The FTSE 100 closed up 0.2% on Thursday with Intertek leading
the gainers, ending up 4.6%, after saying it is on track to deliver
its full-year targets after booking 8.5% revenue growth in the
second half to date. Ahead of Black Friday, ASOS and Marks &
Spencer both finished up, amid some positive momentum for retail
stocks. "Tomorrow should be one of the busiest days for U.K.
retailers but concerns about constrained budgets and the added
issue of a strike by Royal Mail workers are both expected to make
the affair a rather damp squib," AJ Bell financial analyst Danni
Hewson says.
Companies News:
Kingfisher Cuts FY 2023 Profit Views Amid Higher Investments
Kingfisher PLC said Thursday that profit for fiscal 2023 is
expected to be lower than previously guided as the company
increased investments and expenses.
---
Intertek Revenue Rose in 2H to Date; Sees 2022 Earnings
Growth
Intertek Group PLC said Thursday that it is on track to deliver
its full-year targets after booking 8.5% revenue growth at constant
currency in the period from July to the end of October.
---
Dr. Martens 1H Pretax Profit Fell on Higher Costs; Boosts
Dividend
Dr. Martens PLC said Thursday that pretax profit for the first
half of fiscal 2023 fell amid higher costs, but increased its
dividend payout to reflect its confidence in the future of the
business.
---
Hornby 1H Loss Widened But Flags Strong Order Book
Hornby PLC said Thursday that its first-half loss widened, as it
refrained from giving a full-year outlook ahead of the busy
Christmas period.
---
TClarke Sees 2022 Revenue Below Expectations Despite Strong 2H
to Date
TClarke PLC said Thursday that trading for the second half of
the year to date has been strong, but revenue for the year will be
less than previously planned, with 40 million pounds ($48.2
million) of that expected to be booked next year.
---
Mothercare 1H Pretax Profit Fell Amid Challenging Backdrop;
Appoints New CEO
Mothercare PLC said Thursday that pretax profit for first half
of fiscal 2023 fell dragged by lower sales and higher costs amid a
challenging backdrop across its markets, and that Daniel Le
Vesconte will be the company's new chief executive.
---
Safestore Holdings FY 2022 Earnings Rose; 4Q Revenue
Increased
Safestore Holdings PLC said Thursday that it expects fiscal 2022
earnings to rise as it benefited from strong growth in U.K. revenue
and good performances in other markets.
---
Jet2 Swung to 1H Profit on Strong Demand; Expects to Beat FY
2023 Market Views
Jet2 PLC said Thursday that it swung to a pretax profit in the
first half of fiscal 2023 on a strong return of demand, and expects
to exceed full-year market expectations.
---
MacFarlane Group Year to Date Revenue Up 11%; To Meet Full-Year
Expectations
MacFarlane Group PLC said Thursday that revenue for the year to
date is up by 11%, and that it expects full-year earnings to be
higher than last year and to meet expectations.
---
PayPoint Upbeat on FY 2023, Declares Interim Dividend as 1H
Revenue Rose
PayPoint PLC said it is confident for the remainder of the
fiscal year and will pay a higher dividend, as first-half revenue
grew across divisions.
---
Michelmersh Sees 2022 Beating Market Views; Kicks off GBP3 Mln
Buyback
Michelmersh Brick Holdings PLC shares rose Thursday after it
said that performance continued to be positive in the final quarter
of 2022 and that it expects to beat full-year market views, and
declared a share buyback of up to 3.0 million pound ($3.6
million).
---
Ince Group Raises GBP4.7 Mln via Placing, Retail Offer; More
Than Planned
Ince Group PLC said Thursday that it has raised 4.7 million
pounds ($5.7 million) via the share placing and retail offer first
announced late on Wednesday, slightly more than planned.
---
XPS Pensions 1H Pretax Profit Fell; Sees FY 2023 Ahead of
Views
XPS Pensions Group PLC said Thursday that it is confident its
fiscal 2023 performance will be ahead of expectations, and that
first-half pretax profit fell on higher costs despite a robust rise
in revenue.
---
Morses Club Swung to 1H Loss as Redress Claims Weigh
Morses Club PLC said Thursday that it swung to a pretax loss in
its first half, as it continued to flag uncertainty over its
viability as a going concern amid customer redress claims.
---
Gateley (Holdings) 1H Revenue, Underlying Adjusted Pretax Profit
Rose
Gateley (Holdings) PLC said Thursday that performance for the
first half of fiscal 2023 has been robust, backed on increased
sales business resilience despite the macroeconomic backdrop.
Market Talk:
Intertek Faces Margin Risks, Lacks Appeal of Rivals
1134 GMT - Intertek Group faces potential margin pressure and
the product-testing and inspection company lacks the appeal of
European rivals, RBC Capital Markets says. Inflation on both
existing and new headcount is dragging down Intertek's margins,
which could fall more than expected this year, RBC says. "We think
significant absolute downside from here is limited in the
short-term in the absence of another market sell-off and the
possibility of a share buyback sooner versus later could limit
appetite for raw shorts," RBC analyst Karl Green says in a note,
reiterating RBC's under-perform rating. "But we retain a clear
relative preference for the faster-growing SGS and BVI (both rated
sector-perform) over the longer term within the [testing,
inspection and certification] sub-sector."
