Sterling Likely to Trade Steady This Week

Sterling Likely to Trade Steady This Week

1000 GMT - Sterling may trade steady this week as it's hard to find a catalyst for the currency to break out of recent ranges, ING says. Any further progress on the U.K.-EU deal to overhaul post-Brexit Northern Ireland trading arrangements probably isn't worth much more to sterling, ING analyst Chris Turner says in a note. Speeches from Bank of England officials this week are unlikely to move market pricing after hearing from BOE Governor Andrew Bailey and BOE chief economist Huw Pill, he says. "In all, EUR/GBP should trade well within a 0.8800-0.8900 range, while GBP/USD will be bounced around on this week's big inputs from the U.S. events calendar." EUR/GBP rises 0.2% to 0.8846 and GBP/USD falls 0.1% to 1.2025.([e-mail])

COMPANIES NEWS:

Capita to Sell Resourcing Business to Inspirit Capital for GBP21 Mln

Capita PLC said Monday that it has agreed to sell its resourcing business to private equity investment company Inspirit Capital for 21 million pounds ($25.3 million) on a cash free, debt free basis.

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Kingswood Holdings Confirms Talks on Sale or Third Party Investment of U.K. Operations

Kingswood Holdings Ltd. on Monday said that talks have taken place on the potential sale or third party investment of its U.K. business operations as part of its strategic options, confirming recent press speculation.

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Seeing Machines 1H Pretax Loss Narrowed on Increased Revenue

Seeing Machines Ltd. said Monday that its pretax loss halved in the first half of fiscal 2023 as original equipment manufacturer revenue jumped 268% on year to $14.0 million.

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Craneware 1H Pretax Profit Falls Despite Higher Revenue; Sees FY 2023 in Line

Craneware PLC said Monday that pretax profit fell in the first half of fiscal 2023 after booking higher finance expenses and despite higher revenue, and that it sees results for the year in line with consensus.

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1Spatial Expects to Report FY 2023 Pretax Profit, Revenue Rise

1Spatial PLC said Monday that it expects to report a rise in pretax profit and revenue for fiscal 2023 and that momentum has continued into fiscal 2024.

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Clarkson 2022 Pretax Profit, Revenue Rose Boosted by Broking Division

Clarkson PLC said on Monday that its pretax profit rose in 2022 driven mainly by sales in its broking division, and raised its dividend.

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Home REIT Sees Two Tenants Representing 18% of Rent Enter Liquidation

Home REIT PLC said Monday that two tenants, making up a combined total of 18.2% of its annual rent, have entered creditors voluntary liquidation, and it has opened discussions with new prospective tenants.

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James Fisher Sells Nuclear Business for Nominal Sum; Sees 2022 Revenue Rising

James Fisher & Sons PLC said Monday that it has sold James Fisher Nuclear Holdings Ltd. and related properties to Rcapital Partners LLP for a nominal consideration, and it expects 2022 revenue to rise.

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Fusion Antibodies Sees Lower FY 2023 Revenue On Order Delays

Fusion Antibodies PLC on Monday said it expects its revenue and earnings for fiscal 2023 to be significantly lower than market expectations due to continued uncertainty over the timing of anticipated orders from project delays as clients seek further investment.

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ADVFN 1H Pretax Loss Widened Amid Management Disruptions

ADVFN PLC on Monday reported a swing to pretax loss for the first half of fiscal 2023 on lower revenue amid disruptions to management and structure changes in the period.

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GreenRoc Mining to Raise GBP550,000; Reaches Greenland Development Agreement

GreenRoc Mining PLC said Monday it aims to raise 550,000 pounds ($662,365) via a discounted placing which it will use toward its graphite project in Greenland, and that it signed a preliminary agreement with Norway's Leonhard Nilsen & Sonner AS in relation to the project's development.

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RA International CFO Andrew Bolter to Step Down

RA International Group PLC said Monday that Chief Financial Officer Andrew Bolter has decided to step down, effective Aug. 31.

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BATM Advanced Communications' 2022 Pretax Profit, Revenue Fall

BATM Advanced Communications Ltd. said Monday that 2022 pretax profit and revenue fell amid lower sales of Covid-19-related products.

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AssetCo to Buy Ocean Dial for GBP4.1 Mln

AssetCo PLC said Monday that it has agreed to buy Ocean Dial Asset Management Ltd. from Avendus Capital Asset Management for 4.1 million pounds ($4.9 million).

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Mac Alpha Raises GBP600,000 Via Share Issue

Mac Alpha Ltd. on Monday said it has raised 600,000 pounds ($722,580) via share issue and posted a pretax loss for the second half of 2022.

