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Rolls-Royce's Cash Flow the Stand Out of 2022 Results, Says Citi

Rolls-Royce's Cash Flow Is the Stand out of 2022 Results

0903 GMT - Rolls-Royce's 2022 results were well ahead of consensus, particularly on all-important cash flow, Citi analysts say in a research note. The British aerospace-and-defense company's 2023 guidance is also ahead, again particularly in cash flow. Citi has a buy/high risk rating on the stock with a target price of 147 pence. Share trade up 18% at 127.40 pence. (kyle.morris@dowjones.com)

 
Companies News: 

Anglo American 2022 Net Profit Fell on Higher Production Costs, Lower Prices

Anglo American PLC said Thursday that net profit for 2022 fell dragged by higher energy costs and lower prices.

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WPP 2022 Profit, Revenue Rose After Strong Performance Across Major Agencies

WPP PLC said Thursday that pretax profit and revenue rose in 2022 after strong performance across its major agencies.

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Mondi Posts 2022 Pretax Profit Rise as Higher Prices Offset Costs

Mondi PLC on Thursday posted a rise in pretax profit for 2022 boosted by higher average selling prices, which more than offset higher energy and wood costs, and said it still sees an environment of softer demand and pricing in 2023.

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Rolls-Royce 2022 Pretax Loss Widened; Strategic Review Underway

Rolls-Royce Holdings PLC said Thursday that its pretax loss widened for 2022 widened and that a strategic review is underway to identify investment priorities.

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BAE Systems 2022 Pretax Profit Fell on Higher Costs, Missing Consensus

BAE Systems PLC said Thursday that pretax profit fell for 2022 and missed consensus after booking higher costs.

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Howden Joinery FY 2022 Pretax Profit Rose; Launches GBP50 Mln Buyback

Howden Joinery Group PLC said Thursday that pretax profit rose for fiscal 2022 on higher revenue and launched a 50 million pound ($60.2 million) share buyback.

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Hays 1H Pretax Profit Fell on Higher Costs, CEO to Step Down

Hays PLC said Thursday that pretax profit fell in the first half of fiscal 2023 on higher costs, as net fees hit a record high despite the challenging backdrop, and that Chief Executive Officer Alistair Cox will step down.

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Drax's 2022 Pretax Profit Fell on Derivative Contracts Loss

Drax Group PLC said Thursday that pretax profit fell for 2022 after booking a loss on derivative contracts, and that it expects inflation to remain a headwind in 2023.

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Hikma Pharmaceuticals 2022 Net Profit Misses Consensus on Lower Generics Earnings

Hikma Pharmaceuticals PLC on Thursday reported a more than halved 2022 net profit, missing a market consensus, due to a 49% fall in core operating profit in its generics' business and high inflation.

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Morgan Sindall 2022 Pretax Profit Fell on One-Off Charges

Morgan Sindall Group PLC said Thursday that its 2022 pretax profit declined on year after booking a building safety-related charge in its accounts and on rising costs due to inflationary pressure.

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Amigo Swings to Nine-Month Pretax Loss on Legacy Book Unwind

Amigo Holdings PLC reported on Thursday a swing to a pretax loss for the first nine months of fiscal 2023 on the continuing run-off of the legacy loan book and limited new lending during the period as customer numbers more than halved.

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Arbuthnot Banking Sees 2022 Pretax Profit Ahead of Views

Arbuthnot Banking Group PLC said Thursday that it expects 2022 pretax profit to beat market expectations as it traded well in the fourth quarter and benefited from higher interest rates.

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Hikma Pharmaceuticals 2022 Net Profit Misses Consensus on Lower Generics Earnings -- Update

Hikma Pharmaceuticals PLC on Thursday reported a significant fall in 2022 net profit, missing a market consensus, due to a 49% decline in core operating profit in its generics' business and high inflation.

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Made Tech Swung to Pretax Loss on Higher Costs, Sees FY 2023 in Line With Views

Made Tech Group PLC reported on Thursday a swing to pretax loss for the first half of fiscal 2023 on the back of increased costs despite nearly doubling its revenue, but said that it remains on track to meet full-year performance in line with market expectations.

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Rolls-Royce Shares Jump as Strategic Review Announced -- Update

Shares in Rolls-Royce Holdings PLC jumped 16% on Thursday after the company said that a strategic review is underway to identify investment priorities, and that its pretax loss for 2022 widened.

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Shares in Redx Pharma Rise on Jounce Therapeutics Merger

Shares in Redx Pharma PLC rose in early trading Thursday after it said it and Jounce Therapeutics Inc. have agreed to merge, and that their highest priority will be the development of RXC007, its lung disease drug candidate.

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TT Electronic Sees 2022 Pretax Profit at Top End of Range

TT Electronics PLC said Thursday that it expects 2022 adjusted pretax profit to be in the upper end of a company-compiled analyst forecast range of 36.5 million pounds to GBP39.4 million ($44 million-$47.5 million).

