UK Insurers Face Limited Downside Risk From Banking Rout
1022 GMT – Insurers aren’t vulnerable to a run on assets like banks and their credit portfolios are high quality, Jefferies says in a note after the failure of U.S. lender SVB caused weakness among banking stocks. “We consider the risks to asset/liability duration matching, credit losses and insured losses, concluding that there is limited downside risk to U.K. insurers,” the brokerage says, adding that current valuations present an attractive entry point into the space. ([email protected])
Companies News:
Vodafone Business CEO Vinod Kumar to Retire
Vodafone Group PLC on Thursday said that the chief executive officer of Vodafone Business, Vinod Kumar, will retire on Dec. 31 to pursue a portfolio career.
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Halma Sees FY 2023 Adjusted Profit Rising In-Line With Market Views
Halma PLC said Thursday that fiscal 2023 adjusted pretax profit is expected to be in line with market expectations as it has enjoyed organic, constant-currency revenue growth in all areas in the year-to-date.
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Deliveroo 2022 Revenue Rose as Pretax Loss Narrowed Amid Efficiency Gains
Deliveroo PLC on Thursday said that its revenue rose and its pretax loss narrowed in 2023 as the company optimized consumer fees, made efficiency gains in the rider network and efficiently targeted marketing spend.
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Rentokil Initial Upgrades Midterm Views on Back of Terminix Acquisition
Rentokil Initial PLC upgraded its medium-term guidance on Thursday on the back of the acquisition and integration of Terminix, after reporting a worse-than-expected pretax profit fall in 2022.
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Polymetal International Swung to 2022 Net Loss; Won’t Declare Dividend
Polymetal International PLC said Thursday that it swung to a net loss in 2022 and won’t declare a dividend, as sanctions on Russia for invading Ukraine caused costs to rise and metal prices to fall.
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Helios Towers 2022 Pretax Loss Widened as Expenses Rose
Helios Towers PLC said Thursday that its pretax loss for 2022 widened as revenue rose, driven by an increase in expenses.
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DFS Furniture Narrows FY 2023 Guidance Toward Lower End After 1H Pretax Profit Fell
DFS Furniture PLC said Thursday that pretax profit fell in the first half of fiscal 2023, and revised its full-year guidance for pretax profit excluding brand amortization toward the lower end of its previous view.
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Savills 2022 Pretax Profit Slipped on Higher Costs; Chairman to Step Down
Savills PLC said Thursday that 2022 pretax profit fell despite a rise in revenue, driven by increased operating expenses, and Chairman Nicholas Ferguson said he plans to retire toward the end of the year.
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National World 2022 Pretax Profit Rose as Costs Fell
National World PLC said Thursday that pretax profit rose in 2022 as costs fell.
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Pineapple Power to Raise GBP350,000 for Future Acquisitions
Pineapple Power Corp. said Thursday that it has secured 350,000 pounds ($421,995) of new funds via a share placing and subscription and will use the money toward any future acquisition costs and for general working capital needs.
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Empiric Student’s 2022 Profits, Revenue Rose on Record Occupancy
Empiric Student Property PLC said Thursday that pretax profit and revenue significantly rose in 2022 on record occupancy levels and pricing, and the values of its properties being revised up.
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Investec Sees FY 2023 Earnings Increase on Client Acquisition, Rising Rates
Investec PLC said Thursday that it expects fiscal 2023 earnings to increase following a robust performance and increasing interest rates despite the macroeconomic backdrop.
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F.W. Thorpe 1H Pretax Profit Rose on Strong Sales; Declares Increased Dividend
F.W. Thorpe PLC said Thursday that its pretax profit for the first half of fiscal 2023 rose on strong sales, especially in its Thorlux segment, and that it has declared an increased interim dividend.
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Eurowag Backs Mid-Term Guidance After 2022 Pretax Profit Boost
W.A.G Payment Solutions PLC on Thursday posted a rise in pretax profit for 2022 and said it entered 2023 in a strong position as it reiterated its mid-term guidance.
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Restore 2022 Revenue, Profit Rose; 2023 Performance in Line
Restore PLC said Thursday that pretax profit for 2022 rose slightly as revenue increased and that 2023 has started in line with its expectations.
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Centamin 2H Pretax Profit Rose on Cost Savings, Higher Production
Centamin PLC said Thursday that pretax profit for the second half of 2022 rose, as cost savings helped its bottom line and revenue grew thanks to higher production.
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Gym Group 2022 Loss Narrowed as Revenue Rose; Warns of Uneven 2023 Start
Gym Group PLC said Thursday that its pretax loss for 2022 narrowed as revenue rose on a higher number of business days and a post Covid-19 recovery, but that its start to 2023 has been uneven.
