UK Bank, Finance Stocks Drop as Contagion Fears Linger
1033 GMT - U.K. banks and financial stocks continue to lose ground amid lingering jitters about possible market contagion following the collapse of U.S. tech-lender Silicon Valley Bank. Standard Chartered and London Stock Exchange are the financial sector's top fallers, down about 2%, while HSBC--which is acquiring SVB's U.K. business--drops 1%. Asia markets closed in the red after the Dow fell 0.3% Monday. "Asian markets played catch-up with the market chaos overnight, with the weakness hitting HSBC, but Wall Street saw fairly stable trading," AJ Bell investment director Russ Mould writes. "Whether the relative calm will survive the latest print of U.S. inflation later is an open question." (philip.waller@wsj.com)
Companies News:
RS Group Appoints Simon Pryce as CEO
RS Group PLC said Tuesday that it has appointed Simon Pryce as chief executive officer from April 3.
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Costain Swung to 2022 Profit on Higher Volumes, Better Margins
Costain Group PLC said Tuesday that it swung to a 2022 pretax profit as revenue rose on higher volumes, inflation, improved Natural Resources profit and an improved operating margin.
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Sainsbury's to Buy Stores Freehold From Supermarket Income REIT
J Sainsbury PLC on Tuesday said it has agreed to buy the remaining 51% stake in investment vehicle Highbury and Dragon for 430.9 million pounds ($525.0 million) from Supermarket Income REIT PLC.
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Close Brothers 1H Operating Pretax Profit Fell Sharply After Booking Provisions
Close Brothers Group PLC said Tuesday that operating pretax profit for the first half of fiscal 2023 fell driven by increased provisions in relation to Novitas Loans.
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Pennon Group Sees FY 2023 in Line With Views
Pennon Group PLC said Tuesday that it expects to post results for fiscal 2023 in line with management expectations
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Molten Ventures Doesn't Expect Any Liquidity Hit From SVB Collapse
Molten Ventures PLC said Tuesday that it doesn't expect any meaningful liquidity hit from the failure of Silicon Valley Bank or Silicon Valley Bank UK Ltd., following HSBC Holdings PLC's purchase of the U.K. unit.
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TP ICAP Group 2022 Pretax Profit Rose as Volatility Boosted Trading Volumes
TP ICAP Group PLC said Tuesday that 2022 pretax profit rose as market volatility from geopolitical events during the year resulted in higher volumes and revenue, and that it remains well-positioned as interest rates remain high.
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Yu Group 2022 Pretax Profit Rose; Sees 2023 in Line With Views
Yu Group PLC said Tuesday that pretax profit for 2022 rose driven by a robust performance throughout the year, and resumed its dividend policy as business remains strong.
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Smart Metering 2022 Pretax Profit Rose Sharply on Rise in Installations
Smart Metering Systems PLC said Tuesday that pretax profit nearly doubled in 2022 as it increased its meter installation run-rate.
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Focusrite 1H Was in Line with Views Amid Resilient Demand
Focusrite PLC said Tuesday that profit for the first half of fiscal 2023 remained in line with the board's expectations and that its full-year outlook is unchanged amid improved margins.
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Volvere 2022 Profit from Continuing Operations Rose; Early 2023 Pressures Improving
Volvere PLC said Tuesday that pretax profit from continuing operations rose on record revenue though its discontinued business pulled it to an overall total loss, and macroeconomic challenges are beginning to ease in early 2023.
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Sabre Insurance 2022 Pretax Profit Drops on High Inflation
Sabre Insurance Group PLC on Tuesday posted a 66% fall in pretax profit for 2022 on inflationary pressures and said it expects an improvement in loss ratios across its businesses in the year ahead.
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Computacenter 2022 Results Delayed as Auditor Requests More Time
Computacenter PLC said Tuesday that its results for 2022 will now be published by March 31 as its auditor has requested further time to complete its procedures in relation to a Computacenter U.S. subsidiary.
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Virgin Wines 1H Pretax Profit Fell as Revenue, Ebitda Hit by One-Offs
Virgin Wines UK said Tuesday that pretax profit for the first half year of fiscal 2023 fell, as sales and earnings were hit by a number of one-offs, and that it won't recommend an interim dividend.
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Aptamer Group Shares Fall on Widened 1H Loss
Aptamer Group PLC shares fell Tuesday after it said posted a widened first half pretax loss and reduced revenue, though it expects to meet full-year market views for revenue.
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Fintech Asia To Buy InvesCore Financial In Reverse Takeover
Fintech Asia Ltd. on Tuesday said it has agreed to buy InvesCore Financial Group Pte. Ltd. in a transaction that would constitute a reverse takeover, leading to the temporary suspension of its shares.
Market Talk:
Genuit Near-Term Focus Seen on Dealing With Challenging End-Markets
0938 GMT - Genuit's 2022 operating margin took a step in the right direction and adjusted operating profit beat expectations by around 3%, Davy Research's Flor O'Donoghue says in a research note. "It was not an easy year for the business but, encouragingly, the group operating margin improved in the second half," she says. O'Donoghue adds that in the near term, the focus for the company will be on dealing with challenging end-markets and Davy assumes an underlying revenue decline of 3.5% in 2023, with operating profit expected to drop to GBP90 million. However, there could be upside to estimates if Genuit can maintain its operating margin at the 2H 2022 level. Davy Research has a neutral rating on the stock.(kyle.morris@dowjones.com)
Sainsbury's Stores Deal Clears Distractions, Boosts Opportunities
0930 GMT - Sainsbury's stores freehold deal with Supermarket Income REIT is positive news given that it came in a little earlier than expected, Shore Capital analysts Clive Black and Darren Shirley say in a note. The U.K. grocer's transaction removes a balance sheet distraction and provides full in-house opportunity to make the most of the potential of the stores without the involvement of a third party, they add. "[CEO] Simon Roberts has commenced his tenure very well--for us--injecting focus and pace with more than satisfactory outcomes to date. Going forward, he has a very strong, largely non-lease debt-free balance sheet behind him to expedite his plans," they add. (michael.susin@wsj.com)
TP ICAP's Results Reflect Cyclical Recovery
0919 GMT - TP ICAP Group's 2022 results and outlook were reasonably upbeat, says Shore Capital in a note after the interdealer brokerage posted figures ahead of consensus. "The core rates business came back into life in 2022 so these results reflect cyclical recovery," says analyst Vivek Raja. Shore doesn't envisage material forecast revisions but sees consensus as too high until the Liquidnet business demonstrates meaningful growth. The U.K. investment group has a hold rating on TP ICAP stock with a 180 pence fair value. Shares fall 7% to 166 pence and are down 4.9% year-to-date. (elena.vardon@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-14-23 0722ET
