FTSE 100 Ends Thursday Up 0.74%, Hitting Highest Level in Two Weeks

The FTSE 100 ended Thursday up 0.74%, its fourth daily increase in a row. It has been another positive day for European markets with the index now pushing up to its highest levels in two weeks, although it remains well short of reversing its March losses, says CMC Market UK chief market analyst Michael Hewson. Ocado Group PLC has continued to make gains, rising sharply for the second day in a row, and the commercial real-estate sector has also continued to rebound, led by British Land Co. and Land Securities Group PLC, Hewson says in a market comment. On the downside, insurers are lower on concerns over their exposure to commercial real estate, and any potential losses, Hewson says.

COMPANIES NEWS:

Moonpig Backs FY 2023 Revenue, Earnings View on 2H Resilience

Moonpig Group PLC said Thursday that its performance has been resilient in the second half to date as it booked its largest ever week of sales in the U.K. ahead of Mother's Day, and backed its expectations for revenue and adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2023.

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SSE Raises FY 2023 Adjusted EPS Guidance Again

SSE PLC on Thursday raised its adjusted earnings per share expectations to more than 160 pence ($1.97) in fiscal 2023, up from the updated 150 pence guidance and backed some of the other targets it issued in January.

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Shoe Zone Launches GBP3 Mln Share Buyback Program

Shoe Zone PLC said Thursday that it is launching a share buyback program to purchase 3.0 million pounds ($3.7 million) worth of shares.

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Arbuthnot Banking 2022 Pretax Profit Rose on BoE's Rate Increases

Arbuthnot Banking Group PLC said Thursday that its pretax profit and net interest income rose significantly in 2022 thanks to the Bank of England's rate increases, which are expected to further boost revenue in 2023.

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Tasty Swung to FY 2022 Pretax Loss on Higher Costs

Tasty PLC reported on Thursday a swing to pretax loss on the back of increased costs despite higher revenue.

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Secure Trust Bank 2022 Pretax Profit Fell, Says Chairman to Retire

Secure Trust Bank PLC on Thursday said is confident it will deliver a strong performance in 2023 and announced the planned retirement of its chairman, as it posted a lower 2022 pretax profit.

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John Lewis of Hungerford 1H Pretax Loss Widened; FY 2023 Pretax Profit Seen Up on Year

John Lewis of Hungerford PLC said Thursday that its pretax loss widened for the first half of fiscal 2023 after booking higher costs, but that the board believed pretax profit for the year will be ahead of fiscal 2022.

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Dillistone Secures Potential Major Contract, Sees Revenue Rise From 2024 Onward

Dillistone Group PLC said Thursday that it has secured a potentially significant contract win with an undisclosed leading U.K.-based contingency recruiter company, without providing financial details on the deal.

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Gresham House 2022 Assets Under Management Rose On Fundraising, Investment Performance

Gresham House PLC said Thursday that its assets under management grew 20% in 2022, driven mainly by strong fundraising and investment performance, while net income increased.

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James Latham Sees FY 2023 Pretax Profit Meeting Market Expectations, Revenue Ahead

James Latham PLC said Thursday that it sees pretax profit for fiscal 2023 in line with market expectations, while revenue for the year ending March 31 is expected to be slightly ahead.

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International Public Partnerships 2022 Pretax Profit Rose; Backs Dividend Guidance

International Public Partnerships Ltd. said Thursday that 2022 pretax profit rose on its portfolio's unrealized fair value gains, and backed its 2023 dividend guidance.

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Aquis Exchange 2022 Pretax Profit Rose on Higher Trading Levels, Tech Growth

Aquis Exchange Ltd. on Thursday posted a rise in its 2022 pretax profit as its revenue was boosted by increased trading levels and it saw higher proceeds from data, technology licensing and issuer fees.

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Keywords Studios Buys Digital Media Management for Initial $67.5 Mln to Add US Expertise, Scale

Keywords Studios PLC said Thursday that it has bought social-media agency Digital Media Management, Inc. for an initial $67.5 million to add U.S. expertise and scale.

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Kelso Group Calls on THG to Consider Stock Listing Move, Share Buybacks

Kelso Group Holdings PLC on Thursday called on THG PLC to consider a move of its listing to the Premium List of the London Stock Exchange and a share-buyback program, as it raised its interest in the U.K. e-commerce company to around 0.5% of its issued share capital.