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Trellus Health Sees 2022 Ebitda Loss, Higher Revenue

Trellus Health PLC said Monday that it expects to report an Ebitda loss and higher revenue for 2022.

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Lookers Buys Fourways Vehicle Solutions

Lookers PLC said Monday that it has bought vehicle-hire and brokerage business Fourways Vehicle Solutions Ltd.

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MacFarlane Buys A.E. Sutton for GBP9 Mln

MacFarlane Group PLC said Monday that it has bought A.E. Sutton Ltd. for around 9 million pounds ($10.8 million), as part of the company's 'buy and build' strategy.

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Pantheon Resources Says Production at Alaska Well Has Restarted After Blockage

Pantheon Resources said on Monday that production restarted at its Alkaid #2 well in Alaska on Feb. 21 after the completion of the sand blockage clean-out.

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Power Metal Resources Swings to FY 2022 Net Profit

Power Metal Resources PLC on Monday reported a swing to net profit for fiscal 2022 after booking a capital contribution due to the completion of a capital reorganization by Golden Metal Resources PLC.

MARKET TALK:

JD Sports Could Increase Market Share Despite Challenging Backdrop

1004 GMT - JD Sports is poised to increase its market share this year in the challenging sportswear sector, as peer margins remain under pressure amid high promotional activity, Shore Capital analysts Eleonora Dani and Clive Black say in a note. Amid the current backdrop, companies that prioritize market share gains while also investing in store development and customer experience are likely to thrive--but not all can afford to pursue both strategies, they say. "JD is in a strong position to do so and succeed in the current market," the analysts add. Share are up 40% on year, but still trade at a significant discount to rivals, they note. ([e-mail])

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WANdisco's US Listing Possibility Adds to Growing Trend

0930 GMT - WANdisco confirming that it is exploring a dual listing in the U.S. is the latest in a string of news of companies heading to North America for either primary or secondary listings, Interactive Investor's head of investment Victoria Scholar says in a note. "This has raised concerns about a potential flight of listed businesses away from the London Stock Exchange post Brexit to the United States. However we are far from seeing a mass exodus from the London market as of yet. Despite the challenges, the City appears to be preserving its position as Europe's leading global financial hub," she says. The news follows Arm Holdings choosing New York above London, CRH planning to list in the U.S. and Flutter considering a secondary listing. ([e-mail])

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Craneware to Enjoy Rising Tailwinds as US Market Recovers

0930 GMT - Craneware's first-half results came in line with its January trading update, and the company is confident of delivering full-year results in line with consensus, Berenberg analyst Bharath Nagaraj says in a note. The U.K.-based healthcare-software provider enjoyed contract wins in the period, which could boost top-line growth in the coming years, Nagaraj notes. The U.S. healthcare market currently faces pressure in the wake of pandemic staff shortages and inflation, which should limit revenue in the short term, he says. But looking ahead, cutting administration costs in the sector could further demand for software in the longer term, especially as the sector recovers, the analyst says. Overall, Craneware maintains the potential to deliver excellent shareholder returns, he adds. Berenberg has a buy rating on the stock. ([e-mail])

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Touchstone Exploration 2022 Year-End Reserves Point to Portfolio's Resilience

0912 GMT - Touchstone Exploration's 2022 year-end reserves performance across the 1P, 2P and 3P categories shows the resilience and low-decline nature of its portfolio, Shore Capital analyst Craig Howie says in a note. The company completed its Trinidad and Tobago onshore Coho gas facility in 2022 and continues construction work at the major Cascadura discovery, adding that first gas from Coho in October helped achieve a 33% increase in proved developed producing reserves, Howie says. "We... continue to see excellent scope for patience to be rewarded... and maintain every confidence that Cascadura will be onstream and contributing substantial revenues in the not-too-distant future," Shore says. Shore Capital has Touchstone as a house stock. Shares are up 1.4% at 70.50 pence. ([e-mail])

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Plastic Packaging Companies Face More Climate Risks Than Peers

0909 GMT - The low use of recycled plastic makes plastic packaging companies more vulnerable to long-term climate-related changes compared to their peers in metals, glass and fiber, Fitch Ratings says in a note. Only about 9% of plastic is recycled, according to the OECD. Plastics represent the largest waste by-product of any industry globally, which leads to higher climate vulnerability scores, Fitch says, adding that metals, glass and fiber are easier to recycle and more attractive for secondary packaging. Most paper and cardboard companies use a very high proportion of recycled materials, Fitch says, noting that Smurfit Kappa uses 100% recycled feedstock to produce cardboard and Stora Enso uses less than 1% of its forest assets for paper production each year. ([e-mail])

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03-06-23 0521ET