FTSE 100 Rises as Banking Shares Recover

0836 GMT - The FTSE 100 rises 1.1% to 7421 points as banking shares recover from recent losses triggered by worries about the sector following U.S. banking failures and problems at Credit Suisse. Credit Suisse announced Thursday it will borrow up to CHF50 billion from the Swiss National Bank to strengthen its liquidity after its shares slumped Wednesday as its biggest lender Saudi National Bank said it wouldn't offer more financial support. The rescue is "staunching worries about a bigger run on Credit Suisse and the repercussions for other institutions around the world exposed to its operations," Hargreaves Lansdown analyst Susannah Streeter writes. Meanwhile, Rentokil Initial shares jump 6.8% after the pest control group upgraded its medium-term guidance after posting better-than-expected annual profit. (renae.dyer@wsj.com) 


 
Companies News:

Vodafone Business CEO Vinod Kumar to Retire

Vodafone Group PLC on Thursday said that the chief executive officer of Vodafone Business, Vinod Kumar, will retire on Dec. 31 to pursue a portfolio career.

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Halma Sees FY 2023 Adjusted Profit Rising In-Line With Market Views

Halma PLC said Thursday that fiscal 2023 adjusted pretax profit is expected to be in line with market expectations as it has enjoyed organic, constant-currency revenue growth in all areas in the year-to-date.

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Deliveroo 2022 Revenue Rose as Pretax Loss Narrowed Amid Efficiency Gains

Deliveroo PLC on Thursday said that its revenue rose and its pretax loss narrowed in 2023 as the company optimized consumer fees, made efficiency gains in the rider network and efficiently targeted marketing spend.

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Rentokil Initial Upgrades Midterm Views on Back of Terminix Acquisition

Rentokil Initial PLC upgraded its medium-term guidance on Thursday on the back of the acquisition and integration of Terminix, after reporting a worse-than-expected pretax profit fall in 2022.

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Polymetal International Swung to 2022 Net Loss; Won't Declare Dividend

Polymetal International PLC said Thursday that it swung to a net loss in 2022 and won't declare a dividend, as sanctions on Russia for invading Ukraine caused costs to rise and metal prices to fall.

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Helios Towers 2022 Pretax Loss Widened as Expenses Rose

Helios Towers PLC said Thursday that its pretax loss for 2022 widened as revenue rose, driven by an increase in expenses.

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DFS Furniture Narrows FY 2023 Guidance Toward Lower End After 1H Pretax Profit Fell

DFS Furniture PLC said Thursday that pretax profit fell in the first half of fiscal 2023, and revised its full-year guidance for pretax profit excluding brand amortization toward the lower end of its previous view.

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Savills 2022 Pretax Profit Slipped on Higher Costs; Chairman to Step Down

Savills PLC said Thursday that 2022 pretax profit fell despite a rise in revenue, driven by increased operating expenses, and Chairman Nicholas Ferguson said he plans to retire toward the end of the year.

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National World 2022 Pretax Profit Rose as Costs Fell

National World PLC said Thursday that pretax profit rose in 2022 as costs fell.

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Pineapple Power to Raise GBP350,000 for Future Acquisitions

Pineapple Power Corp. said Thursday that it has secured 350,000 pounds ($421,995) of new funds via a share placing and subscription and will use the money toward any future acquisition costs and for general working capital needs.

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Empiric Student's 2022 Profits, Revenue Rose on Record Occupancy

Empiric Student Property PLC said Thursday that pretax profit and revenue significantly rose in 2022 on record occupancy levels and pricing, and the values of its properties being revised up.

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Investec Sees FY 2023 Earnings Increase on Client Acquisition, Rising Rates

Investec PLC said Thursday that it expects fiscal 2023 earnings to increase following a robust performance and increasing interest rates despite the macroeconomic backdrop.

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F.W. Thorpe 1H Pretax Profit Rose on Strong Sales; Declares Increased Dividend

F.W. Thorpe PLC said Thursday that its pretax profit for the first half of fiscal 2023 rose on strong sales, especially in its Thorlux segment, and that it has declared an increased interim dividend.

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Eurowag Backs Mid-Term Guidance After 2022 Pretax Profit Boost

W.A.G Payment Solutions PLC on Thursday posted a rise in pretax profit for 2022 and said it entered 2023 in a strong position as it reiterated its mid-term guidance.