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Trackwise Designs Shares Fall on Widened 2022 Pretax Loss, Contract Delays, Impairment

Shares of Trackwise Designs PLC fell Thursday after the company said it expects to report widened losses in 2022 on the back of lower revenue and higher expenses, and that it will be hit by production delays and an impairment.

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BowLeven Shares Fall on Going-Concern Warning

Shares in BowLeven PLC fell Thursday after the company said there is material uncertainty about its ability to continue as a going concern, and that it expects to raise additional capital in 2023 to help finance its continuing corporate activities.

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Anglo Asian Mining Sees Production Doubling in Next Five Years, Plans to Open Four Mines

Anglo Asian Mining PLC on Thursday said it aims to double its production in the next five years with the opening of four new mines in Azerbaijan and to transition to a multi-asset, mid-tier copper and gold producer by 2028.

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Ascential 2022 Pretax Loss Widened on Higher Costs; Early 2023 in Line With Views

Ascential PLC said Thursday that its 2022 pretax loss widened after booking higher costs, and that 2023 has started well and in line with the board's plans.

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Chesnara Swung to Pretax Loss in 2022 on Tough Market Conditions

Chesnara PLC said Thursday that is swung to a pretax loss in 2022 on rising interest rates, falling equity markets and inflationary pressures, despite its insurance premium revenue rising on year.

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K3 Business Technology FY 2022 Loss Narrowed; Appoints New CFO

K3 Business Technology Group PLC said Thursday that its pretax loss narrowed for fiscal 2022 and that it has appointed a new chief financial officer.

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Orcadian Energy Shares Drop on Talks With New Investors

Shares in Orcadian Energy PLC fell 22% on Thursday after the company said it is in active talks with potential new investors as it needs working capital to secure a deal on its Pilot project, and posted a narrowed pretax loss for the first half of fiscal 2023.

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Robinson Swung to 2022 Pretax Profit; Backs Mid-Term Views

Robinson PLC reported on Thursday a swing to pretax profit in 2022, and said it remains on track to deliver its medium-term targets despite the uncertain backdrop.

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Technology Minerals' Collaboration Gets GBP2 Mln for Mobile Battery Recycling System

Technology Minerals PLC said Thursday that its 48%-owned battery recycling business, in collaboration with the University of Birmingham, has been awarded 2.0 million pounds ($2.5 million) in funding from Innovate UK to create a mobile battery-recycling system.

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LV= Posts Stable 2022 Operating Profit, Sees Positive Outlook

Liverpool Victoria Financial Services Ltd., known as LV=, on Thursday posted a stable operating profit for 2022 and said the outlook for the company remains positive.

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Gattaca Swung to 1H Pretax Profit on Lower Costs

Gattaca PLC said Thursday that it swung to a pretax profit for the first half of fiscal 2023 after booking lower costs but that a high level of macroeconomic uncertainty remains.

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Ebiquity Pretax Loss Widened in 2022 on Costs; CFO, COO to Retire

Ebiquity PLC said Thursday that its pretax loss widened in 2022 on higher finance costs, despite revenue rising, and that its Chief Financial Officer and Chief Operating Officer Alan Newman will retire at the end of June.

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Aseana Properties Shares Fall on Private Placement of 6.7% of Share Capital

Aseana Properties Ltd. shares fell Thursday after it said it will raise funds in a private placement of shares held in treasury worth 6.7% of its issued share capital.

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Ithaca Energy Reports Higher 2022 Earnings But Cuts 2023 Production Guidance

Ithaca Energy PLC on Thursday reported a more than three-fold rise in pretax profit for last year on much higher revenue that was boosted by acquisitions, higher production and commodity prices, but cut its 2023 production forecast.

