The FTSE 100 closed up 0.6% on Wednesday after the U.K. government set out a series of measures to help businesses with energy bills over winter, cutting costs by around half compared with current levels. “London markets have seen decent gains for some sectors after the U.K. government outlined a package to help businesses with energy costs over the winter period,” CMC Markets UK’s chief market analyst Michael Hewson said . Elsewhere, there were also gains for defense stocks following Russian President Vladimir Putin’s comments regarding the escalation of war with Ukraine, with BAE Systems, Chemring and QinetiQ all higher.
Companies News:
Land Securities London Portfolio Signs New Rent; Occupancy on the Rise
Land Securities Group PLC said Wednesday that operational momentum has continued in its central London portfolio, signing new rent, with occupancy rising since the end of fiscal 2022.
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Keywords Studios 1H Pretax Profit Rose Amid Strong Demand Levels for Content
Keywords Studios PLC reported on Wednesday a significant rise in pretax profit for the first half of 2022, as revenue rose on strong demand levels for its content.
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S4 Capital 1H Operating Loss Widened Significantly; FY Outlook Unchanged
S4 Capital PLC on Wednesday reported a significantly widened operating loss for the first half of 2022, and said its full-year like-for-like net revenue growth target remains unchanged at 25%.
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Aveva Agrees to GBP9.48 Bln Takeover by Schneider
Aveva Group PLC said Wednesday that it has agreed to a 9.48 billion pound ($10.79 billion) takeover by its major shareholder French energy management and automation group Schneider Electric SE.
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Galliford Try FY 2022 Pretax Profit Fell; Starts GBP15 Mln Share Buyback
Galliford Try Holdings PLC on Wednesday said that its fiscal 2022 pretax profit fell on a statutory basis, though it rose on an adjusted basis, and that it will buy up to 15 million pounds ($17.1 million) in a share-buyback program.
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Ten Entertainment Swung to 1H Pretax Profit as Revenue Rose on Higher Sales
Ten Entertainment Group PLC said Wednesday that it swung to a first-half pretax profit as revenue rose on record sales, and that its performance for the year was in line with expectations.
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Games Workshop Early FY 2023 Performance Meeting Views; Declares Dividend
Games Workshop Group PLC said Wednesday that core revenue rose and pretax profit slipped in the three months to Aug. 28, in line with expectations, and declared a dividend.
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City Pub Swung to 1H Pretax Profit, Revenue Rose in Covid-19 Recovery
City Pub Group PLC said Wednesday that it swung to a pretax profit in the first half and that revenue rose significantly as it recovered from the effects of the coronavirus pandemic.
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Pendragon 1H Pretax Profit Rose on Improved Margins
Pendragon PLC reported on Wednesday an increased pretax profit for the first half of 2022 helped by higher margins on new and used vehicles sales and that it expects supply shortfalls to remain.
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WANdisco Signs $25 Mln Contract, Sees 2022 Bookings Beating Market Views
WANdisco PLC said Wednesday that it has signed a $25 million contract with a major global communications company, and that it expects 2022 bookings to significantly exceed market expectations.
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LXI REIT in Discussions With Sainsbury’s Over GBP500 Mln Sale, Leaseback
LXI REIT PLC said Wednesday that it is in discussions to acquire a portfolio of grocery stores from J Sainsbury PLC on a sale-and-leaseback basis for an expected 500 million pounds ($569 million).
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JD Sports Agrees to Deal Worth GBP5.5 Mln With Former Chairman Peter Cowgill
JD Sports Fashion PLC said Wednesday that it has reached a deal with former Executive Chairman Peter Cowgill, which includes enhanced restrictive covenants for a two-year period and a consultancy agreement.
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Polyus 1H Revenue Fell on Lower Gold Sales, Higher Costs
Polyus PJSC said Wednesday that revenue fell for the first half as the volume of total gold sales decreased and its total cash cost per ounce sold, or TCC, rose 12% in the period to $435.
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Petershill Partners Posts 1H Pretax Loss, Upgrades 2022 Views; Declares Dividend
Petershill Partners PLC on Wednesday reported a pretax loss for the first half of 2022, raised its full-year guidance and declared a dividend payout.
