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FTSE Rises, Ashtead Gains After 1Q Profit Boost, Guidance Increase

09/16/2021 | 06:45am EDT

Ashtead Gains After 1Q Profit Boost, Guidance Increase

Shares in Ashtead Group rise 3% after the plant-hire company reported higher first-quarter pretax profit and forecast full-year results above its expectations. Ashtead has benefited from the post-lockdown recovery and bolt-on acquisitions boosting revenue and profit, Hargreaves Lansdown says. Still, the group has been affected by supply-chain issues, the brokerage says. "An inability to get its hands on new equipment as planned means the average age of the fleet has increased slightly," HL analyst Sophie Lund-Yates says. "This is by no means a huge cause for concern, but will become more problematic if it's a trend that doesn't reverse sooner rather than later."

 
Companies News: 

Keystone Law Group 1H Pretax Profit Rose

Keystone Law Group PLC said Thursday that pretax profit rose for the first half of fiscal 2022 as revenue increased, and that it expects its performance for the year to be materially above market expectations.

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Circassia 1H Pretax Loss Narrowed

Circassia Group PLC on Thursday reported a narrowed pretax loss for the first half of 2021, and said that business in July and August has been slightly above Ebitda break-even.

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Enwell Energy 1H Profit Rose on Higher Production, Prices

Enwell Energy PLC on Thursday reported a significantly improved profit for the first half of the year, reflecting higher production and gas prices.

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Chamberlin Expects to Restore Profitability in FY 2022, Shares Rise

Shares in Chamberlin PLC rose Thursday morning after the castings and engineering group said that it expects to return to profitability in the second half of the fiscal year.

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Ecotricity's Good Energy Bid Accepted by Shareholders With 2.1% Stake

Ecotricity Group Ltd. said Thursday its offer for Good Energy Group PLC has been accepted by shareholders representing a 2.1% stake in the capital of the renewable-energy retailer.

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CMC Markets Agrees $18.3 Mln ANZ Share Investing Client Base Transition Deal

CMC Markets PLC said Thursday that Australia & New Zealand Banking Group Ltd.'s share investing client base will transition to CMC for 25 million Australian dollars ($18.3 million).

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Hilton Food's 1H FY 2022 Pretax Profit Fell

Hilton Food Group PLC on Thursday reported a decline in pretax profit for the first half of fiscal 2022 and said that its growth prospects remain strong.

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Gemfields Anticipates 1H Net Profit of $23.8 Mln

Gemfields Group Ltd. said Thursday that it expects to report a net profit of $23.8 million for the first half of the year.

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Symphony Environmental Technologies Swung to 1H Pretax Loss

Symphony Environmental Technologies PLC said on Thursday that it swung to a pretax loss after booking higher costs for the first half, and that the board was confident about delivering meaningful revenue growth in the short to medium term.

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Oxford Nanopore to Raise GBP300 Mln in London IPO -- Update

Oxford Nanopore Technologies Ltd. said Thursday that it intends to raise around 300 million pounds ($415.3 million) at its initial public offering in London, half of which will be provided by Texas-based software provider Oracle Corp.

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Wickes Group Swung to 1H Pretax Profit; Says Prospects Are Positive

Wickes Group PLC on Thursday reported a swing to a pretax profit for the first half of 2021, noting that its digital strength and capability continue to underpin its performance.

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Regional REIT Swung to 1H Pretax Profit

Regional REIT Ltd. said Thursday that it swung to a pretax profit for the first half, and that the U.K.'s economic activity rebound stemming from an easing of the pandemic's restrictions bodes well for the rest of the year.

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Marley Group Considers London IPO

Marley Group Ltd. said Thursday that it is considering listing on the main market of the London Stock Exchange.

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McColl's Retail Appoints Karen Bird as Chief Operating Officer

McColl's Retail Group PLC said Thursday that it has appointed Karen Bird as chief operating officer with immediate effect.

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Novacyt to Revise Down 1H Revenue Due to UK Covid-19 Contract Dispute -- Update

Novacyt SA said Thursday that its revenue for the first half of the year will be lower than originally announced as a result of its dispute with the U.K. Department of Health and Social Care over a supply contract, and that it will also book higher costs.

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John Lewis Narrowed 1H Loss, But Signals Uncertainty Ahead

John Lewis Partnership PLC narrowed its first-half loss as sales grew and it cut costs, but said its full-year outlook was uncertain on supply-chain and cost pressures.

