UKX FTSE 100 Index

The FTSE 100 closed Friday up 0.15%, finishing off the month and the first quarter of 2023 on a positive note. The index underperformed in March, giving back a good proportion of its quarterly gains over the month, CMC Markets UK chief market analyst Michael Hewson says in a research note. This was largely on weakness in the banking sector, which has seen the likes of Barclays PLC finishing the month down more than 14%, while Standard Chartered PLC has lost more than 20%, Hewson says--which, combined with weakness in basic resources and commercial real estate, left the FTSE 100 finishing 2.42% up on the prior quarter.

COMPANIES NEWS:

Rio Tinto and First Quantum to Form JV for La Granja Copper Project in Peru

Rio Tinto PLC said Friday that it will form a joint venture with the Canadian First Quantum Minerals Ltd. to develop the La Granja copper project in Peru.

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Rolls-Royce Names Helen McCabe Chief Finance Officer

Rolls-Royce Holdings PLC said Friday that Helen McCabe will join the board as chief financial officer later in the year.

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Vanquis Banking 2022 Pretax Profit Rose on Loan Book Growth

Vanquis Banking Group PLC on Friday reported a rise in 2022 pretax profit as it saw strong loan book growth across its businesses and said it has seen positive momentum from the fourth quarter continue into 2023.

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Abingdon Health 1H Pretax Loss Narrowed on Lower Costs

Abingdon Health PLC said Friday that its pretax loss narrowed for the first half of fiscal 2023 after booking lower costs, and that it expects revenue in the second half to be significantly ahead of that seen in the first half.

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James Halstead First Half Pretax Profit Fell on Higher Costs, But Sees Pressures Easing

James Halstead PLC said Friday that pretax profit for the first half of fiscal 2023 fell on the back of higher expenses, despite reaching record revenue levels, but expects inflationary pressures and logistic costs to improve.

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NCC Group Cuts Fiscal 2023 Adjusted Operating Profit Guidance

NCC Group PLC on Friday lowered its adjusted operating profit guidance for fiscal 2023 citing the further deterioration of the macro-economic and market environment on its businesses.

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Dignity Swings to 2022 Pretax Loss on Higher Admin Cost, Impairment Charge

Dignity PLC said Friday that it swung to a pretax loss in 2022 due to higher administrative expenses and impairment charge.

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3i Infrastructure Says Portfolio Performed Strongly in 2H

3i Infrastructure PLC said that its portfolio performed strongly in the second half of fiscal 2023, and that the preparations for the potential divestment of portfolio company Attero were at an advanced stage.

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Inchcape to Buy Mercedes-Benz's Indonesian Business in JV With Local Partner

Inchcape PLC said Friday that it has agreed to buy Mercedes-Benz Group AG's Indonesian business in a joint venture with local partner Indomobil Sukses Internasional.

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On the Beach Names Jon Wormald as New CFO, Sets Date for New CEO Start

On the Beach Group PLC said Friday that it has appointed Jon Wormald as new chief financial officer, effective June 30, at which point the company's previously announced succession plan will be enacted.

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Parkmead Shares Fall After 1H Swing to Pretax Loss on License Impairments

Parkmead Group PLC shares fell on Friday after the group reported a swing to pretax loss dragged by one-off impairments despite a revenue jump.

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Goldplat 1H Pretax Profit Fell on Lower Ghana, South Africa Revenue

Goldplat PLC said Friday that pretax profit fell for the first half of fiscal 2023 as revenue at the Ghana and South Africa recovery operations declined.

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Shearwater Shares Fall After Warning of FY 2023 Market Expectations Miss

Shearwater Group PLC shares fell Friday after the group said that it expects its fiscal 2023 performance to significantly miss market expectations on the back of a worse-than-previously anticipated costumer backdrop.

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Computacenter Posts Stable 2022 Pretax Profit, Names New CFO

Computacenter PLC on Friday posted a 2022 pretax profit broadly in line with the previous year and named a new chief financial officer.

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UnitedHealth Takeover of EMIS Faces Further UK Competition Investigation

The U.K. Competition and Markets Authority said on Friday that it will refer the UnitedHealth Group Inc.'s 1.24 billion-pound ($1.54 billion) deal to buy EMIS Group PLC to a phase two investigation.