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SRT Marine Systems to Report Improved 1H Performance Vs 1H 2022; Shares Rise
Shares of SRT Marine Systems PLC rose 11% on Wednesday after the company said that it expects to report earnings for the first half of fiscal 2023 that are better than the same period a year earlier following an excellent start to the year.
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Frontier Developments FY 2022 Pretax Profit Fell Sharply on Higher Costs
Frontier Developments PLC reported on Wednesday a significant decline in pretax profit for fiscal 2022 after the company booked higher costs, and said the board remains confident about meeting views for fiscal 2023.
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Warpaint London 1H Pretax Profit Rose on Strong Profit Margin; Raises Dividend
Warpaint London PLC on Wednesday reported an increased pretax profit for the first half driven by a significantly improved gross profit margin and higher revenue.
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TP Group 1H Pretax Loss Narrowed on Lower Costs; TPG Maritime Hurt by Legacy Contracts
TP Group PLC said Wednesday that its first-half pretax loss narrowed after booking lower costs, and that the performance of its TPG Maritime division remains hampered by legacy contracts.
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SDI Group Sees FY 2023 Earnings in Line With Market Views
SDI Group PLC said it has made a good start to the year and anticipates reporting full-year earnings in line with market expectations.
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XPS Pensions Acquires Penfida Limited; Sees 2022 Ahead of Board Views
XPS Pensions Group PLC said Wednesday that it has acquired Penfida Limited for 11.6 million pounds ($13.2 million), and that it expects full-year performance to be above views.
Market Talk:
S4 Capital Likely to Focus on Organic Growth
1103 GMT – S4 Capital looks like it will focus on organic growth rather than mergers for the time being, Jefferies analysts say in a research note. Digital-marketing and data consultancy have never been more relevant, and the pandemic seems to have been a positive catalyst for digital transformation, with recessionary pressures a potential outsourcing opportunity, they say. The current share price looks like it is pricing in a further 40% decline in Ebitda, harsh in the context of the guidance reiteration at first-half results, the analysts say. Jefferies has a buy rating on the U.K. digital-advertising and marketing-services company with a target price of 170.00 pence. Shares trade up 9.9% at 157.70 pence. (kyle.morris@dowjones.com)
UK’s Energy Bill Cap Gives Foundation Sectors a Competitive Landscape, UK Steel Says
1037 GMT – The decision by the U.K. government to cap business energy bills will give foundation sectors such as steel the chance to get through winter by giving them a competitive business landscape, UK Steel Director General Gareth Stace says in a statement. The government must also move to reform the energy market quickly and ensure longer-term competitive price beyond the current six-month price cap, Stace says. “If we have parity on energy prices, then we can make steel competitively and provide well-paid and highly skilled jobs,” he says, adding that the steel industry stood ready to work with government “so that we are not in the same position this time next year.” (anthony.orunagoriainoff@dowjones.com)
UK Energy Price Cap Provides Businesses Some Reassurance, IoD Says
1035 GMT – The U.K. government’s energy bill relief program will provide much needed short-term reassurance for businesses, protecting them from the worst of international energy price increases, the Institute of Directors says. The organization of business leaders says it particularly welcomes the decision to include new contracts and a commitment to work with suppliers to ensure businesses on variable contracts have the option of a fixing rate deal, benefiting from government support prices. The IoD says it plans to work with the government to ensure further relief is carefully targeted at the most vulnerable industries and sectors. “Ultimately, however, business and government will need to work hand in hand to develop domestic energy sources and reduce consumption and dependency on expensive fossil fuels,” the IoD says. (joseph.hoppe@wsj.com)
Henry Boot Had a Solid 1H, On Track to Hit Targets
1030 GMT – Construction and property-development firm Henry Boot’s first-half results were solid, Panmure Gordon says. The business is making good progress in each of its divisions and its markets, which include industrial & logistics, residential and urban regeneration, Panmure says. Whilst management is mindful of the economic environment, the business is clearly on track to achieve full-year profit estimates, the brokerage adds. “We see the near-term uncertainty as an opportunity and therefore reiterate our buy recommendation and 440 pence target price,” Panmure analyst Adrian Kearsey says in a note. Shares are unchanged at 277p. (philip.waller@wsj.com)
UK Government’s Energy Bill Cap Seems Extremely Beneficial to Hospitality Sector
(MORE TO FOLLOW) Dow Jones Newswires
September 21, 2022 12:56 ET (16:56 GMT)
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