Oil Reverses Almost All Gains That Followed Saudi-Led Cuts
1000 GMT - Oil prices are tumbling despite Saudi-led production cuts raising the prospect of a significantly tighter oil market this year. Brent crude oil has erased much of the gains it made following the announced cut and is currently down 1.7% at $81.69 a barrel. It stood at around $79.90 before the cuts were announced. The IEA has said the cuts will drive a sharp deficit, but prices suggest "the market doesn't quite seem to buy into this outlook," says Bjarne Schieldrop, chief commodity analyst at SEB, in a note. "The darkening clouds on the macro-sky are concerning investors," he adds, pointing to signs of weak diesel demand and weak manufacturing data. "Investors are cautious about buying into the bull story based on OPEC cuts alone." (william.horner@wsj.com)
Companies News:
Pepco Group 2Q Revenue Rose; Backs FY 2023 Guidance
Pepco Group NV backed its fiscal 2023 guidance on Thursday on the back of revenue growth and improving margin outlook.
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RELX Starts Year Well; Backs Guidance
RELX PLC said Thursday that the new year has started well, with growth in all key business areas, and it backed its full-year guidance.
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Rentokil Backs 2023 Views After 1Q Revenue Increased on M&A, Demand and Pricing
Rentokil Initial PLC said Thursday that 2023 started with a continued strong momentum as revenue in the first quarter rose supported by its merger and acquisitions amid resilient demand and pricing, which has continued to offset inflationary pressures.
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Segro Says Early 2023 Started Well, With High Occupier Demand
Segro PLC said Thursday that it has had a strong start to 2023, with high occupier demand and limited supply across all its markets.
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GB Group's FY 2023 Revenue, Operating Profit Rose
GB Group PLC said Thursday that revenue and operating profit rose in fiscal 2023.
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Deliveroo Backs 2023 Guidance After In-Line 1Q
Deliveroo PLC on Thursday said its trading for the first quarter of 2023 was in line with its expectations as it saw good performance in the U.K. and Ireland but softeness in its international markets, and backed its guidance for the full year.
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Centamin 1Q Production Slipped on Quarter But Revenue Rose
Centamin PLC said Thursday that its first-quarter gold production slipped on quarter though revenue rose from the previous quarter and on year, and reaffirmed its outlook for the full year.
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Haleon Sees 2023 Revenue Growth Toward Upper End After 1Q
Haleon PLC said Thursday that it currently sees organic revenue growth for the full year toward the upper end of its 4% to 6% guidance range as it reported a strong revenue growth in the first quarter supported by both volume and prices.
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Jet2 Raises Fiscal 2023 Profit Guidance
Jet2 PLC on Thursday raised its fiscal 2023 adjusted pretax profit expectations and said that average load factors for summer 2023 are currently 0.7 percentage points ahead on year.
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Foxtons Starts 2023 Well; 1Q Revenue Rose 10% on Lettings Growth
Foxtons Group PLC said Thursday that it has begun 2023 well and in-line with management views, with first-quarter revenue up 10%, driven by the lettings business.
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Mulberry Sees FY 2023 in Line With Views on UK, China Backdrop Improvement
Mulberry Group PLC said Thursday that performance for fiscal 2023 has been overall in line the board's expectations, with revenue slightly ahead of last year's levels.
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DP Poland 1Q Sales Rose on Strong Growth in Both Markets
DP Poland PLC said Thursday that total system sales grew in the first quarter of 2022 on strong growth in both its markets, as it's seeing inflationary costs pressures on food reversing.
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AJ Bell's 2Q Assets Under Administration Rose
AJ Bell PLC on Thursday said that its total assets under administration increased over the second quarter of fiscal 2023 on strong momentum in the run up to the end of the tax year despite a slightly subdued start of the year.
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Unikmind Holdings Raises Kape Technologies Offer, Declares It Final
Unikmind Holdings Ltd. on Thursday increased its offer for Kape Technologies PLC by 4.65% and declared it final.
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Dunelm Group Backs FY 2023 Guidance After 3Q Sales Rose 6%
Dunelm Group PLC said Thursday that third-quarter sales rose 6% and backed its full-year guidance.
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Ferrexpo Says Ukrainian Supreme Court Has Dismissed Claim Against It
Ferrexpo PLC said Thursday that the Supreme Court in Ukraine has ruled in favor of it, dismissing a claim seeking to invalidate a share purchase agreement.
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Senior 1Q Sales Rose on Growth in Both Aerospace, Flexonics Divisions
Senior PLC said Thursday that revenue rose in the first quarter on growth in both divisions.
