603 points as traders await U.K. Treasury chief Jeremy Hunt's spring budget later. Prudential is the worst performer, falling 4.8%, after the insurer reported annual premium equivalent and new business profit that missed expectations in its full-year results. Mining shares fall on lower metal prices. Hunt will unveil his budget at 1230 GMT. He is likely to focus on "how to prod the stalling economy into life, without making tax cut and spend promises which could set off a fresh debt furore," Hargreaves Lansdown analyst Susannah Streeter writes. (renae.dyer@wsj.com)
Companies News:
Burberry Names Kate Ferry as Next CFO
Burberry Group PLC said Wednesday that it has appointed Kate Ferry as chief financial officer with effect by early September 2023 at the latest.
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Keywords Studios 2022 Revenue, Profit Rise Amid Sustained Demand
Keywords Studios PLC said Wednesday that revenue and pretax profit rose for 2022 as the company saw sustained demand for content and a continuing trend toward external service provision.
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Balfour Beatty 2022 Profit Significantly Rose; Will Repurchase GBP150 Mln of Shares
Balfour Beatty PLC said Wednesday that its 2022 pretax profit significantly rose together with revenue, and it will repurchase a further 150 million pounds ($182.4 million) of shares over 2023.
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Trainline FY 2023 Revenue Rose on International Ticket Sales Growth
Trainline PLC said Wednesday that its revenue for fiscal 2023 jumped on strong growth in net ticket sales, and that it sees its adjusted core earnings for the year in line with views.
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Bloomsbury Publishing Sees FY 2023 Revenue, Profit Ahead of Views
Bloomsbury Publishing PLC said Wednesday that it expects to report revenue and profit materially ahead of views for fiscal 2023 after booking a strong performance at the end of the year.
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Kin & Carta 1H Pretax Loss Widened on Higher Costs
Kin & Carta PLC said Wednesday that pretax loss for the first half of fiscal 2023 has widened on the back of higher costs due to macroeconomic pressures.
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Hyve Group Agrees to GBP320 Mln Takeover by Providence Equity Partners
Hyve Group PLC said Wednesday that it has agreed to a 320 million pound ($389.1 million) takeover by private equity firm Providence Equity Partners LLP.
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Ferrexpo 2022 Profit, Revenue Fell Significantly Due to Ukraine War
Ferrexpo PLC said Wednesday that its 2022 pretax profit and revenue significantly fell, principally due to the Russian invasion of Ukraine.
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IG Group 3Q Trading Revenue Fell on Lower Activity
IG Group Holdings PLC on Wednesday said that its third-quarter net trading revenue fell on lower market volatility and a 5% drop in active client numbers reflecting quieter market conditions.
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Kingswood Holdings Sees 2022 Operating Profit Below Views on Delayed Transaction
Kingswood Holdings Ltd. said Wednesday that operating profit for 2022 is anticipated to come in below the board expectations on the back of lower U.S. investment banking revenues and a delayed transaction.
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Marshalls 2022 Pretax Profit Fell on Adjustments; Sees 2023 Volumes Decreasing
Marshalls PLC said Wednesday its 2022 pretax profit significantly fell due to adjusting items, and said it expects 2023 volumes to reduce.
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Chemring Order Book Increases, 90% of Expected Revenue Covered
Chemring Group PLC said Wednesday that its order book has increased 30% on year as 90% of the expected revenue is now covered, and that its expectations for fiscal 2023 are unchanged.
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Centaur Media 2022 Profit, Revenue Rose; Declares Second Special Dividend
Centaur Media PLC said Wednesday that 2022 revenue and pretax profit rose, and declared a second special dividend for the year.
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Tremor International Says It Isn't Currently In a Sales Process
Tremor International Ltd. on Wednesday confirmed it isn't currently in a sale process as it responded to press speculation.
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Versarien Raises GBP318,000 Via Share Placing
Versarien PLC said Wednesday that it has raised 318,000 pounds ($386,656) through a share placing and that proceeds will be used to continue the commercialization work of its products.