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De La Rue Considering Content of Requisition Notice to Remove Chairman Kevin Loosemore

De La Rue PLC said Friday that the board was considering the contents and legality of a requisition notice requesting a general meeting to vote on removing Chairman Kevin Loosemore and appoint Pepyn Dinandt as chairman of the board.

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Tekmar Group to Raise Up to GBP7.3 Mln via Share Placing

Tekmar Group PLC on Friday said it intends to raise up to 7.275 million pounds ($9 million) through the placement of shares and will use the proceeds to strengthen its balance sheet and provide cash headroom for fiscal 2023.

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Aura Energy Shares Fall After Requesting Australian Trading Suspension

Aura Energy Ltd. shares fell on Friday after the company requested the Australian Securities Exchange to immediately suspend its share trading.

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Asimilar Group Shares Drop After Requesting Temporary Suspension

Shares in Asimilar Group PLC dropped 35% on Friday after the company requested the temporary suspension of its shares as it won't be able to publish its audited financial results by March 31, as required by AIM rules.

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TPXImpact Shares Rise on Early 2023 Performance, Financial Covenants Waiver

Shares in TPXImpact Holdings PLC rose Friday after it said its performance in January and February was in line with management expectations and that it has been granted a waiver in reference to financial covenants.

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Gfinity 1H Pretax Loss Widened Despite Revenue Rising on Esport Sales

Gfinity PLC said Friday that its pretax loss widened in the first half of fiscal 2023, but that revenue rose 24% on strong sales in esports division.

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Inspirit Energy Shares Fall After 1H Results

Shares of Inspirit Energy Holdings PLC fell Friday after the company reported its half-year performance and said it has been concluding the stage two development of its micro combined heat and power boilers.

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R&Q Insurance Appoints Jeffrey Hayman as Chairman, William Spiegel as CEO

R&Q Insurance Holdings Ltd. said Friday that it has appointed Jeffrey Hayman as nonexecutive chairman with immediate effect.

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Pensana Shares Plummet After Going-Concern Warning

Shares in Pensana PLC slumped 30% on Friday after the group warned about its ability to continue as a going concern as it needs extra funding to settle outstanding amounts to suppliers and meet its commitments.

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Britvic Appoints Rebecca Napier as CFO

Britvic PLC said Friday that it has appointed Rebecca Napier as chief financial officer.

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Pantheon Infrastructure Considers GBP10 Mln Buyback

Pantheon Infrastructure PLC on Friday said it intends to launch a share buyback program of up to 10 million pounds ($12.4 million) if its share price stays low.

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HealthBeacon 2022 Pretax Loss Widened; Sees Strong Near-Term Revenue Growth

HealthBeacon PLC said Friday that its pretax loss widened in 2022 despite a rise in revenue, and that it expects significant near-term growth thanks to launches in coming quarters.

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Permanent TSB Group's New Chair Julie O'Neill Starts as Robert Elliott Retires

Permanent TSB Group Holdings PLC said Friday Julie O'Neill had taken on the position of chair and succeeds Robert Elliott who retires from the board.

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Pantheon Resources 1H Pretax Loss Narrowed as It Reported Revenue From Alkaid Rig

Pantheon Resources PLC on Friday posted a narrowed pretax loss for the first half of fiscal 2023 and said it has enough resources to continue operations until the end of the year.

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Georgia Capital Sells Three Assets for $28 Mln

Georgia Capital PLC said Friday that it has sold three assets of its hospitality business for $28 million, with the funds to be used to delever the hospitality business's balance sheet.

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Quarto Shares Rise on 2022 Profit Increase from Lower Costs

Quarto Group Inc. shares rose Friday after it said that 2022 pretax profit rose despite a slip in revenue, as it reduced the cost of sales.

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ECSC Shares Rise on Premium Takeover Offer by Daisy Corporate Services

Daisy Corporate Services Trading Ltd. said Friday that it plans to buy cybersecurity-services provider ECSC Group PLC, valuing it at 5.4 million pounds ($6.7 million), and granting shareholders a significant payout.

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Northwest Healthcare Properties Swings to 4Q Loss, Secures Funding for U.K. Portfolio

Northwest Healthcare Properties Real Estate Investment Trust has secured funding from an institutional investment for its U.K. portfolio, but said it swung to a loss in the fourth quarter due to higher leverage and interest rates.

