Glencore's Results Could Lead to Consensus Cuts

0731 GMT - Glencore reported a weaker set of results for the first half of the year with core earnings falling short of expectations, analysts at Citi say in a research note. The commodity giant's adjusted Ebitda came in at $9.4 billion, 14% below Visible Alpha's estimates, with operational weakness driven by the company's nickel business, according to the bank. "We expect mid-single digit downwards revision to consensus expectations for full-year Ebitda and cash flow on the back of weaker interim earnings," the analysts say. (giulia.petroni@wsj.com)

COMPANIES NEWS:

Spirax-Sarco CEO Nicholas Anderson to Retire; Nimesh Patel Named Successor

Spirax-Sarco Engineering's Chief Executive Officer Nicholas Anderson plans to retire early next year after ten years in the role and will be replaced by Chief Financial Officer Nimesh Patel.

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Wealth firm 7IM downsizes London HQ as private equity buyers circle -- Financial News

UK wealth manager moves into premises a quarter of the size of its offices in 55 Bishopsgate

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InterContinental Hotels Group Net Profit Rose on Improved Conditions

InterContinental Hotels Group said first-half net profit and revenue increased, driven by improved trading conditions, but that it expects the comparatives to 2022 in the second half to get tougher due to continuing economic uncertainties.

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Abrdn Pretax Loss Narrows; Extends Buyback

Abrdn posted a narrower pretax loss for the first half of 2023 as it reported higher-than-expected net outflows and extended its share buyback program.

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STM Group Gets Extension for PSF Capital Takeover Plan

The U.K. Takeover Panel has extended the deadline for PSF Capital Reserve to make an offer for STM Group, or walk away, until Aug. 22 so that the parties can continue talks and the due diligence process.

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SIG Says Pretax Profit Fell on Higher Costs; Conditions to Remain Challenging

SIG reported lower first-half pretax profit after booking higher costs, and said it expects conditions to remain challenging across end markets in the second half alongside further moderation in price inflation.

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Quilter Sees 2023 Profit Ahead of Views; Assets Under Management and Administration Rise

Quilter expects its adjusted profit for the year expected to be meaningfully ahead of current market expectations, assuming broadly stable markets after it reported a rise in its assets under management and administration for the first half.

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Adriatic Metals Raises GBP25.1 Mln via Share Placing

Adriatic Metals said it has raised 25.1 million pounds ($32.1 million) via the share placing first announced late Monday, slightly more than planned.

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IWG Pretax Loss Flat; Outlook Cautiously Optimistic

IWG's pretax loss for the first half was flat after it booked higher costs, but its outlook for the full year remains cautiously optimistic due to growing demand for hybrid working solutions.

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Rotork Pretax Profit Rose on Higher Revenue Due to Divisional Growth

Rotork said pretax profit rose in the first half as revenue increased on growth across all divisions, and that it entered the second half with a record order book.

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Amur Minerals Ends Takeover Talks With Ascent Resources

Amur Minerals said talks over a possible 2.4 million pound ($3.1 million) all-share takeover from Ascent Resources have ended.

MARKET TALK:

Abrdn Shares Weighed by Weak Performance

0731 GMT - Abrdn shares sink to the bottom of the FTSE 100 index, losing around 6% in morning trade, after the investment company's first-half results missed consensus expectations. "We expect investors to react cautiously to the earnings and flow miss, especially since ABDN shares trade rich vs peers," Citi analysts write in a note. The adjusted operating profit miss was due to higher costs, and the group posted lower-than-expected adjusted pretax profit and assets under management, Citi says. Overall performance remains weak and has deteriorated on a three- and five-year basis, the U.S. bank says. Citi rates the stock sell. Shares trade at 205.6 pence. (elena.vardon@wsj.com)


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(END) Dow Jones Newswires

08-08-23 0348ET