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PensionBee Group 1Q Revenue, Assets Under Administration Rose
PensionBee Group PLC on Thursday posted a rise in revenue and assets under administration in the first quarter of 2022 on a higher customer base and backed its guidance.
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PayPoint Sees FY 2023 Revenue Growth, Pretax Profit at Top End of Views After Growth in All Divisions
PayPoint PLC said Thursday that it expects to report revenue growth across all three divisions and pretax profit at top end of range of market expectations for fiscal 2023.
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Hochschild Mining 2022 Pretax Profit Fell on Lower Production
Hochschild Mining PLC said Thursday that its 2022 pretax profit fell significantly on lower production as expected, and sees weaker production again in 2023.
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WH Smith 1H Profit Rose on Strong Travel Growth; Confident for FY 2023
WH Smith PLC said Thursday that pretax profit rose in the first half of fiscal 2023, driven by strong growth in its travel division, and said it is confident in the full-year outlook.
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Picton Property 1Q Portfolio Value Slipped Slightly; Occupancy Improved
Picton Property Income Ltd. said Thursday that its property portfolio value declined slightly over the first quarter, though occupancy slightly improved.
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Dianomi Swung to 2022 Pretax Profit Despite Tough 2H Market
Dianomi PLC said Thursday that it swung to a pretax profit in 2022, as revenue came in flat on year despite tough market conditions in the second half year.
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Babcock Sees FY 2023 Underlying Profit in Line; Might Book Up to GBP100 Mln Provision
Babcock International Group PLC said Thursday that underlying profit for fiscal 2023 is expected to be in line with expectations, excluding the potential one-off impact of a U.K. Ministry of Defence contract, and that it expects to reinstate a dividend in fiscal 2024.
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Oriole Resources Raises GBP195,500 Via Share Subscription
Oriole Resources PLC said Thursday that it has raised 195,500 pounds ($243,182.45) via a subscription by nonexecutive chair Eileen Carr and said the funds will be used for working capital.
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Kape Technologies Says Increased Unikmind Offer Undervalues Company -- Update
Unikmind Holdings Ltd. on Thursday increased its offer for Kape Technologies PLC by 4.65% and declared it final, though Kape directors believe it continues to undervalue the company and its future prospects.
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IG Design Shares Fall on Lower FY 2023 Guidance
Shares in IG Design Group PLC fell 13% on Thursday after the group said it sees lower revenue for fiscal 2023 as well as a one-off write down which will significantly hit results.
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Me Group Proposes Special Dividend, Says Performance Is in Line With Expectations
Me Group International PLC said Thursday that it is proposing a special dividend to shareholders of 0.6 pence (0.75 cents) a share for the fiscal year ended Oct. 31, and that its performance in the current year has been in line with expectations.
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Cochlear's Acquisition of Oticon Medical Will Lead to Higher NHS Prices, UK Regulator Says
The U.K. Competition and Markets Authority said Thursday that Cochlear Ltd.'s 170 million Australian-dollar (US$114.1 million) acquisition of Demant AS--known as Oticon Medical--will lead to worse outcomes for patients and higher prices for the U.K.'s National Health Service.
Market Talk:
Centamin's 1Q Output Helps Revenue Beat Expectations
0932 GMT - Centamin's first-quarter gold output of 105,875 ounces, combined with better-than-expected gold realizations, drove revenue to $205.2 million, ahead of Peel Hunt estimates, analysts say. The gold miner's lower-than-expected fuel prices have also helped drive down unit costs in the quarter, something that should continue as volumes increase, Peel Hunt analysts say in a research note. "With the Doropo [pre-feasibility study] due later this quarter, and ongoing exploration in Egypt, we see substantial news to ally the rising production," the brokerage says. Peel Hunt maintains its buy rating and 135 pence price target. Shares are down 1.8% at 104.5 pence. (joseph.hoppe@wsj.com)
Babcock International Can't Rule Out Further Losses From UK Defense Contract
0929 GMT - Babcock International's update confirms that a strong operational cash performance and the conclusion of its disposal program lead to a better balance sheet in FY 2023, Shore Capital analyst Robin Speakman says in a note. However, although underlying profitability for the fiscal year is expected to be in line with expectations, this excludes the one-off effect of a provision concerning the defense company's Type 31 Frigate contract, which is in a loss-making position, Speakman says. The company said it will provide a provision of up to GBP100 million against this, he says. "We hope to see a better outcome if agreement with the client, or in arbitration, can be reached. However, we can not rule out additional losses if cost conditions deteriorate further," he says. (anthony.orunagoriainoff@dowjones.com)
Centamin 1Q Production Should Please Market With Outperformance
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04-20-23 0628ET
