FTSE 100 Trades Flat as Financial, Travel Stocks Drop
0830 GMT - The FTSE 100 Index trades largely unchanged at 7476 as losses for financial and travel stocks offset gains for oil and utility shares. Abrdn is the biggest faller, down 3% after the asset manager reported a swing to a first-half pretax loss. Legal & General edges 0.2% lower after posting higher 1H profit, though its solvency coverage ratio--a key measure of balance-sheet strength--fell slightly short of what the insurer had expected. InterContinental Hotels drops 2% despite a 1H profit rise as analysts pointed to ongoing macro-economic uncertainty. Elsewhere, BP and Shell gain even as Brent crude retreats 1.3% to $95.41 a barrel. Other risers include energy companies Centrica, National Grid and SSE.(email@example.com)
Abrdn Swung to 1H Pretax Loss; Warns That Revenue Growth Targets Unlikely to be Reached
Abrdn PLC reported on Tuesday a swing to a pretax loss for the first half of 2022 and said its ambitions for revenue growth and improved cost-to-income ratio will now likely take longer than expected to realize.
IWG 1H Loss Narrowed as Hybrid Working Spurs Revenue
IWG PLC on Tuesday reported a narrowed loss for the first half of the year, with strong revenue and Ebitda growth in the period.
Legal & General 1H Operating Profit Rose, Raises Dividend
Legal & General Group PLC reported on Tuesday a rise in operating profit for the first half of 2022, driven by higher interest rates and a strong portfolio performance, and said that it has raised its dividend payout.
Avast 1H Pretax Profit Fell on Higher Costs, Revenue Slip
Avast PLC said Tuesday that its first-half pretax profit fell on higher costs and a slip in revenue, though average revenue per customer rose 2.2%.
RPS Group Agrees to GBP591.1 Mln Takeover By Canada's WSP Global
RPS Group PLC said Tuesday that it has agreed to a 591.1 million pound ($713.9 million) takeover by Canadian peer WSP Global Inc.
Sound Energy Seeks Partner to Fund Remaining $60 Mln for Gas Project in Morocco
Sound Energy PLC said Tuesday that it is seeking a co-investing partner for its Tendrara gas project onshore Morocco.
InterContinental Hotels to Launch $500 Mln Buyback; 1H Net Profit Boosted by Travel Demand
InterContinental Hotels Group PLC said Tuesday that it will launch a share-buyback program of up to $500 million as it reported a rise in net profit for the first half on increased revenue.
Bellway FY 2022 Housing Revenue Rose 13% on Higher Completions, Prices
Bellway PLC said Tuesday that its housing revenue rose to record levels in fiscal 2022 on higher volumes and sales prices, and reported a strong forward sales position.
SIG PLC Swung to 1H Pretax Profit; Sees Positive 2022 Earnings
SIG PLC reported on Tuesday a swing to a pretax profit for the first half of 2022 and said that it expects to return to a positive free cash flow in the second half and to close the year with a positive set of earnings.
Just Group 1H Pretax Loss Widened, Resumes Dividend
Just Group PLC on Tuesday reported a first-half widened pretax loss, but said it is confident about achieving its medium-term underlying operating profit growth target and resumed its dividend payout.
Crestchic Further Upgrades 2022 Profit Views on Strong Trading Momentum
Crestchic PLC said Tuesday that the strong momentum experienced in the first and second quarters of 2022 has again accelerated and that it now expects to close the year with higher-than-expected profits.
Ince to Raise GBP1.1 Mln Via Open Offer
Ince Group PLC said Tuesday that it is raising 1.1 million pounds ($1.3 million) via open offer to qualifying shareholders.
Nexus Infrastructure Expects Vehicle-Charging Unit Revenue to More-Than Double
Nexus Infrastructure PLC said Tuesday that it expects more-than-double revenue from its eSmart Networks vehicle-charging business in fiscal 2022, though a portion of its order book has been delayed into the new financial year.
TI Fluid Systems 1H Pretax Profit Fell on Higher Costs, Backs 2022 Outlook
TI Fluid Systems PLC said Tuesday that its pretax profit fell in the first half of the year on higher cost of sales and increased distribution costs, and backed its full-year guidance.
RPS Group 1H Pretax Profit Rose on Fee Revenue Increase
RPS Group PLC said Tuesday that first-half pretax profit rose as fee revenue returned to 2019's levels in the second quarter, and that it expects the momentum seen in the first half to continue in the second half.
Northcoders Group Secures GBP4 Mln in Government Funding
Northcoders Group PLC said Tuesday that it has secured additional funding from the U.K.'s Department for Education that provides four million pounds ($4.8 million) of scholarships to teach software development and data engineering.
InterContinental Hotels 1H Positive, But Hurdles Linger
0800 GMT - Shares in InterContinental Hotels Group are among the biggest FTSE 100 fallers, down 2% even as the hotelier reported higher first-half profit and said it would launch a share-buyback program of up to $500 million. "We view these results as a small positive and expect low single-digit increases in FY22 consensus, but with net unit growth requiring a catch-up in H2, the overall macro environment and the recent strength of the stock, we don't expect FY23 or outer-year consensus to change," Citigroup analysts say in a note. (firstname.lastname@example.org)
Legal & General 1H Looks Like a Clean Set of Numbers
0728 GMT - Legal & General Group reported a clean set of number for the 1H, in line with July's performance update, and it should reassure in what is a difficult macro backdrop, Citi's analyst Andrew Baker says in a research note. The insurance company delivered an operating profit 3% above the market expectations, driven by a robust performance of its bulk annuity provider and insurance divisions, the analyst says. "This was a key driver of the 11% beat on net release from operations," he adds. The U.S. bank has a target price of 258.0 pence on the stock. Shares are down 0.6% at 270.0 pence.(email@example.com)
InterContinental Hotels' Positive 1H Should Drive a Rerating
0715 GMT - InterContinental Hotels issued positive 1H results with revenue of $1.79 billion beating Visible Alpha consensus of $1.74 billion, a positive outlook commentary, a $500 million share buyback program and reinstated dividends, analysts at Jefferies say in a note. "IHG's U.S. and domestic exposure, business model, the return to dividends and strong system growth should all drive a rerating, in our opinion," they say. Jefferies has a buy rating on the stock and a 6,000 pence target price. Shares are up 0.5% at 5,040 pence. (firstname.lastname@example.org)
Bellway's FY 2022 Was Strong, Outlook Reassuring
0714 GMT - Bellway's fiscal 2022 earnings update noted a slightly stronger-than-expected finish driven by higher prices, and its outlook is on track, supported by a strong order book, Citi says. The house builder's shares continue to trade on a discounted price, reflecting market concerns of recession hitting the sector and despite its strong performance and reassuring guidance, Citi analyst Ami Galla says in a research note. "We believe [Bellway]'s strong order book visibility and reassuring land pipeline driving outlet growth should improve investor sentiment," the U.S. bank says. Citi retains its buy rating and 3,838 pence price target. Shares are down 0.4% at 2,331.0 pence. (email@example.com)
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(END) Dow Jones Newswires
August 09, 2022 04:48 ET (08:48 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.