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FTSE 100 Closes Down 3.1% After BOE Hikes Interest Rates Again

16/06/2022 5:27pm

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The FTSE 100 closed down 3.1% on Thursday as central banks continue to show willingness to sacrifice the economy to get inflation under control, with the Bank of England raising interest rates by 25 basis points. Perhaps the most surprising thing was how underwhelming BOE's response was, says Craig Erlam, senior market analyst for U.K. and EMEA at Oanda. "At a time when the central bank announced that inflation is now expected to peak above 11% in October, it also raised interest rates by a measly 25 basis points and didn't show a particular willingness to accelerate the tightening to combat those price pressures," Erlam says in a research note. The bank clearly hopes inflation will come down naturally over time, but that is quite the gamble, he adds.

 
Companies News: 

Halma Reports Higher FY 2022 Profit, Expects Growth to Continue in FY 2023

Halma PLC on Thursday reported an improved profit for the year ended March 31 and forecast further growth for fiscal 2023.

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Informa Backs 2022 Guidance, Increases Buyback After Strong Five-Month Trading

Informa PLC on Thursday backed its guidance for the full year and increased its share buyback program after booking strong performances in all businesses in the first five months of 2022.

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Halma Names Marc Ronchetti as Next CEO; Andrew Williams to Retire Next Year

Halma PLC said Thursday that Chief Executive Officer Andrew Williams has decided to retire next year, and he will be succeeded by Chief Financial Officer Marc Ronchetti.

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Capco to Buy Shaftesbury in All-Share Deal

Capital & Counties Properties PLC said Thursday that it has agreed to buy Shaftesbury PLC in an all-share deal that will give Shaftesbury shareholders 53% of the combined group.

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ASOS Warns of Inflation Hit; Appoints New CEO, Chairman

ASOS PLC said Thursday that it has adjusted it outlook for fiscal 2023 as inflation hits consumers, and that it has appointed Jose Antonio Ramos as its new chief executive officer and Jorgen Lindemann as chairman.

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Halfords Expects FY 2023 Profits to Fall on Lower Demand, Inflation

Halfords Group PLC on Thursday forecast lower profits for fiscal 2023 as reduced demand and cost inflation are hurting its performance.

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Rockhopper Shares Drop on $7 Mln Discounted Placing, Subscription

Shares in Rockhopper Exploration PLC traded down 13% on Thursday after it said that it has raised $7 million through a placing and subscription, with the funds to be used toward working capital and supporting the Sea Lion license extension.

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Inchcape Sees 2022 Pretax Profit Beat After Strong Distribution Business Performance

Inchcape PLC said Thursday that it has continued to perform strongly since its first-quarter update, with 2022 pretax profit now forecast to beat market consensus after the strong performance of its distribution business.

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Mountview Estates FY 2022 Pretax Profit Fell on Higher Costs, Raises Dividend

Mountview Estates PLC said Thursday that pretax profit for fiscal 2022 fell, despite higher revenue and raised its total dividend payout by more than 75%.

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THG Says Potential Offers Undervalue Company; Hasn't Provided Due Diligence Access

THG PLC said Thursday that recent takeover approaches undervalue the company, and that therefore it hasn't provided the parties due diligence access after consultation with its major shareholders.

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GB Group Appoints Richard Longdon Chair; FY 2022 Pretax Profit Fell on Higher Costs

GB Group PLC said Thursday that David Rasche is stepping down as chairman and that Richard Longdon has been appointed to the role effective Sept. 1, as it reported a fall in pretax profit for fiscal 2022 after booking higher costs.

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Boohoo's 1Q Revenue Suffered a Hit on Lower International, US Sales

Boohoo Group PLC said Thursday that revenue suffered a hit in the first quarter of fiscal 2023, but that its outlook for the full-year remains unchanged as its performance was still up 75% compared to prepandemic levels.

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N. Brown 1Q FY 2023 Rev Fell; Business Environment Challenging So Far This Yr

N. Brown Group PLC said Thursday that the managed fall in revenue continued during the first quarter of fiscal 2023 though at a more moderate level, and that the business environment has been challenging since the start of the year.

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Hurricane Energy Sees $5 Mln Hit From UK Windfall Tax Up to July

Hurricane Energy PLC said Thursday that it estimates an impact of around $5 million from the new U.K. Energy Profits Levy up to the end of July.

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ASOS Cuts FY 2022 Guidance as Inflation Hits Consumers; Appoints New CEO -- Update

ASOS PLC said Thursday that it has lowered its outlook for fiscal 2022 as inflation hits customers, and that it has appointed Jose Antonio Ramos as its new chief executive officer and Jorgen Lindemann as chairman.

