UKX FTSE 100 Index

FTSE 100 Rises; Primark-Owner AB Foods Gains After Update

0753 GMT - The FTSE 100 rises 0.2% to 7029 points as it attempts to recover gains after losses last week on concerns about sluggish economic growth and monetary policy tightening by central banks. Associated British Foods shares gain 1.1% after it maintained its full-year guidance following a 32% rise in 3Q revenue, led by strong growth in its Primark retail chain. Primark--representing around 44% of overall sales--is the main focus, particularly given the travails recently reported by other retailers, Interactive Investor analyst Richard Hunter writes. "With the shackles of the pandemic now largely removed, the figures are very promising, with the unit seemingly coming back into fashion." (renae.dyer@wsj.com)

 
Companies News: 

Deliveroo Appoints Scilla Grimble as CFO

Deliveroo PLC said Monday that it has appointed Scilla Grimble as chief financial officer and that she is expected to start by no later than June 2023.

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Euromoney Institutional in GBP1.6 Bln Takeover Talks

Euromoney Institutional Investor PLC said Monday that it is in talks with a consortium comprising private equity company Astorg Asset Management S.ar.l and Epiris LLP over a potential 1.6 billion pound ($1.96 billion) takeover.

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Union Jack Oil to Report Maiden Profit in 1H

Union Jack Oil PLC said Monday that it expects to report a maiden profit for the first half of 2022.

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Rank Lowers FY 2022 Underlying Operating Profit Views on Weaker Casinos, Inflation

Rank Group PLC said Monday that it expects like-for-like underlying operating profit for fiscal 2022 to be below its previously guided range due to weaker-than-expected performance at its Grosvenor casino business and inflationary cost pressures.

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easyJet Warns on Costs, Capacity as Delays Hit Air Travel -- Update

easyJet PLC warned Monday that its operating costs will be higher than expected in the second half of the year, reflecting additional leased aircraft, crew costs and airport charges.

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Kingspan Sees Record 1H Profit Despite Market Deterioration

Kingspan Group PLC said Monday that it expects to report a record profit for the first half of the year despite a market deterioration in the last two months.

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Filtronic Sees Increased FY 2022 Adjusted Ebitda on Sales Mix, Cost Control

Filtronic PLC said Monday that it expects adjusted Ebitda for fiscal 2022 to exceed market expectations after a strong second half and a strong sales mix and tight cost control.

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IOG Says Saturn Banks Gas Production Is on Track

IOG PLC said Monday that Saturn Banks production continues to be restored as expected and forecast gross gas output of between 45 million and 60 million standard cubic feet a day for the second half of 2022.

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AB Foods 3Q Revenue Rose, to Trial Click & Collect Service -- Update

Associated British Foods PLC said Monday that revenue for its fiscal third quarter increased, with Primark revenue beating prepandemic levels, and said it will trial a click-and-collect service in some U.K. stores.

 
Market Talk: 

AB Foods' Primark Click & Collect Trial is Welcome News

0703 GMT - AB Foods launching a "click and collect" trial at Primark, allowing customers to order children's clothes online at some U.K. stores, is positive news, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a research note. The analysts expect that investors will the trial well, noting that Primark has also improved its website and that all of its stores are open. "We expect a strong recovery in sales, but margins are likely to be impacted by currency and other inflation pressures, and potentially if Primark has to invest more in improving the convenience of its offer," they say. (michael.susin@wsj.com)

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

(END) Dow Jones Newswires

June 20, 2022 04:10 ET (08:10 GMT)

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