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SigmaRoc Wins Around $18 Mln as Claim Against Swedish Government Succeeds
SigmaRoc PLC said Wednesday that its claim to seek compensation from Sweden over a land-use restrictions dispute has been successful.
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FDM Group 2022 Pretax Profit Rise Driven by North America Sales
FDM Group (Holdings) PLC said Wednesday that pretax profit in 2022 rose, as revenue was driven by sales in North America, and that it has proposed a dividend.
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4imprint 2022 Revenue, Profit Rose; Declares Special Dividend
4imprint Group PLC said Wednesday that revenue and pretax profit rose significantly in 2022 after it booked strong momentum and that it was proposing a special dividend.
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Ariana Resources Sees 2023 Gold Production From Turkish Mine Decreasing
Ariana Resources PLC said Wednesday that gold production from its 23.5%-owned Kiziltepe mine in Turkey is expected to decrease in 2023.
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TruFin 2022 Pretax Loss Narrowed in Line With Views, Is Confident About Year Ahead
TruFin PLC on Wednesday said its pretax loss for 2022 narrowed slightly, in line with expectations, and that it is confident about the year ahead.
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Reabold Resources Gets GBP18.7 Mln Takeover Proposal From Portillion SPV O&G
Reabold Resources PLC said Wednesday that it has received an unsolicited takeover approach from Kamran Sattar on behalf of Portillion SPV O&G worth around 18.7 million pounds ($22.7 million) which it believes undervalues the company.
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Petra Diamonds Raises $72.1 Mln in Fourth Diamond Tender
Petra Diamonds Ltd. said Wednesday that it sold 505,398 diamond carats in the fourth tender of fiscal 2023 for $72.1 million, up from 305,366 carats for $42.3 million in the third tender.
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Advanced Medical Solutions 2022 Pretax Profit Rose; Declares Increased Dividend
Advanced Medical Solutions Group PLC said Wednesday that pretax profit rose in 2022, driven by strong sales in both units, and that it proposed an increased dividend.
Market Talk:
UK Rate Decision Looks Clouded by US Banking Turmoil
0858 GMT - The current stress in financial markets could have implications for the Bank of England's interest rate decision next week, economists at JPMorgan say in a note. For now, the BOE is likely to proceed with an interest-rate increase of 25 basis points as the economy proves more resilient than expected and the labor market remains tight, they say. However, officials could turn more cautious, choosing to defer the interest-rate increase until May giving it time to asses how market conditions evolve, JPM says. "Next week's February Consumer Price Index report--which is due just one day before the [BOE's] Monetary Policy Committee announcement--could sway the MPC one way or the other," the U.S. bank says. (xavier.fontdegloria@wsj.com)
Quarterly Gilt Supply in FY2023-24 Could be Similar to 2H 2022-23
0853 GMT - The U.K. Debt Management Office quarterly gilt supply in the fiscal year 2023-24 could be similar to that in 2H 2022-23 even as overall gilt supply is projected to rise significantly from FY 2022-23, say RBC Capital Markets analysts in a note. "The quarterly gilt issuance profile in 2023-24 will actually look remarkably similar to that in 2H 2022-23 - following the step up from DMO supply along with the start of Bank of England gilt sales," they say. As a result, gilt market demand-supply activity in the coming quarters is likely to stay the same as in 2H 2022-23, RBC says. (miriam.mukuru@wsj.com)
Prudential's China Reopening Boost Resumes Growth Trajectory
0839 GMT - Prudential's prospects in China received a twin boost with regulatory proposals being favorable for insurance markets and demographics improving, alongside the reopening of the economy which resulted in strong sales in January and February, says Interactive Investor in a market comment after the insurance-and-investment business posted 2022 results. The Chinese reopening is a major boon for immediate prospects and longer-term prospects remain intact, says head of markets Richard Hunter. The stock's price has risen 26% in the last six months, he adds. "Some profit taking given this recent run has been exacerbated by a weaker wider market in early exchanges, with the shares seeing some weakness," says Hunter. Shares shed 4.1% at 1,134 pence. (elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-15-23 0527ET