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Restore 2022 Revenue, Profit Rose; 2023 Performance in Line

Restore PLC said Thursday that pretax profit for 2022 rose slightly as revenue increased and that 2023 has started in line with its expectations.

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Centamin 2H Pretax Profit Rose on Cost Savings, Higher Production

Centamin PLC said Thursday that pretax profit for the second half of 2022 rose, as cost savings helped its bottom line and revenue grew thanks to higher production.

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Gym Group 2022 Loss Narrowed as Revenue Rose; Warns of Uneven 2023 Start

Gym Group PLC said Thursday that its pretax loss for 2022 narrowed as revenue rose on a higher number of business days and a post Covid-19 recovery, but that its start to 2023 has been uneven.

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OSB Group 2022 Pretax Profit Rose on Loan Book Growth; To Buyback Shares

OSB Group PLC said Thursday that pretax profit for 2022 rose, driven by loan book growth and improved net interest margin, and launched a share buyback program and a special dividend.

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Hurricane Energy Shares Jump After Board Agrees to GBP249M Takeover

Shares of Hurricane Energy PLC rose 16% on Thursday after the company said that it has agreed to a 249.0 million pound ($300.2 million) takeover by Prax Exploration & Production PLC.

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Union Jack Oil Wressle Well Beating Production Expectations

Union Jack Oil PLC said Thursday that production from the Wressle hydrocarbon development in England is exceeding expectations, with total production now exceeding 390,000 barrels of oil.

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PensionBee Confident of Hitting Profitability Target By End of Year

PensionBee Group PLC on Thursday said it is on track to meet its profitability target by the end of 2023 as it posted a narrower pretax loss for 2022.

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Home REIT Gets Deadline Extension for Bluestar Group Takeover Bid

Home REIT PLC said Thursday that the deadline for Bluestar Group Ltd. to make a firm intention of an offer for the company or walk away has been extended to April 13.

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Eurocell 2022 Pretax Profit Fell on Restructuring Cost; Proposes Increased Dividend

Eurocell PLC said Thursday that its pretax profit for 2022 fell on restructuring costs and a market slowdown in the second half-year, but that revenue rose on price increases, and that it proposed an increased dividend. 


 
Market Talk:

Rentokil's 2022 Performance Was Solid, Outlook Brings Optimism

0840 GMT - Rentokil Initial's 2022 performance was robust and its outlook is positive, RBC Capital Markets analyst Andrew Brooke says in a note as shares rise 6.9%. The pest-control company reported adjusted pretax profit of GBP532 million, beating RBC and market consensuses of GBP508 million and GBP514 million respectively, Brooke says. He highlights Rentokil's synergy target increase to at least $200 million from $150 million and upgraded organic revenue growth target of at least 5% as welcome news. "Rentokil remains one of our preferred defensive names--we continue to like the underlying business (market positions, pricing power and structural growth characteristics) and think the Terminix deal makes sense strategically and financially," Brooke adds. (michael.susin@wsj.com)

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Halma Looks a High-Quality Business With Bright Future

0839 GMT - Halma's fiscal 2023 business update has highlighted good progress across the board, with a strong order book and organic constant currency revenue growth, and it looks a high-quality business with long-term growth drivers, Shore Capital says. The safety, health and environmental-technology group is set to benefit from robust customer investment cycles as the pandemic recovery continues and clients look to meet increasing regulatory standards, Shore analysts Akhil Patel says in a research note. "Thus, we believe Halma is well placed to take advantage and is one of the most resilient names in the sector," the investment group says. Shore retains its buy rating on the stock. Shares are up 0.2% at 2,050 pence. (joseph.hoppe@wsj.com)

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Deliveroo's Direction Toward Cash Flow Break-Even Looks Firmly Set

0827 GMT - Deliveroo's most incremental item from its 2022 report is its 2023 guidance, Jefferies analysts say in a research note. The food delivery company's guidance for GBP20 million-GBP50 million Ebitda is exactly in-line with consensus at the mid-point, they note. "In our view, the direction of travel towards cash flow break-even is firmly set (even allowing for a refreshed buyback, announced today)," they say. Jefferies has a buy rating on the stock with a target price of 155.00 pence. (kyle.morris@dowjones.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

03-16-23 0456ET