(philip.waller@wsj.com)
Dr. Martens 1H Margin Squeeze Seen As Disappointing -- Market
Talk
1133 GMT - Dr. Martens' shares fall 20% after the company's
first-half performance disappointed due to significant pressure on
the profit margin, AJ Bell investment director Russ Mould says in a
note. "While external factors such as a stronger dollar are playing
a part, the company is also suffering from weakening demand and
there are at least hints that its pricing power isn't what many
might have hoped given the apparent strength of the brand," Mould
says. The British footwear brand's direct-to-consumer sales channel
growth--a key thread of the business strategy--is also falling,
Mould says. "Taking a short-term hit to profit now to support
growth in the future is what any business should be doing," he
adds. (michael.susin@wsj.com)
Intertek Appears Upbeat But Challenges Are Ahead
1128 GMT - Intertek's business update reads as upbeat, but there
still look to be challenges going into 2023 driven by lower global
consumer demand, continued geopolitical tensions and strong
competition--all combining in persistent potential margin pressure,
Shore Capital says. With global service cost inflation evident,
pricing is set to remain challenging for the inspection and
product-testing company, particularly over cost inflation pressures
on the technical staff base, Shore analyst Robin Speakman says in a
research note. "Visibility remains clouded, in our opinion," the
investment group says. Shore retains its hold recommendation on
Intertek's stock. Shares are up 1.7% at 3,924.0 pence.
(joseph.hoppe@wsj.com)
Jet2 Enjoys Positive 1H, But Turbulence Remains
1122 GMT - Jet2's first-half results were strong with profits
well ahead of prepandemic levels, despite headwinds from airport
disruption to flight schedules, AJ Bell says. The leisure-travel
group has benefited from pent-up demand, but it won't be plain
sailing from here, as the big question is whether foreign holidays
are going to be affordable for a lot of people while the cost of
living remains high, AJ Bell investment director Russ Mould says.
On top of this, Jet2 faces a profit margin squeeze from factors
including higher wage and fuel costs, he notes. However, the
company still looks well-placed compared with peers, thanks to its
range of all-inclusive holidays, which will appeal to budget-savvy
consumers, Mould says. Shares are up 5.2% at 938.4 pence.
(joseph.hoppe@wsj.com)
Mothercare's New CEO Could Kickstart a Positive Period
1120 GMT - Mothercare's appointment of Daniel Le Vesconte as CEO
could start a period of uplift in the company's sentiment given his
leadership experience in retail, head of investment at Interactive
Investor Victoria Scholar says in a note. The U.K. baby-products
retailer seems to be dealing well with challenges--such as ending
operations in Russia and a tough environment for its Saudi Arabia
business--after passing through difficult years during the
pandemic, with its U.K. business falling into administration in
November 2019, Scholar says. "This year's macroeconomic headwinds
from cost inflation and a softening consumer are also adding to its
woes," she says. (michael.susin@wsj.com)
Jet2 Shares Look Cheap Given Soaring Performance
1119 GMT - Jet2's first-half results were encouraging and showed
an excellent operational performance, with better than expected
passenger numbers and revenue, and largely abated disruption and
supply-chain problems, Peel Hunt says. The leisure-travel group's
balance sheet is strong and should play a major part in the fleet
investment program, and bookings for the winter are good with
pricing remaining robust, Peel Hunt analyst Alexander Peterson says
in a research note. "We see Jet2 as significantly undervalued given
encouraging trading and forward bookings, and reiterate our buy
rating," the U.K. brokerage says. Peel Hunt retains its 1,600 pence
price target on the stock. Shares are up 5.5% at 941.2 pence.
(joseph.hoppe@wsj.com)
Kingfisher Seen Benefiting From Energy Efficiency Trends
1107 GMT - Kingfisher performed well during the pandemic and is
currently benefiting from increased sales of energy-efficient
products as consumers face a surge in bills, head of investment at
Interactive Investor Victoria Scholar says in a note. The
home-improvement retailer continues to gain market share, with a
strong presence in Poland and rollout in France, Scholar notes.
"Kingfisher continues to focus on competitive pricing to offset
pressures on the consumer from the cost-of-living crisis with a
focus on its cheaper own-brand products", Scholar adds.
(michael.susin@wsj.com)
Gateley's 1H Seen as Reasonable, But Suggests Struggle With
Costs
1021 GMT - Gateley's brief update suggests a reasonable
performance in 1H, but the company's earnings are typically
weighted toward 2H, Shore Capital Jamie Murray says in a research
note as shares rise 1.7%. The legal and professional services
group's 1H revenue and adjusted pretax profit represents 47.6% and
39.0% of Shore's forecast for FY 2023, respectively, the analyst
says. "Revenue appears to be in line with our numbers, but adjusted
pretax profit is slightly below which indicates the group is
struggling to contain its costs effectively," Murray adds. Shore
has a hold rating on the stock. (michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
November 24, 2022 12:48 ET (17:48 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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