Credit Default Rates by UK SMEs, Households Rise in 1Q, Could Increase Further
1130 GMT - Default rates on loans to U.K. households and small and medium-sized businesses increased in the first quarter of 2023, according to the latest Bank of England Credit Conditions Survey released on Thursday. "Lenders reported that default rates on secured loans to households, total unsecured loans, as well as default rates on loans to small and medium-sized corporates increased in 1Q," BOE said. The default rates are expected to increase further in 2Q, according to the survey. Nonetheless, default rates on loans to large businesses remained unchanged in 1Q and are expected to remain unchanged in 2Q, according to the survey. (miriam.mukuru@wsj.com)
COMPANIES NEWS:
PZ Cussons 3Q Comparative Revenue Rose; Expects FY 2023 Adjusted Pretax Profit in Line With Views
PZ Cussons PLC said Thursday that like-for-like revenue in the third quarter of fiscal 2023 rose 6.2%, and that it expects adjusted pretax profit for the year to be at least in line with market expectations.
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Darktrace 3Q Revenue Rose; Sees FY23 Revenue Growth at Top End of Expectations
Darktrace PLC on Thursday reported robust growth in annual recurring revenue and improved third-quarter revenue, and centered full-year revenue growth at the top end of its guidance range for the full year,
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Tesco FY 2023 Pretax Profit Halved, Plans GBP750 Mln Buyback
Tesco PLC on Thursday said its pretax profit halved in fiscal 2023 and that it would buy back 750 million pounds ($936.4 million) of shares over the next 12 months
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Imperial Brands Sees 1H Profit Around Flat on Year; On Track to Meet Full-Year Guidance
Imperial Brands PLC said Thursday that it is on track to meet full-year guidance and that first-half adjusted group operating profit should be similar on year on a constant-currency basis.
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VP PLC Sees Full Year in Line After Progress in Core Markets
VP PLC said Thursday that it expects its full-year results to be in line with the board's expectations after good progress in its core markets of infrastructure, construction, house building and energy.
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Norcros Expects to Report Rise in FY 2023 Revenue, Operating Profit
Norcros PLC said Thursday that it expects to report that fiscal 2023 revenue rose and that operating profit met market expectations.
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Science in Sport to Focus on Growing Business; No Longer in Offer Period
Science in Sport PLC said Thursday that it is no longer in a formal offer period following its review of the business that has highlighted a focus on accelerating its growth.
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Distil FY 2023 Pretax Loss Widened; Revenue Below Market Views
Distil PLC said Thursday that its unaudited pretax loss for fiscal 2023 widened and that unaudited revenue was slightly below market expectations.
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Workspace 4Q Occupancy Was Stable; Rent Roll Increased on Demand
Workspace Group PLC said Thursday that like-for-like occupancy was stable in the fourth quarter of fiscal 2023, and its total rent roll increased on strong customer demand.
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Brooks Macdonald Group 3Q Funds Under Management Rose
Brooks Macdonald Group PLC said Thursday that its funds under management rose 3.5% in the third quarter of fiscal 2023 and that its underlying performance is in line with guidance.
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Churchill China 2022 Pretax Profit, Revenue Rose on Higher Volumes, Pricing
Churchill China PLC said Thursday that its pretax profit rose 61% in 2022, and that 2023 has started well with first-quarter targets met.
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Home REIT Gets Extension to Bluestar Bid Deadline
Home REIT PLC said Thursday that the U.K. Takeover Panel has extended the deadline until May 11 for Bluestar Group Ltd. to either make an offer for the company or walk away.
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Imperial Brands Sees Flat 1H Profit; On Track to Meet Full-Year Guidance -- Update
Imperial Brands PLC said Thursday that it is on track to meet 2023 guidance, and that first-half adjusted group operating profit should be roughly flat on year on a constant-currency basis.
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Pennant International Buys Track Access Productions Ltd.
Pennant International Group PLC said Thursday it has acquired the entire issued share capital of Track Access Productions Ltd., or TAP, and that this was funded entirely from existing cash resources.
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LSL Property Swung to 2022 Pretax Loss; Expects Strong 2H of 2023
LSL Property Services PLC said Thursday that it swung to a 2022 pretax loss and revenue slightly declined on exceptional costs and market turmoil, though it expects a strong performance in the second half of 2023.
