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Sterling Investors Torn Between Optimism And Virus Concerns

07/13/2021 | 05:26am EDT

Sterling Investors Torn Between Optimism And Virus Concerns

1016 GMT - Investors are wary of being too positive on the pound based on optimism about the U.K.'s economic recovery and reopening due to concerns about the rapid spread of the Delta variant of Covid-19 in the country, Commerzbank strategist You-Na Park-Heger says. "Sterling investors seem to be torn between optimism fueled by the imminent lifting of all remaining corona restrictions in England and concerns about the spread of the Delta variant," she says. With the U.K. set to ease all restrictions on Monday, developments over the coming weeks could be crucial and might affect the outlook for Bank of England monetary policy, she says. GBP/USD falls 0.2% to 1.3856, while EUR/GBP rises 0.1% to 0.8548. (jessica.fleetham@wsj.com)

Companies News: 

British Land Sees Improvement as Lockdown Eased; Collects Most of June Rent

British Land Co. said Tuesday that it has seen a notable improvement in activity and performance since lockdown restrictions were eased, and it has collected 85% of its June rent.


Smiths News Sees FY 2021 Adjusted Ebitda Ahead of Market Views

Smiths News PLC said Tuesday that it has experienced a strong performance over the 43 weeks ended June 26, and now expects to report fiscal 2021 adjusted Ebitda ahead of market expectations.


Howden Joinery 1H Revenue Rose Ahead of Views

Howden Joinery Group PLC said Tuesday that revenue for the first half was ahead of its expectations.


Kier Group Sees FY 2021 Results Moderately Ahead of Expectations

Kier Group PLC said Tuesday that it expects results for fiscal 2021 to be moderately ahead of management's expectations, thanks to resilient trading and a number of cost-saving initiatives.


Gamma Communications Sees 2021 Results at Upper Half of Consensus

Gamma Communications PLC said Tuesday that it expects results for 2021 to be in the upper half of consensus estimates after a first-half performance that was broadly in line with expectations.


Hotel Chocolat Sees FY 2021 Adjusted Pretax Profit Ahead of Previous Views

Hotel Chocolat Group PLC said Tuesday that trading has continued to be strong, with sales for the 10 weeks ended June 27 up 34%, and that it expects to report a higher adjusted pretax profit than previously thought.


City of London Investment Expects Higher FY 2021 Overheads; Funds Under Management Rise

City of London Investment Group PLC said Tuesday that it expects overheads for fiscal 2021 to be higher than in the previous financial year, and that funds under management at June 30 were $11.4 billion, compared with $5.5 billion for the same point a year ago.


EMIS Group Sees 1H Trading Ahead of Its Expectations

EMIS Group PLC said Tuesday that trading in the first half was slightly ahead of management expectations, with both revenue and adjusted operating profit rising year-on-year and compared to 2019.


Circassia 1H Revenue Rose, Sees 2021 Earnings Ahead of Market Views

Circassia Group PLC said Tuesday that its first-half revenue rose and it expects full-year earnings to exceed current market expectations.


Ebiquity 1H Revenue Rose 19%

Ebiquity PLC said Tuesday that revenue for the first half rose 19% and that it swung to a profit in contrast to the loss incurred in the year-prior period.


ECSC Group 1H Revenue Rose

ECSC Group PLC said Tuesday that revenue for the first half of 2021 rose, with growth across its two divisions, and that it is well positioned to take advantage of opportunities in a recovering economy.


eEnergy Swung to Annual Profit, Expects Revenue Growth But Profit Miss for FY 2022

eEnergy Group PLC said Tuesday that it delivered its maiden profit with tripled revenue in fiscal 2021, as it forecast revenue ahead of expectations but profit below market views for the current year.


Clinigen Group to Report FY 2021 Revenue Rise

Clinigen Group PLC said on Tuesday that it expects to report a rise in net revenue for fiscal 2021, and that for fiscal 2022 it expects to achieve double-digit Ebitda growth with continued cash generation.


Symphony Environmental Sees 1H Operating Loss; Warns on Distribution Costs

Symphony Environmental Technologies PLC said Tuesday that it expects to report an operating loss for the first half of 2021 and said that higher distribution costs due to global vessel and container shortages are set to continue.


UK Regulator to Further Probe Konecranes, Cargotec Merger Amid Competition Concerns

The U.K. Competition and Markets Authority said Tuesday that it will begin a further investigation into the proposed merger between crane manufacturer Konecranes Oyj and cargo-handling-solutions provider Cargotec Oyj.


Vianet 3-Month Trading Higher Than Expected; Sees Return to Normal in 2H

Vianet Group PLC said Tuesday that profit for the first three months of the fiscal year has been higher than expected and it now expects both its units to return to normal trading during the second half of the year.


Block Energy 2Q Oil Production, Sales Fell

Block Energy PLC said Tuesday that its oil production and sales slipped in the second quarter, though the average price per barrel of oil rose.


Victoria Oil & Gas Shares Fall After Warning on Material Uncertainty

Shares in Victoria Oil & Gas PLC fell Tuesday after the company said that there is a material uncertainty that may cast significant doubt on its future and that it could be required to raise additional funds.


Omega Diagnostics FY 2021 Adjusted Pretax Loss Widened; Shares Fall

Shares in Omega Diagnostics Group PLC fell after the company reported a widened adjusted pretax loss, lower revenue, and a swing to Ebitda loss for fiscal 2021.


