FTSE 100 Hits Fresh Record High After Upbeat Earnings

0835 GMT - The FTSE 100 rises to a fresh record high as investors cheer upbeat corporate earnings. The index rises to 8047 points, exceeding the previous session's all-time high of 8003. British Gas owner Centrica shares increase 4.1% after reporting record profits for 2022, boosted by soaring wholesale gas prices following Russia's invasion of Ukraine. RELX gains 3.7% after the information and analytics group posted higher adjusted pre-tax profit for 2022, said it expects another year of strong earnings growth, raised its dividend and announced a GBP800m share buyback. Standard Chartered adds 2.8% after the lender announced a $1 billion share buyback as it swung to pre-tax profit in the fourth quarter of 2022. (renae.dyer@wsj.com) 


 
Companies News:

Centrica Swung to 2022 Net Loss on Negative Remeasurements; Extends Buyback

Centrica PLC said Thursday that it swung to a net loss in 2022 on negative remeasurements of energy contracts, restarted its final dividend and extended its share buyback program.

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RELX 2022 Pretax Profit Rose But Failed to Meet Consensus

RELX PLC said Thursday that 2022 pretax profit rose due to higher adjusted pretax profit but failed to meet consensus, and that momentum remained strong across the group.

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SSP Group Had Strong Start to FY 2023 Boosted by Travel Recovery, Contracts

SSP Group PLC said Thursday that it has had a strong start to the new fiscal year with revenue exceeding pre-pandemic 2019 levels, driven by a continued recovery in passenger numbers, with strong demand over the holiday season, and new contracts.

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M.J. Gleeson 1H Profit, Revenue Fell on Land Unit Slip; Sees Reservations Improving

M.J. Gleeson PLC said Thursday that its first-half pretax profit and revenue fell on a drop in its Land unit profits, and said reservation rates are recovering.

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OnTheMarket Shareholder to Sell 3.1 Mln Shares at 76 Pence Each

OnTheMarket PLC said Thursday that Link Market Services is selling 3.1 million of the company's shares on behalf of Morgan Ross at 76 pence (91 cents) each.

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Indivior Swung to 4Q Pretax Loss on Exceptional Litigation Provision

Indivior PLC said Thursday that it swung to a fourth-quarter pretax loss after booking an exceptional provision, and that it expects 2023 to be another year of progress.

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Moneysupermarket.com 2022 Pretax Profit Rose On Travel Recovery, Money Volumes

Moneysupermarket.com Group PLC on Thursday posted an increase in its 2022 pretax profit driven by recovery in travel channels and strong trading volumes in money, and said it is confident in meeting views for the year ahead.

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Centrica Swung to 2022 Net Loss Although Adjusted Profit Soared; Extends Buyback -- Update

Centrica PLC said Thursday that it swung to a net loss in 2022 on negative remeasurements of energy contracts, though adjusted profits soared, restarted its final dividend and will extend its share-buyback program.

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Creo Medical Seeking to Raise GBP30.2 Mln to Maintain Business Momentum

Creo Medical Group PLC said Thursday that it is planning to raise around 30.2 million pounds ($36.3 million) via a share placing, subscription and shareholder open offer and will use the money to maintain momentum in the business.

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Kerry Group 2022 Profit Fell Despite Increased Revenue; Expects Growth in 2023

Kerry Group PLC said Thursday that its 2022 pretax profit fell although revenue rose, and that it expects to achieve growth in 2023.

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Bank of Georgia Increases Share Buyback Program, to Recommend Dividend

Bank of Georgia Group PLC on Thursday said that its board has approved an up to 148-million Georgian lari ($55.2 million) increase in its share buyback and cancellation program and that it intends to recommend a final dividend of GEL5.8 per share payable in pounds.

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Jaywing Shares Fall on Expected FY 2023 Earnings Miss, Revenue Slip

Jaywing PLC shares fell Thursday after the company said it expects fiscal 2023 earnings to rise but remain below market expectations, and revenue to slip on delayed client spending. 


 
Market Talk:

RELX 2022 Results Might Not Stop EPS Consensus Downgrades

0826 GMT - RELX's 2022 results are characteristically solid, with revenue slightly ahead of expectations and profit in line, Citi analysts say in a note. Underlying trends for the information-and-analytics company are more or less in line with expectations and there might even be upward pressure on business-to-business events, but consensus numbers are unlikely to move, the analysts say. This is due to a combination of inorganic factors, such as foreign exchange rates and rising interest rates and taxes, they say. "We would be surprised if consensus EPS moves significantly on the back of results. It is possible they may even drift down," the analysts say. Citi rates the stock neutral and has a 2,500 pence target price. (anthony.orunagoriainoff@dowjones.com)

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Centrica's 2022 Adjusted Profit Blows Past Market Expectations

0821 GMT - Centrica reported a 2022 adjusted operating profit of GBP3.31 billion, breezing past a company-compiled market consensus of GBP2.70 billion, driven by its energy marketing and trading units, Jefferies says. The energy company's full-year dividend was also in line with market expectations, though the company plans to further extend its share buyback by GBP300 million, which represents around 5.3% of the current market cap, Jefferies analysts say in a research note. The company didn't provide specific earnings guidance, though it expects some financial recovery in retail, and elevated prices in Upstream, while earnings will be "significantly" hit on-year by levies, the U.S. bank says. Jefferies retains its buy rating and 130.0 pence price target. Shares are up 4.8% at 103.25 pence. (joseph.hoppe@wsj.com)

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Standard Chartered's Buyback, Higher Guidance Get Warm Welcome

0818 GMT - Standard Chartered's London-listed shares rise 2.3% at 746.20 pence after the bank raised its guidance and announced a further $1.0 billion buyback though it posted a fourth-quarter pretax profit that missed consensus. "Market is likely to overlook the provision-driven beat, while welcoming the larger-than-expected buyback and upward RoTE guidance," says Citi analyst Yafei Tian, noting extra upside is likely to come from higher net interest margin guidance and resilient non-interest income, against the macro backdrop of the post-pandemic economic recovery. Citi has a neutral rating on the stock, which is among the top performers of the FTSE 100 index. (elena.vardon@wsj.com)

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Centrica's Strong 2022 Results, Buyback Plans Should Be Well Received

0813 GMT - Centrica has published a strong set of 2022 results, driven by its gas and electricity generation performance, alongside a significant contribution from the trading business, RBC Capital Markets says. The energy company disclosed intentions to extend its existing GBP250 million share buyback by a further GBP300 million, which should be well received by investors, RBC analysts say in a note. "Management highlight the ongoing process to simplify the business and positioning Centrica for net zero, which we expect to be a key part of [analysts questions and answers], alongside views on changes required in the retail business," the Canadian bank says. RBC retains its outperform rating and 130 pence price target on the stock. Shares are up 4.0% at 102.5 pence. (joseph.hoppe@wsj.com)


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

(END) Dow Jones Newswires

02-16-23 0358ET