Sterling Could Rise as Asset Managers Trim Bets Against Currency
0759 GMT - Sterling could benefit as asset managers continue to trim bets against the currency following last week's sticky U.K. inflation data that boosted interest rate expectations for the Bank of England, ING says. The re-balancing out of short sterling positions by asset managers is ongoing, which could support GBP/USD in a quiet week of U.K. data, ING analyst Chris Turner says in a note. "This could see GBP/USD edging back to the 1.2500/2550 area if we are right with our slightly bearish stance on the dollar this week." GBP/USD falls 0.1% to 1.2444 but EUR/GBP drops 0.1% to 0.8828.(renae.dyer@wsj.com)
COMPANIES NEWS:
Checkit FY 2023 Pretax Loss Widened on Higher Costs; To Meet FY 2024 Market Views
Checkit PLC said Monday that its pretax loss widened for fiscal 2023 after booking higher costs, and that the board expected to meet market expectations for fiscal 2024.
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Medica Group Agrees to GBP269 Mln Takeover by IK Investment Partners
Medica Group PLC said Monday that it has agreed to a 269 million-pound ($334.6 million) takeover by IK Investment Partners.
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CentralNic 1Q Revenue Grew; Sees Performance at Least in Line With Market Views
CentralNic Group PLC said Monday that revenue rose 24% in the first quarter of 2023, and that it sees its performance to continue at least in line with market expectations.
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Mind Gym Sees FY 2023 Revenue Rise, Pretax Profit in Line
Mind Gym PLC on Monday said it expects to report a 12% revenue growth for fiscal 2023 driven by good momentum in the second half of the year and that it remains confident in the group's prospects.
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Lok 'n Store 1H Profit Fell; Revenue Rose
Lok 'n Store Group PLC said Monday that revenue for the first half of fiscal 2023 rose but pretax profit fell, as the previous period benefited from the sale of four stores.
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Brighton Pier 18-Month Pretax Profit Benefited from Pent-up Demand; Reduces Debt
Brighton Pier Group PLC said Monday that pretax profit for the 18 months ending Dec. 25 benefited from a pent-up consumer demand and government support programs, while it managed to repay nearly half of its debt following the easing of pandemic restrictions.
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Gulf Marine Services 2022 Pretax Profit Fell on Higher Costs; Backs Guidance
Gulf Marine Services PLC said Monday that 2022 pretax profit fell after booking higher costs and backed its guidance for 2023.
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Kaspi.kz 1Q Revenue Rose as Performance Across Platforms Improved
Kaspi.kz JSC said Monday that first-quarter revenue soared on the back of improved performance across all its platforms.
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Frenkel Topping Group 2022 Pretax Profit Fell On Higher Costs
By Elena Vardon
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React Group Sees 1H Higher Revenue, Profit on Sales Growth
React Group PLC on Monday said it expects to report higher revenue and gross profit for the first half of fiscal 2023 driven by good sales growth in its three divisions from positive contract win momentum over the period.
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Insig AI to Report Revenue Rise for FY 2023; To Raise GBP900,000 via Subscription
Insig AI PLC said Monday that it expects to report a rise in revenue for fiscal 2023, and that it will raise 900,000 pounds ($1.1 million) via a subscription.
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THG Taps Sue Farr as Senior Independent Director
THG PLC said Monday that it has appointed Sue Farr as senior independent director with immediate effect, replacing Dean Moore, who was undertaking the position in a interim basis.
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Christie Group's 2022 Pretax Profit Rose on Postpandemic Recovery
Christie Group PLC said Monday that its pretax profit rose 13% in 2022, due to increased revenue on the back of a recovery from its pandemic performance, especially in its Professional & Financial Services division.
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Cordel Appoints John Davis as CEO
Cordel Group PLC said Monday that it has appointed John Davis as chief executive officer with immediate effect.
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Spectra Systems CFO Colleen Hamill Resigns
Spectra Systems Corp. said Monday that Chief Financial Officer Colleen Hamill has resigned.
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Keystone Law's FY 2023 Pretax Profit Flat on Year, Revenue Grew
Keystone Law Group PLC said Monday that its pretax profit came in flat in fiscal 2023, but revenue grew on strong demand.
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Shanta Gold's CEO Eric Zurrin to Step Down
Shanta Gold Ltd. said Monday that Chief Executive Officer Eric Zurrin will step down from the role.
