3i's Strong 3Q NAV Dims Drop in Other Investments, Liberum
Says
1034 GMT - 3i Group's strong third-quarter net asset value
growth overshadows downgrades at half of its top-10 investments,
Liberum says in a note. The investment manager's largest
investment--Action--rose 19%, but its third-largest--Cirtec Medical
Services--saw a 7% drop and its sixth-largest--SaniSure--fell 4%.
"Under the shiny headline number driven by the outsized returns of
Action, not all is well, but compared to other private equity
companies, 3i manages to hold up much better than most," the
brokerage says, adding that the strong overall results cement the
group's reputation as a private equity manager that performs well
even in difficult environments. Shares top the FTSE 100, trading up
5.5% at 1,540.5 pence. (elena.vardon@wsj.com)
Companies News:
St. James's Place 2022 Funds Under Management Fell
St. James's Place PLC on Thursday reported funds under
management at the end of 2022 that slightly missed consensus
expectations.
---
Foxtons Sees 2022 Revenue, Adjusted Profit Ahead of Market Views
But Expects Tougher 2023
Foxtons Group PLC said Thursday that 2022 revenue and adjusted
operating profit are expected to be ahead of market expectations,
though it sees the first half of 2023 as being more
challenging.
---
Jet2 PLC to Beat FY 2023 Profit Forecasts After Strong Winter
Bookings
Jet2 PLC said Thursday that it expects to beat fiscal 2023
adjusted pretax profit market forecasts amid strong winter
bookings.
---
Diageo 1H Pretax Profit Rose on Better-Than-Expected Sales,
Higher Pricing
Diageo PLC said Thursday that pretax profit rose in the first
half of fiscal 2023, supported by better-than-expected sales
volumes due to higher prices, and raised its dividend payout.
---
Tate & Lyle Sees FY 2023 Adjusted Profit Rising in Line With
Views After 3Q Revenue Increased
Tate & Lyle PLC said Thursday that revenue rose in its third
quarter, and that it expects to meet market views for higher fiscal
2023 adjusted pretax profit.
---
Royal Mail Owner International Distribution Services 3Q Revenue
Fell
International Distribution Services PLC, or IDS, said Thursday
that revenue for the third quarter of fiscal 2023 fell, and that
due to continuing industrial disputes it expects negative in-year
trading cashflow at Royal Mail in fiscal 2024.
---
Mitie Group Expects to Meet FY 2023 Profit Forecast
Mitie Group PLC said Thursday that its performance during the
third quarter of the year continued to be strong and that it is on
track to meet adjusted operating profit forecasts for the year
ending March 31.
---
Britvic 1Q Revenue Rose on Higher Prices Despite Volume Fall
Britvic PLC said Thursday that first-quarter revenue rose,
driven by stronger pricing and a robust Christmas trading.
---
Best of the Best Posts Lower 1H Revenue, Pretax Profit
Best of the Best PLC on Thursday reported lower revenue and
pretax profit for the first half of fiscal 2023 as inflation
weighed on consumer spending.
---
Provident Financial To Become Vanquis Banking, Names New CEO
Provident Financial PLC on Thursday said it is changing its name
to Vanquis Banking Group plc and that it has appointed a new chief
executive officer as Malcolm Le May is stepping down from the
role.
---
Diageo 1H Pretax Profit Rose on Better-Than-Expected Sales,
Higher Pricing -- Update
Diageo PLC said Thursday that pretax profit rose in the first
half of fiscal 2023, supported by better-than-expected sales
volumes due to higher prices, and raised its dividend payout.
---
Animalcare Anticipates 2022 Decline in Revenue
Animalcare Group PLC on Thursday said that its 2022 underlying
earnings are anticipated to be approximately in line with market
expectations, but that its revenue will decline.
---
Playtech Sees 2022 Adjusted Earnings Significantly Rising
On-year
Playtech PLC said Thursday that it has continued to perform
strongly since its first-half results in September and it now
expects 2022 adjusted earnings to significantly rise on-year.
