Gilt Market Participants Favor Re-Opening of Index-Linked 2045 Gilt, DMO Says

1257 GMT - U.K. gilt market-makers and gilt investors recommend the re-opening of the index-linked 2045 gilt through syndication in July 2023, the U.K. Debt Management Office said following consultations. The DMO expects to hold two syndicated offerings between July and September 2023, an index-linked gilt syndication in July and a long conventional gilt syndication in September. Some gilt investors, however, recommend that the index-linked syndication "might benefit from being postponed until September or later in the financial year," the DMO said. (miriam.mukuru@wsj.com)

COMPANIES NEWS:

ITV Invests in Pet Group PitPat

ITV on Tuesday agreed to subscribe for 3 million pounds ($3.7 million) of shares in the pet health and wellness company PitPat in return for advertising inventory across its channels and ITVX.

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RS Group FY 2023 Profit, Revenue Rose on Product Mix, Pricing; Backs Market Views

RS Group said Tuesday that fiscal 2023 pretax profit and revenue rose on operational initiatives, product mix, inventory availability and strong pricing, and backed market expectations for fiscal 2024 profit, albeit weighted to the second half.

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Topps Tiles 1H Pretax Profit Fell on Higher Costs; Sees Good 2H Start

Topps Tiles said Tuesday that pretax profit for the first half of fiscal 2023 fell after it booked higher costs but that it had a good start to the second half with like-for-like sales in the first seven weeks up 4.1% on an underlying basis.

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Barratt Developments Chair John Allan to Step Down Early Amid Allegations

Barratt Developments said Tuesday that Caroline Silver will take over as chair of the board earlier than originally planned to prevent allegations against John Allan from becoming disruptive to the company.

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Hilton Food Sees Performance to Date in Line With Views, Well Positioned for 2023

Hilton Food Group said Tuesday its performance from Jan. 2 to date has been in line with the board's expectations and that despite the uncertain macro-economic environment it was well positioned for the year ahead.

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Cranswick FY 2023 Pretax Profit Grew, Driven by Accelerating Revenue Growth in 2H

Cranswick said Tuesday that its pretax profit rose in fiscal 2023, driven by a 15% rise in revenue, with growth accelerating in the second half.

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Watkin Jones 1H Pretax Loss Narrowed; Sees Stronger 2H

Watkin Jones on Tuesday said its pretax loss for the first half of fiscal 2023 narrowed and that is sees a materially stronger second half with forward sales adding to performance from in-build developments but remains cautious as the market recovers.

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Helical Swung to FY 2023 Pretax Loss on Property Revaluations; Raises Dividend

Helical said Tuesday that it swung to a pretax loss in fiscal 2023, driven by the revaluation of its investment properties, though it hiked its dividend.

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Altice UK Buys 650 Mln Shares in BT; Says It Won't Make Bid for the Company

Altice UK said Tuesday that it has purchased a further 650 million shares in BT Group for around 961 million pounds ($1.20 billion), bringing its ownership up to around 24.5% of the company's issued share capital.

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Avon Protection's 1H Pretax Loss Narrowed on Improving Margins; Sees Lower FY 2023 Revenue

Avon Protection said Tuesday that its pretax loss narrowed in the first half of fiscal 2023 due to a increase in earnings margins despite revenue dipping on year.

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Victorian Plumbing Group's 1H Pretax Profit Jumped On Strong Demand

Victorian Plumbing Group said Tuesday that pretax profit more than doubled in the first half of fiscal 2023 on strong demand across segments.

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Drax Backs 2023 Earnings Market Expectations; Increases Investment Plans

Drax Group said Tuesday that its 2023 expectations for adjusted earnings remain in-line with market consensus estimates, and set out increased investment plans for carbon removal.

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SSP Swung to 1H Pretax Profit on Continued Passenger Volumes Recovery; To Reinstate Dividends

SSP Group said Tuesday that it swung to a pretax profit for the first half of fiscal 2023 as revenue rose, spurred by the continued recovery in passenger travel volumes, and that the board expects to resume dividend payments given its current performance expectations.

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Physiomics Shares Fall After FY 2023 Income Guidance Cut

Physiomics shares dropped 22% on Tuesday after the company said it expects its income for fiscal 2023 to be lower than expected due to unforeseen delays in data delivery for its contracts.

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XP Factory Shares Rise After Higher Sales Boosted 2022 Results, 1Q Trading

XP Factory shares rose on Tuesday after the group said overall trading in the first quarter of 2023 was ahead of the board's expectations as it posted higher revenue in 2022 along with heavier costs that widened its pretax loss for the year.