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Oxford Instruments Sees Significant FY 2023 Revenue Growth; CEO to Retire
Oxford Instruments PLC said Thursday that revenue growth for fiscal 2023 is expected to be around 22% and that Chief Executive Ian Barkshire will retire and Richard Tyson has been named as his successor.
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Watkin Jones Experienced Strong Demand in 1H
Watkin Jones PLC said Thursday that it experienced strong demand in the first half of fiscal 2023, and that it expects to close a number of transactions in the second half.
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LendInvest Sees FY 2023 Results in Line With Views as Platform Assets, Funds Under Management Rose
LendInvest PLC said Thursday that it expects its results for fiscal 2023 to be in line with market views as it reported a 20.5% rise in its platform assets under management and 45.2% increase in its funds under management over the year.
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Polar Capital Holdings Says FY 2023 Assets Under Management Declined
Polar Capital Holdings PLC said Thursday that assets under management decreased on year in fiscal 2023 on a combination of net outflows, fund closures and market performance.
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Steppe Cement Shares Fall on 1Q Decline in Revenue
Steppe Cement Ltd. shares fell Thursday after the company said that first-quarter revenue declined, reflecting a smaller cement market and a lower market share.
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Ince Group Nominated Adviser, Broker Resigns Following Administration Decision
The Ince Group PLC said Thursday that Allenby Capital Ltd. has resigned as its nominated adviser and broker with immediate effect following the company's decision to appoint an administrator.
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Foresight Group Expects Record Profit, Assets-Under-Management Growth
Foresight Group Holdings Ltd. said Thursday that it expects to book a record year for profitability and growth in assets under management.
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TT Electronics CEO to Leave Company
TT Electronics PLC said Thursday that Chief Executive Richard Tyson has informed the board of his decision to leave the company.
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Savannah Energy 1Q Revenue Rose 26% on Higher Production -- Energy Comment
Savannah Energy PLC on Thursday reported a 26% rise in first quarter revenue on much higher production. Here's what the Africa-focused oil-and-gas company had to say:
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Seplat Energy Says Nigerian Government Files Immigration Suit Against It
Seplat Energy PLC said Thursday that the Nigerian government has filed a suit against the company and some of its directors and officers at the country's federal high court.
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XP Power 1Q Revenue Grew; Order Intake Fell as Volumes Eased
XP Power Ltd. said Thursday that revenue grew 26% in first quarter of 2023, but that order intake fell amid lower volumes.
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Kodal Minerals Shares Rise as Mali Lithium Project Funding Package Gets Approvals
Shares in Kodal Minerals PLC rose Thursday after the company said Hainan Mining Co. Ltd. has received all necessary approvals for a funding package for development and production of its lithium project in Mali.
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Serica 2022 Pretax Profit, Revenue Grew on Rising Production, Sales Prices
Serica Energy PLC said Thursday that its pretax profit more than doubled in 2022 and revenue rose 58% as production grew following successful well-investments and average sales prices increased.
MARKET TALK:
Norcros Should See Positive Share Reaction After Reassuring Update
1106 GMT - Norcros should see a positive reaction from investors after the U.K. supplier of bathroom and kitchen products said it expects full-year results in line with market expectations, Shore Capital analyst Tom Fraine writes in a research note. "We believe investors will react positively to this update, given that a downgrade may have been priced in," he says. Additionally, Shore Capital sees increased scope for upgrades to its fiscal 2024 and fiscal 2025 forecasts, once interim results have been published, as well as material upgrades through potential mergers and acquisitions, Fraine says. Shore Capital keeps a buy rating on the stock. Shares are up 7.3% at 190.00 pence. (christian.moess@wsj.com)
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PZ Cussons 3Q Trading Update Was Encouraging
1049 GMT - PZ Cussons shares rise 4% to 194 pence after the soap and washing-up liquid maker forecast full-year 2022/23 adjusted pretax profit at least in line with market estimates. The trading update for the third quarter to Mar. 4 should encourage the market, particularly with signs that a Europe/Americas second-half margin recovery is on track, Barclays analyst Patrick Folan says in a note, reiterating the bank's overweight recommendation and 252p price target.(philip.waller@wsj.com)
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UK Banks' 1Q Net Interest Income Seen as Less Negative by JPM
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04-13-23 0755ET
