FTSE 100 Rises as Oil Stocks Gain After BP Results
0939 GMT - The FTSE 100 Index rises 0.4%, or 32 points, to 7868 as gains for oil stocks following BP's fourth-quarter and full-year results offset losses for property and financial shares. BP gains 4% and Harbour Energy and Shell also advance after BP reported record annual profit and raised its dividend. "We expect a positive reaction to BP's results and strategy update," Barclays analysts say in a note. "Capex is up, yes, but so too are Ebitda guidance and cash returns to shareholders." Meanwhile, Barratt Developments, Segro and Land Securities are among the property and construction sector's biggest top-flight fallers, while financial stocks St. James's Place, Abrdn, Hargreaves Lansdown and Scottish Mortgage Investment Trust also lose ground. (philip.waller@wsj.com)
Companies News:
React FY 2022 Earnings Rose Amid Organic Revenue Growth, LaddersFree Acquisition
React Group PLC said Tuesday that fiscal 2022 earnings rose as revenue benefited from organic growth and the acquisition of LaddersFree in May.
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BP Adds $28 Billion to Record Full-Year Profits of Oil Giants
LONDON--BP PLC became the latest oil giant to post record annual profit last year, joining peers on both sides of the Atlantic in capitalizing on soaring energy prices.
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Morgan Advanced Materials Sees 2022 Beating Market Views, Expects 2023 Profit Hit
Morgan Advanced Materials PLC said Tuesday that it expects its 2022 performance to slightly exceed market expectations, though it expects production inefficiencies to hit 2023 adjusted operating profit.
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Mattioli Woods 1H Pretax Profit Rose
Mattioli Woods PLC on Tuesday posted a rise in half-year pretax profit and said that outlook for fiscal 2023 remains in line with expectations.
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BP Adds Nearly $28 Billion to Record Full-Year Profits of Oil Giants -- WSJ
By Jenny Strasburg
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Ferrexpo Gets Ukrainian Court Order Freezing Subsidiary's Bank Accounts
Ferrexpo PLC said Tuesday that it has received a court order issued at the request of a prosecutor in Ukraine, to freeze the bank accounts of one of its subsidiaries based in the country, Ferrexpo Poltava Mining.
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Zinc Media Sees 2022 Revenue, Adjusted Earnings Ahead of Views After Strong 4Q Performance
Zinc Media Group PLC said Tuesday that revenue and adjusted earnings before interest, taxes, depreciation and amortization for 2022 are expected to be ahead of current market expectations after it booked a strong fourth-quarter performance boosted by its The Edge film content business.
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BNY Mellon funds boss Hanneke Smits named 30% Club chair -- Financial News
Smits succeeds Ann Cairns, and says she will keep up the pressure on both gender and racial diversity in the City
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Numis Flags Continuation of Difficult Market Conditions
Numis Corp. said on Tuesday that its revenue for the first four months of fiscal 2023 was similar to the second-half run-rate of fiscal 2022 as it experienced a continuation of difficult market conditions but said it is well-placed to deliver when volumes recover.
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Ormonde Mining Shares Suspended After Peak Nickel Stake Buy, Takeover Possibility
Ormonde Mining PLC shares were suspended Tuesday after it said it has acquired a 20% stake in Peak Nickel Ltd. for 450,000 pounds ($540,810), with options to include further acquisitions, including a full takeover.
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BP Adds Nearly $28 Billion to Record Full-Year Profits of Oil Giants -- WSJ
By Jenny Strasburg
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Sanderson Design Sees FY 2023 Revenue Broadly Flat
Sanderson Design Group PLC said Tuesday that revenue for fiscal 2023 is expected to be broadly flat on year after strong performances from the Morris & Co. brand, licensing and North America, but a hit from the withdrawal from the Russian market.
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BP Slows Transition to Renewable Energy as It Posts Record Profits -- WSJ
By Jenny Strasburg
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BP 4Q Profit Fell on Quarter But Rose on Year -- Energy Comment
BP PLC on Tuesday reported a 41% fall in its headline replacement cost profit for the fourth quarter of the year when compared with the third quarter, but a rise from the fourth quarter of 2021. The company attributed the result to below average gas marketing and trading result after the exceptional result in the third quarter, lower oil and gas realizations, a higher level of refinery turnaround and maintenance activity, and lower marketing margins and seasonally lower volumes. Here's what the oil giant had to say:
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Frenkel Topping Sees 2022 Revenue in Line With Views
Frenkel Topping Group PLC said Tuesday that it expects to report higher 2022 revenue in line with expectations and is keeping its 2023 outlook unchanged after a strong start to the year.
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Victorian Plumbing Names Dan Barton as New CFO as Paul Meehan Steps Down
Victorian Plumbing Group PLC on Tuesday that Daniel Barton has been chosen as its new chief financial officer, replacing Paul Meehan who will be stepping down from the role on March 31 to pursue other opportunities.
