FTSE 100 stable, British pound remains weaker after PMI data

Sterling remains weaker after UK PMI data

The pound remains at weaker levels after data showed UK services activity grew at a faster pace, but growth in manufacturing activity slowed in March. The S&P Global/CIPS UK Services Purchasing Managers Index rose from 60.5 in February to 61.0 in March, a level above 50 indicating growth. The manufacturing PMI fell to 55.5 in March from 58.0 in February. Economists polled by the WSJ had expected a services PMI of 58.0 and a manufacturing PMI of 57.0. The survey showed that worries about escalating inflationary pressures and the impact of the war in Ukraine on customer demand led to a sharp drop in business optimism. GBP/USD is trading at 1.3169 and EUR/GBP at 0.8349, both little changed after the data.

 
Companies News: 

Games Workshop increases its dividends; See online performance

Games Workshop Group PLC said on Thursday that activity in the three months to the end of February met its expectations and declared a dividend of 70 pence (92.4 cents) per share.

Arbuthnot Banking Moved to 2021 Pre-Tax Profit; Take over the dividend

Arbuthnot Banking Group PLC on Thursday reported a return to pre-tax profit in 2021 due to lower costs after the Asset Alliance integration, and declared a dividend payment.

Next says FY2022 pre-tax profit rose ahead of views but lowers guidance

Next PLC on Thursday reported an increase in pre-tax profit for the 2022 financial year ahead of management views, said it lowered its sales and profit forecast for the 2023 financial year due to the effects of the invasion of the Ukraine by Russia.

Reduction of Kin & Carta’s pre-tax loss in the first half, increase in turnover thanks to strong demand

Kin & Carta PLC said on Thursday that the pre-tax loss for the first half of the 2022 financial year narrowed on the year as revenue rose on strong demand and increased customer spending.

EnQuest moves to 2021 pretax profit on rising revenue amid higher oil prices

EnQuest PLC said on Thursday it shifted to a pre-tax profit on increased revenue as oil prices rose, which was partially offset by lower production.

Bridgepoint Group’s 2021 pre-tax profit up, declares dividend

Bridgepoint Group PLC said Thursday that 2021 pretax profit and revenue increased, driven by its core private equity and private debt businesses.

Profits from international public partnerships in 2021 increased thanks to the recovery of Covid-19

International Public Partnerships Ltd. on Thursday said its 2021 earnings and revenue rose due to a recovery from a disruption caused by the coronavirus pandemic, and declared an increased dividend.

Playtech Moves to 2021 Pre-Tax Earnings, Higher Revenues Driven by Strong Performance by Snaitech, B2B Online

Playtech PLC said on Thursday it moved to a pre-tax profit on increased revenue, driven by Snaitech and online B2B, particularly in Latin America.

Next Slashes FY2023 sales, profit forecast on effects of war and inflation

Next PLC on Thursday reported an increase in pre-tax profit for the 2022 financial year ahead of management views, but said it had lowered its sales and profit forecast for the 2023 financial year due to the effects of the Russian invasion of Ukraine and general inflation.

First half CVS Group pre-tax profit up; The 2022 financial year should be in line with the views

CVS Group PLC on Thursday reported an increase in its pre-tax profit for the first half of the 2022 financial year and said it expects to end the year with full-year profits in line with management’s views.

Eve Sleep 2021 Pre-tax loss widened, stocks fall

Shares of Eve Sleep PLC fell on Thursday after the company reported an expanded pre-tax loss for 2021 as the group recorded more expenses.

Robinson moved to 2021 pre-tax loss on higher costs; Volatility will continue in 2022

Robinson PLC said on Thursday it turned to a pre-tax loss in 2021 after booking higher costs, and the substantial uncertainty and volatility it experienced last year is expected to continue through 2022. .

Tungsten shares rise after Pagero says it is considering a takeover, ousting Kofax

Shares of Tungsten Corp. jumped 19% on Thursday after Pagero Group AB said it was considering a potential 56.9 million pound ($75.1 million) bid for the London-listed digital money management firm, ahead of a takeover control agreed by Kofax Parent Ltd.

