Marks & Spencer Likely to Report a Robust Start of Fiscal Year 2024

Marks & Spencer Likely to Report a Robust Start of FY 2024

0907 GMT - Marks & Spencer is expected to report a positive start to FY 2024 given encouraging read across the sector, Shore Capital analysts Bradley Hughes and Clive Black say in a note ahead of the group's update on June 14. Despite the British retailer's like-for-like margin for the period is expected to be flat, operational gearing should be benefiting from volume-led sales increase, while pricing environment is set to moderate on the back of lower fuel costs, they say. The group could report better-than-expected sales growth given the challenges that peers are facing, which could present an opportunity to boost market share, they add. ([e-mail])

COMPANIES NEWS:

Gateley to Report FY 2023 Revenue Rise, Underlying Pretax Profit in Line With Views

Gateley (Holdings) said Friday that it will report a rise of around 17% in revenue for the year ended April 30, and that it expects underlying pretax profit to be in line with market expectations.

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Dechra Pharmaceuticals Agrees to Lowered GBP4.46 Bln Takeover by EQT

Dechra Pharmaceuticals said Friday that it has agreed to a new and lowered 4.46 billion pound ($5.59 billion) takeover by EQT's Freya Bidco.

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PayPoint Sees FY 2023 Adjusted Pretax Profit At Top-End of Expectations

PayPoint said Friday that fiscal 2023 adjusted pretax profit is expected at the top end of market expectation on the back of a revenue rise, and that performance in the first quarter of fiscal 2024 has been positive.

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NatWest, Ireland's Finance Minister Raise EUR110.5 Mln From Permanent TSB Shares Sale

NatWest Group and the Minister for Finance of Ireland raised 110.5 million euros ($118.9 million) from the sale of shares they held in Permanent TSB Group Holdings, the bank said on Friday.

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Revolution Beauty 1H 2022 Pretax Loss Narrowed on Lower Stock Charge, FY 2021 IPO Costs

Revolution Beauty Group on Friday reported a narrowed pretax loss for the first half of fiscal 2023 due to a lower stock provision charge in the period and IPO costs that were booked in the comparable period.

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Amur Minerals' Board to Consider Takeover Approach from Ascent Resources

Amur Minerals Corporation said Friday that its board will consider the indicative proposal of an all-share offer from Ascent Resources, which the latter made public Thursday.

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Gemfields' May Emerald Auction Brings in $43.7 Mln

Gemfields Group on Friday said that it made a record $43.7 million in revenue from an emerald auction it held in the second half May.

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NatWest, Ireland's Finance Minister Raise EUR110.5 Mln From Permanent TSB Shares Sale -- Update

NatWest and the Minister for Finance of Ireland raised 110.5 million euros ($118.9 million) from the sale of shares they held in Permanent TSB Group Holdings, the bank said on Friday.

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Zenith Energy to Buy, Operate Some Assets in Oklahoma, US for $2 Mln

Zenith Energy said Friday that it has agreed to buy and operate a number of oil production and development licenses in Oklahoma, as well as other states in the U.S., from Stateside Energy for $2 million.

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Hurricane Energy to Pay GBP37.2 Mln in Special Dividend

Hurricane Energy said Friday it will pay a supplementary dividend of 1.87 pence a share under the terms of the company's acquisition of Prax Exploration & Production.

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Anpario to Return Up to GBP9 Mln via Tender Offer

Anpario said Friday it will propose to return up to 9 million pounds ($11.3 million) to shareholders via a tender offer and that current challenges in the agricultural industry had affected its sale performance in 2023.

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Ashington Innovation Raises $1 Mln Ahead of IPO

Ashington Innovation said on Friday that it raised 809,437 pounds ($1 million) ahead of its initial float on the London Stock Exchange's main market.

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Nostrum Oil & Gas 2022 Revenue Rose on Oil Prices Increase

Nostrum Oil & Gas said Friday that 2022 revenue rose due to an increase in average Brent prices, and that it will continue to focus on developing assets and invest in both upstream and midstream opportunities.

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Kongsberg Gruppen Gets $122 Mln Missile Order For US Navy

Norway's Kongsberg Gruppen said Friday it has received an order worth 1.35 billion Norwegian kroner ($122.1 million) from Raytheon for naval strike missiles to the U.S. Navy.

MARKET TALK:

Pan African's Growth, FCF Still Looks Attractive Despite Guidance Cut

0916 GMT - Pan African guidance cut last week prompts conservative adjustments to estimates, but growth and free cash-flow prospects are still attractive, Berenberg analyst Richard Hatch writes in a research note. Power-instability and operational headwinds drove the South Africa-focused mining company to downgrade FY 2023 production guidance, which has added some extra conservatism to Berenberg's forecast, now below consensus, Hatch says. Still, production growth in 2024-26 is forecast to rise 33%. "We think our revised numbers are achievable (and beatable) and provide a base for the company to deliver on its free cash-flow story," he says. Berenberg keeps its buy rating on the stock. Shares are up 1.8% at 14.52 pence. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

06-02-23 0642ET