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FTSE Gains as Reckitt Benckiser And Bunzl Rally After Results

10/26/2021 | 02:16am EST

FTSE 100 Rises as Reckitt Benckiser And Bunzl Rally After Results

The FTSE 100 rises 0.2% to 7238 points as consumer goods giant Reckitt Benckiser and outsourcing group Bunzl rally after posting quarterly results. Reckitt Benckiser shares advance 4.2% after reporting a 3.3% increase in like-for-like net revenue for the third quarter and raising its full-year revenue guidance. Bunzl gains 1.3% after saying third-quarter revenue jumped 13.0% at constant exchange rates and it expects to close the year with slight underlying revenue growth compared to a year ago. Polymetal International declines 0.5% as weaker commodity prices drag down mining shares and after the precious metals miner posted an 8.0% drop in third-quarter production.

Companies News: 

THG 3Q Revenue Rose, Backs 2021 Guidance

THG PLC said Tuesday that its third-quarter revenue grew significantly, driven by strong performance across the board, and reiterated its full-year guidance.


Studio Retail 1H Product Sales Rose Slightly

Studio Retail Group PLC said Tuesday that its product sales for the first half of fiscal 2022 were slightly higher than in the year-earlier period and 38% ahead of 2019, but warned of suffering inventory delays late into the peak season.


Petrofac to Raise $275 Mln to Pay Serious Fraud Office Fine, Debt

Petrofac Ltd. said Tuesday that it is raising $275 million via a discounted share placing and open offer and will use the money to pay the U.K. Serious Fraud Office penalty and existing debt.


Europa Metals to Raise Up to GBP1.5 Mln

Europa Metals Ltd. said Tuesday that it will raise up to 1.5 million pounds ($2.1 million) via a discounted share placing and a subscription, and that it will use the proceeds to pursue further projects and transaction opportunities which could add shareholder value.


Empresaria Raises 2021 Net Fee Income, Adjusted Profit Forecasts

Empresaria Group PLC said Tuesday that it has seen increased momentum going into the second half of the year and it has raised its net fee income and adjusted pretax profit guidance for 2021.


Softcat FY 2021 Pretax Profit Rose; Says Strong Start to FY 2022

Softcat PLC on Tuesday reported a rise in pretax profit for fiscal 2021 and said that its new financial year has started well.


Petrofac 1H Pretax Loss Widened on Lower Revenue, Provision on Bribery Fine

Petrofac Ltd. on Tuesday reported a widened pretax loss for the first half of 2021 as revenue continued to be hit by Covid-19 and as it booked a provision related to the penalty imposed by a U.K. court on bribery offences.


Smartspace Software 1H Pretax Loss Widened on Higher Costs

Smartspace Software PLC reported on Tuesday a widened pretax loss for the first half of fiscal 2022 due to higher costs and said that the continued effects of Covid-19 mean that growth won't be as strong as it had hoped.


Essentra Has Had a Strong 2H Start

Essentra PLC said Tuesday that it has had a robust start to the second half of the year, and that it expects strong revenue growth in its components and filters divisions in the fourth quarter.


Kin & Carta FY 2021 Pretax Loss Narrowed on Higher Revenue

Kin & Carta PLC on Tuesday reported a narrowed pretax loss for fiscal 2021 as revenue increased.


Sylvania Platinum 1Q Profit Fell on Price Reductions

Sylvania Platinum Ltd. said Tuesday that its profit in the first quarter of fiscal 2022 was lower than in the previous quarter due to a drop in prices and reduced production.

Market Talk: 

Whitbread's Strong 1H Seen Flowing Into FY 2022's Pretax Profit Consensus

0742 GMT - Hotel-and-restaurant operator Whitbread's strong 1H performance is expected by analysts at Citi to flow into a GBP100 million upgrade to company-compiled pretax profit consensus for fiscal 2022. The estimate currently stands at a GBP176 million pretax loss, Citi says. The performance has encouraged management to bring forward its revenue per available room recovery guide from calendar 2023 to calendar 2022, the U.S. bank says. However, well-known higher cost pressures such as labor will likely outdo any upside to fiscal 2023 estimate consensus for pretax profit--which currently stands at around GBP190 million, the bank says. "We expect a positive share price reaction but expect enthusiasm will be tempered by ongoing cost pressures which likely cap any significant upgrade for fiscal 2023 estimates," Citi says.


Reckitt Benckiser's Higher Sales Will Absorb Cost Inflation

0724 GMT - Reckitt Benckiser's third quarter organic sales growth significantly beat expectations, and the full-year growth guidance provides the operating leverage needed to keep margin guidance unchanged, Citi says. The consumer-goods company's extra 60 to 80 basis points of 2021 organic sales growth is likely providing the extra funding to keep the full-year margin guidance unchanged, despite inflation in the cost of goods sold now running at 10%, the U.S. bank says. "Comments on 2022 margin building blocks, and clarity on Hygiene pricing prospects, will then be key to support consensus expectations into next year," Citi says. Citi retains its buy rating and price target of 6,900 pence. Shares are up 4.8% at 5,736.0 pence.


Reckitt Benckiser Strong 3Q Results Deliver Guidance Upgrades

0722 GMT - Reckitt Benckiser's good third-quarter results enabled it to raise full-year sales guidance and maintain margin guidance--something of a triumph following iffy interim results, RBC Capital Markets says. The consumer-goods company's divisions all beat sales expectations, and while its health division was boosted by an encouraging start to the cold-and-flu season, other divisions have also managed to deliver significant growth, RBC says. Reckitt raised its organic 2021 sales growth guidance to 1%-3% from 0%-2%. "While consequent upgrades might be limited, it's very important and welcome that Reckitt did not further reduce its guidance, as it did in July, in our view," the Canadian bank says. RBC maintains a sector perform rating and 6,000 pence price target on the stock. Shares are up 5.1% at 5,748 pence.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

10-26-21 0416ET

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