THG 1H Misses Expectations, Guidance Disappoints, RBC Says
0933 GMT - THG reported a 1H performance below the consensus and its FY 2022 guidance represents a strong downgrade to estimations, analysts at RBC Capital Markets say in a research note as shares fall 18%. The e-commerce company revenue was 6% below expectations, while adjusted Ebitda came 33% below consensus, they say. The revised guidance for the full year revenue growth in the range of 10% to 15% also is lower against the forecast of 18%, and adjusted Ebitda implies a 25% downgrade to consensus, they add. In a positive note, THG growth seems relatively more resilient--although not immune--among the retail sector given its category exposure, the analysts say. (michael.susin@wsj.com)
Companies News:
Shell Names Wael Sawan as Next CEO
Shell PLC said Thursday that it has appointed Wael Sawan as its next chief executive, effective Jan. 1.
---
Wickes 1H Pretax Profit Slipped on Costs; Revenue Rose
Wickes Group PLC said Thursday that its first-half pretax profit slipped on increased costs, though revenue rose 1.3%.
---
THG 1H Pretax Loss Widened on Higher Costs, Despite Revenue Increase
THG PLC reported on Thursday a widened pretax loss for the first half of 2022 after booking higher costs and despite a record revenue increase.
---
Kier FY 2022 Pretax Profit Rose Despite Revenue Slip; Order Book Increased
Kier Group PLC said Thursday that its fiscal 2022 pretax profit significantly rose on a strong operational performance and despite a slight slip in revenue, and that its order book increased on year.
---
Open Orphan Helping Irish Authorities Investigate Insider-Dealing Allegation
Open Orphan PLC said Thursday that it has been made aware by Irish authorities of potential insider dealing in its shares by an unconnected private individual in 2020, and that the company is helping them with their inquires.
---
Trustpilot Appoints Zillah Byng-Thorne as Deputy Chairman
Trustpilot AS said Thursday that it has appointed Zillah Byng-Thorne as an independent nonexecutive director and deputy chairman of the company from Oct. 1.
---
Brooks Macdonald FY 2022 Pretax Profit Rose, Raises Dividend
Brooks Macdonald Group PLC reported a pretax profit increase for fiscal 2022 despite a challenging market backdrop and increased its dividend payout.
---
Trainline Sees 1H Ticket Sales, Revenue Higher on Covid-19 Recovery
Trainline PLC said in an update Thursday that first-half net ticket sales and revenue rose significantly on year after a strong post-Covid-19 industry recovery across Europe.
---
M.J. Gleeson FY 2022 Pretax Profit, Revenue Rose on Strong Demand
M.J. Gleeson PLC said Thursday that fiscal 2022 pretax profit and revenue both rose on strong demand and selling prices, and that it is confident of further profit in fiscal 2023.
---
IG Group 1Q Revenue Rose; Remains Confident About Medium-Term Outlook
IG Group Holdings PLC said Thursday that revenue increased in the first quarter of fiscal 2023, positioning the group well for the rest of the year.
---
Hilton Food 1H Pretax Profit Fell on Costs; Sees 2022 Profit Below Expectations
Hilton Food Group PLC said Thursday that said it expects profit for the full year to miss expectations after first-half pretax profit fell on higher costs and despite an increase in revenue.
---
Renishaw FY 2022 Profit, Revenue Rose Amid Growth in All Markets
Renishaw PLC said Thursday that fiscal 2022 pretax profit and revenue rose as it enjoyed a recovery in all of its key markets.
---
Parkmead Group Increases Stake in UK's North Sea Skerryvore Project
Parkmead Group PLC said Thursday that it has reached an agreement to increase its stake in the U.K. Central North Sea Skerryvore project from 30% to 50%.
---
Ferro-Alloy Shares Drop 16% After Discounted Placing
Shares in Ferro-Alloy Resources Ltd. were down 16% on Thursday after the company said that it plans to raise 8.6 million pounds ($9.9 million) via a discounted placing, subscription and PrimaryBid offer.
Market Talk:
Wickes' Reaffirmed Guidance Reflects a Robust 1H Performance
0843 GMT - Wickes has delivered a strong set of interim results, with reaffirmed guidance a huge sign of confidence--and this alone should drive shares higher, Liberum says. The resilience provided by the home improvement retailer's blended business model is truly paying benefits with meaningful market share gains in all three divisions being made, Liberum analysts Wayne Brown and Adam Tomlinson say in a research note. Wickes' current market cap gives an implied enterprise value of just GBP200 million, the brokerage says. "We see this punitive valuation as unjustified given the quality of the business, long-term growth levers, strong cash generation and very healthy balance sheet," Liberum says, retaining its buy rating and 360 pence price target. Shares are up 11% at 128.1 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
09-15-22 0554ET
