Marks & Spencer Earnings Were Positive Amid Strong Cash Generation
0744 GMT - Marks & Spencer Group's earnings for fiscal 2022 were particularly good, Shore Capital's head of research Clive Black says in a research note. The British retailer's solvency has also notably improved through a strong cash generation, Shore notes. "Stripping out the Ocado Retail Ltd. investment at cost and Ebitda, the equity valuation metrics are weaker still," Shore says. "As such, we see a resilient business in many ways where equity is fundamentally undervalued," it adds. Shares are up 2.50 pence, or 1.9%, at 134.75 pence a share. (sabela.ojea@wsj.com; @sabelaojeaguix)
Companies News:
Mediclinic International FY22 Profit Rose; Resumes Dividend
Mediclinic International PLC said Wednesday that net profit and revenue rose in fiscal 2022, driven by increased client activity, and the company reinstated a dividend payout.
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Taylor Wimpey Says 2022 Performance Remains In Line; Confirms Financial Targets
Taylor Wimpey PLC said Wednesday that its performance for 2022 remains in line and that it is confirming its financial targets for the year.
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UK Regulator Invites Comment on CVS's Acquisition of The Vet
The U.K. Competition and Markets Authority said Wednesday that it has opened a consultation over CVS Group PLC's acquisition of The Vet before making a final decision regarding competition concerns.
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Tullow Backs 2022 Oil Production Guidance
Tullow Oil PLC said Wednesday that its oil production guidance for 2022 remains in line with the previous forecast of 59,000-65,000 barrels a day.
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Sabre Insurance Four-Month Gross Written Premiums Rose as It Increases Prices
Sabre Insurance Group PLC said Wednesday that its performance for the first four months of 2022 was strong, marked by a rise in gross written premiums as it increases its prices to maintain profitability over volume.
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Severn Trent FY 2022 Pretax Profit Rose as Revenue Beat Guidance
Severn Trent PLC said Wednesday that pretax profit rose for fiscal 2022 as revenue beat the board's guidance due to non-household consumption returning to prepandemic levels, and that it has seen the adverse effect of higher inflation on its operating and finance costs.
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Softcat 3Q Revenue Growth, Profit Hits Double-Digits; Sees FY Operating Profit Ahead
Softcat PLC said Wednesday that revenue, gross profit and operating profit grew by double digits on year in its third quarter thanks to strong and stable customer demand, and that it now expects that operating profit for the full year slightly ahead of its previous expectations.
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Morses Club to Delay FY 2022 Results
Morses Club PLC said Wednesday that full-year results for fiscal 2022, which ended Feb. 26, will be released no later than Aug. 26, without disclosing further details about the delay.
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Hollywood Bowl Group Acquires Teaquinn Holdings For $13.3Mln
Hollywood Bowl Group PLC said Wednesday that it has acquired the Canadian-based bowling business Teaquinn Holdings Inc., who comprises of ten-pin bowling centers operator Splitsville, for 17 million Canadian dollars ($13.3 million).
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Tekcapital Raises GBP2 Mln to Fund Portfolio Companies Growth
Tekcapital PLC said Wednesday that it has raised 2 million pounds ($2.5 million) via a share placing and will use the money towards the growth of its portfolio companies and for working capital.
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Marks & Spencer Swung to FY 2022 Profit But Warns on Hit From Russia Exit, Cost-of-Living Crisis -- Update
Marks & Spencer Group PLC reported Wednesday a swing to fiscal 2022 pretax profit but said profit growth will be harmed this year by its Russia exit and rising cost pressures on consumers.
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SSE Raises Medium-Term Earnings Growth Guidance; Shares Jump -- Update
Shares in SSE PLC climbed Wednesday in early trading after it raised earnings growth guidance for the five years to March 2026, reported higher profits for fiscal 2022 and said that they will grow further this year.
