FTSE 100 Falls After UK Inflation Data Declined Less Than Expected

0747 GMT - The FTSE 100 falls 0.3% to 7885 points as higher-than-forecast U.K. inflation data support the case for the Bank of England to raise interest rates further. Annual inflation fell to 10.1% in March from 10.4% in February, above the 9.8% expected by analysts in a WSJ survey. "This will likely put pressure on the Bank of England to almost reluctantly continue with its interest rate hiking policy in May, adding further pressure to an already beleaguered consumer where wage growth is being outstripped by inflation and with economic growth stalling," Interactive Investor analyst Richard Hunter writes. Mining group Antofagasta drops 1.7% after reporting a fall in first-quarter copper production while lower metal prices also weigh on the sector's shares. (renae.dyer@wsj.com) 


 
Companies News:

ConvaTec Buys Tech Platform From 30 Technology for Initial GBP45 Mln

ConvaTec Group PLC said Wednesday that it has bought the anti-infective nitric oxide technology platform of 30 Technology Ltd. for an initial 45 million pounds ($55.9 million) to explore application of the technology across business categories.

---

Antofagasta 1Q Copper Production Fell On Quarter as Expected; Backs Guidance

Antofagasta PLC said Wednesday that copper production for the first three months of the year fell as expected, and backed guidance for copper production and capital expenditure in 2023.

---

Hunting PLC 1Q Earnings Rose; Backs 2023 View

Hunting PLC said Wednesday that it booked higher earnings in the first quarter of 2023, and confirmed its full-year guidance.

---

Liontrust Sees FY 2023 Revenue, Adjusted Pretax Profit Ahead of Views

Liontrust Asset Management PLC on Wednesday said it expects to report revenue and adjusted pretax profit ahead of market views for fiscal 2023 although it posted a fall in its assets under management and advice, or AuMA, over the fourth quarter.

---

Cake Box Sees FY 2023 Revenue Increase on Better Trading, Less Costs

Cake Box Holdings PLC said Wednesday that it expects to report a revenue increase in fiscal 2023 and adjusted pretax profit in line with market expectations on the back of improved trading conditions and easing cost pressures.

---

M Winkworth 2022 Profit, Revenue Slipped as Postlockdown Boost Fades

M Winkworth PLC said Wednesday that its 2022 pretax profit and revenue fell as a postlockdown surge in real-estate activity faded, and it expects the property market to perform at the higher end of expectations in 2023.

---

National Express 1Q Revenue Rose on ALSA Performance; Sets Out Improvement Program

National Express Group PLC said Wednesday that revenue rose in line with expectations in the first quarter due to continuing strong performance from Spanish subsidiary ALSA and that it is launching a productivity improvement and cost-reduction program targeting at least 25 million pounds ($31.1 million) in annualized savings.

---

Pendragon 1Q Underlying Pretax Profit Rose; Sees Beat to Full-Year View

Pendragon PLC said Wednesday that its underlying pretax profit rose in the first quarter of 2023 ahead of board's expectations, as operating profit in all divisions grew, and that it now expects to exceed expectations for the full year.

---

Cornerstone FS 1Q Revenue Rose, Turns Earnings Positive for First Time

Cornerstone FS PLC said Wednesday that revenue for the first quarter of the year rose and was earnings positive for the first time, though it expects trading to revert to normalized levels in the second quarter.

---

Kainos Group Sees FY 2023 Performance in Line With Market Views

Kainos Group PLC said Wednesday that its fiscal 2023 performance is expected to be in line with market expectations, supported by robust trading across all divisions.

---

Plus500 Posts 1Q Revenue, Ebitda Drop; Sees 2023 In Line With Views

Plus500 Ltd. on Wednesday said it sees its performance for 2023 in line with market views as it posted first-quarter revenue and core earnings figures that were lower than the previous year but improved on-quarter.

---

Redde Northgate Sees FY 2023 Profit at Top of Market Expectations

Redde Northgate PLC said Wednesday that it expects to report adjusted pretax profit for fiscal 2023 around the top end of the market consensus range after a strong performance.

---

Audioboom Shares Drop After Lower 1Q Revenue, Adjusted Earnings Amid Challenging Market Conditions

Shares in Audioboom Group PLC fell 9.5% on Wednesday after it said that it booked lower revenue and adjusted earnings for the first quarter of 2023 as market conditions proved challenging.

---

ProCook Sees FY 2023 Pretax Profit, Revenue in Line With Expectations

ProCook PLC said Wednesday that its underlying pretax profit is expected to break even in the year ended April 2, and that revenue for the year came in the middle of its expected range. 


 
Market Talk:

Plus500's Strong Cash Generation Allows for Significant Returns

0821 GMT - Plus500's first-quarter results confirm its strong cash generation, Liberum says in a note. The online-trading platform operator reported first-quarter results with cash exceeding $950 million at the end of March, compared with $930 million three months prior, and despite a further $50 million in buybacks over the quarter. "Cash generation remained strong in the quarter, allowing significant shareholder returns and further investment in the group's growth and diversification strategy," analysts Nick Anderson and James Allen say, adding that a 70% distribution from 2023 and 2024 consensus net profit would imply a two-year total shareholder return of 17%. Liberum has a buy rating on the stock. Shares edge up 0.7% at 1,714 pence. (elena.vardon@wsj.com)


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

(END) Dow Jones Newswires

04-19-23 0504ET