Big Technologies 2021 pretax profit, increased revenue on new contracts and expanded agreements with existing customers

Big Technologies PLC said on Thursday that 2021 revenue and pre-tax profit rose as it booked new contracts and increased revenue from existing customers.

Energean 2021 Revenues Soared; Pay a dividend on the start of Karish production

Energean PLC said on Thursday that revenues soared in a higher price environment and that it planned to declare dividends after production began on its main project.

Lloyd’s Of London Switches To 2021 Pre-Tax Profit; Sees major claims due to war in Ukraine

Lloyd’s Of London reported a return to pre-tax profit in 2021 on Thursday, saying it was the best result in seven years, but expects the ongoing dispute in Ukraine to present a claim major on the market in 2022.

 
Market Talk: 

UK economic growth set to be hit in 2H22

10:38 GMT – Britain’s economic growth is expected to be hit by the cost of living crisis and slow significantly in the second half of this year, forcing the Bank of England to slow its monetary tightening cycle, Morgan Stanley said. The US investment bank says UK households are facing the biggest drop in disposable income since records began in the 1950s and it does not expect the savings rate to fall enough to prevent a decline in private consumption. “We continue to expect growth to stall in 2H22 as the BOE slows its rate of increase then,” Morgan Stanley analysts said.

Pantheon Resources well test looks positive, but more data needed

10:33 GMT – Pantheon Resources’ Theta West No. 1 test well has been flowing light oil at a good pace, maintaining recent positive progress elsewhere at the Alaska site, Canaccord Genuity said. The oil and gas explorer’s well confirms the scale of the Theta West discovery and is a substantial step forward, although much work remains to be done to properly assess the size of the discovery and determine its commerciality, a said the Canadian investment bank. . “In our view, the Alkaid horizontal well and extended testing, scheduled for this summer, will be another important data point for assessing the commerciality of Pantheon’s discoveries to date,” Canaccord said, maintaining its rating. speculative buy and its price target of 220 pence. . The shares are up 12% at 139.0 pence.

Surface Transforms New £100m deal boosts visibility

1017 GMT – Surface Transforms new £100m contract with OEM 8, which replaces a previous £27.5m contract from 2020, brings the backlog to £180m, according to Finncap. The manufacturer of carbon fiber reinforced brake discs will be the sole supplier of discs on both axles of a high-performance derivative of an existing model, the investment bank said. “This derivative has seen much higher demand than originally anticipated and production start now begins in the spring of 2022,” Finncap said. The bank says the deal will give it the visibility it needs to start introducing forecasts through 2024. Finncap is keeping its price target of 69 pence per share. The shares are up 23% at 51.5 pence.

Playtech looks likely to see M&A action

1017 GMT – Playtech is likely to receive an attractive takeover offer or otherwise attractive bids for its components, says Peel Hunt after the gaming tech company released 2021 results packed with good stuff. Major corporate transactions are pending, including a possible offer from investor group TTB and separate approaches for divisions, and the completion of the sale of Finalto, the UK brokerage said. Elsewhere, the impact of a possible regulatory change in the UK is uncertain and the company could see a significant impact by supporting its more than 700 colleagues in Ukraine, said Peel Hunt. The brokerage has a buy rating on Playtech with a target price of 800 pence on the stock. The shares are trading up 1.1% at 615 pence.

Games Workshop’s dividend declaration is a positive surprise

0953 GMT – Games Workshop’s brief business update for the three months ending February says its performance in the quarter met expectations and it declared a 70p dividend, Goodbody said. The miniature wargaming company’s dividend, combined with earlier distributions, brings total dividends for the year to 235 pence per share, according to the Irish brokerage. “For the year to May, we expect revenue of £392m, adjusted earnings per share of 386p and dividends per share of 240p and as a result Games Workshop is clearly in ahead of the latter,” Goodbody said. Goodbody retains its buy rating on Games Workshop shares. The shares are up 11% at 7,915.0 pence.

 

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [email protected]

(END) Dow Jones Newswire

March 24, 2022 07:00 ET (11:00 GMT)

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