FTSE 100 Rises as TUI, Miners Gain

FTSE 100 Rises as TUI, Miners Gain; Industrials Fall

0808 GMT - The FTSE 100 rises 0.6%, or 46 points to 7708 as gains for TUI and miners offset losses for industrial stocks. TUI gains 8% after the tour operator said in an update on its website that booking momentum remained encouraging and it expected a good summer. Mining and oil stocks are also among the biggest risers as Hong Kong stocks recovered earlier losses, though other Asia markets fell and Brent crude drops 0.3% to $84.70 a barrel. At the other end of the spectrum, industrial turnaround specialist Melrose Industries drops 2% and other fallers include Ashtead, Smiths and Intertek. "Growing recessionary concerns cast a pall over markets, with further evidence of economic weakness," Interactive Investor head of markets Richard Hunter writes. ([e-mail])

 
Companies News: 

De La Rue Names Charles Andrews as Interim CFO

De La Rue PLC said Thursday that it has appointed Charles Andrews as interim chief financial officer with effect from April 11.

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Shell Sees 1Q Integrated Gas Production Rising, With Higher LNG Volumes

Shell PLC on Thursday forecast improved production from its integrated gas-and-oil products division in the first quarter of 2023, with higher liquid natural gas liquefaction volumes.

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Motorpoint Sees FY 2023 Break-Even Pretax Profit, Revenue to Reach Record High

Motorpoint Group PLC said Thursday that it expects pretax profit for fiscal 2023 to be broadly break even, while revenue is anticipated to reach record highs.

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Helical Says It Is Well-Placed to Capitalize on Office-Space Trends

Helical PLC said Thursday that it was well-positioned to capitalize on the continuing market dislocation and structural trends affecting the office sector.

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Robert Walters 1Q Gross Profit Rose Slightly Despite Tough Market Terms, Comparables

Robert Walters PLC said Thursday that its gross profits rose slightly in the first quarter of 2023, despite difficult macroeconomic conditions and tough comparables.

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Fulcrum Utility Sees FY 2023 Meeting Guidance; Will Exit Smart Metering

Fulcrum Utility Services Ltd. said Thursday that it expects it full-year results to meet prior guidance, and that it will exit the smart-metering business.

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EDF's Acquisition of GE's Nuclear Steam Power Business Faces Probe by UK Regulator

The U.K. Competition and Markets Authority has launched a merger inquiry into the acquisition by Electricite de France SA of General Electric Co.'s nuclear steam power business for competition concerns.

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Gear4Music Sees FY 2023 Earnings Lower Than Previously Forecast on Weaker Demand, Economic Conditions

Gear4Music (Holdings) PLC said Thursday that it expects to report that earnings for fiscal 2023 were lower than previously forecast following weaker consumer demand during February and March and generally challenging economic conditions.

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Xpediator Agrees to GBP62.3 Mln Cogels Consortium Takeover

Xpediator PLC said Thursday that it has agreed to a 62.3 million-pound ($77.6 million) takeover by DLM Bidco Ltd., a new company created by a consortium that includes its largest shareholder Cogels Investments.

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Barryroe Offshore to Raise Up to EUR20 Mln via Placing, Open Offer

Barryroe Offshore Energy PLC said Thursday it will raise up to 20 million euros ($21.8 million) via a placing and an open offer and that it will use the proceeds to meet working capital requirements and develop the offshore Barryroe project over the next two years.

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SigmaRoc Says Sweden Appeals Compensation Award in Dispute Over Land-Use Restrictions

SigmaRoc PLC said Thursday that the Swedish state has appealed against a decision to award compensation to the company amid a dispute over land-use restrictions.

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Real Good Sees FY2024 Improvement, Secures GBP550,000 Loan

Real Good Food PLC said Thursday that it expects fiscal 2024 performance to improve, on the back of its reform program, and that it has secured a further loan.

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Tyman CEO Jo Hallas Steps Down by Mutual Agreement With Board

Tyman PLC said Thursday that its Chief Executive Officer Jo Hallas will step down from today after mutual agreement with the board.

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Rosslyn Data Technologies Sees FY 2023 Revenue Fall

Rosslyn Data Technologies PLC said Thursday that it expects to report a fall in revenue in fiscal 2023, despite an expected rise in annual recurring revenue, while its earnings loss narrowed on new customer wins and strong demand.

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Celsius Resources Nonexecutive Vice Chairman Jonathan Colvile Steps Down

Celsius Resources Ltd. said Thursday that nonexecutive Vice Chairman Jonathan Colvile has resigned from the role and the board effective immediately.

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Malvern International 2022 Pretax Loss Narrowed as Student Numbers Recovered

Malvern International PLC said Thursday that its pretax loss narrowed and its revenue more than doubled in 2022 as the easing of travel restrictions led to a recovery in student numbers.

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Integrated Diagnostics 2022 Revenue, Pretax Profit Fell With Demand, Inflation

Integrated Diagnostics Holdings PLC said Thursday that 2022 revenue and pretax profit fell following declines in demand for Covid-19-related products and services and inflation affecting markets.

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Gresham House Energy 2022 Pretax Profit Rose, Helped By Revaluation of New Projects

Gresham House Energy Storage Fund PLC said Thursday that 2022 pretax profit rose, helped by the revaluation of new projects and increased third-party revenue forecasts, and that some projects initially planned for 2022 are expected to be commissioned in 2023.

 
Market Talk: 

Shell's 1Q Guidance Will See Market Expectations Recovering

0812 GMT - Shell's trading update will likely lift market consensus for first-quarter earnings to the mid-$8 billion range after a recent downward move to around $7.5 billion of net income, Citi says. The expected upgrades for the oil and gas company are thanks to its new guidance of positive trading results in both the gas and oil businesses, and backed by an underlying operating performance that looks in line with expectations, Citi analysts say in a research note. Citi's updated forecasts point to $8.62 billion of net income. Citi retains its neutral rating on Shell's stock. Shares are up 2% at 2,410.5 pence. ([e-mail])

Motorpoint's Expansion Strategy Likely to Boost Future Profits

0811 GMT - Motorpoint's fiscal 2023 performance was in line with revised expectations as revenue remained robust despite gross margins pressures, Shore Capital analysts Darren Shirley and Clive Black say in a note. However, the U.K. vehicle retailer's investments in site medium- and long-term expansion capability sets a strategy that could deliver a much larger, profitable and cash-generative business, they add. "Investment behind the well-versed and thought-through strategy continues unabated, despite that cost/cash challenges facing some high-profile peers," the analysts say. ([e-mail])

Shell's 1Q Update Shows Operational Strength

0747 GMT - Shell's first-quarter update points to a good operational delivery during the quarter, with falling operational expenditure and a strong contribution from trading, Jefferies says. The oil-and-gas company's lower-than-expected first quarter taxes and unchanged working capital at the midpoint of guidance should help keep quarterly share buybacks flat at around $4 billion, Jefferies analysts Giacomo Romeo and Alexatrini Tsiknia say in a research note. Integrated gas trading is expected to be similar to the previous quarter--and the fourth quarter was a very strong quarter, the U.S. bank says. Jefferies retains its buy rating and 3,000-pence price target on Shell's stock. Shares are up 2% at 2,410 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

04-06-23 0428ET