The FTSE 100 closed Wednesday down 0.35% to 7723 points as investors' focus on trading updates prompted some of the main decliners. Amid a short list of raisers, Melrose Industries shares closed up 4.4% after the industrial-turnaround specialist issued a new guidance for 2025 with an adjusted operating margin forecast materially ahead of expectations. British Land fell 5.7% and was the worst performer after the property group reported a lower portfolio valuation, followed by Croda International shares, which slipped 5.1%. JD Sports shares closed down 4.3% after the retailer reported a fall in FY 2023 pretax profit on the back of adjustments.


COMPANIES NEWS:

JD Sports Fashion Books Lower FY 23 Pretax Profit

JD Sports Fashion on Wednesday reported a lower pretax profit for fiscal 2023, though revenue increased as performance improved through the second half, particularly in North America.

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British Land Swung to FY 2023 Pretax Loss on Portfolio Value Decline

British Land on Wednesday reported a swing to a pretax loss for fiscal 2023 after its portfolio value declined due to higher interest rates, though revenue rose.

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Experian Sees Lower Revenue Growth in FY 2024 After In-Line FY 2023

Experian on Wednesday posted organic revenue and total revenue growth for fiscal 2023 in line with its guidance and said it sees lower growth for the year ahead.

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Sage Group 1H Pretax Profit Fell on Higher Costs; Revenue Beat Consensus

Sage Group said Wednesday that pretax profit for the first half of fiscal 2023 fell despite revenue beating consensus, after it booked higher costs.

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Blackstone/Thomson Reuters Consortium Raises GBP2.7 Bln in London Stock Exchange Group Placing

Barclays Bank said Wednesday that the Blackstone/Thomson Reuters consortium has raised around 2.7 billion pounds ($3.37 billion) through a placing and retail offer of shares in the London Stock Exchange Group.

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Bank of Georgia 1Q Pretax Profit Rose on Higher Interest, Fees

Bank of Georgia Group said Wednesday that its first-quarter pretax profit rose as higher interest, fees and commissioning income boosted revenue.

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Keller Group's Profit, Cash Was Better Than Expected in First Four Months

Keller Group said Wednesday that trading in the first four months of the year was strong and better than expected in terms of profit and cash.

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TP ICAP 1Q Revenue Grew

TP ICAP Group said Wednesday that revenue grew in the first quarter of the year, boosted by low-to-mid single-digit growth in all asset classes.

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Watches of Switzerland 4Q, FY 2023 Revenue Rose

Watches of Switzerland Group said Wednesday that its revenue for the fourth quarter of fiscal 2023 and for the full year rose, and that it anticipates an improvement of the business environment in the second half of the current fiscal year.

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Egdon Resources Shares Rise on GBP26.6 Mln Takeover Agreement From Petrichor

Egdon Resources shares rose Wednesday after it said it has agreed to a takeover by Petrichor Partners that values it at around 26.6 million pounds ($33.2 million), and which would take it private.

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Coats Group Revenue Fell in First Four Months of Year; Backs Guidance

Coats Group said Wednesday that reported revenue fell 12% in the first four months of 2023, and backed its guidance for the year.

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Ninety One FY 2023 Profit Fell on Swing to Outflows; Cuts Dividend

Ninety One said Wednesday that fiscal 2023 pretax profit fell as it swung to net outflows on a combination of macroeconomic headwinds, and cut its dividend.

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Gamma Communications Backs Guidance After Strong Year-to-Date Results

Gamma Communications said Wednesday that it has confirmed its guidance after growth across its three segments in the year to date, and that it expects the momentum to continue through the rest of 2023.

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Artisanal Spirits Appoints Billy McCarter as CFO

Artisanal Spirits said Wednesday that Billy McCarter, formerly interim finance director, has been appointed as chief financial officer with immediate effect.

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Mitchells & Butlers 1H Pretax Profit Narrowed on Higher Costs, Revenue Grew

Mitchells & Butlers said Wednesday that the first half of fiscal 2023 has been encouraging with office workers and tourists continuing to return to city centers, and it is tracking ahead of expectations, though inflationary pressures weigh.

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Conduit Holdings 1Q Gross Premiums Written Rose

Conduit Holdings said Wednesday that first-quarter gross premiums written rose on year, and that market conditions remained very favorable with property and specialty leading the way ahead of casualty.

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Chaarat Gold Shares Jump on Potential $250 Mln Investment

Shares in Chaarat Gold Holdings rose 47% on Wednesday after the company said it has signed a nonbinding letter of intent and an indicative term sheet with Xiwang International for a potential investment of $250 million.

