FTSE 100 Falls as Miners, Box-Makers Drop; Haleon Rises

0827 GMT - The FTSE 100 Index drops 0.2%, or 19 points to 7879 as losses for miners and packaging groups offset gains for Haleon and banks. Antofagasta and Anglo American are among the biggest fallers after downbeat trading in Asia, while packaging and paper companies Smurfit Kappa and Mondi also lose ground. Meanwhile, Rentokil Initial edges 0.9% lower after the pest-control and hygiene-service group reported higher 1Q revenue, but said its product-distribution business had a slower start to the season. Still, Haleon rises 1.4% after the consumer healthcare company reported better-than-expected first-quarter trading. "Banking stocks like Barclays, HSBC, NatWest, StanChart and Lloyds are trading higher after Morgan Stanley reported strong quarterly earnings and after hotter-than-expected U.K. inflation data," Interactive Investor's Victoria Scholar writes. (philip.waller@wsj.com) 


 
Companies News:

Pepco Group 2Q Revenue Rose; Backs FY 2023 Guidance

Pepco Group NV backed its fiscal 2023 guidance on Thursday on the back of revenue growth and improving margin outlook.

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RELX Starts Year Well; Backs Guidance

RELX PLC said Thursday that the new year has started well, with growth in all key business areas, and it backed its full-year guidance.

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Rentokil Backs 2023 Views After 1Q Revenue Increased on M&A, Demand and Pricing

Rentokil Initial PLC said Thursday that 2023 started with a continued strong momentum as revenue in the first quarter rose supported by its merger and acquisitions amid resilient demand and pricing, which has continued to offset inflationary pressures.

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Segro Says Early 2023 Started Well, With High Occupier Demand

Segro PLC said Thursday that it has had a strong start to 2023, with high occupier demand and limited supply across all its markets.

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GB Group's FY 2023 Revenue, Operating Profit Rose

GB Group PLC said Thursday that revenue and operating profit rose in fiscal 2023.

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Deliveroo Backs 2023 Guidance After In-Line 1Q

Deliveroo PLC on Thursday said its trading for the first quarter of 2023 was in line with its expectations as it saw good performance in the U.K. and Ireland but softeness in its international markets, and backed its guidance for the full year.

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Centamin 1Q Production Slipped on Quarter But Revenue Rose

Centamin PLC said Thursday that its first-quarter gold production slipped on quarter though revenue rose from the previous quarter and on year, and reaffirmed its outlook for the full year.

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Haleon Sees 2023 Revenue Growth Toward Upper End After 1Q

Haleon PLC said Thursday that it currently sees organic revenue growth for the full year toward the upper end of its 4% to 6% guidance range as it reported a strong revenue growth in the first quarter supported by both volume and prices.

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Jet2 Raises Fiscal 2023 Profit Guidance

Jet2 PLC on Thursday raised its fiscal 2023 adjusted pretax profit expectations and said that average load factors for summer 2023 are currently 0.7 percentage points ahead on year.

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Foxtons Starts 2023 Well; 1Q Revenue Rose 10% on Lettings Growth

Foxtons Group PLC said Thursday that it has begun 2023 well and in-line with management views, with first-quarter revenue up 10%, driven by the lettings business.

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Mulberry Sees FY 2023 in Line With Views on UK, China Backdrop Improvement

Mulberry Group PLC said Thursday that performance for fiscal 2023 has been overall in line the board's expectations, with revenue slightly ahead of last year's levels.

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DP Poland 1Q Sales Rose on Strong Growth in Both Markets

DP Poland PLC said Thursday that total system sales grew in the first quarter of 2022 on strong growth in both its markets, as it's seeing inflationary costs pressures on food reversing.

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AJ Bell's 2Q Assets Under Administration Rose

AJ Bell PLC on Thursday said that its total assets under administration increased over the second quarter of fiscal 2023 on strong momentum in the run up to the end of the tax year despite a slightly subdued start of the year.

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Unikmind Holdings Raises Kape Technologies Offer, Declares It Final

Unikmind Holdings Ltd. on Thursday increased its offer for Kape Technologies PLC by 4.65% and declared it final.

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Dunelm Group Backs FY 2023 Guidance After 3Q Sales Rose 6%

Dunelm Group PLC said Thursday that third-quarter sales rose 6% and backed its full-year guidance.

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Ferrexpo Says Ukrainian Supreme Court Has Dismissed Claim Against It

Ferrexpo PLC said Thursday that the Supreme Court in Ukraine has ruled in favor of it, dismissing a claim seeking to invalidate a share purchase agreement.

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Senior 1Q Sales Rose on Growth in Both Aerospace, Flexonics Divisions

Senior PLC said Thursday that revenue rose in the first quarter on growth in both divisions.

