FTSE 100 index closed Tuesday down 0.3% to 7751 points, in line with global peers, dragged by oil-exposed stocks. Vodafone was the worst performer with a 7.4% fall after the telecommunications group said its FY 2023 performance hadn't been good enough and announced a turnaround plan. Retailers were once again in red territory, with Ocado and Kingfisher down 3.9% and 3.0%, respectively.


COMPANIES NEWS:

Land Securities FY 2023 Swung to Pretax Loss on Portfolio Value Decline

Land Securities Group said Tuesday that it swung to a pretax loss in fiscal 2023, reflecting a decline in its portfolio value driven by increases in valuation yields, though revenue and total dividends rose.

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Imperial Brands Backs FY 2023 Guidance After Stable Revenue in 1H

Imperial Brands PLC on Tuesday said it is on track to meet its full-year guidance as it posted a rise in pretax profit and stable revenue for the first half of fiscal 2023.

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Vodafone Plans 11,000 Job Cuts Over Three Years as Part of Turnaround Plan

Vodafone Group said Tuesday that it plans to cut 11,000 jobs over three years as part of Chief Executive Margherita Della Valle's plan to turn around the group's performance.

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Synthomer Says 2023 Performance To Date Has Been In Line With Its Views

Synthomer on Tuesday said performance over the first four months of the 2023 has been broadly consistent with its expectations.

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Britvic 1H Pretax Profit Rose on Sales Increase in Great Britain

Britvic said Tuesday that its pretax profit for the first half of fiscal 2023 rose on strong sales, and that it has proposed an increased interim dividend.

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Boohoo Swung to FY 2023 Pretax Loss, Revenue Drops on Macroeconomic Slump

Boohoo said Tuesday that it swung to a pretax loss and that revenue fell in fiscal 2023 on a difficult macroeconomic backdrop and platform investments.

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Essentra Backs 2023 Outlook Despite Sales Dip in January-April

Essentra said Tuesday that sales fell in the four months ended May 6, but that it remains confident in delivering adjusted operating profit for the first half of the year, as well as in its full-year outlook.

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Renew Holdings 1H Pretax Profit Rose; Sees Full Year in Line With Expectations

Renew Holdings said Tuesday that it is confident in its full-year expectations after reporting a rise in pretax profit for the first half of its fiscal year.

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FDM Retains 2023 Expectations Despite Softer Second Quarter

FDM Group said Tuesday that performance in the first quarter met management expectations and retained its full-year expectations, though it has experienced softer business in the second quarter.

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Marston's Swung to 1H Pretax Loss

Marston's said Tuesday that it swung a pretax loss for the first half of fiscal 2023 due to a loss on interest-rate swap movements, but that sales during Easter and the first May bank holiday dates were strong.

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Forterra Backs 2023 Views Despite Four-Month Revenue Drop; Sees Result Weighed to 2H

Forterra on Tuesday backed its full-year expectations as its revenue over the fourth first months of 2023 declined but pretax profit was in line with management expectations.

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Shoe Zone 1H Pretax Profit Fell, Hit by Inflation

Shoe Zone said Tuesday that pretax profit fell in the first half of its fiscal year as business suffered inflationary pressures.

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Chesnara Buys Protection Portfolio From Canada Life

Chesnara said Tuesday that it has agreed to buy a protection portfolio from Canada Life.

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Equals Group Revenue Rose in First 90 Working Days of Year

Equals Group said Tuesday that revenue rose 47% on year in the 90 working days to May 15 and that the board is confident of achieving expectations for the full year.

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Sureserve Group 1H Pretax Profit Rose on Growth Across Units

Sureserve Group said Tuesday that its pretax profit jumped 56% in the first half of fiscal 2023 on sales growth across businesses.

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Amigo Holdings CEO Danny Malone Resigns

Amigo Holdings said Tuesday that Chief Executive Danny Malone has resigned.

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Bank of Cyprus 1Q Profit Rose on Interest-Rate Boost

Bank of Cyprus Holdings on Tuesday said its profit for the first quarter of 2023 grew as interest-rate rises boosted income.

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Atlantic Lithium Appoints Keith Muller as CEO

Atlantic Lithium said Tuesday that it has appointed Keith Muller as chief executive, effective immediately.

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On The Beach Shares Slide on 1H Pretax Loss

Shares in On The Beach dropped Tuesday after the company reported a narrowed pretax loss for the first half of its fiscal 2023.