 
Market Talk: 

Philip Morris Takeover of Vectura Offers Litmus Test on ESG Dedication

1025 GMT - Philip Morris International's takeover of Vectura looks like a test of how serious major companies are about ESG concerns, AJ Bell says. The tobacco company's takeover was relentless and it will need that energy to have hope of reaching its target of $1 billion from "Beyond Nicotine" products by 2025, AJ Bell's financial analyst Danni Hewson says. However, scepticism remains given that $1 billion is still a tiny proportion of overall cash generated, and that Philip Morris will still make money playing both sides of the health spectrum--selling both tobacco and inhalers, the brokerage says. "Discomfort is good, it tends to deliver change, but care must be taken that the promised change does come and there [are] no detours on the journey," Hewson says.

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Superdry's FY Pretax Profit Came in Ahead of Liberum Views

1025 GMT - Superdry's results for fiscal 2021 are better than Liberum had expected on the pretax-profit line, the brokerage says. The U.K. clothing brand is benefiting from a recovery seen in growth from the fourth quarter, Liberum adds, noting that the pandemic allowed the group to sharpen its strategy and strengthen its leadership with new appointments. "We think the share price weakness of the last few months will reverse and Superdry remains one of our top picks," it adds. Shares are up 19% at 388.50 pence.

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Ryanair's Upgraded Growth Target Could Lead to Consensus Upgrades

1005 GMT - Ryanair's passenger numbers rising to 225 million by March 2026from 149 million in March 2020 could see consensus upgrades if profitability per passenger is maintained, UBS says. "Indeed, an around 11% upgrade to passenger numbers versus our passenger forecasts for 2026 at similar levels of profitability would all else being equal also increase our net income from around EUR2.3 billion to around EUR2.5 billion. There is the potential for improved profitability per passenger given the gearing," the Swiss bank says. UBS has a neutral rating on the stock and a EUR16.80 target price. Shares are up 6.4% at EUR16.34.

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Surge in UK Breakeven Rates Drives Gilt Yields Higher

0737 GMT - Above-forecast inflation data in the U.K. triggered an increase in breakeven rates, a measure of market-based inflation expectations derived from the difference between nominal government bond yields and comparable inflation-linked yields, says UniCredit. Nominal government yields rose on both side of Atlantic, driven by an increase in breakeven rates triggered by higher-than-expected inflation data in the U.K., it says, adding that 10-year gilt breakeven rates increased by 9 basis points.

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

(END) Dow Jones Newswires

09-16-21 0644ET

Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC -0.55% 400 Delayed Quote.-7.22%
AJ NETWORKS CO., LTD. 3.64% 5700 End-of-day quote.23.51%
ASHTEAD GROUP PLC 0.21% 5862 Delayed Quote.70.16%
CHAMBERLIN PLC -1.61% 7.625 Delayed Quote.10.71%
CIRCASSIA GROUP PLC 1.08% 44.65 Delayed Quote.56.65%
CMC MARKETS PLC -3.13% 263 Delayed Quote.-30.56%
DJ INDUSTRIAL 0.20% 35695.48 Delayed Quote.16.35%
ENWELL ENERGY PLC 0.12% 41 Delayed Quote.86.99%
FLAGSTAR BANCORP, INC. -0.91% 55.5 Delayed Quote.37.12%
GOOD ENERGY GROUP PLC 5.08% 310 Delayed Quote.65.73%
HILTON FOOD GROUP PLC 0.00% 1180 Delayed Quote.5.92%
KEYSTONE LAW GROUP PLC 2.25% 818 Delayed Quote.58.42%
NOVACYT 14.67% 3.4 Real-time Quote.-69.74%
ORACLE CORPORATION 1.82% 98.12 Delayed Quote.49.39%
PHILIP MORRIS INTERNATIONAL, INC. 0.63% 97.19 Delayed Quote.16.58%
REGIONAL REIT LIMITED -1.36% 87 Delayed Quote.6.91%
SUPERDRY PLC 8.26% 255.5 Delayed Quote.-4.30%
SYMPHONY HOLDINGS LIMITED -3.09% 0.94 End-of-day quote.9.30%
UBS GROUP AG 0.85% 16.07 Delayed Quote.27.79%
VECTURA GROUP 0.00% 164.8 Delayed Quote.32.26%
WICKES GROUP PLC -0.97% 223.6 Delayed Quote.0.00%
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