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Intertek Jan-April Revenue Grew After Divisional, Acquisition Contributions
Intertek Group PLC said Wednesday that revenue grew 9.1% at constant currency in the January-April period thanks to growth performance in products, trade and resources and contributions from acquisitions.
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Ocado Group Lowers Sales Guidance for Ocado Retail on Effects of Rising Prices
Ocado Group PLC said Wednesday that it is cutting the guidance of Ocado Retail Group, the joint venture it co-owns with Marks & Spencer Group PLC, on the effects of rising prices on customer behavior.
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Gulf Keystone to Pay $50 Mln Special Dividend to Shareholders
Gulf Keystone Petroleum Ltd. on Wednesday declared a special dividend of $50 million.
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Mortgage Advice Bureau 1Q Completions Rose 11%; Performance in Line With Board Views
Mortgage Advice Bureau (Holdings) PLC said Wednesday that completions for the first quarter rose 11%, and that its current performance is in line with the board's expectations.
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Hollywood Bowl Swung to 1H Pretax Profit on Higher Revenue; Resumes Dividend
Hollywood Bowl Group PLC said Wednesday that it swung to a pretax profit for the first half of fiscal 2022 as revenue increased helped by the favorable environment for leisure post-lockdowns, and that it was resuming dividend payments.
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Bakkavor Group 1Q Revenue Rose After Price Recovery, Good Volumes
Bakkavor Group PLC said Wednesday that first-quarter revenue rose 11% on year after it experienced a recovery in prices and good volumes.
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Pets at Home Group FY2022 Pretax Profit Rose, Increases Dividend
Pets at Home Group PLC said Wednesday that pretax profit and revenue rose in fiscal 2022, driven by a robust increase in new customers, and increased its dividend payout.
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Petershill Partners Sees 2022 Assets Under Management Inflows in Line With Views
Petershill Partners PLC said Wednesday that its performance in the first quarter of 2022 was robust and that it expects assets under management inflows for the full year to be in line with its guidance.
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Volution Expects FY Earnings at Upper End of Views on Strong 2H Performance to Date
Volution Group PLC said Wednesday that it has continued to perform strongly through its second half, with third-quarter revenue growth of 17.6% at constant currency, and that it expects full-year earnings to be toward the upper end of market expectations.
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Frasers Group Sells Bobs Stores and Eastern Mountain Sports for $70 Mln
Frasers Group PLC said Wednesday that it has sold its U.S. retail businesses, Bobs Stores and Eastern Mountain Sports, for $70 million to GoDigital Media Group.
Market Talk:
Glencore's Settlement on Bribery, Market Manipulation Will Support Share Price
0729 GMT - Glencore has reached a settlement for various investigations related to bribery and market manipulation, which is expected to be in line with the company's prior $1.5 billion provision, Jefferies says in a note. The outcome shouldn't materially impact the way that Glencore operates and the news should lead to a re-rating of the company's equity valuation, the U.S. bank says, reiterating a buy rating on the mining and trading company. "The regulatory investigations have been an overhang on Glencore shares for the last four years. Today's settlement should therefore be a market-clearing event that leads to a rerating of Glencore's very low equity valuation," Jefferies says. Shares rise 1.8%, outperforming FTSE 100 peers on Wednesday morning. (jaime.llinares@wsj.com)
SSE's Guidance Upgrade Is a Clear Positive
0720 GMT - Shares in SSE rise 4.5% as the energy group raised 2021-26 adjusted EPS annual growth guidance to between 7% and 10%. This is a clear positive which should be well received by investors, and implies adjusted EPS of between 120-140 pence by fiscal 2026, John Musk from RBC Capital Markets says in a note. In addition, the company's adjusted EPS guidance of at least 120 pence for fiscal 2023 is above the market consensus of 110 pence, the analyst notes. "The results statement reads positively in terms of future strategy deployment but the investment case may be overshadowed until we get visibility on potential windfall taxes," he says. (jaime.llinares@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
05-25-22 0406ET
