UK Builders Rise After Persimmon Flags Upbeat Trading
0912 GMT - U.K. house-builders gain after Persimmon reported lower first-quarter new home completions and forward orders, but said latest trading was encouraging. Visitor numbers in the last few weeks had risen, cancellation levels had normalized and sales rates had continued a steady improvement evident since the start of the year, which if sustained meant full-year 2023 volumes likely would be toward the top end of guidance, Persimmon said. The company's shares rise 5% and top-flight rivals Taylor Wimpey, Barratt Developments and Berkeley Group Holdings also advance. "Housebuilders are stemming steeper declines for the U.K. blue-chip index, with Persimmon leading the FTSE 100 after an improved trading update versus its previous release in March," Interactive Investor head of investment Victoria Scholar writes. (philip.waller@wsj.com)
Companies News:
Persimmon 1Q Sales Fell After Challenging End to 2022, But Sees Improvements
Persimmon PLC said Wednesday that its private sales rate per outlet in the first quarter fell by 37% on year, after a challenging fourth quarter, though it is seeing encouraging signs of improvement.
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Smith & Nephew Posts 1Q Revenue Beat on Growth in Established Markets
Smith & Nephew PLC on Wednesday reported better-than-expected revenue growth for its first-quarter driven by the performance of its established markets and backed its guidance for 2023.
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Bunzl Backs 2023 Guidance After 1Q Revenue Rose
Bunzl PLC said Wednesday that revenue in the first quarter rose 8.4% at actual exchange rates and 1.2% at constant exchange rates, and backed its guidance for the year.
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Elementis 1Q Underlying Revenue Was Flat on Year
Elementis PLC said Wednesday that revenue was flat on an underlying basis in the first quarter of 2023 on benefits from pricing measures and improved mix broadly offsetting weaker volumes.
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GSK 1Q Profit, Sales Beat Expectations But Fell On-Year; Backs 2023 Guidance
GSK PLC on Wednesday reported net profit and sales that beat expectations but declined on-year, and backed its guidance for the full year 2023.
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Reckitt Benckiser 1Q Revenue Rose Ahead of Views; CEO to Step Down
Reckitt Benckiser Group PLC said Wednesday that its first-quarter revenue rose supported by a broad-based growth across its businesses, and said it has appointed Kris Licht as Chief Executive Officer to succeed Nicandro Durante.
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Nichols 1Q Revenue Rose On Packaged Business Performance; CFO Resigns
Nichols PLC on Wednesday said that revenue rose in the first quarter of 2023 on strong performance in its packaged business, and that its chief financial officer will leave the company by the end of the month.
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Drax Sees 2023 Earnings Meeting Market Views; To Start GBP150 Mln Share Buyback
Drax Group PLC said Wednesday that it expects to deliver full-year earnings in-line with analysts' expectations following a strong first-quarter system-support and generation performance, and announced a new 150 million pound ($186.1 million) share buyback program.
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Fresnillo Backs 2023 Guidance; 1Q Production Costs Worsened by Inflation, Currency Effects
Fresnillo PLC on Wednesday backed its 2023 production guidance and said first-quarter adjusted production costs continued to be worsened by continuing cost inflation and the revaluation of the Mexican peso against the dollar.
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Jupiter Fund Management Nonexecutive Chair Nichola Pease Steps Down
Jupiter Fund Management PLC said Wednesday that Nonexecutive Chair Nichola Pease is stepping down for personal reasons and will be replaced by David Cruickshank with immediate effect.
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Brickability Sees Rise in FY 2023 Revenue, Earnings Ahead of Market Views
Brickability Group PLC said Wednesday that it expects to report a rise in revenue for fiscal 2023 and earnings ahead of market expectations, after a resilient performance in the final quarter.
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Breedon Sees 1Q Revenue Rise as Pricing Offsets Volumes Weakness
Breedon Group PLC said Wednesday that performance in the first quarter has been positive, with revenue up 10% on year or 7% on a like-for-like basis on pricing.
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Man Group 1Q Assets Under Management Rose Slightly
Man Group PLC on Wednesday said its assets under management rose 1% over the first quarter.
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Zinc Media Group 2022 Pretax Loss Widened on Acquisition Costs; Revenue Rose 72%
Zinc Media Group PLC said Wednesday that its pretax loss widened in 2022 on acquisitions-related costs, but that revenue jumped on growth in TV and its Zinc Communicate units.