MARKET TALK:

Ithaca Energy Profit Rises, But 2023 Guidance Eases

1340 GMT - Shares in Ithaca Energy drop 3% after the North Sea oil company reported higher annual adjusted earnings, but cut its 2023 production forecast. The cuts to FY23 guidance should only have a modest impact on annual free cash flows, but are the first re-setting of expectations after the company's initial public offering last November, Barclays says. "The lack of updates on the unsanctioned development portfolio is another demonstration of the impact that [the U.K. Energy Profits Levy] is having on investment decisions in the U.K. North Sea," Barclays analysts say in a note, reiterating their underweight recommendation on the stock. ([e-mail])

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Dollar Weakens as Data Is Expected to Show Cooling Economy

0846 ET - The dollar weakens as fresh data point to some cooling in the economy and as banking fears ease following the testimony of Fed's Barr in Congress. The WSJ Dollar Index falls 0.4% as the greenback weakens 0.6% versus the euro and 0.5% versus the pound. The dollar is also slightly weaker versus the yen, but still 1.6% stronger against the Japanese currency so far this week. Weekly jobless claims rise to 198K from 191K, versus consensus of 195K, and the third revision of 4Q GDP comes at 2.6%, down from 2.7% in previous estimate. Analysts expect Friday's PCE inflation data to reinforce the economic slowdown. ([e-mail]; @ptrevisani)

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Next's Total Platform Has Potential to Boost Sales

1215 GMT - Next's fiscal 2023 earnings provided further details regarding its total platform and indicated potential sales improvement ahead, Bank of America Global Research analysts say in a BofA Merrill Lynch Global Research report. The clothing retailer's total platform--a complete suite offer of online services to third-party brands--could add around 10% to market consensus in outer years, they say. Following completion of warehouse projects, total platform's operating profit estimate for FY 2027 is upgraded to GBP130 million from around GBP65 million, they say. "TP's potential will depend on new client additions, and growth from existing ones. We think Next's now separated disclosure for TP could also help drive earnings upgrades," the analysts say. ([e-mail])

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Ascential's Strategic Plans May Change on Private-Equity Interest Speculation

1138 GMT - Although Ascential posted a solid performance for 2022 with growth driven by a strong recovery in events, major changes are expected given its continuing strategic review, Peel Hunt analysts Jessica Pok and Melanie Yang say in a note. The data-and-analytics company's review includes the sale of its WGSN platform, a U.S. IPO for the digital-commerce division and creating a global-events business in the U.K. as a listed entity, the analysts say. "Despite, this the plans may change given speculation about private equity interest in the events assets," the analysts say. Peel Hunt rates the stock buy with a 300-pence target price. Shares are up 0.1% at 242.20 pence. ([e-mail])

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BAE to Benefit From Global Increase in Defense Spending - Market Talk

1133 GMT - BAE Systems PLC is a beneficiary of the globally synchronised increases in defense spending and hasn't before seen the global opportunity it sees today, Bank of America writes. The U.S. bank sees acceleration of organic growth from an estimated 3%-4% in 2022-23 to an estimated 6%-7% in 2024-25, increasing its price-to-earnings and enterprise value/EBITA target multiples to 15.5x and 14.4x, respectively. BofA sees opportunities for BAE in the AUKUS security agreement, and the multinational Global Combat Air Program, Combat Systems and Electronic Systems. BofA says valuation gap with U.S. peers could progressively close despite recent re-rating. BAE trades at a discount to U.S. defense primes, with BAE's estimated EV/EBIT and PE in 2024 at 11x and 14x respectively vs US primes at 16x and 17x.([e-mail])

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Moonpig Looks Well Placed for FY 2024

1121 GMT - Moonpig management expects sales to grow in high single digits in fiscal 2024 and the core business is in good shape to continue winning customers, Peel Hunt analysts say in a research note. The greeting-card and gifting platform's Buyagift business should to come to the fore with Moonpig's tech assistance as the consumer gains confidence, they add. "This is a good business with strong growth potential that is being undervalued by the market. We would be Buyers on a short-and long-term basis," they say. Peel Hunt has a buy rating on the stock with a 300 pence price target. Shares trade up 15% at 130.80 pence. ([e-mail])

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S4 Capital Seen With Potential to Attract Clients in Tough Market

1108 GMT - S4 Capital's improvement in internal controls is encouraging despite lower top-line guidance than previous years, Peel Hunt's Jessica Pok and Melanie Yang say in a research note. The digital advertising and marketing-services company's management is making good progress with margin improvement and cost control, while uncertainty affecting growth should be transitionary, they say. As we move through a tough macro patch, Pok and Yang say S4 has the capabilities to continue to attract clients. Peel Hunt has a buy rating on the stock with a 250 pence price target. ([e-mail])

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(END) Dow Jones Newswires

March 30, 2023 12:02 ET (16:02 GMT)

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