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Smartspace Software Shares Rise on FY 2023 Revenue Increase
Smartspace Software PLC shares rose Tuesday after it said it expects fiscal 2023 revenue to rise and losses to beat market expectations.
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Ebiquity Sees 2022 Revenue 20% Higher on Year
Ebiquity PLC said Tuesday that performance for 2022 was in line with market expectations, with revenue set to be 20% higher on year.
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Water Intelligence 2022 Pretax Profit Slipped, Buys Back Nashville Franchise
Water Intelligence PLC on Tuesday said its 2022 pretax profit fell slightly due to non-cash expenses as it posted a 31% rise in revenue and said it has reacquired its Nashville franchise.
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Ixico Sees Double-Digit Revenue Growth in Fiscal 2024
Ixico PLC said Tuesday that it continues to see fiscal 2023 revenue of 7 million pounds ($8.4 million) and that it now expects double-digit revenue growth for fiscal 2024.
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Brooks Macdonald Names Richard Price as Acting Chairman as Alan Carruthers Resigns
Brooks Macdonald Group PLC on Tuesday said Chairman Alan Carruthers has resigned from the board with immediate effect due to health issues.
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Deepverge Appoints Andrew Waters as Chief Financial Officer
Deepverge PLC said Tuesday that it has appointed Andrew Waters as chief financial officer with immediate effect.
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East Imperial Sees 2022 Revenue Jump on Broad Sales Growth
East Imperial PLC said Tuesday that 2022 revenue increased 16% on year to around 3.2 million pounds ($3.8 million), driven by increased sales across all markets.
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Serica Energy Says Portfolio Production Was Strong in January
Serica Energy PLC said Tuesday that production performance of both the Serica and Tailwind portfolios has remained strong despite challenging weather in January.
Market Talk:
BP's Higher Shareholder Returns a Positive Surprise
0807 GMT - BP reported in-line fourth quarter EBIT and a small miss to net earnings expectations, though increased returns were pleasantly surprising, RBC Capital Markets says. The energy giant raised its dividend by 10% to 6.61 cents a share, following a hike just two quarters ago, and increased its next quarterly share buyback program to $2.75 billion--both of which are likely to be taken positively by investors, RBC analysts say in a note. BP also plans to invest up to $1 billion more per year in low carbon, and $1 billion annually more in oil-and-gas to support growth, raising its medium term and long term Ebitda targets as a result, RBC says. RBC retains its outperform rating and 550 pence price target on BP's stock. (joseph.hoppe@wsj.com)
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BP Joins Peers in Posting Monster 2022 Profits
0837 GMT - BP has joined the throng of oil majors reporting bumper annual profits, and is putting its cash generation to good use in paying down debt, investing in the business and raising shareholder returns, Interactive Investor says. The energy giant's fourth-quarter results were slightly shy of expectations, but this did little to mar the overall result, with full-year underlying replacement cost profits rising to $27.7 billion from $12.8 billion, Interactive head of markets Richard Hunter says in a market comment. "Shell may be the marginally preferred of the U.K. majors, but the market consensus on BP will also likely remain positive, coming in at a buy," Hunter says. Shares are up 4.0% at 497.25 pence. (joseph.hoppe@wsj.com)
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Mattioli Woods Can Handle More Growth, Shore Capital Says
0902 GMT - Mattioli Woods can handle considerable further organic and inorganic growth and should in time show operating leverage, says Shore Capital in an issuer-sponsored note after the wealth and asset management group reported half-year earnings. The brokerage flags the impact of market conditions on slower organic growth but notes the group's revenue from fees reduces the market gearing in a downturn. "We see this as a growth business at a hiatus, and managing costs tightly," says analyst Ben Williams. Shore rates the stock buy. Shares fall 3.1% at 630.0 pence. (elena.vardon@wsj.com)
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Frenkel Topping's Growth Strategy Is Paying Off, Says FinnCap
0930 GMT - Frenkel Topping Group's strategy is delivering and that bodes very well for long-term value creation, says finnCap in a note. "The growth strategy of becoming a full-service provider in the personal injury and clinical negligence market, scaling routes into growing AUM, has held up well against the sudden negative changes in the financial markets," says analyst Guy Hewett, pointing to the firm's encouraging progress in the acquired services businesses and a good performance in asset management in 2022 after the company published a trading update. FinnCap assumes markets will now normalize and provide a more supportive backdrop than the second half of 2022 for Frenkel, which flagged a strong start to 2023. Shares shed 3.4% at 71.5 pence. (elena.vardon@wsj.com)
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Water Intelligence's Growth Vs Investment Balance Shows Upside, RBC Says
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02-07-23 0459ET