---
Rank Group Swung to 1H Pretax Loss; Backs FY 2023 Profit
Guidance
Rank Group PLC said Thursday that it swung to a pretax loss for
the first half of fiscal 2023 as a small increase in revenue was
offset by higher costs and impairment charges, and backed its
full-year guidance.
---
PPHE Hotel Group Sees 2022 Financial Performance Above Views
PPHE Hotel Group Ltd. said Thursday that it expects its
financial performance for 2022 to exceed market expectations and
that its booking momentum has continued into January, supporting
the board's confidence in its outlook.
---
Inspecs Group 3Q Orders Fell Due to European Slowdown; Won't Pay
Dividend
Inspecs Group PLC said Thursday that order flow during the third
quarter of last year fell due to a slowdown in its European
markets, leading to a decline in fourth-quarter sales, but that it
has entered the new year with a good order book.
---
IG Group Holdings 1H Pretax Profit Slipped; Share Buyback
Extended
IG Group Holdings PLC on Thursday said its half-year pretax
profit fell slightly amid higher costs from increased headcount and
foreign-exchange headwinds, which were partly offset by a rise in
revenue.
---
Record PLC Assets Under Management Equivalent Rose 6% Quarter on
Quarter
Record PLC on Thursday reported a 6% rise in assets under
management equivalent over the quarter, with continued growth in
its more traditional currency hedging products and performance
fees.
---
TClarke to Report Rise in 2022 Pretax Profit, Revenue
TClarke PLC said Thursday that it expects to report a rise in
pretax profit and revenue for 2022, and that its overall financial
performance should be in line with market expectations.
---
CVS Group Says It Is Meeting Full-Year Market Views After 1H
Revenue Rose
CVS Group PLC said Thursday that its first-half revenue rose and
it is performing in-line with market expectations for the
full-year.
---
Novacyt 2022 Revenue Fell in Line With Views on Lower
Covid-19-Related Demand
Novacyt S.A. said Thursday that 2022 revenue fell, but was in
line with the board's expectations given a drop in Covid-19-related
sales.
---
Greencore Shares Drop After Flagging FY 2023 at Lower End of
Market Views
Greencore Group PLC shares fell Thursday after it warned that
the outturn for fiscal 2023 would be at the lower end of market
views.
---
3i Group Shares Top FTSE After 3Q NAV Per Share Rose
Shares in 3i Group PLC rose 5.6% on Thursday after the company
said its net asset value per share at the end of the third-quarter
was higher than a quarter prior.
---
Diaceutics Shares Rise After 2022 Revenue Materially Beat Market
Views
Diaceutics PLC shares rose Thursday after the company said 2022
revenue significantly increased materially ahead of market
expectations.
---
Smart Metering Systems Expects Jump in 2022 Revenue
Smart Metering Systems PLC said Thursday that it expects revenue
to increase in 2022 after it sped up smart meter installations.
---
Rotala Shares Rise on High Premium Tender Offer Plan
Shares of Rotala PLC rose 18% in early trade on Thursday after
the company said it will return 10.0 million pounds ($12.4 million)
to shareholders via a high premium tender offer.
---
Hemogenyx Pharmaceuticals Shares Fall on Discounted Fund
Raising
Shares of Hemogenyx Pharmaceuticals PLC fell as much as 19% on
Thursday after the company said that it has raised 4.1 million
pounds ($5.1 million) via a discounted share placing and will use
the money to fund trials of its HEMO-CAR-T product and for the
development of other products.
---
Time Finance Shares Rise on Higher 1H Profit, Better Full-Year
Expectations
Time Finance PLC shares rose Thursday after the company said its
first-half pretax profit and revenue rose, and that it sees
full-year performance significantly beating market views.
---
Just Group Confident of Hitting 2022 Profit Growth Target After
Revenue Rose
Just Group PLC on Thursday posted a 17% rise in 2022 revenue and
said it is confident it will meet its expectations for underlying
operating profit growth for the year.
