Sterling Could Benefit From Lower Gas Prices, Improved Risk Appetite

1058 GMT - Sterling could strengthen as gas prices fall and risk appetite improves, Deutsche Bank says. "Sterling's external vulnerabilities have reduced with the fall in gas prices," Deutsche Bank analysts say in a note. GBP/USD appears cheap and the risk-sensitive exchange rate should benefit from more supportive market sentiment in the first half of 2023, they say. The German investment bank expects GBP/USD to rise to 1.25 by the second quarter of 2023. GBP/USD rises 0.7% to 1.2154. (renae.dyer@wsj.com)


 
Companies News: 

Unilever 2022 Net Profit Rose; 4Q Turnover Increased on Higher Prices

Unilever PLC reported Thursday an increase in net profit for 2022, beating market expectations for the year, while fourth quarter turnover rose.

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Compass Group Backs FY 2023 Guidance After 1Q Revenue Grew 24%

Compass Group PLC said Thursday that it had growth across all its regions in the first quarter of fiscal 2023 as it continued to benefit from outsourcing trends and backed its full-year guidance.

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British American Tobacco 2022 Revenue, Pretax Profit Rose on New Category Growth, Pricing

British American Tobacco PLC said Thursday that revenue and pretax profit rose for 2022, driven by new category growth and pricing.

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Bellway Sees 1H Housing Revenue Rising Despite Reservation Rate Slip

Bellway PLC said Thursday that it expects its first-half fiscal 2023 housing revenue rose at least 1.1%, driven by an increase in house prices, though its overall reservation rate fell.

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Watches of Switzerland 3Q Revenue Boosted by Luxury Segment; Backs FY 2023 Guidance

Watches of Switzerland Group PLC said Thursday that group revenue in the third quarter of fiscal 2023 rose 17%, driven by luxury watches where demand continues to exceed supply, and backed its full-year guidance.

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AstraZeneca Swung to 4Q Profit, But Covid Shot Decline Hits Revenue

AstraZeneca PLC on Thursday posted a swing to fourth-quarter profit, though it posted lower revenue due to declining sales of its Covid-19 vaccine Vaxzevria.

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Journeo 2022 Revenue Seen Up 35%, Profit in Line as Order Intake Rose

Journeo PLC said Thursday that revenue for 2022 increased 35% and that profit is anticipated in line with market expectations as order intake rose.

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S&U Sees FY 23 Results Meeting Views; Raises Second Interim Dividend

S&U PLC said Thursday that it expects fiscal 2023 results to meet expectations and exceed its budget as it proposed a second interim dividend.

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Credit Suisse Flags Substantial 2023 Loss After Missing Expectations in 4Q -- Update

Credit Suisse Group AG notched up its fifth-straight quarterly loss in the last three months of 2022, missing expectations after clients pulled billions in deposits from its wealth-management business, and flagged a further full-year loss in 2023.

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Argo Blockchain CEO, Interim Chairman Peter Wall Steps Down

Argo Blockchain PLC said Thursday that Chief Executive Officer and Interim Chairman Peter Wall is stepping down to pursue other opportunities.

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Redrow Slightly Lowers 2023 Revenue Guidance After 1H Revenue, Profit Slipped

Redrow PLC said Thursday that pretax profit and revenue slipped in the first half of fiscal 2023, and slightly lowered its fiscal 2023 revenue guidance.

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British American Tobacco 2022 Revenue, Pretax Profit Rose on New Category Growth, Pricing -- Update

British American Tobacco PLC said Thursday that revenue and pretax profit rose for 2022, driven by new category growth and pricing.

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Diversified Energy Raises $163 Mln to Partly Fund Acquisition

Diversified Energy Co. said Thursday that it has raised $163.0 million via the share placing first announced late Wednesday, which is being used to fund in part the acquisition of certain upstream assets and related infrastructure Tanos Energy Holdings II LLC.

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Zytronic Shares Fall Amid Persistent Supply-Chain Issues, Board Reshuffle

Zytronic PLC shares fell Thursday after the company said supply-chain issues were persisting, and that acting executive Chairman Mark Cambridge will return to his chief executive officer role.

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Shield Therapeutics 2022 Revenue Jumped After Deal With Viatris

Shield Therapeutics PLC said Thursday that revenue for 2022 jumped on year, driven by increases in net product revenue and upfront payments from Viatris Inc.