MARKET TALK:

Vanquis Banking Gains After FY Profit Tops Hopes

1143 GMT - Vanquis Banking Group shares rise 2% to 236 pence after the consumer-finance company formerly known as Provident Financial reported better-than-expected annual profit. Adjusted pretax profit of GBP126.6 million was comfortably ahead of market expectations of GBP121.4m and management sounded confidence about lending momentum having continued from the final quarter of 2022 into the first quarter this year, Panmure Gordon says. "There will be further costs of 'investment' this year, but benefits from lower funding costs and from business growth," Panmure analyst Rae Maile writes. "The benefit to profits will take longer to be seen, because of IFRS9, requiring the market to look through 2023 to 2024 and beyond. We hope it does." Panmure reiterates its buy recommendation and 420p price target. (philip.waller@wsj.com)

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Jersey Oil & Gas Can Expect Upside Potential From North Sea Farm-Out Deal

1109 GMT - Jersey Oil & Gas' farm-out announcement with a significant U.K. North sea operator should be well received by investors, finnCap analyst Jonathan Wright says in a note. Despite the oil industry's backlash to the U.K. Energy Profits Levy, the fact remains that for large North sea producers the Greater Buchan development offers a highly commercial project, the economics of which are supercharged by the major tax shelter the investment provides as under the EPL 91% of new investment can be used to offset tax, Wright says. "While there is always value leakage in farm-outs, even under our conservative assumptions there is significant upside potential for the shares from a successful deal," he says. Shares are up 48% at 227 pence. (anthony.orunagoriainoff@dowjones.com)

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Computacenter Sees Another Year of Progress

1056 GMT - Computacenter's outlook for 2023 highlights buoyant top line trends so far this year, with margin challenges nowhere near those of 2022, Jefferies says in a note after the British IT group posted strong 2022 results. "The outlook comments acknowledge some puts and takes but the overall message is confidence in the business prospects and expectations for another year of progress in 2023," the brokerage says, adding that it continues to believe investors undervalue the scope for cash-backed growth. Jefferies rates the stock buy. Shares rise 1.5% at 2,116 pence, and have risen 10.7% year to date. (elena.vardon@wsj.com)

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Inchcape's Deal for Mercedes' Indonesian Business Is Positive, Says Citi

1039 GMT - Inchcape's deal to buy Mercedes-Benz's Indonesian distribution business highlights its strategic opportunity, says Citi in a note after the automotive distributor said it had agreed to acquire the subsidiaries of the German car maker in a joint venture with local partner Indomobil. "This should be taken positively, as it continues to highlight the willingness of [original equipment manufacturers] to work with Inchcape," says analyst Arthur Truslove. Citi rates the stock buy and has a target price of 1,125 pence. Inchcape shares edge up 0.5% at 782.5 pence. (elena.vardon@wsj.com)

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NCC Group Shares See Worst Fall Ever After Guidance Cut

1035 GMT - NCC Group shares fall 37% at 96 pence, paring losses after opening down 45% to its lowest price since late 2010, as the U.K. cybersecurity group cut its adjusted operating profit guidance on increased market volatility. "Despite the overall demand for regulatory/compliance advice, it appears NCC isn't immune from the general macroeconomic headwinds and as a result delayed investment by corporates," says Goodbody analyst Patrick O'Donnell in a note on the "disappointing" update, which implies a very low weighting to the second half. Goodbody had been cautious on fiscal 2024, seeing short-term demand patterns at play outweighing longer-term prospects and now pulls this caution back to fiscal numbers. Goodbody rates the stock buy. (elena.vardon@wsj.com)

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FireAngel Should See Strong Demand Continue in Coming Years

1030 GMT - FireAngel's new contract win underlines strong demand which looks likely to continue in the longer term, Shore Capital analyst Rob Sanders writes in a research note. The U.K. supplier of home-safety products has signed a three-year contract worth GBP6.0 million with British Gas Services Ltd. This adds further weight to the sentiment that there will be strong demand for FireAngel's products in the coming years, Shore Capital says. "We continue to see substantial potential upside in the share price longer term," Sanders says. Shore Capital acts as broker to FireAngel and as such doesn't provide recommendations on the stock. Shares are up 5.2% at 10.13 pence. (christian.moess@wsj.com)

