The FTSE 100 Index closed Friday up 0.2% to 7756 points, in line with global markets, boosted by miners and oil-exposed stocks. BP shares led the risers, closing up 3%, followed by Scottish Mortgage Investment and Flutter Entertainment, both up 2%. Retailers were among the worst performers as JD Sports shares slipped 7.8% and Burberry closed down 4.1%.


COMPANIES NEWS:

Burberry's Makeover Is Long and Slow -- Heard on the Street -- WSJ

By Carol Ryan

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Velocys 2022 Pretax Loss Widened, Seeks to Raise GBP32 Mln for Business Scale-Up

Velocys said Thursday reported a widened pretax loss for 2022 on the back of increased costs and that the group is seeking to raise funds to scale-up the business.

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Tharisa 1H Net Profit Hit by Costs; Headline Earnings Rose

Tharisa said Friday that net profit for the first half of fiscal 2023 fell, hit by higher costs and a retreat in prices of platinum-group metals, but that headline earnings rose.

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Vanquis Banking Chairman Patrick Snowball to Step Down in 2023

Vanquis Banking Group said Friday that Chairman Patrick Snowball intends to step down from the board in 2023.

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Smiths Group Raises FY 2023 Organic Revenue Growth Guidance for Third Time

Smiths Group on Friday raised its full-year guidance for organic revenue growth after it saw double-digit growth for the first nine months of fiscal 2023.

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C&C Group Sees EUR25 Mln Hit From System Upgrade Challenges; CEO Steps Down

C&C Group said Friday that it expects a one-off hit of around 25 million euros ($26.9 million) from system upgrade implementation challenges in fiscal 2024, though it backed guidance, and said Chief Executive David Forde wishes to step down.

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Knights Group Sees FY 2023 Revenue, Underlying Pretax Profit Rising

Knights Group Holdings said Friday that it expects to report a rise in revenue and underlying pretax profit for the year ended April 30, and that recent acquisitions have been integrating well and performing in line with expectations.

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Kazatomprom to Hold Extraordinary Meeting in June at Shareholder Request

NAC Kazatomprom said Friday that it will hold an extraordinary general meeting on June 21 at the request of major shareholder Samruk-Kazyna, though it didn't disclose the precise nature of the meeting.

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Petra Diamonds Raises $42.1 Mln in Fifth Tender of FY 2023

Petra Diamonds on Friday said it sold less rough diamonds in the fifth tender of fiscal 2023 as demand and prices softened following stronger fourth tender sales.

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Unbound Group Continues to Seek Additional Funding; Mulls Full Sale of the Company

Unbound Group said Friday that the board continued to seek additional funding to complete the company's restructuring, and that it was mulling a full sale of the company, among other options.

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Alphawave 2022 Pretax Profit Fell on Higher Costs, Despite Soaring Revenue

Alphawave IP Group said Friday that pretax profit fell in 2022, partly due to increasing costs, but added that revenue more than doubled on year, and that it backed its guidance for 2023.

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Network International Gets Extension to Brookfield Asset Bid Deadline

Network International said Friday that the U.K. Takeover Panel has extended the deadline until June 1 for Brookfield Asset Management to either make a formal offer for the company or walk away.

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Premier African Minerals to Raise Further GBP610,000 for Zimbabwe Project

Premier African Minerals said Friday that it plans to raise a further 610,000 pounds ($757,010) after it received institutional interest following the GBP1.75 million fundraising it set out earlier in the week.

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Titon Sees FY 2023 Results Below Expectations; Shares Fall

Shares in Titon Holdings fell Friday after the company said it expects results for fiscal 2023 to be lower than previously expected due to issues in the South Korean market, as it reported a widened pretax loss for the first half after booking higher costs.

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London Security 2022 Profit Was Flat Due to Inflation, But Revenue Rose

London Security said Friday that revenue rose in 2022, but that profit was flat as it dealt with the effect of inflation.

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Fusion Antibodies Shares Dive After Discounted Placing

Shares in Fusion Antibodies sank 83% on Friday after the group said it had conditionally raised around 1.56 million pounds ($1.9 million) by placing shares at a significant discount and that it will use the proceeds to support the delivery of its integrated therapeutic antibody service.

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Bridgepoint Close to Acquiring Majority Stake in Windar Renovables, Expansion Reports

--British fund Bridgepoint is close to acquiring a majority stake in wind turbine tower maker Windar Renovables, Expansion reports, citing several financial sources.

MARKET TALK:

Boohoo's Prospects Are Picking Up Despite Hurdles

1020 GMT - Boohoo Group's prospects are improving, Panmure Gordon says, upgrading its recommendation on the U.K. online fashion retailer to buy from hold. The company's full-year results this week showed signs of stabilization and it looks set to benefit as supply-chain issues ease, Panmure says. "This said, near-term trade remains weak, there's clear execution risk with the U.S. distribution center and the company's view of recovered Ebitda margin prospects at 6-8% looks some way below historic levels," Panmure analysts write. "But we think the worst is over and Boohoo has protection from demand pressures from its ability to invest falling input costs into price." Panmure also increases its price target on the stock to 70 pence from 60 pence, which falls 1% to 43 pence. (philip.waller@wsj.com)

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Whitbread's Accelerated Growth Prospects Should Drive Rerating

1013 GMT - Whitbread's largest source of upside to its long-term equity story is Germany, with inflecting profitability being a key catalyst for fiscal 2024, analysts at Jefferies say in a note. The Premier Inn owner's mature estate in Germany was profitable in the third quarter for the second consecutive period, and it has reiterated its ambition for the entire German business to turn breakeven during 2023, the analysts say. Furthermore, its balance sheet strength shows GBP750 million in cash firepower to acquire freehold and enter leasehold contracts, and start share buybacks, the analysts say. "Accelerated growth should drive a rerating," the analysts say. Jefferies rates the stock buy and has a 4,000 pence target price. (anthony.orunagoriainoff@dowjones.com)

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UK 30-Year Gilt Yields Rise as Term Premium Increases

0954 GMT - Long-dated gilt yields are rising mainly due to an increase in term premium, the compensation required for bearing long-term investment risk, says Barclays fixed income strategist Moyeen Islam in a note. "Evolving term premium is the key driver of changes in over-10-year maturity gilts," he says. In addition, expectations of increased supply of long maturity gilts in 3Q 2023 is likely to push the gilt yields higher, he says. "The 30-year gilt yields may well need to see a correction as Debt Management Office supply picks up" he says. (miriam.mukuru@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com


(END) Dow Jones Newswires

05-19-23 1210ET