Brent Returns to $100; IEA Meeting Awaited
0945 GMT - Oil prices rally, with Brent rising back above the $100 a barrel level, as the market awaits an emergency meeting of the International Energy Agency to discuss Russia's invasion of Ukraine. Brent crude futures jump 3.3% to $101.22 a barrel. West Texas Intermediate gains 2.8% to $98.38 a barrel. The meeting will discuss "the impact of Russia's invasion of Ukraine on oil supply and how IEA members can play a role in stabilizing energy markets," the agency's head Fatih Birol said on Twitter. The IEA's members are considering releasing 70 million barrels of oil from the emergency inventories, the Wall Street Journal reported. (william.horner@wsj.com)
Companies News:
Intertek 2021 Profit Rose on Revenue Growth, Higher Margins
Intertek Group PLC on Tuesday reported a higher profit for 2021, reflecting higher revenue and margins.
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Croda International 2021 Pretax Profit Rose on Pandemic Recovery
Croda International PLC said Tuesday that pretax profit for 2021 rose, with all of its businesses delivering underlying growth ahead of pre-pandemic levels.
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Shell Names Sinead Gorman as CFO, Replacing Jessica Uhl
Shell PLC said Tuesday that it has named Sinead Gorman as its incoming chief financial officer, effective April 1, while current CFO Jessica Uhl will step down on March 31.
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Travis Perkins Swung to 2021 Pretax Profit on Coronavirus Recovery
Travis Perkins PLC said Tuesday that it swung to a pretax profit in 2021 as it recovered from the coronavirus pandemic, reinstating dividends.
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Fiske 1H Pretax Loss Narrowed on Increased Management Fees
Fiske PLC said Tuesday that its pretax loss narrowed in the first half of fiscal 2022 as revenue rose on increased investment management-fee income.
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Abrdn 2021 Pretax Profit Rose; Keeps FY Dividend Unchanged
Abrdn PLC said Tuesday that pretax profit for 2021 rose on the back of positive market movements and reduced net outflows, and maintained its total dividend payout.
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Revolution Bars Swung to Pretax Profit in 1H; Outlook Positive
Revolution Bars Group PLC reported on Tuesday a swing to a pretax profit for the first half of fiscal 2022 amid the end of Covid-19 restrictions.
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Polyus Reports 4Q Profit Fell, Backs 2022 Guidance
Polyus PJSC on Tuesday reported a lower profit for the fourth quarter, and reiterated production guidance for 2022.
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Tibergest PTE Gets Low-Level Acceptances for Photo-Me International Offer
Tibergest PTE Ltd., a company owned by Photo-Me International PLC Chief Executive Serge Crasnianski, said Tuesday that it has received acceptances from shareholders owning 65,774 Photo-Me shares.
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Calnex Solutions Sees FY 2022 Meeting Market Views; FY 2023 Above Expectations
Calnex Solutions PLC said Tuesday that it expects its fiscal 2022 performance to meet market views after persistently strong progress in the second half, and expects fiscal 2023 revenue and operating to exceed market expectations.
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Corporation Financiere Gets Low-Level Acceptances for CIP Merchant Offer
Corporation Financiere Europeenne SA said Tuesday that it has received acceptances for its mandatory 30.3 million-pound ($40.6 million) offer for CIP Merchant Capital Ltd. from shareholders owning 0.32% of CIP's issued share capital to which the offer relates.
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Reach's 2021 Pretax Profit, Revenue Increased on Digital Growth
Reach PLC said Tuesday that revenue and pretax profit rose for 2021 as digital growth more than offset a decline in print, though it expects 2022 profit will be hit by print-driven cost inflation.
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Man Group 2021 Pretax Profit, Assets Under Management Rose on Positive Markets Trend
Man Group PLC said Tuesday that pretax profit in 2021 rose as assets under management increased 20%, driven by positive momentum in markets.
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Essensys 1H Revenue Rose Amid Higher US Recurring Revenue Growth
Essensys PLC said Tuesday that revenue increased in the first half of fiscal 2022, marked by continuing U.S. recurring revenue growth and resilient global customer demand, and said the board remains confident about the group's future growth.
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Volvere Sees Swing to Pretax Profit in 2021
Volvere PLC said Tuesday that it expects to report a swing to a small pretax profit and higher revenue for 2021.
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Dalata Hotel Group 2021 Loss Narrowed as Revenue Recovered Partially
Dalata Hotel Group PLC on Tuesday reported a narrowed loss for 2021 as its revenue recovered to 40% of pre-coronavirus levels.
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XP Power 2021 Pretax Profit Fell After US Legal Costs
XP Power Ltd. said Tuesday that pretax profit fell in 2021 after it booked costs associated with a continuing legal case in North America.