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Auction Technology 1H Pretax Profit Slips on Higher Costs

Auction Technology Group on Wednesday said its pretax profit for the first half of fiscal 2023 narrowed on higher costs and that it sees organic revenue growth for the year at the lower-to-mid end of its guided range.

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Pantheon Resources Raises $22 Mln; Beating Previous Expectations

Pantheon Resources said it raised more than $22 million through an oversubscribed placing, a conditional subscription and a retail offer, beating its original expectations, and that proceeds will be mainly used to fund flow testing in its Alaskan Alkaid 2 wellbore, among other purposes.

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Proteome Sciences Says It Is Well-Positioned for 2023 Growth

Proteome Sciences is well-positioned to achieve growth for 2023 and beyond, the group said Wednesday after posting revenue and earnings for last year in line with its prereported figures.

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Circle Property Shares Drop on Delisting, Modest Capital Return Plans

Shares in Circle Property dropped Wednesday after the company said it will delist from London's AIM market on May 31 and that the return of capital to shareholders after cancellation will be modest.

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Kinovo Sees FY 2023 Performance Marginally Above Expectations

Kinovo said Wednesday that it expects performance for fiscal 2023 ended March 31 to be marginally above expectations despite inflationary pressures, material shortages and labor shortages.

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Redx Pharma 1H Pretax Loss Widens on Falling Revenue, Higher Costs

Redx Pharma said Wednesday that its pretax loss widened in the first half of fiscal 2023 due to lower revenue, higher research and development costs and one-off reverse merger expenses.

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Aptitude Software Sees 2023 Meeting Views; Names Mike Johns as Permanent CFO

Aptitude Software said Wednesday that it is confident its 2023 performance will meet prior expectations, and appointed acting Chief Financial Officer Mike Johns to the role on a permanent basis.

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MTI Wireless Edge 1Q Pretax Profit Rose on Improved Margins, Interest Rates

MTI Wireless Edge said Wednesday its pretax profit rose in the first quarter of the year driven by improving gross margin and higher interest rates received from cash on deposit.

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Admiral Acquisition Raises $550 Mln in Conditional Placing Ahead of IPO

Admiral Acquisition said Wednesday that it raised $550 million via a conditional share placing with the aim to buy a target company ahead of its listing on the London Stock Exchange.

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Purplebricks Shares Fall on Agreed Sale of Business to Strike for Nominal GBP1

Shares in Purplebricks fell Wednesday after the company said it has conditionally agreed to sell substantially all of its business and assets to Strike for a nominal consideration of one pound ($1.25) and the assumption of its liabilities.

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Savills Global Transaction Volumes Fall in Early 2023; Optimistic for Recovery

Savills said Wednesday that global capital transaction volumes for 2023 to date are at the lowest levels seen for a decade, though it is optimistic markets will start to improve in the second half.


MARKET TALK:

Experian's Near 'Invincibility' Seen as Still Intact

1009 GMT - Experian's strong end of the year and "solid" guide show the credit-reporting agency's resilience, Bernstein says in a note. "We wondered whether the credit tightening, which is clearly hitting peers, would impact a company which has historically been so immune to downturns, and the strength of the performance announced today suggests this near 'invincibility' is still intact," analysts Harry Martin and Alice Rose Buckley write. They add that while guidance for the year ahead--which reflects a tight credit environment offset by the success of Experian's structural growth areas--is at the lower end of market expectations, the share price underperformance year to date suggests the buyside is already there. Bernstein rates the stock market perform. Shares are down 3.1% at 2,656 pence. (elena.vardon@wsj.com)

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Aptitude Software Looks Well Placed for Growth Despite Headwinds

1001 GMT - Aptitude Software's update suggests that despite the weak macroeconomic environment, it is well placed to deliver continued annual recurring revenue growth coupled with margin expansion after heavy investments into the new Fynapse platform, Canaccord Genuity says. The U.K. software company has added further logos across the product portfolio in recent months and continues to see a growing pipeline as well as demand for its "Assure" enhanced support service, Canaccord analysts say in a research note. "[Our forecasts] would put Aptitude into the top quartile of U.K. small- to medium-cap technology stocks and with the shares trading on an attractive 7% free cash flow yield, we reiterate our buy rating," the Canadian investment bank says, retaining its 615 pence price target on the stock. Shares are flat at 365.0 pence. (joseph.hoppe@wsj.com)

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British Land Shares Look Cheap, Peel Hunt Says

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05-17-23 1215ET