UKX FTSE 100 Index

EasyJet Shares Jump After Upbeat 1Q, Strong Outlook

1120 GMT - Shares in easyJet rise 10% after the budget airline reported higher first-quarter revenue and forecast better-than-expected full-year profit. While easyJet reduced its 1Q headline pretax loss against the same period a year earlier, any unexpected drop in demand would be a cause for concern, Hargreaves Lansdown says. "That can't be ruled out in the current environment, although rumors of peak inflation having arrived means there's room for cautious optimism," Hargreaves analyst Sophie Lund-Yates writes. "There's renewed hope these headwinds will be extinguished with strong summer trading and for now those hopes look to be well supported." (philip.waller@wsj.com)

Companies News: 

Fresnillo 2022 Gold Production Fell, Sees 2023 Production Potentially Rising

Fresnillo PLC on Wednesday said its 2022 gold production fell in line with expectations though silver production rose, and it forecast a range including potentially higher gold production in 2023.

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Quilter 4Q Assets Under Management Down On Year

Quilter PLC on Wednesday said its fourth-quarter assets under management and administration came in below those of a year earlier due to slower activity in equity markets and slightly lower bond yields in the three-month period.

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Aviva Estimates GBP50 Mln Cost Due to UK December Weather

Aviva PLC said Wednesday that it expects the cold weather in the U.K. during December to cost around 50 million pounds ($61.6 million) and that its overall weather experience for the quarter year is marginally above the long-term averages, although in line for the year as a whole.

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J.D. Wetherspoon 1H Sales Rose On Year But Remain Short of Prepandemic Levels

J.D. Wetherspoon PLC said Wednesday that sales for the first half of fiscal 2023 rose on year though remained below prepandemic levels, and said it was cautiously optimistic for the full-year.

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easyJet Expects to Beat FY 2023 Pretax Profit Market Consensus After 1Q Revenue Rose

easyJet PLC said Wednesday that it expects to beat fiscal 2023 market consensus for pretax profit after first-quarter revenue rose, and that booking strength continues across the second quarter and into the summer season.

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CMC Markets Sees FY 2023 Net Operating Income in Line With Views

CMC Markets PLC said Wednesday that net operating income for fiscal 2023 is on track to meet market expectations, but didn't provide any figures

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Tullow Oil to Report Higher Revenue, Free Cash Flow Ahead of Guidance for 2022

Tullow Oil PLC said Wednesday that it expects to report a rise in revenue for 2022, and that free cash flow for the year will be around $267 million and ahead of guidance.

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Polymetal Meets 2022 Production Expectations; Sees 2023 Costs Rising Slightly

Polymetal International PLC said Wednesday that it met production guidance in 2022, and guided for roughly flat production and slightly higher costs in fiscal 2023.

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Next Fifteen Sees FY 2023 Revenue Grow 55% On Year

Next Fifteen Communications Group PLC on Wednesday said it expects fiscal 2023 results to be in line with management expectations after a strong second half.

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Pendragon to Beat 2022 Underlying Pretax Profit Forecasts After Strong 4Q

Pendragon PLC said Wednesday that it expects to beat 2022 underlying pretax profit market expectations after a strong fourth-quarter performance.

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OnTheMarket Expects Higher Adjusted Operating Profit for FY 2023

OnTheMarket PLC said Wednesday that its adjusted operating profit for fiscal 2023 is expected to rise in line with management expectations.

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hVIVO Shares Rise on Expected Higher 2022 Revenue; To Make Shareholder Distribution

Shares in hVIVO PLC rose Wednesday after the company said it expects to report a year-on-year rise in revenue for 2022 and that it intends to make a shareholder distribution in respect of 2022's financial performance.

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Home REIT Confirms Tenant Hasn't Paid Rent; Working to Fix Issues

Home REIT PLC confirmed Wednesday that tenant Lotus Sanctuary CIC hasn't paid rent for the quarter to Nov. 30, and it was working constructively with Lotus to fix the tenant's operational issues.

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Keywords Studios Expects 2022 Revenue, Adjusted Pretax Profit to Exceed Recent Guidance

Keywords Studios PLC said Wednesday that it expects to beat previously forecast revenue and adjusted pretax profit expectations for 2022 as it benefited from high demand for its services, particularly the create and globalize service lines.

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Watkin Jones FY 2022 Pretax Profit Fell on Exceptional Charge

Watkin Jones PLC on Wednesday said its pretax profit for fiscal 2022 was 64% lower as it booked an exceptional charge and said it sees margin pressures continuing into fiscal 2023.

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Inland Homes Shares Fall on Downgraded Guidance for FY 2022 Pretax Loss

Inland Homes PLC shares fell Wednesday after it said that it expects a wider pretax loss for fiscal 2022 than previously guided, and said it has sold its greenfield strategic land portfolio given strengthening government restrictions.

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XP Factory Sees 2022 Revenue, Adjusted Ebitda Significantly Rising

XP Factory PLC said Wednesday that it expects to report significantly increased revenue and adjusted earnings for 2022, reflecting underlying growth and the first year of revenue from its Boom Battle Bar brand acquisition.