Craneware FY 2021 Revenue, Adjusted Ebitda Seen Higher on Year

Craneware PLC said Tuesday that revenue and adjusted Ebitda for fiscal 2021 have increased compared with a year earlier and that it is confident of delivering double-digit organic growth in the future.


Atalaya Mining Sees 2021 Output Toward High End of Guidance After 2Q Rise

Atalaya Mining PLC said Tuesday that it expects its 2021 copper production to be toward the high end of its previous guidance range and costs toward the lower end, after an increase in second-quarter output.


Solid State Warns of Potential Disruption If Supply-Chain Issues Continue

Solid State PLC said Tuesday that it could face disruption and delays to projects in the latter part of fiscal 2022 if supply-chain issues continue to deteriorate, and that this might limit opportunities created by recovering demand.


Revolution Beauty to Raise GBP110.7 Mln in London IPO

Revolution Beauty Group PLC said Tuesday that it plans to raise 110.7 million pounds ($153.7 million) of new money as part of its initial public offering on London's junior AIM.


ZOO Digital FY 2021 Pretax Loss Widened; Sees Strong Start to FY 2022

ZOO Digital Group PLC said Tuesday that its pretax loss for fiscal 2021 widened but revenue and adjusted earnings rose, and that its performance at the beginning of fiscal 2022 has been strong.


GENinCode to Raise GBP17 Mln in AIM Float

GENinCode PLC said Tuesday that it will raise around 17.0 million pounds ($23.6 million) as part of its float on London's junior AIM market.


Maternity-Wear Brand Seraphine Group Sets IPO Price at 295 Pence

British maternity- and nursing-wear brand Seraphine Group PLC on Tuesday set its initial public offering price at 295 pence a share, implying a market capitalization of 150.2 million pounds ($208.2 million).


Omega Diagnostics Finance Director to Step Down; Successor Appointed

Omega Diagnostics Group PLC said Tuesday that its Group Finance Director Kieron Harbinson has decided to step down after 19 years at the company and that Chris Lea has been appointed as chief financial officer as of August 30.


Forward Partners Prices IPO at 100 Pence; Market Capitalization GBP134.6 Mln

Forward Partners Group PLC on Tuesday set its initial public offering price at 100 pence a share, implying a market capitalization of 134.6 million pounds ($186.9 million) when trading starts on London's junior AIM on July 19.

Market Talk: 

Howden Joinery's Operating Performance May Prompt Share Buybacks

1045 GMT - Howden Joinery's expectation of 2021 pretax profit of around GBP300 million is around 15% above rising consensus estimates, Davy says. This upgrade underlines how buoyant trading is at present, with the business now tracking well ahead of pre-pandemic levels, the Irish research firm says. Given that the maker of kitchen and joinery products' financial year is 2H weighted, its update suggests management is confident on its outlook, Davy says. And given the strength of its operating performance an announcement regarding a resumption of share buybacks is expected, the researcher says. "Howden's rating may look stretched relative to its history, but it is hard to argue with a business that delivers consistently excellent results and has the support of significant net cash," Davy says. (anthony.orunagoriainoff@dowjones.com)

Clinigen's Business Wins Should Help Drive FY 2022 Ebitda Growth Forecasts

1032 GMT - Clinigen indicating that clinical trials and activity levels are starting to increase is a promising sign, Shore Capital says. Despite the effects of the virus, the pharmaceutical products and services provider achieved business wins including $100 million worth of overall signings in Clinical Services, and a record number of 30 net wins in Managed Access for the year, Shore says. "The group has also suggested that wins in both of these divisions are in higher margin activities and this should help to drive strong Ebitda growth in fiscal 2022's forecasts," the U.K. investment group says. Shore rates the stock buy with a 625 pence target price. (anthony.orunagoriainoff@dowjones.com)

Phoenix Group's EUR230 Mln Ark Life Divestment Seen as Sensible

(MORE TO FOLLOW) Dow Jones Newswires

07-13-21 0726ET

Stocks mentioned in the article
ChangeLast1st jan.
CARGOTEC OYJ -4.61% 46.38 Delayed Quote.37.14%
CIRCASSIA GROUP PLC 5.82% 40 Delayed Quote.41.84%
CLINIGEN GROUP PLC 0.71% 640 Delayed Quote.-5.41%
CRANE CO. 1.12% 93.12 Delayed Quote.18.58%
CRANEWARE PLC 0.44% 2300 Delayed Quote.0.00%
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.13.59%
EBIQUITY PLC 0.00% 58.5 Delayed Quote.193.97%
EENERGY GROUP PLC 0.00% 15.75 Delayed Quote.34.04%
EMIS GROUP PLC -1.65% 1430 Delayed Quote.31.61%
KIER GROUP PLC -0.80% 123.6 Delayed Quote.58.46%
KONECRANES OIJ -4.21% 36.61 Delayed Quote.27.21%
LONDON BRENT OIL 0.65% 78.52 Delayed Quote.49.38%
SYMPHONY HOLDINGS LIMITED 1.12% 0.9 End-of-day quote.4.65%
VIANET GROUP PLC 0.00% 117.5 Delayed Quote.88.00%
WTI 0.71% 74.495 Delayed Quote.52.07%
ZOO DIGITAL GROUP PLC 0.00% 120.5 Delayed Quote.92.80%
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