The FTSE 100 closed Tuesday up 0.07%, outperforming European peers. The index is holding up well, largely due to the continued weakness in the pound and a belief that a weaker currency and higher oil prices will help insulate it from the worst of any economic weakness, says CMC Markets UK chief market analyst Michael Hewson. "This comes across as somewhat simplistic given the damage higher oil prices could do to the margins of its other big caps like Unilever and Diageo, and other consumer retail, nonetheless it ought to be positive for the likes of BP, Shell, and Glencore," Hewson says in a market comment.


COMPANIES NEWS:

Close Brothers FY 2023 Operating Pretax Profit Halved After Booking Provisions

Close Brothers Group said its operating pretax profit more than halved in fiscal 2023, weighed by provisions booked in the first half linked to subsidiary Novitas Loans and despite better performance in the second half of the year.

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Smiths Group's Pretax Profit Jumps on Record Revenue Growth

Smiths Group said its pretax profit more than tripled in fiscal 2023 on strong growth in its two largest divisions.

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A.G. Barr Pretax Profit Rose on Soft Drinks' Volume Growth

A.G. Barr said first-half pretax profit and revenue rose on a strong performance across the group with volume growth in soft drinks, and market-share gains, although earnings per share fell due to a higher tax rate.

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ASOS 4Q Revenue Slipped on Weaker Performance; Sees EBIT at Bottom Guidance

ASOS said that fourth-quarter revenue slipped but costs-savings measures supported the group's profitability, while earnings are expected to come in at the bottom-end of its guidance.

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tinyBuild Swings to Pretax Loss on Development Costs

tinyBuild has reported a swing to pretax loss for the first half-year with a drop in revenue, but said it aims to focus on expanding IP ownership while creating long-term scalable franchises across multiple media formats.

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Esken Says Claim Filed Against London Southend Airport Over Loan Agreement

Esken said that Carlyle Global Infrastructure Fund, or CGI, has filed a claim with the High Court over certain technical breaches by London Southend Airport, or LSA, in respect of a convertible loan agreement.

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DP Poland's Pretax Loss Narrows on Sales Performance, Store Openings

DP Poland's pretax loss narrowed in the first half of the year on a strong sales performance in Poland and the opening of a third store in Croatia, while results in the current half year have been positive, it said Tuesday.

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Mortgage Advice Bureau Sees Tougher End to 2023 After 1H Pretax Profit Fell

Mortgage Advice Bureau (Holdings) is taking a more cautious view on its outlook for 2023 given worsening market conditions but still expects the group--excluding its Fluent business--to be at least in line with its expectations.

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Next 15 Group Plans Buyback After Swing to Pretax Profit

Next 15 Group reported a swing to a pretax profit for the first half of fiscal 2024 thanks to higher revenue and lower finance expenses, and said it plans a share buyback of up to 30 million pounds ($36.6 million).

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Finsbury Food Group's Pretax Profit Rose Despite Persisting Inflationary Pressure

Finsbury Food Group said its pretax profit rose in fiscal 2023, partly on price management and increasing volumes from the Lees Foods acquisition, but that inflationary margin pressure persists.

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Journeo Pretax Profit Rises on Higher Fleet, Passenger Revenue

Journeo said first-half pretax profit rose as revenue increased on higher fleet and passenger revenue as well as from revenue from an acquisition, and that the board was confident of meeting financial targets as it continued performing in line with market expectations.

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Card Factory Pretax Profit Rose on Robust Sales Growth

Card Factory said that pretax profit for the first half of fiscal 2024 rose, supported by robust sales growth across the business, and that it is confident in delivering a positive performance for the year.

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Redde Northgate Sees Strong Start to FY 2024 Start, Performance Momentum

Redde Northgate said fiscal 2024 started well and that its current performance momentum remained strong, with healthy demand and activity across the business.

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MGC Pharmaceuticals London Shares Fall on Restructuring Plan

Shares of MGC Pharmaceuticals fell 9.5% in London after the company said that it is seeking shareholder approval for a restructuring plan that will secure long-term financing and enable it to achieve key inflection milestones and therefore restore value in the business.

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PZ Cussons Sees FY 2024 In Line With Expectations; FY 2023 Profit Fell

PZ Cussons said its performance for fiscal 2024 has been in line with the board's expectations after reporting a fall in pretax profit for fiscal 2023 on increased costs.

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Bytes Technology Says It Is Well Positioned For FY 2024 After First-Half Profit Growth

Bytes Technology Group said that it is well positioned for fiscal 2024, following a positive performance in the first half driven by a robust growth in gross invoiced income.

