FTSE 100 Rises as Retailers Rally After Next, B&M Updates

FTSE 100 Rises as Retailers Rally After Next, B&M Updates

0834 GMT - The FTSE 100 rises 0.2% to 7598 points as retail stocks rally after well-received trading updates from fashion retailer Next and discount retailer B&M European Value Retail. Next shares jump 8.0% after reporting higher full-price sales for the nine weeks to December 30 and raising its full-year profit guidance. B&M gains 1.8% after posting a rise in comparable sales for the 13 weeks to December 24 and said it would pay a special dividend in February. Meanwhile, a weaker sterling also lifts the FTSE 100 as the index comprises a large share of dollar earners. ([e-mail])

 
Companies News: 

B&M European Value Narrows FY 2023 Guidance After 3Q Revenue Rose

B&M European Value Retail SA on Thursday narrowed its fiscal 2023 guidance for adjusted Ebitda as the group reported a 12% rise in its third-quarter revenue.

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Next Raises FY 2023 Profit Guidance; Sees Profit Falling in Fiscal 2024

Next PLC on Thursday raised its pretax profit guidance for fiscal 2023, but said it expects earnings to fall in fiscal 2024 as the economy is squeezed by inflation.

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Greggs Sees 2022 Sales Rising; Reports Strong End to Year

Greggs PLC said Thursday that it had a strong final quarter of 2022, and that it expects full-year sales to rise 23%.

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Glenveagh Properties 2022 Revenue Rose, Starts Share Buyback

Glenveagh Properties PLC said Thursday that it expects to report a significant rise in revenue for 2022, driven by a strong performance in its suburban business segment, and launched a share buyback program.

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Live Company Starts Cost-Saving Measures; Reviewing Debt Structures

Live Company Group PLC said Thursday that it is initiating cost-saving actions as it expects to book a loss in 2022 and it is reviewing debt structures with the view of renegotiating repayment schedules.

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Mattioli Woods 1H Revenue Rose; FY 2023 Outlook in Line With Views

Mattioli Woods PLC said Thursday that first-half revenue was 10% higher than last year and that its outlook for fiscal 2023 remains in line with management expectations.

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Angle 2022 Revenue Was Flat; Sees 2023 Revenue Rising but Missing Market Views

Angle PLC said Thursday that it expects to report flat revenue for 2022, though its loss widened, and sees 2023 revenue growing but likely materially below current market expectations.

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Proteome Sciences Gets GBP870,000 Milestone Payment

Proteome Sciences PLC said Thursday that it has received a milestone payment of around 870,000 pounds ($1.0 million), for sales of TMT and TMTpro.

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Hydrogen Utopia International's London Listing Prospectus Approved by FCA

Hydrogen Utopia International PLC said Thursday that its supplementary prospectus for the company's planned trading on the London Stock Exchange's official list has been approved by the U.K. Financial Conduct Authority.

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Next Raises FY 2023 Profit Guidance But Expects Tighter Year Ahead -- Update

Next PLC on Thursday raised its pretax profit guidance for fiscal 2023 after better-than-expected Christmas sales, but said it expects earnings to fall in fiscal 2024 as the economy is squeezed by inflation and consumers deal with increased mortgage payments as fixed interest-rate deals expire.

 
Market Talk: 

Next Looks Like a Long-Term Candidate for Cash Returns

0752 GMT - Next has the potential to offer investors a long-term cash-returns story, RBC Capital Markets' analysts Richard Chamberlain and Manjari Dhar say in a research note. The London-listed fashion retailer should benefit from its strong omnichannel offer, automated logistics and a well-developed customer base, they say, adding that it also has potential to develop its high-return total platform business for other brands. "Next faces U.K. consumer headwinds, however over the long term we continue to believe that Next should be able to achieve a higher rate of sales growth than the 2% that it has achieved historically," they say. RBC has an outperform rating on the stock with a target price of 6,000 pence. ([e-mail])

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Ryanair's Strong Christmas Performance Fuels Guidance Upgrade

0827 GMT - Ryanair Holdings' fiscal 2023 guidance upgrade was predicated by a very strong Christmas performance, Davy Research's Stephen Furlong says in a research note. The low-cost airline was able capitalize on strong pent-up travel demand over the holiday season, with no adverse impact from Covid-19 or the war in Ukraine, he says. A boost also came in the form of stronger-than-expected peak Christmas-New Year traffic and fares, he adds. "We continue to believe that Ryanair's balance sheet, market position and cost advantage leave it very well placed in this upgrade cycle," Furlong says. Davy has an outperform rating on the stock. Shares trade up 4.2% at EUR13.40 ([e-mail])

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01-05-23 0355ET