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Essensys Share Fall After Warning on FY 2022 Due to Covid-19 Hit
Shares in Essensys PLC on Tuesday fell after the company said the board expects to miss market expectations for fiscal 2022 due to a delay in the progress of go-to-market activities amid Covid-19, despite also seeing revenue growth in the first half.
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Advanced Oncotherapy Expects Tumor Treatment System to Be Fully Operational This Summer
Advanced Oncotherapy PLC said Tuesday that it expects its LIGHT tumor treatment system to be fully operational this summer.
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Cornerstone FS Names Robert O'Brien as Interim COO of Main Operating Subsidiary
Cornerstone FS PLC said Tuesday that it has appointed Robert O'Brien to the newly-created position of interim chief operating officer of its principal operating subsidiary, FXPress Payment Services Ltd.
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PPHE Hotel Group 2021 Pretax Loss Narrowed, Expects Further Recovery
PPHE Hotel Group Ltd. said Tuesday that its pretax loss for 2021 narrowed and revenue rose despite periods of operating restrictions across its markets, and that it expects further recovery as coronavirus pandemic-related restrictions ease.
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Rotork 2021 Profit Fell as Revenue Was Hurt by Supply-Chain Issues
Rotork PLC on Tuesday reported a profit drop for 2021, as supply-chain constraints hurt the business.
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Mobile Streams Says Monthly Revenue Rises Significantly; Prepares for Huawei Users
Mobile Streams PLC said Tuesday that its monthly revenue is now more than $150,000, nearly doubling since December, and it has begun the process of making its content available to Huawei Technologies Co. handset users.
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PCI-PAL 1H Pretax Loss Narrows; Sees FY in Line With Market Views
PCI-PAL PLC said Tuesday that pretax loss narrowed in the first half of fiscal 2022 on a rise in revenue, and that it remains on track to meet its market forecasts for the current financial year.
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XP Power Chairman James Peters to Retire in 2023
XP Power Ltd. said Tuesday that Chairman James Peters intends to retire after the general meeting in April 2023.
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Braemar Shipping Services to Sell Logistics Division to Vertom Cory Holdings
Braemar Shipping Services PLC said Tuesday that it has completed the disposal of its logistics division Cory Brothers to the newly formed subsidiary Vertom Cory Holdings Ltd.
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Barkby Group Managing Director Rupert Fraser Steps Down
Barkby Group PLC said Tuesday that its managing director, Rupert Fraser, is stepping down from the board with immediate effect.
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Powerhouse Energy Group Chairman Steps Down; Shares Rise
Powerhouse Energy Group PLC shares rose Tuesday after it said that Nonexecutive Chairman James Greenstreet will step down and named Russell Ward named as his replacement with immediate effect.
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Scholium Group Appoints Bernard Shapero as CEO and Philip Tansey as Part-Time CFO
Scholium Group PLC said Tuesday that it has appointed Bernard Shapero as chief executive officer and Philip Tansey as part-time chief financial officer with immediate effect.
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More Acquisitions Plans to Float on London Stock Exchange; Raises GBP1.2 Mln
More Acquisitions PLC, a special purpose acquisition company or SPAC, said Tuesday that it has raised 1.2 million pounds ($1.6 million) via an oversubscribed placing and plans to float on the London Stock Exchange.
Market Talk:
UK Households Credit Growth Likely to Remain Weak in the Short-Term
1026 GMT - The muted rise in U.K. consumer credit in January suggests that households were cautious at the beginning of the year, while the outlook for borrowing in the short-term is darkening, Capital Economics says. Consumer credit rose by GBP0.6 billion in January, smaller than the GBP0.8 billion in December and well below the GBP1.2 billion average monthly increase in the two years prior to the pandemic, the economic-research firm says. "With higher interest rates on the horizon and the cost of living crisis only set to worsen, we wouldn't be surprised after a rebound in February to see credit growth remain weak in the months ahead," CE says. (xavier.fontdegloria@wsj.com)
Flutter Entertainment Shares Are Seen as Good Value
1020 GMT - Flutter Entertainment's 2021 Ebitda excluding the U.S. was down 10%, but Peel Hunt reiterates its buy recommendation as it says the shares represent good value following a period of decline. The recommendation is based on the Sisal deal in Italy, which is due to complete, and strong market leadership in the U.S., the U.K. brokerage says. Revenue growth is seen accelerating in the second half as the first six months present tough comparatives, it says. The revenue contribution from Russia and Ukraine is in jeopardy, but its exposure to the countries has been falling, with the GBP60 million contribution in 2021 being 4% of group Ebitda excluding the U.S. Peel Hunt reiterates its target price of 14,500 pence. Shares trade down 15% at 9,228 pence. (kyle.morris@dowjones.com)
Flutter Entertainment Shares Sag After Flagging FY Loss
(MORE TO FOLLOW) Dow Jones Newswires
03-01-22 0545ET