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URA Holding Shares Rise on Oversubscribed Fund Raising

Shares of URA Holdings rose 14% on Tuesday after the company said it has raised 280,000 pounds ($348,264) via an oversubscribed share placing and subscription and will use the money toward equipment to restart mining operations at its Gravelotte emerald mine in South Africa, and for general working capital.

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Empresaria Group Shares Dropped on Lower Net Fee Income Year-To-Date

Shares in Empresaria Group fell on Tuesday after the company said its net fee income has decline in the year to April due to weak demand, and that it expects full-year pretax profit to fall.

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Gulf Keystone Petroleum to Suspend 2022's Final Dividend on Iraq Pipeline, Payment Issues

Gulf Keystone Petroleum said Tuesday that the board was suspending 2022's final dividend of $25 million after the March 25 shut-in of the Iraq-Turkey pipeline and the lack of clarity from Kurdistan's regional government, or KRG, regarding the resumption of outstanding oil sales payments.

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Pressure Technologies Shares Fall on Stock Trading Resumption After Publishing Accounts

Pressure Technologies shares fell Tuesday upon its restoration to trading on London's AIM market, following the publication of its delayed fiscal 2022 accounts.

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Big Technologies PLC Four-Month Revenue Jumped; Backs Full-Year Guidance

Big Technologies PLC said Tuesday that its revenue rose in the first four months of 2023, and that overall results have been in line with expectations.

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Dowlais Backs 2023 Expectations After Four-Month Adjusted Revenue Rose

Dowlais Group said Tuesday that adjusted revenue in the four-month period to April 31 rose 9% at constant currency, and backed its expectations for the year.

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Pebble Group Sees 1H Revenue, Profit Growing On Year

Pebble Group on Tuesday said it expects its results for the first half of 2023 to be ahead of what it reported for the same period the previous year.

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Epwin Group Revenue to Date Up 3%; To Meet FY Profit Expectations

Epwin Group said Tuesday that revenue for the year to date is up 3% and that it expects to meet underlying operating profit expectations for the year.

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Atlas Copco Buys UK Compressor Distributor

STOCKHOLM--Atlas Copco said Tuesday that it has acquired Maziak Compressor Services, a U.K. distributor of air compressors, nitrogen generators and process cooling equipment as well as related services and support.

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Eneraqua Technologies FY 2023 Profit, Revenue Rose; Sees FY 2024 Revenue Beat

Eneraqua Technologies said Tuesday that its fiscal 2023 pretax profit and revenue rose significantly on repeat orders and expansion, and it sees fiscal 2024's revenue exceeding its prior expectations.

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Codex Acquisitions Shares to Be Halted Wednesday Due to Accounts Delay

Codex Acquisitions said Tuesday that trading in its shares will be suspended from tomorrow due to a delay in publishing its 2022 accounts.

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Caledonia Investments Appoints Rob Memmott CFO; FY 2023 Pretax Profit, Revenue Fell

Caledonia Investments said Tuesday that Rob Memmott has been appointed chief financial officer effective September 1, and that its pretax profit and revenue for fiscal 2023 fell.

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Harworth Says It Has Progressed Against Its Strategy So Far in 2023

Harworth Group on Tuesday said it has made significant progress in the year to date against the growth drivers of its net asset value strategy.

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TBC Bank to Buy Outstanding Payme Stake of $55.7 Mln

TBC Bank said Tuesday that it has agreed to buy the remaining 49% stake in Payme for $55.7 million in cash.

MARKET TALK:

Cranswick Shares Sizzle After Upbeat FY Results

1251 GMT - Cranswick shares rise about 5% after the sausage maker reported higher revenue and profit in the year to March 25 and increased its full-year dividend. The FTSE 250-listed company's revenue and adjusted operating profit came in modestly above Davy's forecasts, the brokerage says. "Cranswick has made a positive start to FY24," Davy analysts say in a note. "We envisage low-single digit (percentage) upside to our FY24 adjusted operating profit forecast. The business continues to execute to a high standard." (philip.waller@wsj.com)

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RS Group Drops After Flagging Industrial-Market Slowdown

1250 GMT - RS Group shares fall about 8% after the FTSE 100-listed electronics distributor reported higher revenue and profit in the year to the end of March, but said industrial-market trading had slowed in the first seven weeks of 2023/24. Annual profits were 3% ahead of Numis Securities forecasts and consensus expectations, with cash generation significantly stronger, Numis says. "Management remains comfortable with consensus profits for FY24, although the pace of growth for industrial products is slower in the first seven weeks, alongside continued weakness in electronics," Numis analyst David Brockton writes. "We lower our above-consensus earnings per share by 3% towards the average." (philip.waller@wsj.com)

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Hilton Food's Potential Seen as Undervalued

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05-23-23 0916ET