UKX

The FTSE 100 closed Tuesday up 0.17% as the short-lived rally seen the previous day appeared to stall, and recession fears begin to re-emerge. While the banking crisis seems to have subsided, stocks have been unable to find a reason to push higher this afternoon, IG Group PLC chief market analyst Chris Beauchamp said. There still appears to be an abundance of caution when it comes to driving prices higher in the wake of the turmoil of last week, with outperformance from the basic resources and energy sector offsetting weakness in commercial real estate, helping to keep the index in positive territory, said Michael Hewson, chief market analyst at CMC Markets UK.

COMPANIES NEWS:

Diageo Names Debra Crew as CEO as Ivan Menezes Retires

Diageo PLC on Tuesday said its Chief Executive Ivan Menezes intends to retire after 10 years in the role, and will be replaced by current Chief Operating Officer Debra Crew.

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Ocado Backs FY 2023 Views After 1Q Retail Revenue Rose on Higher Orders

Ocado Group PLC said Tuesday that first-quarter sales of Ocado Retail Group, the joint venture it co-owns with Marks & Spencer Group PLC, rose and that guidance for fiscal 2023 remains unchanged.

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Halma Buys FirePro for EUR150 Mln

Halma PLC said Tuesday that it has bought aerosol-based fire suppression system company FirePro for 150 million euros ($162 million).

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John Wood 2022 Revenue Rose; Adjusted Earnings at Top End of Guidance

John Wood Group PLC said Tuesday that 2022 revenue rose while adjusted earnings were at the top end of guidance.

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Personal Group Swung to 2022 Pretax Loss on Impairment Charge

Personal Group Holdings PLC said Tuesday that it swung to a pretax loss in 2022 due to an impairment charge, but revenue rose thanks to growth across business areas.

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A.G. Barr FY 2023 Pretax Profit Rose; Sees Short-Term Margin Hit Ahead

A.G. Barr PLC said Tuesday that pretax profit for fiscal 2023 rose driven by robust sales growth but warned that margins are expected to be hit by several factors in the short-term.

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S&U FY 2023 Pretax Profit Fell; Sees Good Current Trading

S&U PLC on Tuesday reported a lower pretax profit for fiscal 2023 despite growing revenue and said current trading is good.

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Nanoco 1H Revenue Rose, Loss Flat; Expects Orders by End 2023

Nanoco Group PLC said Tuesday that revenue rose in the first half of its fiscal year, its pretax loss was flat and that it expects orders for its commercial-production materials by the end of 2023.

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Softcat Sees FY 2023 Ahead of Views Despite 1H Pretax Profit Slip

Softcat PLC said Tuesday that pretax profit fell on the back of lower revenue and higher expenses, but raised its dividend payout and expects performance of fiscal 2023 to be ahead of its expectations.

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United Utilities Expects FY 2023 Revenue, Performance Payment to Miss Guidance

United Utilities Group PLC said Tuesday that it expects its fiscal 2023 revenue and a performance-related payment to miss guidance.

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Team17 2022 Profit Fell Slightly After Acquisition Costs; CEO to Depart

Team17 Group PLC said Tuesday that pretax profit fell slightly in 2022 as acquisition-related costs jumped, and that Chief Executive Debbie Bestwick plans to step down once a suitable successor can be found.

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Unbound Group in GBP6.8 Mln Takeover Talks With WoolOvers Group

Unbound Group PLC said Tuesday that it is in talks with WoolOvers Group Ltd. over a potential 6.8 million pound ($8.4 million) takeover that it would be minded to recommend to shareholders if a firm offer is made.

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Bellway 1H Pretax Profit Fell on Safety Expense, Initiates Buyback

Bellway PLC said Tuesday that its pretax profit for the first half-year ended Jan. 31 fell, but revenue rose thanks to an increase in average selling prices and it is launching a share buyback program.

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Journeo 2022 Pretax Boosted by Fleet Sales, Customer Investment

Journeo PLC said Tuesday that 2022 pretax profit rose, boosted by higher fleet sales and an increase in investment by bus operators, but that pressure on global supply chains is likely to persist well into this year and beyond.

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Mortgage Advice Bureau Sees 2023 in Line With Views

Mortgage Advice Bureau (Holdings) PLC on Tuesday posted a lower pretax profit for 2022 despite higher revenue, and said that it sees 2023 in line with expectations as it anticipates a stronger second half of the year.

