Prudential Had Strong 1Q, Momentum Set to Continue
1005 GMT - Prudential had strong first-quarter sales and momentum is continuing in the second quarter, Barclays says. The trading update showed a strong increase in life sales and new business profits, beating Barclays's expectations on sales and marginally missing on profits, Barclays says. The company's performance in Hong Kong was particularly strong after the border re-opened in early February, the bank says. "In their outlook statement, management stated that the momentum has continued into 2Q, especially in Hong Kong," Barclays analysts say in a note. "They are confident they have the financial resources and capital strength to meet the growing demand." Shares rise 2%. (philip.waller@wsj.com)
Companies News:
Pearson 1Q Underlying Sales Rose; Plans GBP300 Mln Share Buyback
Pearson PLC said Friday that first-quarter underlying sales rose as it performed ahead of its expectations, and it plans to start a 300 million pound ($375 million) share buyback in the second half.
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NatWest Backs 2023 Guidance After 1Q Income, Profit Beat View
NatWest Group PLC on Friday said its income and pretax operating profit grew ahead of expectations in the first quarter of 2023 and that it is retaining its full-year guidance.
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Prudential 1Q Sales, New Business Profit Rose on China Rebound
Prudential PLC said Friday that first-quarter sales rose significantly following the easing of pandemic-related restrictions in China.
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Numis Agrees to GBP410 Mln Deutsche Bank Takeover
Numis Corp. said Friday that it has agreed to a 410 million-pound ($512.5 million) takeover by Deutsche Bank AG.
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Renishaw Cut FY 2023 Guidance After Nine-Month Pretax Profit Fell
Renishaw PLC said Friday that its pretax profit fell 2% in the first nine months of fiscal 2023 due to lower demand, and that it cut its full-year guidance.
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Hikma Sees Strong Start to 2023; Hikes Generics Unit Guidance
Hikma Pharmaceuticals PLC said Friday that it has started 2023 well, with a good performance in its Injectables and Branded businesses and a stronger-than-expected performance in Generics, prompting higher full-year guidance for that division.
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Computacenter Sees Strong 1Q Revenue Growth On Solid Demand
Computacenter PLC said Friday that strong revenue growth has continued in the first quarter of 2023, as customer's demand remains strong despite economic headwinds.
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Record FY 2023 Assets Under Management Equivalents Rose; Growth Agenda on Target
Record PLC said Friday that assets under management equivalents, or AUME, rose in fiscal 2023 and that its growth agenda remained on target.
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Rotork Sees 2023 Adjusted Operating Profit Ahead of Its Views After 1Q Growth
Rotork PLC on Friday said it expects adjusted operating profit to be slightly ahead of its expectations for the year as it has had an encouraging start to 2023, and that it has good visibility into the second half, given its record order book.
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GetBusy 1Q Annualized Recurring Revenue Rose 17%
GetBusy PLC said Friday that annualized recurring revenue grew in the first quarter of 2023, and that it backs it full-year guidance.
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Mears 2022 Pretax Profit Rose on Revenue Recovery; Launches GBP20 Mln Buyback Program
Mears Group PLC said Friday that 2022 pretax profit rose as revenue recovered, and that it is launching a 20 million-pound ($25 million) buyback program.
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WANdisco Confirms Restated Guidance After Independent Probe Findings
WANdisco PLC said Friday that FRP Advisory has found all purchase orders unrelated to a single senior sales employee legitimate--part of an independent investigation into millions of pounds of false sales and order figures--and backed its restated guidance.
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Morgan Advanced Materials 2022 Pretax Profit Rose; Hikes Dividend
Morgan Advanced Materials PLC on Friday posted a rise in its 2022 pretax profit, driven by robust demand, as it raised its dividend and backed its 2023 guidance.
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Alphawave IP Backs 2023 Views After 1Q Record High Bookings; Shares to Be Suspended
Alphawave IP Group PLC backed its full-year guidance on Friday after reporting first-quarter booking record highs, reflecting the business scalability, and that it will request its share trading to be suspended due to a delay in an audit process.
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Tullow Oil Agrees on Asset Swap of Interests in Gabon Fields with Perenco
Tullow Oil PLC said Friday that it has signed an asset-swap agreement with Perenco Oil and Gas Gabon SA in a cashless transaction planned to optimize equity ownership across key oil fields in Gabon.
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Wynnstay Properties FY 2023 Portfolio, Rental Income Rose
Wynnstay Properties PLC said Friday that its portfolio value and rental income rose in fiscal 2023.