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musicMagpie 1H Revenue, Adjusted Ebitda Fell In Challenging Environment

MusicMagpie PLC said Thursday that revenue and adjusted Ebitda fell for its first half of fiscal 2022 amid a challenging economic environment.

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NWF Group FY 2022 Performance Stronger Than Anticipated; Expects Record Results

NWF Group PLC said Thursday that its performance in fiscal 2022 was materially stronger than what it expected at the start of the year, and that it will deliver record results for the year ended May 31.

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CareTech Holdings 1H Pretax Profit Fell Amid Higher Costs and Lower Occupancy

CareTech Holdings PLC said Thursday that pretax profit for the first half of fiscal 2022 fell but that its performance was broadly in line with the board's expectations.

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Best of the Best Shares Jump on GBP6.3 Mln Return to Shareholders

Shares in Best of the Best PLC rose 24% in early trade Thursday after the company said that is planning to return up to 6.3 million pounds ($7.7 million) to shareholders via a tender offer, as part of its plan to return surplus cash.

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Feedback to Report FY 2022 Revenue Increase; Shares Rise

Shares in Feedback PLC rose Thursday after it said that it expects to report a rise in revenue for fiscal 2022, and that it continued targeting a number of opportunities as it remained focused on investing in the U.K. and India.

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Petroneft Resources Granted Extension to Publish 2021 Results

Petroneft Resources PLC said Thursday that it has been granted an extension of up to three months to report its 2021 results, to Sept. 30, due to the continued impact of Covid-19.

 
Market Talk: 

GB Group's Forecasts Set to Stay Around Same Level After FY 2022 Results

0928 GMT - GB Group's FY 2022 revenue of GBP242.5 million beat consensus by 1%, and it is on track to deliver targeted synergies of GBP5 million, Jefferies analysts Charles Brennan and Alex Nguyen say in a note. The identity-data-intelligence specialist's core organic growth--excluding a one-off benefit from U.S. government stimulus--came in slightly higher at 15.5% than the previously reported 15%. Adjusted EBIT margin was also higher at 24.3% versus expectations of 23.5%, while it remains committed to guidance of 12% to 14% organic growth on a pro-forma level, the analysts say. "With consensus baking in around 12%, we expect expectations to stay at around the current level," the analysts say. Jefferies rates GB Group buy and has a 1,050 pence target price on the stock. (anthony.orunagoriainoff@dowjones.com)

Inchcape's Distribution Business Supports Full-Year Pretax Profit Expectations

0900 GMT - Inchcape's outperformance is being driven by higher-quality distribution earnings and this supports confidence in its full-year pretax profit expectations, Peel Hunt analyst Andrew Nussey says in a research note. The U.K. car dealership now sees 2022 pretax profit of between GBP350 million and GBP370 million and this looks likely to see upside pressure from 2023 expectations, he says. "We also suspect that the M&A pipeline remains active, given the strength of the balance sheet and current market dynamics," Nussey says. Peel Hunt reiterates its buy rating on the stock with a 1,000 pence price target. Shares trade up 1.3% at 690.50 pence. (kyle.morris@dowjones.com)

Boohoo Shares Look Cheap After Weak Start to FY 2023

0807 GMT - Boohoo Group had a weak start to fiscal 2023, with net revenue declining by 8% on a year-on-year basis, Liberum says. This was below consensus and Liberum's views, the U.K. brokerage says. Meanwhile, rival online retailer Shein is making further ground, Liberum says, adding that it expects Boohoo's margins to be in the lower half of the 4%-7% range for fiscal 2023. Despite this, Boohoo shares appear cheap with performance still strong on a prepandemic basis, Liberum adds. Liberum keeps its hold rating on the stock and has a target price of 70 pence a share. Shares are down 13% at 56.20 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

Halma Remains Well-Placed After Strong FY 2022

0744 GMT - Halma made strong progress in fiscal 2022 as expected, with record revenue and profit for the 19th consecutive year, Shore Capital says in a note. Adjusted pretax profit of GBP316.2 million was 3% ahead of consensus, the U.K. investment group notes. The safety, health and environmental technology group achieved growth across all sectors and major regions, with the strongest being the U.S. and the U.K., Shore says. "In our view, Halma is a high quality business with long-term growth drivers and strong operating margins. We believe customer investment cycles could recover faster, thus we believe Halma is well placed to take advantage and one of the most resilient names in the sector," Shore says. (jaime.llinares@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

 

(END) Dow Jones Newswires

June 16, 2022 12:12 ET (16:12 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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