UKX

Sainsbury Rises to Top of FTSE 100 on Bestway Stake Build

0930 GMT - J Sainsbury's shares trade at the top of the FTSE 100 after Bestway Group said it is acquiring a 3.45% holding, which represents a vote of confidence in the British supermarket, Interactive Investor says. Between August 2021 and October 2022, shares in Sainsbury's suffered a difficult slide, shedding around 45% of their stock market value. But since the lows, the supermarket has regained ground, and perhaps Bestway wanted to make the most of its relatively depressed share price before the stock recovers further, Interactive Investor head of investment Victoria Scholar says in a comment. "The stock has had a strong start to the year after a tough 2022 with gains accelerating today," Scholar says. Shares in Sainsbury are up 4.7% at 250.6 pence. (joseph.hoppe@wsj.com)

 
Companies News: 

Direct Line CEO Penny James Steps Down

Direct Line Insurance Group PLC said Friday that Chief Executive Penny James is stepping down from the role with immediate effect.

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Bestway Group Buys Around $240 Mln of Shares in J Sainsbury

Bestway Group Ltd. said Friday that it has bought or agreed to buy shares worth 3.45% of J Sainsbury PLC's issued share capital, or around 193.4 million pounds ($240.0 million).

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Superdry Cuts FY 2023 Profit Guidance After Swing to 1H Pretax Loss

Superdry PLC said Friday that it swung to a pretax loss in the first half of fiscal 2023 though revenue rose, and lowered its full-year profit outlook.

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On the Beach FY 2023 Year-to-Date Holiday Sales Up 68% Vs Year Earlier Period

On the Beach Group PLC said Friday that the total value of holidays sold for the fiscal year to date is 68% higher than the same period last year, with October to December bookings beating their year earlier comparatives.

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Avon Protection 1Q Revenue Rose, Says Order Pipeline is Strong

Avon Protection PLC said Friday that its first-quarter revenue rose and that it has a strong pipeline for its leading respiratory products.

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Paragon Banking 1Q New Lending Rose; Raises FY 2023 Interest Margin Guidance

Paragon Banking Group PLC on Friday said first-quarter new lending increased 22% on year and raised its net interest margin growth guidance for fiscal 2023.

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Faron Pharmaceuticals Raises EUR12 Mln via Share Placing

Faron Pharmaceuticals Oyj said Friday that it has raised 12 million euros ($13.1 million) via the share placing announced late Thursday.

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Treatt 1Q Sales Rose; Confident for Year Ahead

Treatt PLC said Friday that it has made a good start to fiscal 2023 with first-quarter sales rising in line with management expectations, and is confident for the year ahead.

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Stelrad Group to Report Record 2022 Adjusted Operating Profit

Stelrad Group PLC said Friday that it expects to report a record adjusted operating profit for 2022 on revenue that was boosted by the acquisition of DL Radiators from August.

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YouGov Sees FY 2023 Revenue In Line With Views

YouGov PLC on Friday said it expects to report full-year revenue in line with consensus after a resilient first-half performance given the tough macro environment.

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Motorpoint 9-Month Revenue Rose; Gross Profit Per Unit Missed Expectations

Motorpoint Group PLC said Friday that its revenue for the first three quarters of the year rose, helped by vehicle mix and price inflation, though gross profit per unit missed expectations and it expects to be negatively hit by macroeconomic factors.

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Boston International Raises GBP80,000 via Directors' Share Subscription

Boston International Holdings PLC said Friday that it has raised 80,000 pounds ($99,280) via a subscription of shares by four directors, including Chairman and Chief Executive Christopher Pitman.

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Lenta Names Vitaly Valkov as New Chief Commercial Officer

Lenta PLC said Friday that it has appointed Vitaly Valkov as chief commercial officer, effective from Thursday.

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Actual Experience Shares Rise as FY 2022 Pretax Loss Narrowed on Lower Costs

Shares of Actual Experience PLC rose Friday after the company said that its fiscal 2022 pretax loss narrowed on lower operating costs, though revenue fell.

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Amigo Shares Drop as Capital Raise Still Not Secured

Shares in Amigo Holdings PLC fell 20% on Friday after the company said it still hasn't secured a big enough investment commitment to support the capital raise it needs to complete by May 26 to avoid a wind-down of the business.

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Chesterfield Resources Shares Fall as Adeline Project Sale Collapses

Shares of Chesterfield Resources PLC fell as much as 22% on Friday after the company said that Pacton Gold Inc. has pulled out of the deal to buy the Adeline project as reported last October, without providing any explanation.

 
Market Talk: 

Superdry Shares Drop as Stock Falls out of Favor With Investors

0935 GMT - Superdry shares plunged by more than 15% after issuing a full-year profit warning amid the tough economic outlook, Interactive Investor says. The clothing brand's earnings downgrade highlights the pressures facing U.K. consumers with sky-high inflation and the economy teetering on the brink of a recession, Interactive head of investment Victoria Scholar says in a market comment. The stock has fallen out of favor with investors, which is down by more than 90% over the past five years, the investment platform says. "Despite enjoying a boost to warm winter clothing demand and a record for jacket sales over Black Friday, investors remain cautious," Scholar says. Shares are down 16% at 124.6 pence. (joseph.hoppe@wsj.com)

Motorpoint's Growing Headwinds Lead to Downgrades

0920 GMT - Motorpoint's third-quarter update confirms further robust sales growth and a welcome return to positive volume growth in December and January--but it hasn't been immune from further macroeconomic headwinds pressuring gross profitability, Shore Capital says. The vehicle retailer has cautioned on reductions in finance commissions and rapidly falling electric vehicles, and Shore cuts its fiscal 2023 current pretax profit forecast to GBP200,000 from GBP6.5 million, Shore analysts Darren Shirley and Clive Black say in a research note. "Motorpoint [has a share price] which may prove undemanding when the U.K. economy and sentiment recovers," the investment group says. Shore has Motorpoint as a house stock. Shares are down 3.5% at 140.0 pence. (joseph.hoppe@wsj.com)

Superdry Looks on Track Despite Wholesale Missing the Mark

0858 GMT - Superdry's key highlight in its first-half results was an outstanding Christmas business period, where the autumn-winter collection drove a strong resurgence in retail revenue--though wholesale lagged expectations, Liberum says. The clothing brand's wholesale lag has led to an unexpected first-half loss and a downgrade to fiscal 2023 views, but cash generation is good, new banking facilities are in place and, other than wholesale, the rest of the business is well on track, Liberum analysts say in a research note. "The shares are cheap and offer significant long-term value," the brokerage says. Liberum retains its buy rating and 500 pence price target. Shares are down 15% at 127.0 pence. (joseph.hoppe@wsj.com)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

January 27, 2023 04:54 ET (09:54 GMT)

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