The FTSE 100 index continued to fall and closed Wednesday down 0.1% to 7559 points, dragged by house builders as investors reacted to a higher-than-expected inflation numbers and a sharp rise in gilt yields, CMC Markets UK chief market analyst Michael Hewson says in note. "The Bank of England is expected to pull the trigger on another rate hike tomorrow, with some suggesting that we might see a 50 basis points hike, instead of the 25 basis points that is currently expected," Hewson adds. Packaging stocks DS Smith and Smurfit Kappa lead the list of underperformers, closing down 6.0% and 5.5%, respectively, after disappointing 1H sales numbers from Austria's Mayr-Melnhof, the analyst says.


COMPANIES NEWS:

THG CEO Transfers Special Share; 1H Adjusted Earnings Expected to Rise

THG said Wednesday that chief executive and founder Matthew Moulding has transferred a special share he held, ending all rights attached to it, and that the company expects a significant increase in adjusted earnings for the first half.

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Berkeley Group FY 2023 Profit, Revenue Rose; Calls for Certainty in Regulatory Environment

Berkeley Group Holdings said Wednesday that pretax profit rose and beat consensus for fiscal 2023 as revenue increased, and that the future delivery of new homes was jeopardized by a planning environment and regulatory uncertainty and called for this to be resolved.

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Liontrust Asset Management FY 2023 Pretax Profit Dropped on Lower Flows, Higher Costs

Liontrust Asset Management on Wednesday posted a fall in pretax profit for fiscal 2023 after it saw net outflows and a negative market and investment performance, and booked heavier administration expenses.

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Halfords FY 2023 Pretax Profit Fell on Costs; Sees Profit Growth FY 2024

Halfords Group said Wednesday that pretax profit for fiscal 2023 fell sharply, hit by cost inflation and market headwinds, but said it expects profit growth in the year ahead.

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Gemfields' June Ruby Auction Brings in $80.4 Mln

Gemfields Group on Wednesday said that it has secured revenue of $80.4 million from a ruby auction held from June 5 to June 20.

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GCP Infrastructure Investments 1H Profit Fell on Lower Electricity Prices

GCP Infrastructure Investments said Wednesday that profit for the first half of fiscal 2023 fell on lower electricity prices, and that the risk to economic activity remains due to the cost-of-living crisis and high borrowing costs.

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Revolution Beauty to Postpone AGM After Boohoo Request

Revolution Beauty Group said Wednesday that its board will propose to postpone the company's annual general meeting which was scheduled for June 27 after it received a requisition from shareholder Boohoo Group to remove three directors.

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Alfa Financial Software Enters Into Possible Offer Agreement With EQT Fund Management

Alfa Financial Software Holdings said Wednesday that its majority shareholder, CHP Software and Consulting, has entered into an agreement with EQT Fund Management in respect of a possible offer for the entire issued and to be issued share capital of the company at 208 pence ($2.66) a share, valuing the company at GBP614.4 million.

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Esken Shares Drop After Warning of Uncertain Future Amid Division Sales

Shares in Esken fell Wednesday after the company warned of an uncertain future while it looks to sell its two divisions and said it would face severe liquidity issues should the sale of its renewables business not be completed before the end of December.

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Nichols Names David Taylor as Interim CFO

Nichols said Wednesday that it has appointed David Taylor as interim chief financial officer, effective immediately.

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Bushveld Shares Fall After Company Says It Needs Extra Liquidity, Names CEO

Shares in Bushveld Minerals fell Wednesday after the company said it needs extra liquidity to meets its obligations over the coming year, and that it has appointed Craig W. Coltman as its new chief executive.

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Tekmar Group Shares Jump After Narrowed 1H Loss, CFO Appointment

Shares in Tekmar Group rose Wednesday after the company said its pretax loss for the first half of fiscal 2023 narrowed and revenue rose, and appointed Leanne Wilkinson as chief financial officer.

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Keywords Studios Names Robert Kingston as Finance Chief

Keywords Studios said Wednesday that it has appointed Robert Kingston as its new chief financial officer, starting July 1.

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Polarean Imaging Appoints Christopher Von Jako as New CEO

Polarean Imaging said Wednesday that it has appointed Christopher von Jako as its new chief executive officer with immediate effect to replace Richard Hullihen, who is retiring.

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Hydrogen Utopia Shares Rise After Agreement to Buy Carbon Capture and Sequestration Stake

Shares in Hydrogen Utopia International rose 22% on Wednesday after the group agreed to buy a stake in Carbon Capture and Sequestration.

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Restaurant Group CFO to Step Down; Mark Chambers Named as Replacement

Restaurant Group said Wednesday that Chief Financial Officer Kirk Davis will step down in September after more than five years in the role, and that Mark Chambers has been named as his successor.

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Haydale Graphene Industries Shares Fall on Delayed Projects, Higher Costs

Shares in Haydale Graphene Industries fell Wednesday after the company said a number of projects expected to start in June will be delayed, and warned on higher adjusted administrative costs for fiscal 2023.

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Vast Resources Shares Rise After Debt Extension Deal

Vast Resources shares rose on Wednesday after the group announced that it has secured an extension of its debt owed to A&T Investments and Mercuria Energy Trading.

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Integrated Diagnostics Names Ahmed El Gebeily as Incoming CFO

Integrated Diagnostics Holdings said Wednesday that it has appointed Ahmed El Gebeily as incoming chief financial officer, effective Aug. 15.

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SSP Group Backs FY 2023 Targets on Robust Revenue Performance at Start of 2H

SSP Group backed its fiscal 2023 guidance on Wednesday after the group said it has benefited from a robust revenue performance in the first 10 weeks of the second half, and that its acquisition of the Midfield Concessions business has been completed ahead of the schedule.

MARKET TALK:

AO World's Under Promise, Over Deliver Track Record Prompts Upgrades

1215 GMT - AO World is set to report its FY 2023 earnings on July 5 and its previous four guidance upgrades gives confidence on future growth given the management's ability to under promise and over deliver, Davy Research analysts say in a note. The online electrical-goods retailer is expected to report a FY 2024 adjusted Ebitda margin of 6.1% following its latest guidance, which implies a 2H Adjusted Ebitda ahead of medium-term views, they say. Davy upgrades the recommendation on the stock to outperform from neutral. "We are encouraged to do this because of the group's assurance that the progress made in improving margins in FY 2023 will continue into FY 2024 and beyond," they add. (michael.susin@wsj.com)

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Haydale's FY 2023 Slow UK Performance Prompts Forecast Changes

1159 GMT - Advanced-materials company Haydale Graphene Industries sees the strong 2H performance of its U.S. business more than offsetting the U.K.'s lower-than-expected performance, finnCap analyst Michael Clifton says in a note. Although the U.K. business will enter FY 2024 from a lower base than initially forecast, momentum has started to build and this is expected to continue over the course of FY 2024 and beyond, Clifton says. The U.K. brokerage cuts its FY 2024 revenue forecasts to GBP6.3 million from GBP8.4 million, and its adjusted loss before interest, taxes, depreciation and amortization estimates rise to GBP2.5 million from GBP800,000. "The potential for Haydale's functionalization technology remains substantial and we leave our 10 pence target price unchanged," finnCap says. (anthony.orunagoriainoff@dowjones.com)


Contact: London NewsPlus, Dow Jones Newswires;


(END) Dow Jones Newswires

06-21-23 1207ET