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PensionBee Group 1Q Revenue, Assets Under Administration Rose

PensionBee Group PLC on Thursday posted a rise in revenue and assets under administration in the first quarter of 2022 on a higher customer base and backed its guidance.

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PayPoint Sees FY 2023 Revenue Growth, Pretax Profit at Top End of Views After Growth in All Divisions

PayPoint PLC said Thursday that it expects to report revenue growth across all three divisions and pretax profit at top end of range of market expectations for fiscal 2023.

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Hochschild Mining 2022 Pretax Profit Fell on Lower Production

Hochschild Mining PLC said Thursday that its 2022 pretax profit fell significantly on lower production as expected, and sees weaker production again in 2023.

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WH Smith 1H Profit Rose on Strong Travel Growth; Confident for FY 2023

WH Smith PLC said Thursday that pretax profit rose in the first half of fiscal 2023, driven by strong growth in its travel division, and said it is confident in the full-year outlook.

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Picton Property 1Q Portfolio Value Slipped Slightly; Occupancy Improved

Picton Property Income Ltd. said Thursday that its property portfolio value declined slightly over the first quarter, though occupancy slightly improved.

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Dianomi Swung to 2022 Pretax Profit Despite Tough 2H Market

Dianomi PLC said Thursday that it swung to a pretax profit in 2022, as revenue came in flat on year despite tough market conditions in the second half year.

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Babcock Sees FY 2023 Underlying Profit in Line; Might Book Up to GBP100 Mln Provision

Babcock International Group PLC said Thursday that underlying profit for fiscal 2023 is expected to be in line with expectations, excluding the potential one-off impact of a U.K. Ministry of Defence contract, and that it expects to reinstate a dividend in fiscal 2024.

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Oriole Resources Raises GBP195,500 Via Share Subscription

Oriole Resources PLC said Thursday that it has raised 195,500 pounds ($243,182.45) via a subscription by nonexecutive chair Eileen Carr and said the funds will be used for working capital.

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Kape Technologies Says Increased Unikmind Offer Undervalues Company -- Update

Unikmind Holdings Ltd. on Thursday increased its offer for Kape Technologies PLC by 4.65% and declared it final, though Kape directors believe it continues to undervalue the company and its future prospects.

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IG Design Shares Fall on Lower FY 2023 Guidance

Shares in IG Design Group PLC fell 13% on Thursday after the group said it sees lower revenue for fiscal 2023 as well as a one-off write down which will significantly hit results.

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Me Group Proposes Special Dividend, Says Performance Is in Line With Expectations

Me Group International PLC said Thursday that it is proposing a special dividend to shareholders of 0.6 pence (0.75 cents) a share for the fiscal year ended Oct. 31, and that its performance in the current year has been in line with expectations.

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Cochlear's Acquisition of Oticon Medical Will Lead to Higher NHS Prices, UK Regulator Says

The U.K. Competition and Markets Authority said Thursday that Cochlear Ltd.'s 170 million Australian-dollar (US$114.1 million) acquisition of Demant AS--known as Oticon Medical--will lead to worse outcomes for patients and higher prices for the U.K.'s National Health Service. 


 
Market Talk:

Haleon 1Q Beats Expectations, Guidance Upgrade Seen as Positive

0723 GMT - Haleon's 1Q performance update stroke a strong start of 2023 while its lift of current year guidance to the upper end brings optimism in what was expected to be a testing year, Jefferies analysts say in a note. The consumer-healthcare business reported 1Q organic sales growth of 9.9%, well ahead of the market consensus of 4.8% and Jefferies forecast of 3.1%, they say. This reflects better-than-expected volume/mix of 2.8%, compared with expectations of 0.1%, and price of 7.1% against the of market forecast 4.5%, the analysts add. "We would expect to see the 2023 organic sales growth consensus move towards 6% as it embeds the 1Q out-turn," the analysts add. (michael.susin@wsj.com)

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Rentokil's Update Underpins a Good Start to the Year

0722 GMT - Rentokil's 1Q performance showed better-than-expected growth despite unsurprisingly minimal new information, RBC Capital Markets analysts Andrew Brooke and Karl Green say in a note. The pest-control, hygiene and workwear services provider reported organic growth for the quarter of 6.7%, beating the forecast of 5%, they say. However, it also had a weaker start in the products-distribution business due to destocking and weather, which had an impact on U.S. pest-control organic growth, they add. "Despite the strong performance in the shares year-to-day, Rentokil remains our preferred defensive growth play in the sector," the analysts say. RBC has an outperform rating and a price target of 670 pence on the stock. (michael.susin@wsj.com)

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Segro Seen With Plenty of Opportunities Ahead After Strong Start to 2023

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04-20-23 0446ET