---
Fevertree Sees 2022 Ebitda in Line With Views Amid Cost
Pressures
Fevertree Drinks PLC said Thursday that it expects 2022 Ebitda
to fall, but to be in line with expectations following actions to
offset significant cost pressures.
---
One Heritage Group Shares Fall on Rising Impairments
Shares in One Heritage Group PLC fell Thursday after the company
warned on rising impairments.
---
Fintel Expects Higher 2022 Revenue, Adjusted Ebitda
Fintel PLC said Thursday that it expects to report an increase
of revenue and Ebitda for 2022 which is in line with the company's
expectations.
Market Talk:
St. James's Place Shows Resilience Despite Lighter 4Q Flows, RBC
Says
1058 GMT - St. James's Place's 4Q update showed resilience of
the wealth manager's model under varying market conditions despite
reporting lighter-than-expected quarterly flows, RBC Capital
Markets says. Net flows for the quarter were 10% below consensus,
showing a slight slowdown from the previous quarter, RBC says. "The
result demonstrates that STJ is not immune from the challenging
macro conditions faced by the WM market, reflected by the results
reported by peers over recent weeks," says analyst Ben Bathurst.
However, he flags that 2022 annualized inflows at 6.4% are
sector-leading and sees appeal in the shares for investors with a
longer-term view given that macro uncertainty will hinder
short-term recovery. RBC has a sector perform rating on the stock.
Shares edge down 0.75% to 1,190.5 pence. (elena.vardon@wsj.com)
Fevertree Drinks Guidance Implies No Margins Improvement
1043 GMT - Fevertree Drinks' FY 2023 guidance is very
disappointing given the group's previous comments on profitability
improvement amid reversing freight costs and U.S. supply ramp-up,
RBC Capital Markets analysts Emma Letheren and James Edwardes Jones
say in a note. The mixer-maker's guidance for Ebitda at the
mid-point of the GBP36 million-GBP42 million range, compared with
market consensus of GBP47 million, implies further deterioration in
its margins, they say. With no improvements expected for FY 2023
margins, Fevertree's profitability trajectory is concerning, they
add. "We've been nervous about the discretionary nature of its
products and pricing power in the current macroeconomic environment
and this print has cemented those concerns," the analysts
highlight. (michael.susin@wsj.com)
Diageo 1H Looks Disappointing as US Sales Fall Short of
Hopes
1036 GMT - Diageo shares are among the biggest FTSE 100 fallers,
down 7% after the Johnnie Walker whisky and Smirnoff vodka maker
reported a first-half sales slowdown and said it expected trading
conditions to stay tough. While sales and earnings topped
expectations, driven by stronger trading in Europe, Latin America
and Asia, North American trading was soft and the outlook was
cautious, Citigroup says. North America organic sales rose 3%,
compared to market forecasts of 6.7%, while a 2% increase in U.S.
spirit organic sales was particularly low and well below recent
market expectations of about 10%, Citi says. "Diageo's 1H 2023
result is disappointing and we expect the stock to trade lower
today," Citi analysts say in a note. (philip.waller@wsj.com)
Wizz Air's Lacking Pricing Upgrade Likely to Be Taken
Negatively
1024 GMT - Wizz Air's reported 3Q net income of EUR33.5 million
was above expectations of a EUR112 million net loss, with the beat
mainly driven by foreign-exchange gains of EUR224 million, Citi
analyst Sathish B. Sivakumar says in a note. The company saw unit
pricing in the period up around 4% from December 2019 compared with
consensus of around 6% but unit cost excluding fuel rose around
11%, with consensus of around 7%, Sivakumar says. The airline has
reiterated the mid-to-high single-digit percentage increase in
pricing in 2H of 2023 versus 2H of 2020, he says. "Overall, we see
the lack of upgrade in pricing likely to be taken negatively,"
Sivakumar says. Shares are down 6.8% at 2,806 pence.
(anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
January 26, 2023 06:22 ET (11:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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