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Marlowe Sees FY 2023 in Line With Market Views, Expects Further Revenue Growth

Marlowe PLC said Tuesday that performance for fiscal 2023 is expected to be in line with market expectations, supported by an accelerating revenue growth.

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Xaar 2022 Profit Fell as Some Units Book Losses, Revenue Rose

Xaar PLC said Tuesday that pretax profit fell in 2022 as it booked some losses in business units, but that revenue rose.

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Pennpetro Energy to Raise GBP1.5 Mln; Shares Fall

Shares in Pennpetro Energy PLC fell Tuesday after it said that it will raise 1.5 million pounds ($1.8 million) via a discounted placing and a subscription, and that it will use proceeds to fund its share of a first production well in Texas.

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Eleco 2022 Pretax Profit Fell Amid Transition to Software-as-a-Service Model

Eleco PLC said Tuesday that its 2022 pretax profit and revenue fell as the company transitions to a software-as-a-service business.

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Corcel Raises GBP1.1 Mln Via Premium Placing With New Investor Group

Corcel PLC said Tuesday that it is raising 1.1 million pounds ($1.4 million) via a premium share placing with a group of new investors and will use the money toward acquisitions and for working capital.

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Petershill Partners Swung to 2022 Pretax Loss; to Launch $50M Buyback

Petershill Partners PLC on Tuesday posted a swing to pretax loss as it reported its first full year of results since listing in London in September 2021, and said it intends to launch a new $50 million share buyback in 2023.

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Animalcare 2022 Profit Fell as Demand Slipped

Animalcare Group PLC said Tuesday that 2022 pretax profit and revenue declined due to a fall in demand and new laws coming into force in the European Union.

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Altitude Group Shares Rise on Expansion of US Presence

Shares in Altitude Group PLC rose Tuesday after the company said it has secured new contracts in the U.S., and that it expects fiscal 2023 adjusted earnings to be ahead of market expectations.

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BP Confirms Nonbinding Offer to Take NewMed Energy Private With ADNOC

BP PLC said Tuesday that it and Abu Dhabi National Oil Co. have made a nonbinding offer to take NewMed Energy LP private.

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Good Energy Shares Rise After 2022 Results Were Boosted by Higher Pricing

Shares in Good Energy Group PLC rose 13% on Tuesday after the company posted a rise in its 2022 results, benefiting from higher pricing, and said its current trading is line with its views.

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Amaroq Minerals Agrees to $49.5 Mln in Loans, Considers Iceland Listing

Amaroq Minerals Ltd. said Tuesday that it has agreed to $49.5 million in financing that it will use to accelerate production and cashflow generation at its Nalunaq gold-development project in Greenland, and that it is considering listing on Iceland's Nasdaq Exchange.

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Mission Group 2022 Pretax Profit Fell on One-Off Charge

Mission Group PLC on Tuesday posted a drop in 2022 pretax profit due to a one-off restructuring charge and said 2023 performance is currently in line with its views.

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Sabien Technology Nine-Month Revenue Ahead of Previous Full Fiscal Year

Sabien Technology Group PLC said Tuesday that revenue for the first nine months of fiscal 2023 was higher than for the whole of fiscal 2022, and that its M2G business has secured further orders from the U.K. government.

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Unikmind Gets Low Acceptance Count From Kape Technology Shareholders

Unikmind Holdings Ltd. said Tuesday that it has received acceptances for its 1.25 billion pound ($1.54 billion) offer for Kape Technologies PLC from shareholders owning 144,638 Kape shares.

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eEnergy Optimistic On Meeting 2023 Views After Swing to 1H Pretax Profit

eEnergy Group PLC on Tuesday said it swung to a pretax profit for the first half of fiscal 2023 and that it is optimistic about meeting full-year views on a strong start to the second half.

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Holders Technology Appoints Mehul Shah As Finance Director

Holders Technology PLC on Tuesday named Mehul Shah as its group finance director as Paul Geraghty retires from the board.

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ActiveOps Appoints Ken Smith as CFO

ActiveOps PLC said Tuesday that Ken Smith has been appointed as chief financial officer with effect from May 1.

