UK 10Y Gilts Recover Slightly After Steep Selloff

U.K. 10-year benchmark government bonds, or gilts, recover slightly after a steep selloff the previous day. The 10-year gilt yield, which trades inversely to prices, is last at 1.589%, after closing at a 3.5-year high of 1.607% on Monday, Tradeweb data show. Investors are pricing in the prospect of a more aggressive withdrawal of monetary stimulus to bring down inflation as the Russia-Ukraine war pushes energy costs higher. The Bank of England is widely expected to raise its base rate for a third consecutive time this Thursday, taking the bank rate to 0.75% from 0.5% at present. 


 
Companies News:

Informa Posts 2021 Profit, to Resume Dividends in 2022

Informa PLC on Tuesday reported a profit for 2021, launched a second buyback tranche of 200 million pounds ($260.0 million), and said that it will resume the ordinary dividend this year.

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Ferguson 1H 2022 Pretax Profit Rose on Higher Revenue; Increases Buyback to $2.0 Bln

Ferguson PLC said on Tuesday that pretax profit and revenue for the first half of fiscal 2022 rose, and that it was expanding its share buyback program by $1 billion to $2.0 billion.

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DFS Furniture 1H Profit Fell; To Return GBP80M to Shareholders

DFS Furniture PLC on Tuesday reported a lower profit for the first half of the fiscal year, and said it intends to return 80 million pounds ($104.0 million) of cash to shareholders over a 12-month period.

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Wickes Group Says Publication of FY Results Delayed

Wickes Group PLC said Tuesday that the publication of its preliminary results for the year to Jan. 1 have been delayed as its auditors have requested more time to complete the process.

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TI Fluid Systems' 2021 Pretax Profit, 2022 Revenue Outlook Strong

TI Fluid Systems PLC reported on Tuesday a rise in pretax profit for 2021 and said that it continues to expect to close 2022 with revenue-outperforming global light vehicle production volumes.

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Gresham House Profit, Assets Under Management Rose in 2021

Gresham House PLC on Tuesday reported significantly higher profit and assets under management for 2021, and said it was acquiring Burlington RE Property Management Ltd.

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Smart Metering Systems 2021 Adj Pft Beat Expectations; Raises Dividend

Smart Metering Systems PLC said Tuesday that 2021 adjusted pretax profit was above the board's expectations, and that it is confident of meeting 2022 guidance.

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Redde Northgate's FY Underlying Pretax Profit Seen Ahead of Views on Continuing Strong Performance

Redde Northgate PLC said Tuesday that it has continued to perform strongly and it currently expects to post a full-year underlying pretax profit comfortably ahead of consensus.

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TP ICAP 2021 Pretax Profit Fell on Higher Significant Items

TP ICAP Group PLC said Tuesday that 2021 pretax profit fell after booking higher significant items, and that the recovery in volumes experienced in the second half has continued into 2022.

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Genel Energy 2021 Pretax Loss Narrowed on Higher Oil Prices; Raises Dividend by 20%

Genel Energy PLC said Tuesday that 2021 pretax loss narrowed as revenue more than doubled, boosted by higher oil prices, and raised its dividend.

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Close Brothers 1H Operating Pretax Profit Rose; Outlook Remains Positive

Close Brothers Group PLC on Tuesday reported a slightly increased operating pretax profit for the first half of fiscal 2022 and said that it is well placed to continue delivering profitability and growth.

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Genuit 2021 Pretax Profit Rose on Higher Revenue

Genuit Group PLC said Tuesday that 2021 pretax profit rose as revenue increased, and that it continues to have a strong momentum and is well positioned to make further progress in 2022.

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Aptitude Software Group Shares Fall on 2021 Operating Profit Decline, Short-Term Outlook

Shares in Aptitude Software Group PLC fell on Tuesday after the company reported a decline in operating profit for 2021 and said that its accelerated investment in the product suite is expected to dampen short-term profitability.

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ECO Animal Health Sees 2022 Ebitda Below Market Views; Shares Fall

ECO Animal Health Group PLC shares fell Tuesday after the company said it expects Ebitda to be below expectations for fiscal 2022 due to investments in research and development and expenses on critical support functions.

