IAG Faces Long Road to Recovery Despite Return to Profit

IAG Faces Long Road to Recovery Despite Return to Profit in 1Q

0848 GMT - Although IAG reported a quarterly profit for the first time since 2019, the numbers underline that the path to full recovery remains a longhaul journey, Interactive Investor analyst Richard Hunter says in a note. 2Q revenue has been 80% booked, but it remains too early to guess how the less seasonally-popular months will fare as current macroeconomic and geopolitical concerns add to a potentially risky mix, he says. Furthermore, the issue of net debt--currently at EUR8.4 billion--is the biggest thorn in the company's side, with a return to dividend remaining a long way off, he says. "With visibility clearing but far from guaranteed, the market consensus remains marginally positive for prospects, coming in at a cautious buy," Hunter says. ([e-mail])

 
Companies News: 

Halma Buys Sewertronics For EUR41 Mln

Halma on Friday said that it has bought Polish pipe renovation company Sewertronics Sp. Z o.o. for 41 million euros ($45.1 million).

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InterContinental Hotels CEO Keith Barr to Step Down; 1Q Revenue Per Room Jumped

InterContinental Hotels Group said Friday that Chief Executive Officer Keith Barr will step down, and reported first-quarter revenue that was boosted by a strong performance across its markets.

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IAG Raises 2023 Guidance After Consensus-Beating Swing to 1Q Operating Profit

International Consolidated Airlines Group said Friday it beat consensus as it reported a swing to operating profit for the first quarter, and raised its guidance for the year.

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Eqtec 2022 Pretax Loss Widened on Impairment, Administrative Costs

Eqtec said Friday that its pretax loss widened in 2022, partly due to an impairment charge, while revenue came in ahead of full-year guidance.

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IG Design Appoints Rohan Cummings as Chief Financial Officer

IG Design Group said Friday that it has appointed Rohan Cummings as chief financial officer, effective July 3.

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Numis Sees Better Conditions for Rest of Fiscal Year After 1H Profit Fell on Operating Leverage

Numis Corp. on Friday said its pretax profit for the first half of fiscal 2023 more than halved due to its operating leverage but that it sees better conditions in the second half.

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Anpario's Nonexecutive Chairman Kate Allum to Step Down, Matthew Robinson to Take Role

Anpario said Friday that Kate Allum will step down as nonexecutive chairman and leave the board on June 29, and that Matthew Robinson will take over the role on that date.

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Caledonia Mining Nonexecutive Chairman Leigh Wilson Retires

Caledonia Mining said Friday that Nonexecutive Chairman Leigh Wilson has retired and that Nonexecutive Director John Kelly will act as interim chairman until a successor is named after the annual general meeting on May 9.

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Ithaca Energy Reaches Agreement With Shell in UK's Cambo Field

Ithaca Energy said Friday that it has reached an agreement with Shell regarding Shell's 30% working interest in Cambo in the U.K. North Sea.

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TPXImpact Sees FY 2023 Revenue Ahead of Revised Guidance, Raises FY 2024 View

TPXImpact Holdings on Friday raised its revenue-growth forecasts for fiscal 2024 and said it would beat its revised guidance for fiscal 2023 after a strong fourth quarter.

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Eden Research 2022 Pretax Loss Narrowed on Higher Revenue

Eden Research said Friday that its pretax loss in 2022 narrowed as revenue grew on a boost in product sales.

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Sure Ventures Raises GBP200,000 in Private Placing

Sure Ventures said Friday that it has raised 200,000 pounds ($251,480) via a private placing, with the proceeds to be used toward further investments, follow-on investment in Sure Valley Ventures, the Sure Valley Ventures U.K. software technology fund and general working capital purposes.

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Aptamer Group Shares Fall After Warning on FY 2023 Revenue, Cash Balance

Aptamer Group shares fell on Friday after the company said it expects revenue for fiscal 2023 to be materially below prior-year levels due to delayed new business and market headwinds, and that it is seeking funding due to its low cash balance.

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RHI Magnesita 1Q Sales Volumes Declined, But Earnings Improved

RHI Magnesita said Friday that sales volumes fell but earnings continued to improve in the first quarter of 2023, and it remains confident in meeting full-year targets.

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Castelnau Conditionally Raises GBP56.6 Mln for Dignity Takeover

Castelnau Group said Friday that it has conditionally raised 56.6 million pounds ($71.2 million) via a placing to fulfil funding needs related to Yellow (SPC) Bidco's cash offer for funeral services provider Dignity.

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Corcel Shares Rise After 20% Stake Sale in Australian Rare Earths Project

Shares in Corcel rose 11% on Friday after the company said it agreed to selling a 20% interest of its Mount Weld rare-earth elements project in Australia for 1 million Australian dollars ($669,400) in cash.

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Palace Capital Portfolio Valuation Fell; Disposes Six Industrial Properties

Palace Capital said Friday that its portfolio valuation fell at the end of fiscal 2023, and that it has sold six industrial properties to Clearbell Property Partners IV LLP for 34.0 million pounds ($42.8 million).

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Advanced Oncotherapy Raises GBP1.4 Mln From Convertible Loan Agreement

Advanced Oncotherapy said Friday that it has raised 1.4 million pounds ($1.7 million) under its secured convertible loan agreement from existing investors.

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Goldplat 3Q, Nine-Month Profit Fell on Operational Issues But Sees FY 2023 in Line

Goldplat PLC said Friday that although third-quarter and nine-month operating profit fell as a result of operational issues in South Africa and Ghana, it still expects to meet market expectations for fiscal 2023.

 
Market Talk: 

Vodafone Investors May Need Patience as New CEO Set to Outline Vision

0907 GMT - Vodafone Group's new chief executive officer Margherita Della Valle has said the company can do better, and she is expected to outline her vision at full-year results on May 16, Berenberg analysts say in a research note. The U.K. telecommunications group's operational and organic improvements may take time as Germany, Italy and Spain are seen to report service revenue decline for the next two years, they say. "We believe investor patience will be required, even with the prospect of portfolio progress and our belief that her appointment reduces the risk of a dividend cut or capex warning," they say. Berenberg has a hold rating on the stock and reduces its price target to 95 pence, from 100 pence previously. ([e-mail])

IAG's Long-Term Trajectory Dependent on Strong Cash Position

0825 GMT - IAG's profit upgrade will be welcome news for investors who have buckled up while the company twists and turns over the past few years, eToro analyst Adam Vettese says in a note. The airline group seems to be soaring away from past problems as leisure demand has fully recovered despite cost-of-living worries, Vettese says. Although its extraordinary debt levels have left stock still trading at a big discount, this would appear to be coming down to earth, albeit slowly, he says. Still what would truly signal a return to form would be a reinstated dividend, he says. "Until the firm's cash position looks truly first class however, questions will remain over the firm's long-term trajectory," Vettese says. Shares are up 4.2% at 153.30 pence. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

05-05-23 0543ET