Prudential Shares Drop To Bottom Of FTSE 100 As Lack Of Catalyst Disappoints

0820 GMT - A lack of immediate catalyst might not push Prudential shares higher, Deutsche Bank says after the insurance-and-investment business posted results "on either side of the line" with annual premium equivalent and new business profit missing consensus marginally, but IFRS profit, balance-sheet metrics and dividend marginally better. Nothing has been provided on the CEO's new strategy with an updated expected at the interim results in August, DB says in a note. "This could disappoint today, as the market had been building in anticipation (prior to the SVB selloff) about a strategy update into the shares," says analyst Rhea Shah. Deutsche has a buy rating on the stock. Shares shed 3.5% at 1,142 pence and sit at the bottom of the FTSE 100 index. (elena.vardon@wsj.com) 


Companies News:

Burberry Names Kate Ferry as Next CFO

Burberry Group PLC said Wednesday that it has appointed Kate Ferry as chief financial officer with effect by early September 2023 at the latest.

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Keywords Studios 2022 Revenue, Profit Rise Amid Sustained Demand

Keywords Studios PLC said Wednesday that revenue and pretax profit rose for 2022 as the company saw sustained demand for content and a continuing trend toward external service provision.

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Balfour Beatty 2022 Profit Significantly Rose; Will Repurchase GBP150 Mln of Shares

Balfour Beatty PLC said Wednesday that its 2022 pretax profit significantly rose together with revenue, and it will repurchase a further 150 million pounds ($182.4 million) of shares over 2023.

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Trainline FY 2023 Revenue Rose on International Ticket Sales Growth

Trainline PLC said Wednesday that its revenue for fiscal 2023 jumped on strong growth in net ticket sales, and that it sees its adjusted core earnings for the year in line with views.

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Bloomsbury Publishing Sees FY 2023 Revenue, Profit Ahead of Views

Bloomsbury Publishing PLC said Wednesday that it expects to report revenue and profit materially ahead of views for fiscal 2023 after booking a strong performance at the end of the year.

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Kin & Carta 1H Pretax Loss Widened on Higher Costs

Kin & Carta PLC said Wednesday that pretax loss for the first half of fiscal 2023 has widened on the back of higher costs due to macroeconomic pressures.

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Hyve Group Agrees to GBP320 Mln Takeover by Providence Equity Partners

Hyve Group PLC said Wednesday that it has agreed to a 320 million pound ($389.1 million) takeover by private equity firm Providence Equity Partners LLP.

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Ferrexpo 2022 Profit, Revenue Fell Significantly Due to Ukraine War

Ferrexpo PLC said Wednesday that its 2022 pretax profit and revenue significantly fell, principally due to the Russian invasion of Ukraine.

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IG Group 3Q Trading Revenue Fell on Lower Activity

IG Group Holdings PLC on Wednesday said that its third-quarter net trading revenue fell on lower market volatility and a 5% drop in active client numbers reflecting quieter market conditions.

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Kingswood Holdings Sees 2022 Operating Profit Below Views on Delayed Transaction

Kingswood Holdings Ltd. said Wednesday that operating profit for 2022 is anticipated to come in below the board expectations on the back of lower U.S. investment banking revenues and a delayed transaction.

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Marshalls 2022 Pretax Profit Fell on Adjustments; Sees 2023 Volumes Decreasing

Marshalls PLC said Wednesday its 2022 pretax profit significantly fell due to adjusting items, and said it expects 2023 volumes to reduce.

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Chemring Order Book Increases, 90% of Expected Revenue Covered

Chemring Group PLC said Wednesday that its order book has increased 30% on year as 90% of the expected revenue is now covered, and that its expectations for fiscal 2023 are unchanged.

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Centaur Media 2022 Profit, Revenue Rose; Declares Second Special Dividend

Centaur Media PLC said Wednesday that 2022 revenue and pretax profit rose, and declared a second special dividend for the year.

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Tremor International Says It Isn't Currently In a Sales Process

Tremor International Ltd. on Wednesday confirmed it isn't currently in a sale process as it responded to press speculation.

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Versarien Raises GBP318,000 Via Share Placing

Versarien PLC said Wednesday that it has raised 318,000 pounds ($386,656) through a share placing and that proceeds will be used to continue the commercialization work of its products.

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SigmaRoc Wins Around $18 Mln as Claim Against Swedish Government Succeeds

SigmaRoc PLC said Wednesday that its claim to seek compensation from Sweden over a land-use restrictions dispute has been successful.

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FDM Group 2022 Pretax Profit Rise Driven by North America Sales

FDM Group (Holdings) PLC said Wednesday that pretax profit in 2022 rose, as revenue was driven by sales in North America, and that it has proposed a dividend.

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4imprint 2022 Revenue, Profit Rose; Declares Special Dividend

4imprint Group PLC said Wednesday that revenue and pretax profit rose significantly in 2022 after it booked strong momentum and that it was proposing a special dividend.

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Ariana Resources Sees 2023 Gold Production From Turkish Mine Decreasing

Ariana Resources PLC said Wednesday that gold production from its 23.5%-owned Kiziltepe mine in Turkey is expected to decrease in 2023.

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TruFin 2022 Pretax Loss Narrowed in Line With Views, Is Confident About Year Ahead

TruFin PLC on Wednesday said its pretax loss for 2022 narrowed slightly, in line with expectations, and that it is confident about the year ahead.

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Reabold Resources Gets GBP18.7 Mln Takeover Proposal From Portillion SPV O&G

Reabold Resources PLC said Wednesday that it has received an unsolicited takeover approach from Kamran Sattar on behalf of Portillion SPV O&G worth around 18.7 million pounds ($22.7 million) which it believes undervalues the company.

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Petra Diamonds Raises $72.1 Mln in Fourth Diamond Tender

Petra Diamonds Ltd. said Wednesday that it sold 505,398 diamond carats in the fourth tender of fiscal 2023 for $72.1 million, up from 305,366 carats for $42.3 million in the third tender.

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Advanced Medical Solutions 2022 Pretax Profit Rose; Declares Increased Dividend

Advanced Medical Solutions Group PLC said Wednesday that pretax profit rose in 2022, driven by strong sales in both units, and that it proposed an increased dividend. 


 
Market Talk:

UK Budget May Prove Neutral For Pound

0823 GMT - U.K. Treasury chief Jeremy Hunt's spring budget at 1230 GMT is likely to prove neutral for sterling, ING says. "We doubt anything in the budget will be sterling negative--after all taxation levels are near the limit--but equally we do not see it as especially sterling positive either," ING analyst Chris Turner says in a note. The budget could include measures to improve the cost of living crisis, address labor shortages and incentives on investment, he says. However, Hunt will probably save more overt fiscal stimulus for the Autumn Statement later this year or next year's budget before the general election later in 2024, he says. GBP/USD falls 0.1% to 1.2150 and EUR/GBP rises 0.1% to 0.8836. (renae.dyer@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

03-15-23 0448ET