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Warpaint London 2022 Pretax Profit, Revenue Rose; Sees Record 1Q Sales
Warpaint London PLC said Wednesday that 2022 pretax profit rose as sales increased, and that performance in the first quarter continued to be strong as it achieved record sales in the period.
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Trifast Sees FY 2023 Revenue Rising, Profit Slightly Ahead of Guidance
Trifast PLC said Wednesday that fiscal 2023 organic revenue rose around 7% at constant currency, driven in particular by U.S. operations, and that it expects adjusted profit to marginally exceed prior guidance.
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Narf Industries Shares Fall on 2022 Results Delay
Shares in Narf Industries PLC fell 18% on Wednesday after the company said the publication of its 2022 results will be delayed and that it has appointed an interim chief financial officer.
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Gem Diamonds Sold Seven Diamonds in 1Q for $11.1 Mln
Gem Diamonds Ltd. said Wednesday that it sold seven diamonds in the first quarter and that this generated revenue of $11.1 million for the period ended March 31.
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Biome Technologies 1Q Revenue Rose, Backs Guidance; 2022 Loss Narrowed
Biome Technologies PLC said Wednesday that its first-quarter revenue rose significantly on year and retained full-year guidance, and its 2022 loss narrowed.
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Image Scan Holdings Swung to 1H Pretax Profit on Higher Orders
Image Scan Holdings PLC on Wednesday said it swung to a pretax profit for the first half of fiscal 2023 as it booked and delivered more contracts to customers.
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Learning Technologies 2022 Pretax Profit Tripled on Soaring Revenue
Learning Technologies Group PLC said Wednesday that pretax profit more than tripled in 2022, as revenue more than doubled benefiting from the integration of its late-2021 acquisition of GP Strategies.
Market Talk:
Reckitt Benckiser's CEO Appointment Likely to Bring Debate
0845 GMT - Reckitt Benckiser's 1Q top line performance was well ahead of expectations while its full-year guidance has been firmed to include the U.S. Nutrition headwind, but investor debate might focus on the CEO appointment, Jefferies analysts say in a note. The consumer-goods company full year like-for-like growth guidance of 3% to 5% implies an upgrade of around 250bps, the analysts say. However, the appointment as CEO of the current president of its health business, Kris Licht, brings questions regarding why it has taken so long to appoint a candidate that was always considered to be the leading one, they add. Jefferies has a hold rating on the stock and a price target of 5,870 pence. (michael.susin@wsj.com)
Bunzl's Resilience Could Lead to Consensus Upgrades
0845 GMT - Bunzl's 1Q resilient trading update mostly commented on annual revenue growth and 2023 revenue guidance, Goodbody analyst Gerry Hennigan says in a note. The strength of the distribution-and-outsourcing group's underlying growth, aided by its ability to pass on product cost inflation, continues to suggest an upward bias to 2023 consensus revenue of GBP12.3 billion and Ebita projections of GBP895 million, versus consensus of around GBP886 million, Hennigan says. Goodbody has a hold recommendation on the stock. (anthony.orunagoriainoff@dowjones.com)
Elementis 1Q Performance Dragged by Coatings
0845 GMT - Elementis confirmed that its 1Q performance has been in line with expectations and will be hoping for an improved second half of the year for the sluggish coatings business, Jefferies analysts write in research note. The primary drag to results appears to be the coatings business of the London-based specialty chemicals company, but as it is heavily exposed to China, there will be some hope that this inflects in the second half of 2023, the analysts say. Given the confirmation of in-line business, there shouldn't be any change to consensus' adjusted EBIT of $104 million for the year, they say. Jefferies has a hold rating on the stock. Shares are down 1.3% at 117.60 pence. (christian.moess@wsj.com)
Smith & Nephew Best Positioned for US, China Surgical Procedure Recovery
0837 GMT - Smith & Nephew's reiterated full-year guidance show risks are increasingly skewed to the upside, Citi says after the company posted first-quarter results. The artificial joint maker posted a healthy 1Q revenue beat on strong elective procedure recovery in the three month period that faced the most difficult comparison base out of the year. "1Q23 reinforces our view that S&N is the best stock within EU Medtech to play the 2023 recovery in surgical procedure volumes in U.S. and in China," say analysts Veronika Dubajova and Giang H Nguyen. Citi rates the stock buy and sees its current valuation as undemanding. Shares trade at 1,272 pence, down 0.16% in line with the FTSE 100 index, which falls 0.25%. (elena.vardon@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-26-23 0646ET