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Cleantech Lithium Appoints Steve Kesler Executive Chairman

Cleantech Lithium PLC said Tuesday that Steve Kesler has been appointed executive chairman with immediate effect.

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Edenville Energy Sees Reduced Washed Coal Production At Rukwa Project

Edenville Energy PLC on Tuesday said it expects the production of washed coal to be reduced at its Rukwa coal project in Tanzania as long as seasonal rains continue.

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Union Jack Oil Declares Interim Dividend of 0.3 Pence a Share Following Review

Union Jack Oil PLC said Tuesday that it is declaring an interim dividend of 0.3 pence a share following a review of its capital requirements.

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Synthomer Shares Fall on Swing to Pretax Loss in 2022

Shares in Synthomer PLC dropped Tuesday after the company said it swung to a pretax loss in 2022 due to weakened demand and challenging macroeconomic conditions.

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Empresaria 2022 Pretax Profit Rose on Net Interest Income Growth

Empresaria Group PLC said Tuesday that pretax profit increased in 2022, as revenue slightly rose helped by strong growth in net interest income.

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CPPGroup Core Business Revenue, Ebitda Grew

CPPGroup PLC on Tuesday reported revenue and Ebitda growth in its core operations for last year as the company continues to exit the legacy business as part of a plan announced last October.

MARKET TALK:

Bellway 1H Profit Slips After Difficult Year But Prospects Look Bright

1202 GMT - Between build-cost inflation, mortgage mayhem, the cost-of-living crisis and more, Bellway, like its peers, has had a difficult year - and now it has reported that first-half pretax profit fell 5%, Interactive Investor says. The house builder's shares are down more than 20% on year, outperforming peer Persimmon which slipped 40%, but underperforming Barratt Developments, down around 12%, Interactive head of investment Victoria Scholar says in a research note. "Nonetheless the house builders have had a strong start to the year, rebounding from last year's losses as investors look toward the potential imminent peak of the rate hiking cycle and as buyers look to return to the market later this year as house prices and mortgage rates become more affordable again," Scholar says. Shares are down 0.8% at 2,024 pence. (joseph.hoppe@wsj.com)

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Carnival's Soft FY23 Guidance Could be Conservative

0759 ET - Carnival's soft full-year earnings guidance that spooked investors is likely a lowball forecast, analysts at Stifel say in a research note. They say the management team has a track record for setting low guidance and beating it. They say that the selloff in shares of Carnival on the disappointing earnings guidance and the higher cost expectations was "irrational." "With investor expectations remaining subdued, we believe the company has de-risked 2023 to the point where this could be a solid beat and raise story," they say. Shares rise 2% in pre-market trading. (will.feuer@wsj.com; @WillFOIA)

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Policymakers Might Fail to Predict Consequences of Interventions During Financial Crisis

1146 GMT - The forced takeover of Credit Suisse by UBS casts doubt on the ability of policymakers to put out fires in the case of a financial crisis without causing problems to flare up elsewhere, Andrew Kenningham, chief Europe economist at Capital Economics says in a note. The treatment of AT1 bonds shows that, in a crisis, ad-hoc decisions are often made with unintended consequences, Kenningham says. One such outcome might be spillover to non-bank intermediaries exposed to interest rates, such as it happened with U.K. pension funds hit by problems in gilt markets after the short-lived government "mini-budget" in the fall, he says. It is unclear how effectively policymakers would respond if the macroeconomic backdrop gets more difficult, he adds. (edward.frankl@wsj.com)

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888 Holdings' Shares Continue to Struggle After GBP19.2 Mln William Hill Settlement

1106 GMT - Shares in 888 Holdings trade down 2.8% after news that William Hill Group has agreed to pay GBP19.2 million for social responsibility and anti-money laundering failures, the largest penalty in U.K. gambling history. Shares in 888 have had a rough ride over the past year, shedding more than 70% of their value, interactive investor's head of investment Victoria Scholar says, adding that the share price slide is in stark contrast to Flutter Entertainment, which is the best performing stock on the FTSE 100 over a one-year period. This suggests that 888's woes are idiosyncratic rather than related to the macroeconomic backdrop and the cost-of-living crisis, she adds. (kyle.morris@dowjones.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

March 28, 2023 12:31 ET (16:31 GMT)

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