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Rurelec Shares Fall on Liquidity Warning

Shares in Rurelec PLC fell Wednesday after the company said its liquidity position will become acute in the second quarter of 2023.

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Van Elle Shares Fall After CEO Warns of Challenges

Shares in Van Elle Holdings PLC fell Wednesday as Chief Executive Mark Cutler warned of more challenging market conditions in the short term, though the company's board is confident in achieving market expectations for the full year.

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Gresham House Sees 2022 Adjusted Operating Profit at Top End of Market Views

Gresham House PLC said Wednesday that it expects adjusted operating profit for 2022 to be at the top end of market forecasts, and that assets under management at year-end are expected to be up 20%.

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Ascential Shares Soar After 2022 Results to Beat Views, Proposed Reorganization

Shares in Ascential PLC rose 24% on Wednesday after the company said its revenue and core profit for 2022 are expected to beat market expectations an that it intends to spin off one of its businesses and sell another as part of a reorganization of its portfolio.

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Epwin Group Sees 2022 Adjusted Pretax Profit in Line With Views

Epwin Group PLC said Wednesday that it expects to report adjusted pretax profit for last year in line with market expectations, as pricing increases helped it deliver higher sales.

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Beowulf Mining Shares Fall on $11.2 Mln Discount Fundraise Plans

Beowulf Mining PLC shares fell Wednesday after it said it will raise up to 9.1 million pounds ($11.2 million) in a discount fundraising to maintain the pace of development at the Kallak iron-ore project.

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Lords Group Shares Rise on Expectations of 2022 Beating Market Forecasts

Shares of Lords Group Trading PLC rose 11% on Wednesday after the company said that it expects to report a record performance for last year and to beat market forecasts, boosted by its merchanting unit.

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Fonix Mobile to Pay Higher 1H Dividend on Gross Profit, Adjusted Ebitda Rise

Fonix Mobile PLC said Wednesday that gross profit and adjusted Ebitda both rose 12% over the first half of fiscal 2023 and that it expects to declare an increased interim dividend in March, in line with its policy.

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Scancell Swung to 1H Pretax Loss, Net Assets Fell

Scancell Holdings PLC said Wednesday that it swung to a pretax loss for the first half of fiscal 2023, and that net assets fell.

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eEnergy Is Cautiously Optimistic for FY 2023 After 1H Revenue Rose

eEnergy Group PLC said Wednesday that its revenue significantly rose in the first half of fiscal 2023 and it was cautiously optimistic for the full year.

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DiscoverIE Says FY 2023 Earnings On Track To Beat Its Views

By Elena Vardon

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Ergomed Sees 2022 Adjusted Earnings Meeting Market Views; Names New CFO

Ergomed PLC said Wednesday that it expects to report an adjusted Ebitda for 2022 in line with market expectations while revenue rose, and appointed Jonathan Curtain as incoming chief financial officer.

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Hargreaves Services Rasies Interim Dividend After 1H Pretax Profit Rose on Robust Performance

Hargreaves Services PLC said Wednesday that pretax profit for the first half of fiscal 2023 increased on the back of a robust performance, and raised its interim dividend.

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Hill & Smith Sees 2022 Operating Profit at Top End of Market Forecasts

Hill & Smith PLC said Wednesday that operating profit for 2022 is expected to be at the top end of market expectations after a strong finish to the year and an outperformance in its U.S. business.

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Oakley Capital's 2022 Net Asset Value Rose On Year

Oakley Capital Investments Ltd. on Wednesday said its net asset value at the end of 2022 was 21% higher than a year prior and that it sees resilient business in 2023.

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Tintra Appoints Paul James as COO

Tintra PLC said Wednesday that Paul James has been appointed as chief operating officer, and that although this isn't a board position he will be responsible for the operational rollout of its strategy.

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Biome Technologies Expects 2022 Revenue, Adjusted Ebitda Loss to Meet Market Views

Biome Technologies PLC said Wednesday that it expects to report higher revenue and adjusted loss before interest, taxes, depreciation and amortization for 2022 to meet market expectations.

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Celsius Resources Expects GBP14.8 Mln Market Cap at Start of London Trading in Late January

Celsius Resources Ltd. expects a market capitalization of 14.8 million pounds ($18.2 million) when its shares start trading on London's junior AIM later this month, it said Wednesday.

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Forterra Expects 2022 Earnings to Beat Management Views After Price Increases

Forterra PLC said Wednesday that it expects its 2022 earnings to be slightly ahead of management views as it increased prices to offset inflation costs, but that it saw a softening in demand toward the end of the year.

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Broadcom's $61 Bln Acquisition of VMware Faces UK Regulator Probe

The U.K. Competition and Markets Authority said Wednesday that it has begun a review into chip maker Broadcom Inc.'s planned $61 billion acquisition of VMware Inc. and has set a deadline of March 22 for its initial decision.