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OSB Group 2022 Pretax Profit Rose on Loan Book Growth; To Buyback Shares
OSB Group PLC said Thursday that pretax profit for 2022 rose, driven by loan book growth and improved net interest margin, and launched a share buyback program and a special dividend.
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Hurricane Energy Shares Jump After Board Agrees to GBP249M Takeover
Shares of Hurricane Energy PLC rose 16% on Thursday after the company said that it has agreed to a 249.0 million pound ($300.2 million) takeover by Prax Exploration & Production PLC.
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Union Jack Oil Wressle Well Beating Production Expectations
Union Jack Oil PLC said Thursday that production from the Wressle hydrocarbon development in England is exceeding expectations, with total production now exceeding 390,000 barrels of oil.
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PensionBee Confident of Hitting Profitability Target By End of Year
PensionBee Group PLC on Thursday said it is on track to meet its profitability target by the end of 2023 as it posted a narrower pretax loss for 2022.
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Home REIT Gets Deadline Extension for Bluestar Group Takeover Bid
Home REIT PLC said Thursday that the deadline for Bluestar Group Ltd. to make a firm intention of an offer for the company or walk away has been extended to April 13.
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Deliveroo 2022 Revenue Rose as Pretax Loss Narrowed Amid Efficiency Gains — Update
Deliveroo PLC on Thursday said that its revenue rose and pretax loss narrowed in 2023 as the company optimized consumer fees, made efficiency gains in the rider network and efficiently targeted marketing spend.
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Eurocell 2022 Pretax Profit Fell on Restructuring Cost; Proposes Increased Dividend
Eurocell PLC said Thursday that its pretax profit for 2022 fell on restructuring costs and a market slowdown in the second half-year, but that revenue rose on price increases, and that it proposed an increased dividend.
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Bridgepoint 2022 Pretax Profit Doubled on Higher Fees
Bridgepoint Group PLC on Thursday said pretax profit more than doubled in 2022 as it increased management fees in its private equity and credit strategies and saw resilient investment returns despite volatile markets.
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John Lewis Partnership FY 2023 Pretax Loss Widened on Property Write Downs
John Lewis Partnership PLC said Thursday that pretax loss for fiscal 2023 widened mainly due to the property write downs.
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Sosandar Appoints Nick Mustoe as Interim Nonexecutive Chairman
Sosandar PLC said Thursday that it has appointed nonexecutive director Nick Mustoe as interim nonexecutive chairman with immediate effect.
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CloudCoCo 2022 Pretax Loss Widens on Higher Costs
CloudCoCo Group PLC on Thursday said its pretax loss widened in fiscal 2022, while its revenue tripled as it integrated the four business it bought the previous year.
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Ediston Property Investment Launches Strategic Review, Mulls Merger or Sale
Ediston Property Investment Co. said Thursday that it is undertaking a strategic review of options available to maximize shareholder value, including a preference for a merger with one or more other real estate investment trusts.
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Kazera Global FY 2022 Pretax Loss Widened; Gets New Investor
Kazera Global PLC on Thursday reported a much widened pretax loss for fiscal 2022 as cost of sales wiped out its revenue and after booking higher costs.
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Burford Capital Shares Fall After Fair Value Approach Change, Delayed Results
Shares in Burford Capital Ltd. fell on Thursday after the company said it is modifying its fair value approach and doesn’t know if there will be a material change in its asset values, delaying the publication of its 2022 results.
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John Lewis Partnership Won’t Pay Bonus Due to FY 2023 Pretax Loss — Update
John Lewis Partnership PLC said Thursday that it won’t be paying out a bonus to partners this year as it reported a widened pretax loss for fiscal 2023 after writing down the value of Waitrose stores.
Market Talk:
Gym Group’s Next CEO May Have to Do Some Heavy Lifting
1042 GMT – Gym Group’s next chief executive will have to flex their corporate muscles to help win the market over in the face of escalating costs, AJ Bell investment director Russ Mould says in a note. Nonproperty net debt jumped in 2022 to GBP76.1 million from GBP44.1 million to fund the remainder of a site roll-out program and to buy three sites, he says. With membership growth starting to slow and inflationary pressures, it is having to take a different approach as it is now pledging to only fund new sites from its own cash flow, Mould says. While such prudence is no bad thing, it means investors will have to face up to a slower pace of growth, he says. Shares trade down 21% at 93.00 pence. ([email protected])
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Eurowag’s 2022 Results Show Standout Financial Profile
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March 16, 2023 07:03 ET (11:03 GMT)
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