Frasers Drops After Skipping Dividend, Margins Fall
1045 GMT - Frasers Group drops 8% after the FTSE 100-listed
owner of Sports Direct and other retail brands reported higher
first-half pretax profit, though margins fell and it didn't declare
an interim dividend. Adjusted pretax profit of GBP267 million in
the 26 weeks to Oct. 23 slightly exceeded Numis's forecasts, though
was more in-line once adjusted for gains and impairments and
consistent with management's unchanged 2022-23 guidance, the
brokerage says. Despite a softer macro-economic environment and
normalization in certain areas, the business continued to achieve
positive like-for-like sales and organic growth of 4%, Numis says.
"Gross margins fell as expected due to lower full-price sales and
dilution from recent acquisitions and disposals," Numis analyst
Georgios Pilakoutas writes. (philip.waller@wsj.com)
Companies News:
BATM Advanced Communications Says it Has Made Solid 2H
Progress
BATM Advanced Communications Ltd. said Thursday that it made
solid progress in the second half as business returned to normality
postpandemic despite supply-chain issues.
---
Hipgnosis Songs 1H Loss Narrows on Streaming Growth
Hipgnosis Songs Fund Ltd. said Thursday that its first-half loss
narrowed as revenue rose after strong growth from streaming.
---
S&U Sees FY 2023 Positive Performance Despite Challenging
Backdrop
S&U PLC said Thursday that is performing well despite the
macroeconomic uncertainty and it expects the current trend to
continue for the remainder of the fiscal year.
---
Purplebricks 1H Pretax Loss Widens; Sees Recovery Plan Bearing
Fruit in 2H
Purplebricks Group PLC said Thursday that its pretax loss for
the first half of fiscal 2023 widened on lower revenue and higher
operating costs, but backed its full-year guidance as it sees
financial benefits of its recovery plan in the second half.
---
Tullow Oil Appoints Richard Miller as Permanent Chief Financial
Officer
Tullow Oil PLC said Thursday that it has appointed Richard
Miller as chief financial officer from Jan. 1, having held the role
on an interim basis since April.
---
Balfour Beatty Sees Revenue Ahead on Year, Profit Ahead of
Views
Balfour Beatty PLC said Thursday that full-year revenue is seen
ahead on year and profit is seen ahead of market expectations.
---
In The Style Swung to 1H Pretax Loss on Rising Costs, Lower
Revenue
In The Style Group PLC on Thursday reported a swing to pretax
loss in the first half of fiscal 2023, driven by higher costs and
lower revenue, as consumer sentiment deteriorated amid the
uncertain macroeconomic outlook.
---
MyCelx Technologies Shares Jump as It Expects to Post in Line FY
Results
Shares in MyCelx Technologies Corp. jumped 26% on Thursday after
the company said that it expects to end 2022 in line with market
expectations.
---
Trakm8 Swung to 1H Pretax Loss on Lower Sales, Higher Costs
Trakm8 Holdings PLC on Thursday reported a swing to a half-year
pretax loss on the back of lower software sales and higher material
costs, but said it is confident of meeting market expectations.
---
Thungela Sees 2022 Coal Production Below Views Due Rail
Disruption
Thungela Resources Ltd. said Thursday that coal production for
2022 is expected to be below previous guidance, dragged by
rail-transport disruptions.
---
On the Beach Shares Drop as CEO-Founder to Step Down; Swung to
FY 2022 Pretax Profit
On the Beach Group PLC shares dropped 14% on Thursday after it
said that founder and Chief Executive Simon Cooper will step
down.
---
Mears Group Expects to Beat 2022 Forecasts After Strong
Performance to Date
Mears Group PLC said Thursday that it has continued to
experience strong trading since the half-year earnings report in
August and therefore expects to beat full-year market forecasts for
revenue and adjusted pretax profit.
---
Seraphine 1H Pretax Loss Narrowed; Expects Positive 2H
Ebitda
Seraphine Group PLC on Thursday reported a narrowed pretax loss
for the first half of fiscal 2023 despite lower revenue after
booking an exceptional charge in its accounts last year, and said
it expects the second half to be profitable on an Ebitda basis.
---
Netcall Says Solid FY 2022 Momentum Has Continued Into 1H
Netcall PLC said Thursday that the solid momentum experienced in
fiscal 2022 has continued into the first half of the new year, with
increasing demand for its cloud solutions.
---
Focusrite Shares Drop After FY 2022 Pretax Profit Fell Amid
Increased Costs
Shares in Focusrite PLC slid 11% on Thursday after the company
said pretax profit for fiscal 2022 fell as costs increased.
---
Falanx Shares Fall After 1H Pretax Loss Widened
Falanx Group Ltd. shares fell as much as 13% on Thursday after
the company reported a widened pretax loss in the first half of
fiscal 2023 on increased investments in sales and marketing
designed to boost growth.
---
Vertu Motors Buys Helston Garages for GBP182 Mln
Vertu Motors PLC said Thursday that it is buying Helston Garages
Group Ltd. for 182 million pounds ($222.2 million), as flagged last
month.
---
Aferian Expects to Meet FY 2022 Expectations
Aferian PLC said Thursday that trading has finished the year in
line with its expectations and it expects to announce full-year
results consistent with the guidance ranges.
---
Bluebird Merchant Ventures Raises GBP230,000 to Fund Korean Gold
Mine
Bluebird Merchant Ventures Ltd. said Thursday that it raised
230,000 pounds ($280,761) through a share issue, which will be used
to fund a permit to develop its Kochang gold and silver mine in
South Korea.
Market Talk:
DS Smith Shows Resilience in Worsening Consumer Market
0953 GMT - Shares in DS Smith rise 1% after the packaging
company reported higher first-half revenue and pretax profit and
said it expected 2022-23 results to be ahead of previous forecasts.
Revenue and adjusted operating profit in the six months to Oct. 31
both topped expectations, Citigroup says. Smith is proving to be
relatively defensive in a deteriorating consumer environment with
its higher exposure to fast-moving consumer goods customers, Citi
says. "Overall, we see this as steady progression for SMDS and a
further demonstration of its narrative of relative resilience,"
Citi analysts say in a note, adding that they expect consensus
estimate upgrades of mid-single-digit percentages.
(philip.waller@wsj.com)
---
On the Beach Well Set for Uncertain Year Ahead
1028 GMT - On the Beach Group has a robust setup for another
uncertain year ahead, Davy Research's David Reynolds and
Christopher Allan say in a note. The U.K. travel retailer--a
well-run business navigating challenges capably--is seeing a return
to scale, with investment for future growth impacting Ebitda, they
add. However, one key takeaway is that CEO and founder Simon Cooper
has decided to step down and is beginning his exit from the
business, sometime in the coming 12 months, they say. Davy has a
neutral rating on the stock. (kyle.morris@dowjones.com)
---
Frasers Group Likely to Buy More Brands As Weaker Retailers
Struggle
1030 GMT - Frasers Group's first-half performance showed that
the acquisition of various companies helped to boost sales, AJ Bell
investment director Russ Mould says in a note. The sports-fashion
retailer is expected to take advantage of the challenging
environment for weaker retailers to buy known brands with
discounts, Mould says. Frasers also has proven its ability to drive
profits by increasing the offer of products that consumers are
still eager to buy, he says. "It puts Michael Murray off to a good
start as chief executive and shows to the market that the business
is still capable of thriving without Mike Ashley at the wheel,"
Mould says. (michael.susin@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
December 08, 2022 06:10 ET (11:10 GMT)
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