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Time Finance Sees FY 2024 in Line With Views After 1Q Pretax Profit, Revenue Rose

Time Finance posted a rise in pretax profit for the first quarter of fiscal 2024 on lending book growth and said trading for the year continues to be in line with market expectations.

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Supreme PLC Shares Rise on Stronger-Than-Expected Performance

Shares in Supreme PLC rose after the company said it expects fiscal 2024 results to be significantly ahead of market forecasts following a strong first-half performance.

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Safestay 1H Loss Widens on Higher Costs; Forward Bookings Ahead

Safestay has reported a widened pretax loss for the first half of 2023 on higher costs and despite revenue growing, and said that forward bookings for the rest of the year are significantly ahead.

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Driver Group Sees Full-Year Profit Below First Half's

Driver Group said underlying pretax profit for fiscal 2023 will be slightly below the 700,000 pounds ($854,700) reported for the first half, and that its performance in the fourth quarter suggests market conditions are improving.

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FireAngel's Shares Plunge on Widened Pretax Loss

Shares in FireAngel Safety Technology Group tumbled on Tuesday after the company posted a widened pretax loss and said it doesn't expect to regain momentum this year.

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Cohort Backs FY 2024 Views On Encouraging Start

Cohort backed its expectations for fiscal 2024 as it has seen an encouraging start to the year with contract wins and said that it sees good prospects to secure more orders.

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Cambridge Cognition Shares Fall on Swing to Pretax Loss; Secures GBP3 Mln Loan

Shares in Cambridge Cognition Holdings fell after it reported a swing to a first-half pretax loss after booking higher costs, and that it expects revenue growth in its full-year results.

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HealthBeacon Shares Slip After Guidance Cut, CEO Steps Down

HealthBeacon shares fell after the group lowered its revenue guidance for 2023 given delays in the rollout of its technology and said its Chief Executive Jim Joyce is stepping down with immediate effect.

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James Cropper Backs Guidance After In-Line Start to Year

James Cropper on Tuesday backed its full-year guidance after saying that the year has started in line with the board's expectations with strong gross margins and an improvement in the cost landscape.

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Quartix Technologies Chair Paul Boughton Steps Down, Founder Andy Walters Named to Role

Quartix Technologies said its nonexecutive Chair Paul Boughton resigned from the role and will be replaced by founder Andy Walters.

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Quantum Blockchain Shares Slip After 1H Report, No News on Court Actions

Quantum Blockchain Technologies shares fell on Tuesday after the group reported its interim results, with a narrowed pretax loss for the first half, and said there are no updates on the legal actions taken in Italian courts.

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Diaceutics Backs 2023 Views Despite First-Half Widened Loss; CEO Steps Down

Diaceutics reported a widened pretax loss for the first half of 2023, driven by higher costs despite a revenue jump, but backed its full-year expectations.

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Videndum Shares Dive After Dividend Pause, Profit Fall

Shares of Videndum fell 29% in early trade after the company paused dividend payouts and reported fall in pretax profit for the first half due to the U.S. writers' strike and macroeconomic challenges.

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Anglo Asian Mining Shares Fall on Going-Concern Warning, Pretax Profit Fall

Shares in Anglo Asian Mining fell after it warned that there was uncertainty about its future as it reported a fall in first-half pretax profit after booking higher costs.

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Arkle Resources Shares Drop on 1H Swing to Pretax Loss

Shares in Arkle Resources slid on Tuesday after the company said that it swung to a first-half pretax loss due to higher costs, and that it needs a partner to carry costs of drilling at its gold assets in Ireland.

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Taylor Maritime To Sell Its Vessel Managers to Grindrod for Around $11.75 Mln

Taylor Maritime Investments said its subsidiary undertakings Grindrod Shipping Holdings and Grindrod Shipping Pte. Ltd have agreed to acquire its commercial and technical vessel managers for around $11.75 million.

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Dillistone Pretax Loss Narrows on First Operating Profit Since 2018

Dillistone Group has reported a narrowed pretax loss for the first half year as the company made its first adjusted operating profit since 2018.

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PCI-PAL Shares Jump After Winning Patent Litigation in UK Court

Shares in PCI-PAL rose on Tuesday after the company said it had won a patent infringement suit in the U.K. High Court brought by software company Sycurio.


MARKET TALK:

Close Brothers Results Were Mixed But Reassuring

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09-26-23 1202ET