Rolls-Royce CEO Seems to Have Got Investors Excited as Shares Jump
1057 GMT - Rolls-Royce's new CEO Tufan Erginbilgic clearly seems to have got investors excited by targeting seven areas of improvement, AJ Bell investment director Russ Mould says in a note. "Erginbilgic has taken advantage of the leeway offered with a new broom and swept away the annual dividend despite profit proving more resilient than feared in 2022," Mould says. The CEO has brought in former colleague Nicola Grady-Smith as chief transformation officer to effectively co-pilot the turnaround program, he says, adding that plans for a strategic review suggest there could be further disposals. Shares trade up 22% at 131.44 pence. (kyle.morris@dowjones.com)
Companies News:
Anglo American 2022 Net Profit Fell on Higher Production Costs, Lower Prices
Anglo American PLC said Thursday that net profit for 2022 fell dragged by higher energy costs and lower prices.
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WPP 2022 Profit, Revenue Rose After Strong Performance Across Major Agencies
WPP PLC said Thursday that pretax profit and revenue rose in 2022 after strong performance across its major agencies.
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Mondi Posts 2022 Pretax Profit Rise as Higher Prices Offset Costs
Mondi PLC on Thursday posted a rise in pretax profit for 2022 boosted by higher average selling prices, which more than offset higher energy and wood costs, and said it still sees an environment of softer demand and pricing in 2023.
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Howden Joinery FY 2022 Pretax Profit Rose; Launches GBP50 Mln Buyback
Howden Joinery Group PLC said Thursday that pretax profit rose for fiscal 2022 on higher revenue and launched a 50 million pound ($60.2 million) share buyback.
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Hays 1H Pretax Profit Fell on Higher Costs, CEO to Step Down
Hays PLC said Thursday that pretax profit fell in the first half of fiscal 2023 on higher costs, as net fees hit a record high despite the challenging backdrop, and that Chief Executive Officer Alistair Cox will step down.
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Drax's 2022 Pretax Profit Fell on Derivative Contracts Loss
Drax Group PLC said Thursday that pretax profit fell for 2022 after booking a loss on derivative contracts, and that it expects inflation to remain a headwind in 2023.
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Morgan Sindall 2022 Pretax Profit Fell on One-Off Charges
Morgan Sindall Group PLC said Thursday that its 2022 pretax profit declined on year after booking a building safety-related charge in its accounts and on rising costs due to inflationary pressure.
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Amigo Swings to Nine-Month Pretax Loss on Legacy Book Unwind
Amigo Holdings PLC reported on Thursday a swing to a pretax loss for the first nine months of fiscal 2023 on the continuing run-off of the legacy loan book and limited new lending during the period as customer numbers more than halved.
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Arbuthnot Banking Sees 2022 Pretax Profit Ahead of Views
Arbuthnot Banking Group PLC said Thursday that it expects 2022 pretax profit to beat market expectations as it traded well in the fourth quarter and benefited from higher interest rates.
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Made Tech Swung to Pretax Loss on Higher Costs, Sees FY 2023 in Line With Views
Made Tech Group PLC reported on Thursday a swing to pretax loss for the first half of fiscal 2023 on the back of increased costs despite nearly doubling its revenue, but said that it remains on track to meet full-year performance in line with market expectations.
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Rolls-Royce Shares Jump as Strategic Review Announced
Shares in Rolls-Royce Holdings PLC jumped 16% on Thursday after the company said that a strategic review is underway to identify investment priorities, and that its pretax loss for 2022 widened.
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Shares in Redx Pharma Rise on Jounce Therapeutics Merger
Shares in Redx Pharma PLC rose in early trading Thursday after it said it and Jounce Therapeutics Inc. have agreed to merge, and that their highest priority will be the development of RXC007, its lung disease drug candidate.
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TT Electronic Sees 2022 Pretax Profit at Top End of Range
TT Electronics PLC said Thursday that it expects 2022 adjusted pretax profit to be in the upper end of a company-compiled analyst forecast range of 36.5 million pounds to GBP39.4 million ($44 million-$47.5 million).
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Spectris 2022 Pretax Profit Fell Despite Revenue Rise as Higher Costs Hit
Spectris PLC on Thursday reported a fall in 2022 pretax profit on the back of higher costs and despite revenue rising on market-share gains, volume growth and pricing.
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Invinity to Increase Size of GBP16 Mln Placing on High Demand
Invinity Energy Systems PLC said Thursday that it will increase the size of the placing announced late Wednesday in response to demand after it was oversubscribed.
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Anglo Asian Mining Shares Slip as Lower 2023 Production Expected
Shares in Anglo Asian Mining PLC fell 7.7% Thursday after the company guided for lower overall production for 2023 as it shifts its focus to copper production with the opening of new mines and increased capacity at its flotation plant.