 
Market Talk: 

EasyJet's Offering Is Bearing Fruit Despite Economic Headwinds

0913 GMT - Although easyJet's 1Q key metrics showed a marked improvement from the prior-year quarter--such as a 47% rise in passenger numbers--headwinds remain on its recovery path, Interactive Investor analyst Richard Hunter says in a note. The budget airline saw costs per seat rise by 76% driven by higher fuel costs and a strong dollar, and one-off costs related to leased aircraft resulting in an, albeit narrowed, adjusted pretax loss of GBP133 million, Hunter says. "Despite the inevitable economic clouds, such as a cost of living crisis which could threaten the consumer's propensity to spend and rising costs, the easyJet offering is currently bearing fruit," Hunter says. Shares are up 9.7% at 513.60 pence. (anthony.orunagoriainoff@dowjones.com)

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Quilter's Independent Financial Advisor Flows at Risk From Consolidation

1050 GMT - Quilter's independent financial advisor flows could be dented by market consolidation, RBC Capital Markets says. The wealth-management company has said that while its fourth-quarter IFA channel gross flows were resilient, net flows were hit by heightened adviser consolidation. The company said it continued to grow its IFA base during the quarter using its platform and expects incremental flows over time. "Given consolidation trends in the market, we see a risk that this will continue to impact flows going forwards," analyst Ben Bathurst says. RBC has a neutral rating on the stock. (elena.vardon@wsj.com)

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Ascential's Intended WGSN Disposal Looks Surprising

1111 GMT - Ascential's intention to sell its WGSN trend forecasting business is surprising but its plan to return proceeds to shareholders is encouraging, says Citi in a note. "The pandemic provided some support to the contention that having subscription-based recurring revenue from intelligence assets alongside events businesses is useful," say analysts Thomas Singlehurst and Ella Walker-Hunt. They add WGSN is a best-in-class asset and its anticipated valuation could be such that it doesn't make sense for Ascential to keep it in its portfolio. Citi has a buy rating on the stock. Shares are up 22% at 254.0 pence. (elena.vardon@wsj.com)

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Fresnillo Slightly Misses Expectations in Production Update

1114 GMT - Fresnillo's production results for the fourth quarter came in slightly below expectations, with weakness in silver while gold production was strong, Citi says. The Mexican miner's silver production fell on quarter with lower ore processing and grades, but sequentially improving operational metrics at its flagship Fresnillo and Saucito mines are encouraging data points, Citi analysts say in a research note. The cost guidance for the second half of 2022 is worse than expected, though 2023 guidance implies a double-digit increase in silver production, the U.S. bank says. Citi retains its buy rating and 1,200 pence price target on Fresnillo's stock. Shares are down 2.6% at 855.8 pence. (joseph.hoppe@wsj.com)

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Fresnillo Shares Look Fairly Priced Given Neutral 2022 Update

1115 GMT - Fresnillo's 2022 update is unlikely to shift market perceptions as though the company saw a beat to gold production estimates and encouraging raised guidance, this was offset by lower silver volumes and higher-than-expected second-half costs, RBC Capital Markets says. This year will be pivotal for the Mexico-focused miner with the commission of Juanicipio and the restaffing of operations supporting production growth, RBC analysts say in a research note. "However, we see operational momentum as widely priced in and see limited growth after the ramp up of Juanicipio," the Canadian bank says. RBC retains its sector perform and 920 pence price target on Fresnillo's stock. Shares are down 2.4% at 857.4 pence. (joseph.hoppe@wsj.com)

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Next Fifteen's Stock Looks Attractive Given Growth Momentum, Berenberg Says

1122 GMT - Next Fifteen Communications Group offers very good value given its growth momentum, Berenberg says in a note, adding shares are trading at 11 times forward earnings. "We believe that Next15 will continue to deliver EPS upgrades due to its strong organic growth momentum, upwards pressure on margins and solid balance sheet allowing for accretive acquisitions," analysts at the brokerage say. The analysts expect tech and data-driven growth consultancy to target bolt-on acquisitions that further develop its media services as the current market backdrop means big transformational deals are off the table. Berenberg rates the stock buy. (elena.vardon@wsj.com)

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Fresnillo's Surprising Cost Inflation Spurs Caution

1124 GMT - Fresnillo's fourth-quarter and 2022 production update was a mixed bag, but it has also flagged cost inflation in the second half of the year, Peel Hunt says. The Mexican miner's gold and zinc production beat expectations though silver and lead both missed, and it guided for higher costs reflecting haulage volumes and distances, maintenance costs and personnel costs due to a labor settlement, Peel Hunt analysts say in a research note. "While all companies are experiencing cost inflation this year, the breadth of cost rises seen in [the second half] was once again above our expectations and a key factor behind our cautious stance on Fresnillo, the brokerage says. Peel Hunt retains its hold rating and 800 pence price target. Shares are down 2.5% at 856.8 pence. (joseph.hoppe@wsj.com)

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(END) Dow Jones Newswires

January 25, 2023 06:42 ET (11:42 GMT)

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