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HealthBeacon's New Launch Seen as a Key Near-Term Catalyst

1024 GMT - HealthBeacon's upcoming specialty pharmacy distribution launch is a key near-term catalyst, Goodbody analyst Adam Barker writes in a research note after the Irish digital therapeutics company posted its 2022 results. "Importantly, the company note that there is outlook for significant revenue growth in the near term given the launch of specialty pharmacy distribution in 2Q 2023, which should deliver momentum through to 1Q of 2024," Barker says. Goodbody keeps a buy rating on the stock. Shares are up 5.8% at EUR0.91. (christian.moess@wsj.com)

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Vanquis's Rapid Growth Faces Rising Risk

1018 GMT - Vanquis Banking's growth in an uncertain environment continues though its cost of risk is set to increase, Peel Hunt says in a note after the consumer-finance business posted an adjusted pretax profit for 2022 ahead of consensus. The investment case hangs on its rapid growth potential and a possible earnings rebasing against high impairment risks, it says. Macro risks are also unusually high for Vanquis given its fast growth in a weak economy, much of which is on an unsecured basis, the brokerage notes. "Our conviction levels in estimates are relatively low," it adds. Peel Hunt has a hold rating on the stock. (elena.vardon@wsj.com)

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Ocado Gains After Winning Patent-Infringement Case

1009 GMT - Ocado Group gains 2% after the U.K. online grocer and retail-technology supplier said the U.K. High Court had ruled in its favor in a patent-infringement lawsuit brought by AutoStore Holdings Ltd. Norwegian robotics company AutoStore had been highly unlikely to win its claims against Ocado, Jefferies says. AutoStore's shares drop 10%, though the Norwegian company said the ruling would not affect its business or operations. While the ruling was likely to put AutoStore's stock under pressure, any impact on its commercial success, guidance or long-term opportunity looked set to be limited, Jefferies analysts say, adding that Autostore is likely to face a small cash outflow to pay Ocado's legal fees. (philip.waller@wsj.com)

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March UK House Price Fall Shows Further Market Rebalancing

0947 GMT - With March seeing a further decline in U.K. annual house price growth, the adjusting and rebalancing of the market continues, OnTheMarket Chief Executive Jason Tebb says, citing building society Nationwide's new data. Rising interest rates and a higher cost-of-living contributed to a slower activity, inevitably hitting the short-term confidence of the average property-seeking consumer, the online property portal's boss says in a market comment. Pressure on household budgets has been considerable and hasn't yet eased, although many believe inflation and interest rates are close to peaking, Tebb says. "Despite these challenging conditions, there are those buyers and sellers who simply have to move and are getting on with it," Tebb says. Shares in Barratt Developments and Taylor Wimpey are both down 0.3%, while Persimmon shares fall 1%.(joseph.hoppe@wsj.com)

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Vanquis Banking's Transition Reduces Risk While Increasing Market Opportunity

0933 GMT - Vanquis Banking's recent transition to become a specialist banking business focused in the mid-cost credit space has significantly increased the size of its market opportunity while also reducing risk, Shore Capital says in a note after the consumer-finance company posted a 2022 results beat and confident outlook. Management's expectation to maintain its net interest margin at 2022 levels in 2023 reflects its ability to use cheap retail deposits to support the vehicle finance business and replace more expensive wholesale, analyst Gary Greenwood says. Shore has Vanquis--previously Provident Financial--as a house stock. Shares rise 2.1% to 237.2 pence. (elena.vardon@wsj.com)

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Beazley Upgraded by UBS Amid Strong Balance Sheet

0923 GMT - The pullback in Beazley's stock was too severe and the specialty insurer now has a stronger balance sheet, UBS says in a note, double-upgrading its rating on the stock to sell from buy. "Viewing with a clean lens, we do believe the capital surplus is higher in absolute terms, reserve buffers remain robust--albeit less so than peers," analysts at the brokerage say, adding that earnings-per-share growth is strong in the near-medium term, and that its price-to-earnings ratio can rerate from its historically low current level. Shares rise 2.2% to 598 pence but are down 12% year to date, which UBS attributes to a higher implied cost of capital surrounding the November equity raise and also consensus EPS downgrades given a lower premium exit level. (elena.vardon@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

March 31, 2023 12:15 ET (16:15 GMT)

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