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Various Eateries Names Sharon Badelek as Incoming CFO

Various Eateries PLC said Thursday that it will appoint Sharon Badelek as chief financial officer, effective from April 1 and taking over from interim CFO James Darwent.

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Helium One Appoints Lorna Blaisse as New CEO

Helium One Group Ltd. said Thursday that it has appointed Lorna Blaisse as its new chief executive with immediate effect after David Minchin decided to step down.

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Malvern International Sees Higher 2022 Revenue on Student Numbers Recovery

Malvern International PLC on Thursday said it expects to post a significant rise in 2022 revenue and a narrower pretax loss, boosted by a strong second half as its student numbers returned to prepandemic levels.

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Beowulf Mining Shares Fall on Discount Retail Offer for GBP2.1 Mln

Beowulf Mining PLC shares fell Thursday after it said that it has launched a discounted retail offer raising around 2.1 million pounds ($2.5 million), to be used across its projects and workstreams and add value to its asset portfolio.


 
Market Talk: 

British American Tobacco 2022 Results Are a Mixed Bag

1055 GMT - British American Tobacco's lack of a buyback is a negative but its faster next-generation products profitability and solid growth outlook should reassure, Citi analysts say in a research note. "Although there is scope for early stock-price weakness, given recent share-price underperformance, short hedge fund positioning, the attractive circa 9% dividend yield valuations and with little changes to FY23 consensus estimates, we think the shares will rally from lows," they say. Citi has a buy rating on the stock with a target price of 3,850 pence. Shares trade down 5.7% at 2,915.50 pence.

Watches of Switzerland's 3Q Challenges Consumer Demand Claims

1036 GMT - Watches of Switzerland's growth in the U.K. and Europe fell behind its U.S. operations as the company lamented U.K. tourist demand had yet to return, AJ Bell analyst Russ Mould says in a note. The market doesn't like the 3Q numbers, with soft jewelry sales helping undo a lot of the progress shares had made so far this year, says Mould, adding the company may be taken aback by the scale of negative reaction to what was otherwise a reasonably robust period and reiterated guidance. "It suggests a degree of scepticism over its claims to be relatively insulated from weaker consumer demand thanks to a wealthier clientele and the continuing strong demand for luxury watches," Mould says. Shares are down 8.6% at 919.50 pence. (anthony.orunagoriainoff@dowjones.com)

Watches of Switzerland 3Q Sales Miss Consensus

1023 GMT - Watches of Switzerland's 3Q sales of GBP407 million modestly missed consensus of GBP425 million, analysts at Jefferies say in a note. Luxury watches achieved strong double digit growth, driven by average selling prices, with trading up having a greater effect than price rises, and to a lesser extent volumes, and were aligned with analysts' expectations. Still, jewelry was weaker in both the U.K. and the U.S. as the company avoided pre-Christmas markdowns in the U.K. and reduced the level of markdowns in the U.S., the analysts say. "WOSG held guidance with price increases offsetting the negative exchange rate moves," the analysts say. Jefferies rates the stock buy. Shares are down 8.9% at 917 pence. (anthony.orunagoriainoff@dowjones.com)

S&U's Receivables Growth Seen Slowing in FY 2024, Says Peel Hunt

1015 GMT - S&U's momentum entering fiscal 2024 is positive but growth in receivables is expected to slow, says Peel Hunt in a note. The U.K. motor finance and bridging lender said its net receivables for fiscal 2023 increased a further 4% since its Dec. 8 update, which the brokerage says implies an around 30% growth for the year. "Management is cautious as to macro prospects in the coming year and we expect slower receivables growth in FY24E," say Peel Hunt analysts noting they see forecast growth in the low-teens for the year. They add the business remains highly competitive and that the shares are attractive, supporting their buy rating and 3,314 pence target price. Shares rose 0.5% at 2,100 pence.(elena.vardon@wsj.com)

StanChart Shares Jump Amid Takeover Speculation

0959 GMT - Standard Chartered shares rise 11% after a report claimed First Abu Dhabi Bank is still considering an offer for the emerging market-focused bank. First Abu Dhabi is exploring an all-cash bid of between $30 to $35 billion, Bloomberg cited sources as saying. "Reports suggest First Abu Dhabi Bank is still interested in buying Standard Chartered, despite guidance to the contrary last month," AJ Bell investment director Russ Mould writes. "If successful, it would represent yet another U.K. stock acquired by a foreign player. It would also play to the theory that industry players are more likely to buy U.K.-listed companies than private equity in the current environment." (philip.waller@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

02-09-23 0638ET