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FTSE 100 Reaches Highest Level in Three Weeks on Wednesday

The FTSE 100 ended Wednesday up 0.51%, reaching its highest level since May 5. Outperformers included energy supplier SSE PLC, with shares rebounding after a sharp fall yesterday over concerns about the imposition of a windfall tax by the U.K. government, says CMC Markets UK's chief market analyst Michael Hewson. "Reports that a windfall tax would be too problematic to implement were also helping sentiment today after yesterday's falls, with Centrica PLC and Drax Group PLC also higher," Mr. Hewson says. The pound also recovered some ground lost yesterday, particularly against the euro as scepticism sets in that the ECB will be able to follow through on its pledge to raise rates twice by September, he adds.

 
Companies News: 

Mediclinic International FY22 Profit Rose; Resumes Dividend

Mediclinic International PLC said Wednesday that net profit and revenue rose in fiscal 2022, driven by increased client activity, and the company reinstated a dividend payout.

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Taylor Wimpey Says 2022 Performance Remains In Line; Confirms Financial Targets

Taylor Wimpey PLC said Wednesday that its performance for 2022 remains in line and that it is confirming its financial targets for the year.

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UK Regulator Invites Comment on CVS's Acquisition of The Vet

The U.K. Competition and Markets Authority said Wednesday that it has opened a consultation over CVS Group PLC's acquisition of The Vet before making a final decision regarding competition concerns.

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Tullow Backs 2022 Oil Production Guidance

Tullow Oil PLC said Wednesday that its oil production guidance for 2022 remains in line with the previous forecast of 59,000-65,000 barrels a day.

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Sabre Insurance Four-Month Gross Written Premiums Rose as It Increases Prices

Sabre Insurance Group PLC said Wednesday that its performance for the first four months of 2022 was strong, marked by a rise in gross written premiums as it increases its prices to maintain profitability over volume.

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Severn Trent FY 2022 Pretax Profit Rose as Revenue Beat Guidance

Severn Trent PLC said Wednesday that pretax profit rose for fiscal 2022 as revenue beat the board's guidance due to non-household consumption returning to prepandemic levels, and that it has seen the adverse effect of higher inflation on its operating and finance costs.

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Softcat 3Q Revenue Growth, Profit Hits Double-Digits; Sees FY Operating Profit Ahead

Softcat PLC said Wednesday that revenue, gross profit and operating profit grew by double digits on year in its third quarter thanks to strong and stable customer demand, and that it now expects that operating profit for the full year slightly ahead of its previous expectations.

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Morses Club to Delay FY 2022 Results

Morses Club PLC said Wednesday that full-year results for fiscal 2022, which ended Feb. 26, will be released no later than Aug. 26, without disclosing further details about the delay.

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Hollywood Bowl Group Acquires Teaquinn Holdings For $13.3Mln

Hollywood Bowl Group PLC said Wednesday that it has acquired the Canadian-based bowling business Teaquinn Holdings Inc., who comprises of ten-pin bowling centers operator Splitsville, for 17 million Canadian dollars ($13.3 million).

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Tekcapital Raises GBP2 Mln to Fund Portfolio Companies Growth

Tekcapital PLC said Wednesday that it has raised 2 million pounds ($2.5 million) via a share placing and will use the money towards the growth of its portfolio companies and for working capital.

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Marks & Spencer Swung to FY 2022 Profit But Warns on Hit From Russia Exit, Cost-of-Living Crisis -- Update

Marks & Spencer Group PLC reported Wednesday a swing to fiscal 2022 pretax profit but said profit growth will be harmed this year by its Russia exit and rising cost pressures on consumers.

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SSE Raises Medium-Term Earnings Growth Guidance; Shares Jump -- Update

Shares in SSE PLC climbed Wednesday in early trading after it raised earnings growth guidance for the five years to March 2026, reported higher profits for fiscal 2022 and said that they will grow further this year.

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Intertek Jan-April Revenue Grew After Divisional, Acquisition Contributions

Intertek Group PLC said Wednesday that revenue grew 9.1% at constant currency in the January-April period thanks to growth performance in products, trade and resources and contributions from acquisitions.

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Ocado Group Lowers Sales Guidance for Ocado Retail on Effects of Rising Prices

Ocado Group PLC said Wednesday that it is cutting the guidance of Ocado Retail Group, the joint venture it co-owns with Marks & Spencer Group PLC, on the effects of rising prices on customer behavior.

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Gulf Keystone to Pay $50 Mln Special Dividend to Shareholders

Gulf Keystone Petroleum Ltd. on Wednesday declared a special dividend of $50 million.

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Mortgage Advice Bureau 1Q Completions Rose 11%; Performance in Line With Board Views

Mortgage Advice Bureau (Holdings) PLC said Wednesday that completions for the first quarter rose 11%, and that its current performance is in line with the board's expectations.

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Hollywood Bowl Swung to 1H Pretax Profit on Higher Revenue; Resumes Dividend

Hollywood Bowl Group PLC said Wednesday that it swung to a pretax profit for the first half of fiscal 2022 as revenue increased helped by the favorable environment for leisure post-lockdowns, and that it was resuming dividend payments.

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Bakkavor Group 1Q Revenue Rose After Price Recovery, Good Volumes

Bakkavor Group PLC said Wednesday that first-quarter revenue rose 11% on year after it experienced a recovery in prices and good volumes.

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Pets at Home Group FY2022 Pretax Profit Rose, Increases Dividend

Pets at Home Group PLC said Wednesday that pretax profit and revenue rose in fiscal 2022, driven by a robust increase in new customers, and increased its dividend payout.

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Petershill Partners Sees 2022 Assets Under Management Inflows in Line With Views

Petershill Partners PLC said Wednesday that its performance in the first quarter of 2022 was robust and that it expects assets under management inflows for the full year to be in line with its guidance.

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Volution Expects FY Earnings at Upper End of Views on Strong 2H Performance to Date

Volution Group PLC said Wednesday that it has continued to perform strongly through its second half, with third-quarter revenue growth of 17.6% at constant currency, and that it expects full-year earnings to be toward the upper end of market expectations.

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Frasers Group Sells Bobs Stores and Eastern Mountain Sports for $70 Mln

Frasers Group PLC said Wednesday that it has sold its U.S. retail businesses, Bobs Stores and Eastern Mountain Sports, for $70 million to GoDigital Media Group.

 
Market Talk: 

M&S Makes Progress, But Sounds Outlook Caution

0910 GMT - Marks & Spencer Group shares rise 1% after the U.K. clothing and food retailer reported a swing to 2021/22 pretax profit, but said profits this year will face pressure from its Russia exit and pressure on consumers. While M&S has made progress in cutting costs, improving its online business and reducing prices to attract higher-income customers, it sounded caution about the outlook, saying that although it's trading beyond pre-pandemic levels at present this is unlikely to continue, Hargreaves Lansdown says. "Rising inflation is stretching customers' incomes and that's likely to weigh on sales growth moving forward," HL analyst Laura Hoy says. (philip.waller@wsj.com)

 

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

 

(END) Dow Jones Newswires

May 25, 2022 12:16 ET (16:16 GMT)

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