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System1 Group Shares Rise After 3Q Profit Margin Increase
System1 Group PLC shares rose on Thursday after the group said that gross margin for the third quarter improved despite a revenue fall.
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N. Brown Appoints Dominic Appleton as CFO Designate
N. Brown Group PLC said Thursday that it has appointed Dominic Appleton as chief financial officer designate with effect from March 1, replacing Rachel Izzard.
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Genus Shares Rise After 2023 View Backed, Posted Higher 1H Revenue, Volumes
Shares in Genus PLC rose 14% on Thursday after the company backed its outlook for 2023 and posted a fall in half-year pretax profit but a rise in the adjusted figure.
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IGas Energy 2022 Net Production in Line
IGas Energy PLC said Thursday that 2022 net production was in line with expectations and averaged 1,898 barrels of oil equivalent per day despite being hit by an equipment failure caused by supply-chain issues in the first half.
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Pollen Street's Assets Under Management Rose in 4Q, Declares Dividend
Pollen Street PLC on Thursday said that it closed the fourth quarter with higher total assets under management and announced a 16.0 pence a share dividend for the period.
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BAE Systems Saw Record Order Intake in 2022; Sees Further Top-Line Growth in 2023
BAE Systems PLC said Thursday that it benefited from a record order intake in 2022 of 37.1 billion pounds ($44.69 billion) which was propelled by an order backlog of GBP58.9 billion, despite supply chain and inflation issues.
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Guild ESports Appoints Clare Jarvis as CFO
Guild eSports PLC said Thursday that it has appointed Clare Jarvis as chief financial officer with effect from Feb. 27.
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Ascent Resources Gets Collaboration, GBP1 Mln Investment With Beryl International for ESG Metals Opportunities
Ascent Resources PLC said Thursday it has secured a strategic collaboration and 1.0 million pounds ($1.2 million) equity investment with Beryl International (Pty) Ltd. for ESG metals opportunities.
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R&Q Insurance 2022 Gross Written Premiums Rise, Sells 40% Tradesman Stake
R&Q Insurance Holdings Ltd. on Thursday said its gross written premiums and its program fee income saw a boost in 2022 and that it has agreed to sell its stake in Tradesman for $47 million.
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Tribal Shares Fall on Delay to Singapore Contract Resolution
Shares in Tribal Group PLC fell as much as 11% on Thursday after the company said that it doesn't expect any resolution to talks with the Nanyang Technology University in Singapore over their contract in the near future as they remain in disagreement.
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Tracsis 1H Revenue Rose With Growth in Both Divisions
Tracsis PLC said Thursday that it expects revenue for the first half of fiscal 2023 to rise on year with growth across both divisions, in line with the board's expectations.
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Driver Group Swings to Pretax Loss on Lower Sales, Higher Costs
Driver Group PLC on Thursday reported a swing to pretax loss for fiscal 2022 on lower revenue and higher charges, but said that it has started the first quarter of the new year in profit.
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Hikma Pharmaceuticals 2022 Earnings Fell But Beat Core Profit Forecasts
Hikma Pharmaceuticals PLC on Thursday reported a fall in 2022 earnings due to a decline in its generics business and high inflation, but beat its core profit consensus figures.
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Ironveld to Raise GBP2 Mln in Premium Placing for Working Capital, Smelter Complex
Ironveld PLC said Thursday that it is planning to raise 2 million pounds ($2.4 million) via a placing at a premium of 5.3%, with the proceeds to be used for general working capital and the acceleration of works at the Rustenburg smelter complex in South Africa.
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Jounce Shares Bounce Higher on Tie-Up With Redx >JNCE
Shares of Jounce Therapeutics Inc. jumped nearly 30% in premarket trading Thursday after the clinical-stage immunotherapy company unveiled plans to downsize and combine with the U.K.'s Redx Pharma PLC in a stock swap.
Market Talk:
Arbuthnot's Positive Gearing to Rates Brings Profitability Improvement Forward
1137 GMT - Arbuthnot Banking's preclose update drives more net interest margin upgrades, says Shore Capital in a note after the private and commercial bank said its pretax profit for 2022 is seen ahead of consensus as it benefited from higher interest rates. "This drives further NIM expansion assuming deposit costs have not increased as quickly as the base rate given ARBB's high-quality relationship deposit franchise," says analyst Vivek Raja, noting that this is the fourth NIM-upgrade the brokerage has published which it sees as bringing forward profitability improvement. Shore has Arbuthnot as a house stock. (elena.vardon@wsj.com)
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Genus's Strong 1H Reduces Full-Year Risk
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02-23-23 0707ET
