FTSE earnings; Berkeley and rivals rise as traders vent price fears
Berkeley and rivals rise as traders vent price fears
1046 GMT – Berkeley Group shares lead FTSE 100 hikes, up 4.8% after UK homebuilder reported higher first-half profits and pre-tax income and raised expectations in profit for the entire year. “Berkeley Group shares have rallied dramatically, rallying over 4% this morning on a very strong set of numbers,” IG analyst Chris Beauchamp said. “The lack of concern about inflation has provided yet another reason for investors to come back. Homebuilders have generally risen this morning, helped by the Berkeley numbers and the generally bullish tone prevailing in the markets.” Still, Taylor Wimpey’s earnings have lagged, rising 1.3% as the automaker said Pete Redfern would step down as general manager after more than 14 years.
TUI’s loss for fiscal 2021 has been reduced and market views missing
TUI AG on Wednesday reported a reduced net loss for fiscal 2021, which exceeded market expectations for the full year, and said the first quarter of winter 2022 was almost fully booked.
Taylor Wimpey CEO Pete Redfern resigns
Taylor Wimpey PLC announced on Wednesday that Pete Redfern will step down as chief executive after more than 14 years in the role.
Quiz switched to a pre-tax loss of one hour
Quiz PLC reported a pre-tax loss for the first half of fiscal 2022 on Wednesday and said revenue for the first two months of the second half increased significantly, in line with pre-Covid-19 levels.
Berkeley group’s 1 hour profit, increased revenues; Notes the forecasts for the 2022 financial year
Berkeley Group Holdings PLC said on Wednesday that profit and pretax income increased for the first half of fiscal 2022 and raised its profit expectations for the full year.
Centrica sells oil and gas assets of Spirit Energy in Norway
Centrica PLC said on Wednesday it had accepted the sale of Spirit Energy’s oil and gas assets in Norway to Equinor ASA and Sval Energi AS for $ 1.08 billion.
Stagecoach Group 1H Pretax soars on the back of falling debts
Stagecoach Group PLC said on Wednesday that its profit before tax increased thanks to the recovery in passenger volumes and the reduction of its net debt.
McColl’s full-year retail revenue and Adjusted EBITDA expected to decline
McColl’s Retail Group PLC said on Wednesday that revenue and Adjusted EBITDA declined in fiscal 2021 as a whole due to supply chain disruptions and Covid-19 restrictions, and warned against the fact that the activity would continue to be affected during the current fiscal year.
Glanbia plans a share buyback program of 50 million euros
Glanbia PLC announced on Wednesday that it had launched a € 50 million ($ 56.3 million) share buyback program to reduce its share capital.
Equal to the increase in the group’s cumulative annual sales; Already beaten a full year’s views
Equals Group PLC said on Wednesday it had already far exceeded expectations for the full year in terms of adjusted earnings and revenue.
Games Workshop says performance is as expected
Games Workshop Group PLC said on Wednesday that its performance since September was as expected.
SSP Group’s pre-tax loss for fiscal year 2021 was reduced thanks to lower costs
SSP Group PLC said on Wednesday its pre-tax loss for fiscal 2021 had narrowed as revenue declined after recording lower costs and said revenue for the first nine weeks of the new year averaged 66% of 2019 levels.
Alpha FX Group Expects to Beat Market Views for 2021 Profits
Alpha FX Group PLC said on Wednesday that its performance has remained strong since the first half of 2021, adding that it expects to close 2021 with revenue and earnings ahead of most market views.
Centrica’s sale of Norwegian oil and gas assets should appeal to investors
08:46 GMT – Investors will be happy to see Centrica abandon its stake in Norwegian Spirit’s oil and gas assets, which are expected to bring in just under £ 400million after the closing of costs related to the hedging and minority distributions of the sale of £ 800million, says RBC Capital Markets. It should also be viewed positively that Centrica passed on the £ 830million in dismantling costs, according to the bank. Since Norwegian assets were primarily focused on oil, the deal leaves the remaining UK portfolio parked in gas assets, RBC adds. “We still believe that this information flow will be received positively by the market where expectations for any positive net cession of cash by Centrica are very low.” Shares of the owner of British Gas are up 0.5%.
Berkeley group seems focused on investment, not returns
0827 GMT – The first half of Berkeley Group has been positive and reassuring, but its investment cycle continues to continue, Jefferies said. The homebuilder reports net cash of £ 845million, and although the group appears to have the pipeline to meet its target gross margin on land reserve, management says it will invest £ 700million net in land and construction over the next few years, says the US bank. “This suggests a later timeline for the working capital inflection and a decline in the group’s substantial return-on-capital potential,” Jefferies said, retaining his buy rating on Berkeley stock and target price. of 4,635 pence. Shares are up 4.4% to 4,840 pence.
Centamin harnesses Sukari’s potential, but cost forecasts disappoint
08:25 GMT – Centamin has announced a review of its flagship Sukari gold mine in Egypt. Gold reserves have been increased by 1.1 million ounces, allowing for a mining schedule of at least 12 years that will allow the company to achieve annual production of 500,000 ounces. The update has harnessed the potential of Sukari and suggests other benefits to come as exploration and underground expansion intensifies over time, according to RBC Capital Markets. In addition, with $ 256 million on the balance sheet, the group could seek to return money to shareholders, says RBC. On the downside, the forecast, especially for 2022 costs, is disappointing, according to the bank. The new cost forecast midpoint of $ 1,350 per ounce is ahead of the previously $ 1,038.
Berkeley’s improved outlook points to a solid future
08:25 GMT – The Berkeley Group’s positive first half is broadly in line with expectations, but the outlook points to a sharp increase in profits by fiscal 2025, according to Citi. The homebuilder noted a resilient sales market and improved its forecast for pre-tax profits for the next three years, peaking at £ 625million in profit by fiscal 2025, according to the U.S. bank. “We expect consensus estimates to increase, particularly for fiscal years 2023 to 2024 based on revised guidance, with the possibility of further outperformance in fiscal 2024,” Citi said, maintaining its rating. purchase on Berkeley stock and its target price of 5,094 pence. . Shares are up 4.5% to 4,844 pence.
Taylor Wimpey is in good shape despite CEO departure, says Citi
0823 GMT – Taylor Wimpey is left fit by outgoing CEO Pete Redfern, Citi said. The US bank says the management team is experienced and highlights CFO Chris Carney and COO Jennie Daly. Redfern has announced his exit after nearly 15 years with the British homebuilder where he has gone through difficult times during the global financial crisis and the coronavirus pandemic, he says. “The current strategy also remains well underpinned by the land investments made over the past 18 months and the balance sheet remains in good shape to drive growth and higher returns for shareholders,” Citi said. The bank has a buy rating on the stock and a target price of 210 pence. The shares are trading up 0.2% to 168.15 pence.
Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at [email protected]
(END) Dow Jones Newswires
December 08, 2021 06:05 ET (11:05 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.