Sylvania Platinum said that Chair Stuart Murray will step down with effect from Dec. 31 to pursue other business interests.

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Falanx Cyber Security Sells Unit, to Close Remaining Operating Business

Falanx Cyber Security said it has agreed to sell its cyber security division to Thetis Bidco for a total enterprise value of 4.2 million pounds ($5.2 million), and that it intends to dissolve its remaining operating business.

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Flutter Entertainment Shares Tumble on Lower Earnings Guidance

Shares in Flutter Entertainment tumbled to the bottom of the Stoxx Europe 600 index after the gambling and betting group said earnings outside of the U.S. will be at the bottom of its guided range this year.

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National World Appoints New CFO, COO

National World has appointed Sheree Manning as chief financial officer and Mark Hollinshead as chief operating officer, both with immediate effect, the news publisher said Thursday.

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Zegona Communications to Raise EUR300 Mln to Help Fund Vodafone Spain Purchase

Zegona Communications said it will raise around 300 million euros ($321.3 million) via a share placing to part-fund its previously announced acquisition of Vodafone Spain.

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Amala Foods Shares Halted Ahead of Reverse Takeover Deal

Amala Foods said that it expects to announce a reverse takeover of a healthcare company that has a subsidiary in the Philippines, and that trading in its shares has therefore been suspended.

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Canaccord Genuity Agrees to Buy Scotland's Intelligent Capital

Canaccord Genuity struck a deal to buy U.K. financial planning business Intelligent Capital in a move to further grow its wealth-management operations and the scale of its financial planning capacity.

MARKET TALK:

Taylor Wimpey Still Faces Challenges But Is Through the Worst

1233 GMT - U.K. house builder Taylor Wimpey's operating profit guidance upgrade is likely to slightly lift market expectations for 2023, though it probably won't change 2024 views at this point, Peel Hunt says. Market conditions remain tricky and the first half of 2024 is likely to be down on year given the 25% drop in the order book, but the improving build costs and lack of further selling price pressures should be helpful for margins, Peel Hunt analysts say in a note. "While conditions remain difficult [and] it is not going to be a sharp bounce back, it increasingly looks like we are past the darkest days for the sector," the brokerage says. Shares are up 2.1% at 118.0 pence. (joseph.hoppe@wsj.com)

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Domino's Pizza Strategic Progress, Reiterated Guidance Prompts Upgrades

1410 GMT - Domino's Pizza 3Q is solid as like-for-like system sales rose 3.7%, Liberum analysts Wayne Brown and Anubhav Malhotra say in a note. The company's strategic progress in digital is impressive with 79% of online orders going through the app, up from 53% the year before and trials for new menus going well, the analysts say. Reiterated guidance prompt's analysts to update 2023 forecasts to adjusted pretax profit of GBP95 million, from GBP94.9 million, and a 4% rise in revenue to GBP682 million. "We remain hold for now on valuation grounds but note the positive steps taken under the group's 'value, digital and convenience' strategy under previous CEO Elias Diaz Sese," the analysts say. Shares are down 7.7% at 343 pence. (anthony.orunagoriainoff@dowjones.com)

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WH Smith's Travel Business Is Set for Expansion

1402 GMT - WH Smith's fiscal 2023 performance shows that the group continues to reap the rewards of its travel business's robust performance as air travel returns to normality and growth continues apace, Interactive Investor head of markets Richard Hunter says in a note. The U.K. stationery, book and convenience-food retailer reported a overall revenue growth of 43%, with trading profit increasing sharply to GBP164 million from GBP89 million, he highlights. "The numbers provide further proof that the group has edged further to becoming a global travel retailer, and it is keeping its foot firmly on the accelerator to maintain expansion," he adds. Shares at 1351 GMT are up 2.4%. (michael.susin@wsj.com)

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Marks & Spencer Has Ongoing Potential

1401 GMT - Marks & Spencer Group shares rise 0.4% to 245 pence after JPMorgan upgraded the U.K. clothing and food retailer to neutral from underweight. On Wednesday, the company reported better-than-expected first-results and restored its dividend, though it said the trading outlook remained uncertain. M&S is making consistent progress and has ongoing opportunities, JPM says, also increasing the bank's price target on the stock to 260p from 170p. (philip.waller@wsj.com)

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WH Smith Has Plenty of Long-Term Opportunities

1340 GMT - WH Smith shares rise 2.2% to 1215 pence after the U.K. stationery, book and convenience-food retailer reported higher full-year revenue and profit. The results for the year to Aug. 31 matched the company's previous trading statement and showed a strong start to 2023/24, Panmure Gordon says. "With plenty of long-term opportunities, including in the U.S. travel-retail market--aiming for 20% market share versus the current 13% share--SMWH [WH Smith] remains one of our top picks," Panmure analyst Alex Chatterton says in a note, reiterating the brokerage's buy recommendation and increasing its target price to 2300p from 2100p. (philip.waller@wsj.com)

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B&M Out of Favor After Sluggish Performance Ahead of Christmas

1321 GMT - B&M was out of favor with the market in morning trading despite the upgraded guidance and store roll-out plans, AJ Bell investment director Russ Mould says in a note. The convenience retailer's relatively sluggish like-for-like growth in the first six weeks of the golden quarter--the most profitable period for retailers--could have created some disappointment, even if the performance of the last three weeks has been more encouraging, as its range of discounted goods should be attractive to consumers looking to save money, he highlights. "An admission that volatile market conditions make forecasting tough may also have been in the minds of investors," Mould added. Shares at 1313 GMT are down 4.2% and the stock is among the worst performers of the FTSE 100 index. (michael.susin@wsj.com)

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Wizz Air's Lack of Capacity Growth Likely to Hurt Consensus

1230 GMT - Wizz Air revised down its capacity outlook for 3Q and 4Q due to the Pratt & Whitney engines issue, and sees fiscal 2025 capacity as broadly flat, Citi analysts say in a note. The budget airline also narrowed its fiscal 2024 net income guidance to EUR350 million to EUR400 million, from a previous range of EUR350 million to EUR450 million, they say. However, compensation from Pratt & Whitney should help to minimize the hit to net income, the analysts say. "We see the lack of capacity growth into fiscal 2025 will likely be a downside risk to consensus estimates," the analysts say. Shares are down 7.7% at 1,719.50 pence. (anthony.orunagoriainoff@dowjones.com)

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Endeavour Mining Exceeded Expectations Across the Board

1230 GMT - Endeavour Mining beat forecasts across the board, with production driven by a significantly strong output from the Hounde mine in Burkina Faso and financials by an increase in gold sales, Berenberg analysts Richard Hatch and William Dalby write in a research note. "Overall, we view the results as positive," they say. The gold miner produced more gold at lower costs than Berenberg had expected, thanks mainly to higher throughput and better grades at Hounde. However, clear underperformance at the Mana mine in Burkina Faso, in both production and costs, will likely be a point of focus for investors, the analysts say. Adjusted Ebitda and EPS both exceeded Berenberg's forecasts too, thanks to a revenue beat on the overall higher production and gold sales. Shares are down 2.5% at 1,643.00 pence. (christian.moess@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

11-09-23 1302ET