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Hargreaves Services' Shares Rise on Profitability Views

Shares Hargreaves Services PLC rose Tuesday after the company said it expects its profitability for the coming years to be at least 30% ahead of current market expectations.

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Tissue Regenix Group 2021 Pretax Loss Narrowed, Sees 2022 Return to Pre-Pandemic Levels

Tissue Regenix Group PLC said Tuesday that 2021 pretax loss narrowed and that it expects to return to pre-pandemic levels in 2022, driven by strong demand.

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Wilmington Shares Rise on Higher Earnings Prospects Tied to U.S. Event

Shares in Wilmington PLC rose Tuesday after the company said its major face-to-face event in the U.S., Rise National, is expected to provide profitability at least 10% above market consensus for fiscal 2022.

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Virgin Wines' 1H 2022 Earnings in Line With 1H 2021; 2H Started Well

Virgin Wines UK PLC reported on Tuesday a resilient set of results for the first half of fiscal 2022, as it saw a pretax profit and revenue performances in line with the previous year. 


 
Market Talk:

Informa's 2021 Results, 2022 Guidance Look Solid

1119 GMT - Informa's 2021 results are solid in terms of the reported numbers and the 2022 guidance, Citi says. The risk-reward profile for the international intelligence, events and scholarly research group is attractive at the current share price, Citi says, adding that as its revenue trends are improving, it has confirmed another GBP200 million buyback and potential asset sales which could act as future catalysts. Informa also confirmed it has zero direct exposure to either Ukraine or Russia. Citi has a buy rating on the stock with a target price of 725 pence. Shares trade up 1.6% at 558.80 pence.

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Ocado Contract Win Seems Positive But Markets Doesn't See It

1100 GMT - Ocado Group announced a new contract win on Tuesday with Auchan in Poland and strengthened its partnership with the retailer as both companies already work together in Spain, AJ Bell says. However, the U.K. brokerage highlights that the market isn't paying attention on the deal due to Ocado's problem about project wins, where it has to invest in order to get its technology up and running for each client. "The market is very short-sighted and is focused on the outgoings rather than Ocado effectively spending money now to make a lot more money in the future," it adds. Shares are down 0.3% at 1,190.5 pence.

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Ferguson's Strong 2Q Points to 2022 Forecast Upgrades

1052 GMT - Ferguson's solid 1H update continued its top-line momentum and it has reported a 2Q operating profit beat of around 9%, Goodbody says. The plumbing-and-heating company's board has decided to increase its share buyback program to $2 billion, which analysts at Goodbody say should also be viewed positively. "Whilst there is limited commentary or guidance from an outlook perspective given the degree of uncertainty at this stage of the year, the strong numbers for 2Q points towards bias being to the upside in terms of fiscal 2022 forecasts," the Irish brokerage says. Goodbody rates the stock buy.

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Informa Beat Expectations on Lower Financing Costs, Taxes

1037 GMT - Informa managed to beat 2021 earnings expectations, as operating results were in line and financing costs and taxes were lower than forecast, Peel Hunt says. Guidance for 2022 is being refined, but not fundamentally changed, the investment bank notes. "With no major changes to forecasts today we see fair value now at least 610 pence--perhaps rising to reflect the strong pharma price achieved," the investment bank says, reaffirming a buy rating on the stock. Shares in the international intelligence, events and scholarly research group rise 1.9% to 560.6 pence after reporting 2021 results.

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Ferguson Delivers a Strong Half on Persistent Momentum

1024 GMT - Ferguson's first-half profit was very solid with continued strong momentum at a top-line level, leading to a GBP588 million trading profit outturn significantly ahead of consensus at GBP539 million, Goodbody says. The London-listed plumbing-and-heating group gave limited commentary and guidance from an outlook perspective in the face of significant uncertainty at this stage of the year, but strong second-quarter numbers point toward an upside bias for the rest of fiscal 2022, the Irish brokerage says. "The announcement of a further buyback should also be viewed positively," Goodbody says, retaining its buy recommendation. Shares are down 0.4% at 11,620.0 pence.


Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

03-15-22 0745ET