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Spectris 2022 Pretax Profit Fell Despite Revenue Rise as Higher Costs Hit

Spectris PLC on Thursday reported a fall in 2022 pretax profit on the back of higher costs and despite revenue rising on market-share gains, volume growth and pricing.

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Invinity to Increase Size of GBP16 Mln Placing on High Demand

Invinity Energy Systems PLC said Thursday that it will increase the size of the placing announced late Wednesday in response to demand after it was oversubscribed.

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Anglo Asian Mining Shares Slip as Lower 2023 Production Expected

Shares in Anglo Asian Mining PLC fell 7.7% Thursday after the company guided for lower overall production for 2023 as it shifts its focus to copper production with the opening of new mines and increased capacity at its flotation plant.

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Rolls-Royce Shares Jump as Strategic Review Announced -- 2nd Update

Shares in Rolls-Royce Holdings PLC jumped 18% on Thursday after the company said that a strategic review is underway to identify investment priorities, and that its pretax loss for 2022 widened.

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System1 Group Shares Rise After 3Q Profit Margin Increase

System1 Group PLC shares rose on Thursday after the group said that gross margin for the third quarter improved despite a revenue fall.

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N. Brown Appoints Dominic Appleton as CFO Designate

N. Brown Group PLC said Thursday that it has appointed Dominic Appleton as chief financial officer designate with effect from March 1, replacing Rachel Izzard.

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Genus Shares Rise After 2023 View Backed, Posted Higher 1H Revenue, Volumes

Shares in Genus PLC rose 14% on Thursday after the company backed its outlook for 2023 and posted a fall in half-year pretax profit but a rise in the adjusted figure.

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IGas Energy 2022 Net Production in Line

IGas Energy PLC said Thursday that 2022 net production was in line with expectations and averaged 1,898 barrels of oil equivalent per day despite being hit by an equipment failure caused by supply-chain issues in the first half.

 
Market Talk: 

Rolls-Royce's 2H Was Strong, Jefferies Says

0836 GMT - Rolls-Royce Holdings' results for the second half of 2022 were strong, with operating profit 42% above consensus at GBP527 million, Jefferies equity analyst Chloe Lemarie says in a research note. The British aerospace and defense company's free cash flow was even more of a standout, she says, at GBP505 million and compared with consensus at GBP115 million. Jefferies has a buy rating on the stock with a 125 pence price target. Shares trade up 17% at 125.58 pence. (kyle.morris@dowjones.com)

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Anglo American's Earnings Were Positive, Woodsmith Raises Questions

0828 GMT - Anglo American's 2022 earnings were broadly in line with expectations, with modestly positive news on copper stabilization and dividend, RBC Capital Markets analysts say in a note. The multinational mining company didn't change its cost or production guidance, which could be positive news given the increasing challenges with South African power and rail along with instabilities in Peru, they say. However, investor debate might focus on the Woodsmith project, for which a lack of detailed forecasts could lead to a wide rande of consensus expectations, they add. "Today's result is a positive but Woodsmith questions are likely to dominate discussions and its commodity mix continues to underperform," RBC adds. (michael.susin@wsj.com)

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Mondi Shares Slump as Uncertainty Around Russia Exit Continues

0828 GMT - Mondi shares drop to the bottom of the FTSE 100 index, trading 6.5% lower at 1,381 pence, after the packaging and paper company posted 2022 results. Its paper division is the most profitable but there are no reinvestment plans for it after its Russian exit, says Citi in a note as the company reported a 50% Ebitda rise in the second half in uncoated fine paper which also saw better margins due to relative pricing stability. "Mondi's UFP business is smaller and less profitable with the disposal of the Russian Syktyvkar mill, with no plans to reinvest in paper assets," say analysts Ephrem Ravi and James Perry. They add that sentiment is still dominated by the exit from Russia and feasibility of returning the proceeds to shareholders. (elena.vardon@wsj.com)

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BAE Systems Continues to Deliver After Strong 2022 Results

0813 GMT - BAE Systems' 2022 results were ahead for sales and profit with free cashflow strong at GBP2.0 billion and beating consensus of GBP1.27 billion, Citi analyst Charles Armitage says in a note. Meanwhile, free cashflow guidance for 2023 of around GBP1.2 billion--versus consensus of GBP1.7 billion--is essentially in line, Armitage says. "The shares have done well, at record highs, but BAE Systems continues to deliver, particularly on cash. Although some of the cash beat is phasing, these are a strong set of results and we expect the shares to be slightly up this morning," Armitage says. Citi rates the stock buy. (anthony.orunagoriainoff@dowjones.com)

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WPP's 2022 Results, 2023 Outlook Seen as Encouraging

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February 23, 2023 04:30 ET (09:30 GMT)

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