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Argo Blockchain Swung to Pretax Loss in 2022 Amid Falling Bitcoin Price
Argo Blockchain PLC said Friday that it swung to a pretax loss in 2022 as the bitcoin price declined, but that its total bitcoin mined rose in the year.
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AltynGold Shares Fall After News of Share Suspension From May 2
Shares in AltynGold PLC fell on Friday after the company said shares will be suspended from May 2 as the company won't be able to publish its audited annual report by April 30, in line with Financial Conduct Authority stipulations.
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Kingspan 1Q Sales Rose, to Delist From London Stock Exchange
Kingspan Group PLC said Friday that first quarter sales rose despite a challenging backdrop and that it will propose delisting from the London Stock Exchange.
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Numis Shares Jump After Agreement on GBP410 Mln Deutsche Bank Takeover
Shares of Numis Corp. leapt in early trade on Friday after the company said that it had agreed to a 410 million-pound ($512.5 million) takeover by Germany's Deutsche Bank AG.
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Alfa Financial Software 1Q Revenue Rose Ahead of Expectations
Alfa Financial Software Holdings PLC said Friday that first-quarter revenue came in ahead of expectations supported by a strong performance that has continued into 2023.
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London & Associated Properties 2022 Profit Soars on Subsidiary Performance
London & Associated Properties PLC said Friday that its 2022 pretax profit soared and revenue nearly doubled on a strong performance from its subsidiary Bisichi PLC.
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Casting Says Strong Demand Continued Through FY 2023
Castings PLC said Friday that the strong demand previously reported has continued through the end of its fiscal year ending March 31, and that inflationary cost increases have been offset by pricing measures.
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James Fisher & Sons Swung to 2022 Pretax Profit Despite Declines at Some Divisions
James Fisher & Sons PLC said Friday that it swung to a 2022 pretax profit as revenue from continued operations grew, and despite profit falls at some divisions.
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Nostrum 1Q Oil Production Fell; Shares to be Suspended on Accounts Delay
Nostrum Oil & Gas PLC said Friday that first-quarter production fell and revenue is expected to drop, and said its shares are set to be suspended due to a delay in publishing its 2022 accounts.
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Reabold Resources Finds Potential Discovery at Crawberry Hill; Buys Back Shares
Reabold Resources PLC said Friday that an analysis has identified a significant potential discovery in Crawberry Hill in the U.K., part of West Newton PEDL 183 license, and that it will buy back shares.
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Team17 Subsidiary Buys Independent Arts Software GmbH
Team17 Group PLC said Friday that its subsidiary Astragon Entertainment GmbH has acquired German development studio Independent Arts Software GmbH.
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Mast Energy Shares Fall as 2022 Loss Widens on Higher Costs
Mast Energy Developments PLC shares fell Friday after it said that its 2022 pretax loss widened on significantly increased costs as it steps up its strategy to expand operations in the U.K.
Market Talk:
AstraZeneca's Numbers Don't Fully Reflect R&D Success
1035 GMT - AstraZeneca is a case in point for a divergence between sentiment on product and finances, analysts at Stifel say in a note. In other words, AstraZeneca's financial numbers don't fully reflect the continuous success of its research and development, they add. "We are surprised that margins and cash flows do not reflect more of the top-line momentum and the global positive mix effect of the portfolio," the analysts say. The current year at the pharma giant is somewhat distorted by Covid-related impacts, as significant portions of vaccine and treatment sales fade, Stifel says. However, the underlying business suggests another modest profitability enhancement when non-recurring items are restated, according to the analysts. (cecilia.butini@wsj.com)
Smurfit Kappa's Operating Model Might Help to Uphold Margins Better Than Others
1030 GMT - Although Smurfit Kappa's 1Q revenue was in line with views at EUR3 billion, Ebitda of EUR579 million missed consensus of EUR607 million, Citi analysts Ephrem Ravi and James Perry say in a note. The packaging company's softer quarter wasn't surprising as destocking and price pressures have been felt across the sector, and it might be able to uphold margins better than some given its economies of scale, distribution efficiency and exposure to Latin America, the analysts say. "The demand commentary may have a reassuring effect on share sentiment, and we expect consensus earnings estimates to be roughly flat," the analysts say. Citi rates the stock buy and has a 5,000 pence target price. Shares are up 3.1% at 2,934 pence. (anthony.orunagoriainoff@dowjones.com)
Hikma Pharmaceuticals Should See Strong Growth Over 2023
(MORE TO FOLLOW) Dow Jones Newswires
04-28-23 0730ET