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Accrol Sees FY 2023 Results at Least in Line With Views

Accrol Group said Tuesday that it expects fiscal 2023 results to be at least in line with market views as it continues to perform strongly, and that margins should improve in fiscal 2024.

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Tower Resources Shares Fall on Discounted Fund Raising

Shares in Tower Resources fell Tuesday after the company said it will raise 2.3 million pounds ($2.9 million) via a discounted placing and a subscription.

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Anglesey Mining Shares Fall on Discounted Fundraising

Shares in Anglesey Mining fell 17.5% on Tuesday after the company said it intends to raise 1 million pounds ($1.3 million) by placing new shares at a discount to fund drilling at the Parys Mountain mine in North Wales.

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Aferian Swung to Pretax Loss in 2022 on Impairment, Delayed Orders

Aferian said Tuesday that it swung to a pretax loss in fiscal 2022, mainly due to an impairment, as revenue fell on reduced customer spend and delayed orders.

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Angling Direct Posts FY 2023 Pretax Profit Drop, Appoints New CFO

Angling Direct on Tuesday posted a fall in pretax profit for fiscal 2023 despite higher revenue and appointed a new chief financial officer.

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Glantus Shares Rise on 1Q Performance; CFO Diane Gray-Smith Steps Down

Shares in Glantus Holdings rose Tuesday after the company said that its performance in the first quarter has been stronger than management's expectations.

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Rurelec Shares Rise on Decision to Sell Argentina Interests for Up to $5 Mln

Shares in Rurelec rose Tuesday after the company said that it has conditionally agreed to sell its Argentinian interests for up to $5 million in cash to Verafont, Basic Energy and Esteban Reynal, returning capital to shareholders.

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Mkango Resources to Buy HyProMag for Cash, Share Consideration of GBP5 Mln

Mkango Resources said Tuesday that it is planning to increase it ownership from 42% to 100% in rare earth magnet recycler HyProMag for a cash and share consideration totalling 5 million pounds ($6.3 million).

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Zytronic Swung to 1H Pretax Loss On Lower Gaming, Vending Sales

Zytronic said Tuesday that it swung to a pretax loss for the first half of fiscal 2023 on lower levels of sales in most markets, including its main gaming and vending sectors.

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Anglo Asian Mining 2022 Pretax Profit, Revenue Fell on Lower Production

Anglo Asian Mining Said Tuesday that 2022 pretax profit fell and revenue fell due to lower production, and issued production guidance for the year.

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Metals Exploration 2022 Profit, Revenue Slip on Operational Issues

Metals Exploration said Tuesday that its 2022 pretax profit and revenue slipped on operational issues in the second and third quarter of the year, though the fourth quarter saw record production.

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Zephyr Energy 1Q Revenue Fell Quarter-On-Quarter

Zephyr Energy said Tuesday that revenue in the first quarter fell to $6.3 million from $7.4 million in the fourth quarter, reflecting an expected decline in its portfolio and a lower commodity-price environment.

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Likewise 2022 Revenue Doubled But Pretax Loss Widened

Likewise Group on Tuesday reported a wider pretax loss for 2022 given its acquisition of Valley Wholesale Carpets and Delta Carpets over the year but said performance in 2023 has been in line with views.

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Hercules Site Services Sees FY 2023 in Line With Views, Higher 1H Revenue

Hercules Site Services said Tuesday that its performance is in line to meet market expectations for the full year as it expects to post a more than 86% revenue increase for its first half.

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Edenred Buys Reward Gateway for $1.44 Bln

Edenred said Tuesday that it has bought Reward Gateway, a U.K.-based employee engagement platform company, for 1.15 billion pounds ($1.44 billion).

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Smartspace Software Shares Fall After Revenue Misses Expectations

Shares in Smartspace Software fell 14% on Tuesday after the company said that revenue for fiscal 2023 missed expectations announced in February.

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European Airlines Gear Up for Testing Summer - Talking Markets

Airlines in Europe are bracing for what looks set to be a very busy and testing summer as they seek to avert the chaos that gripped airports last year as a result of widespread staffing shortages.

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Parity Group 2022 Loss Widened, Revenue Fell After Transformation Completed

Parity Group said Tuesday that its 2022 pretax loss widened and revenue fell after it completed the transformation of the business to refocus on its core recruitment.

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Land Securities FY 2023 Results Comfortably Exceed Expectations -- Earnings Review

Land Securities reported its results for fiscal 2023 on Tuesday. Here's what we watched:

MARKET TALK:

Synthomer Shows Recovery Signs Ahead

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05-16-23 1218ET