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Asimilar Swung to FY 2022 Loss on Portfolio Declines; Share Trading Restored
Asimilar Group PLC said Monday that it swung to a pretax loss in fiscal 2022 as its portfolio value declined, and trading in its shares has been restored.
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Narf Industries Names John Herring as Executive Chairman
Narf Industries PLC said Monday that it has appointed independent nonexecutive director John Herring as executive chairman with immediate effect.
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Pineapple Power Enters Preliminary Agreement for Reverse Takeover With Element 2 Ltd.
Pineapple Power Corp. said Monday that it entered into a nonbinding preliminary agreement on Friday with U.K.-based hydrogen refueling business Element 2 Ltd. to acquire all outstanding shares in the latter.
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Jubilee Metals Backs 2023 Production Guidance After Robust 1Q
Jubilee Metals Group PLC said Monday that 2023 production guidance for platinum group metals and copper remains unchanged, while chrome is expected to exceed.
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Frasers Increases Stake in N. Brown
N. Brown Group PLC said Monday that Frasers Group PLC has increased its interest in the company.
MARKET TALK:
Mind Gym's Revenue Momentum Shows Resilience
0802 GMT - Mind Gym's update highlights its resilience as well as continuing positive momentum, Liberum says in a note after the business-transformation and training company reported higher second-half revenue growth leading it to prop up its full-year revenue expectations. "MindGym has continued to deliver consistent results highlighting its resiliency," analysts Ciaran Donnelly and William Larwood say. Shares have shed around a fourth of their value year-to-date and are trading on an attractive valuation, they add. Liberum has a buy rating on the stock with a target price of 200 pence. Shares edge up 0.8% at 64 pence. (elena.vardon@wsj.com)
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Royal Philips 1Q Dragged by Litigation Impact, Market Uncertainty
0745 GMT - Although Royal Philips reported a strong 1Q, its EUR665 million net loss was worse than expected, ING analyst Marc Hesselink says in a note. This was mainly due to restructuring and acquisition-related charges, and a EUR575 million litigation provision related to the Respironics recall, Hesselink says. This comes on top of earlier provisions of EUR890 million and doesn't include the medical class action and the effect of the Federal consent decree--a settlement resolving a dispute without admission of guilt--with U.S. authorities, Hesselink says. "Overall we believe this is a positive update but it also underlines that litigation impact and market uncertainty are not out of the way," he says. (anthony.orunagoriainoff@dowjones.com)
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CentralNic's New Contract Should Allow It to Diversify Revenues
0745 GMT - CentraNic continues to outperform peers with strong 1Q result, and the addition of Microsoft Bing to its partners should allow the company to expand revenue streams, Berenberg analysts writes in a research note. The internet-platform company has won a contract with Microsoft Bing, giving it access to Bing's global portfolio of advertisers. "We think this relationship has the potential to be similar to the one with Google as and when Microsoft's search market share grows," the analysts say. More importantly, the contract will allow CentralNic to diversify revenue over time with multiple adtech partners, they say. Berenberg has a buy rating on the stock. (christian.moess@wsj.com)
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Lok'n Store's 1H Was Strong as Valuations Weather Turmoil
0731 GMT - Lok'n Store's first-half results were robust, with strength in the margins, balance sheet and growth pipeline and momentum that has persisted into the second half, FinnCap says. The self-storage company's store valuations have held up well through the recent financial turmoil, reflecting the structural under supply of quality, well-positioned self-storage assets that the company's portfolio typifies, FinnCap analyst Guy Hewett says in a research note. "We see 55% upside to the shares supported by the pipeline, with more to come as further sites are added," the U.K. investment bank says. FinnCap retains its 1,336.0 pence price target. Shares are flat on 872.0 pence. (joseph.hoppe@wsj.com)
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Royal Philips Can Expect Continuing Uncertainty From Respironics Litigation
0720 GMT - Royal Philips' 1Q is seen as better-than-expected both in terms of its execution on the supply chain as well as forward order growth, particularly in the diagnosis & treatment business, Citi analyst Veronika Dubajova says in a note. Although the EUR575 million provision for Respironics economic damages suggests progress on litigation, analysts continue to see significant uncertainty on the remaining components, Dubajova says. These include personal injury litigation, the consent decree, and the Justice Department investigation, she says, adding that all of them "could have much more significant cash flow and operational impact, and where we do expect ongoing uncertainty for a while." Citi rates the stock neutral and has a EUR14.50 target price. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
04-24-23 0421ET
