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London Shares Flat, Intertek Top FTSE 100 Rsers

11/24/2021 | 06:18am EST

Intertek's Rivals Look Better Bets, RBC Says

Shares in Intertek Group top the FTSE 100 risers, up 5% after the testing and inspection company said it was on track to hit full-year targets. RBC Capital Markets says that while the update met expectations, it is concerned by Intertek's organic growth under-performance versus larger peers. The company's acquisition of SAI Global Assurance was expensive and is unlikely to increase value in the near-term, the brokerage adds. "We see better-positioned structural growth names elsewhere in the sector and, of the testers, prefer SGS for its more diverse portfolio and more nuanced bolt-on M&A profile," RBC analyst Karl Green says.

 
Companies News: 

CVS Group Four-Month Sales Rose on Continued Strong Demand

CVS Group PLC said Wednesday that sales for the four months ended Oct. 31 are up 14% from the same period a year earlier, driven by continued strong demand.

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Ten Lifestyle FY 2021 Pretax Loss Narrowed; Sees Increased Activity in FY 2022

Ten Lifestyle Group PLC on Wednesday reported a narrowed pretax loss for fiscal 2021 as moves to reduce costs help to offset decreasing revenue, and said that demand has increased during the first months of fiscal 2022.

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Breedon Group Sees 2021 Performance Stronger Than Expected

Breedon Group PLC said Wednesday it expects to report a better-than-expected underlying Ebit for the year--at the top end of the market range--boosted by continued growing demand.

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Horizonte Minerals Raises $197 Mln via Discounted Share Placing; Shares Fall

Shares in Horizonte Minerals PLC fell on Wednesday after the company said that its share placing has been conducted at a discounted price.

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Marlowe Sees FY 2022 Performance Ahead of Market Views

Marlowe PLC said Wednesday that it expects to report results ahead of current market expectations for the year ending March 31, reflecting strong organic growth and successful strategy execution.

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Genus Expects Lower FY 2022 Pretax Profit on China Woes

Genus PLC said Wednesday that it anticipates pretax profit for fiscal 2022 to be moderately lower than previously expected due to falling pig prices in China.

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IQE Shares Fall on Anticipated 2021 Revenue Decline on Lower Demand

Shares in IQE PLC on Wednesday fell after the company said it expects to post a decline in revenue for 2021 as a result of softening demand in the fourth quarter.

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First Property Group 1H Profit Increased on Lower Costs

First Property Group PLC said on Wednesday that its pretax profit for the first half of fiscal 2022 increased as the group booked less costs.

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Altitude Group Shares Rise After Chmn Appointment, Performance in Line With Mgmt Views

Shares in Altitude Group PLC rose in early trade Wednesday after the company said that it has appointed a new chairman and that it is performing positively, in line with management expectations.

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Scholium Swung to 1H Pretax Profit as Sales Increased

Scholium Group PLC on Wednesday reported a swing to a pretax profit for the first half of fiscal 2022 as sales recovered once coronavirus restrictions were eased.

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Alpha Financial Markets 1H Pretax Profit Fell Slightly, Revenue Rose

Alpha Financial Markets Consulting PLC reported on Wednesday a slight decline in pretax profit despite a rise in revenue for the first half of fiscal 2022 and said it has a growing pipeline of potential new business going into the second half.

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Arena Events Group Swung to 1H Pretax Profit; Revenue Nearly Doubled

Arena Events Group PLC on Wednesday reported a swing to pretax profit for the first half of fiscal 2022 on higher revenue as events returned following Covid-19-related issues, including the Tokyo Olympics and Ryder Cup.

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Brickability Buys Renewable Energy Products Company for up to GBP5.5 Mln

Brickability Group PLC said Wednesday that it has acquired renewable energy products company HBS NE Ltd. for up to 5.5 million pounds ($7.4 million) as part of the company's plan to broaden its offering to customers.

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Lukoil Profits Increase as Production Ramps Up -- Energy Comment

Lukoil PJSC on Wednesday reported an improved profit for the third quarter, as production and prices increased. Here's what the Russian oil-and-gas major had to say:

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Gateley Expects Higher 1H Revenue, Underlying Adjusted Pretax Profit

Gateley (Holdings) PLC said Wednesday that it expects to post growth in revenue and underlying adjusted pretax profit for the first half of fiscal 2022, adding that the board is confident about the closure of its second-half performance.

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Eurocell on Track to Meet 2021 Market Expectations

Eurocell PLC said Wednesday that it remains on track to deliver a 2021 performance in line with market expectations as it benefited from a continued positive trend from the first half of the year.

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Trident Royalties: Ontario's Supreme Court Dismisses Lithium Royalty's Litigation

Trident Royalties PLC said Wednesday that a judge of Canada's Ontario Superior Court of Justice has effectively dismissed the litigation brought against Trident by Lithium Royalty Corp.

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MGC Pharmaceuticals Completes Covid-19 Treatment Order, Sees Record Revenue

MGC Pharmaceuticals Ltd. said Wednesday that it has completed an order worth 650,000 euros ($731,153) for its Covid-19 treatment from Swiss PharmaCan AG.

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Simec Atlantis Energy Seeks Approval to Issue Shares to New Technology Capital

Simec Atlantis Energy Ltd. said Wednesday that it is seeking shareholder approval to issue up to 40 million ordinary shares to New Technology Capital Group to satisfy its obligations under the placing agreement last December.

 
Market Talk: 

AO World Is Unlikely to Recover Until Business Demonstrates Growth, Cost Leverage

1022 GMT - Shares in AO World have halved over the past three months and on Tuesday the online electrical-goods retailer issued a profit warning. Sales have slowed against tough comparatives, driving guidance and forecast downgrades, Peel Hunt says. The company has a strong platform, but needs to show more evidence of ability to scale over the medium term while generating free cash flow, Peel Hunt says. "We were buyers of AO on the scope for wider European expansion, funded by a profitable and cash generative U.K. base. With FCF now negative, we suspect the shares will fail to respond until the business demonstrates growth and cost leverage, which will likely take us into 2023," the brokerage says.

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Johnson Matthey 1H Results Were Slightly Better Than Expected

0854 GMT - Shares in Johnson Matthey fall 0.5% after its first-half results. The chemicals and technology company reported Ebit of GBP293 million, which was 2% above consensus expectations, Jefferies says. In addition, full-year guidance is unchanged, its Advanced Glass Technologies business is to be sold for GBP178 million and the company will launch a GBP200 million share buyback, Jefferies notes. The bank expected a muted share-price response to the company's announcements.

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United Utilities 1H Results Didn't Surprise

0818 GMT - United Utilities results for the first half of the year were no surprise, which is as it should be for a regulated utility, Jenny Ping from Citi says. Performance for the six months ended Sept. 30 was in line with expectations, with underlying EBIT at GBP333 million compared with the GBP327 million market consensus. The dividend and net debt were also in line, Ping says. "We do not expect today's results and outlook to be meaningful for the shares. We continue to rate United Utilities as neutral," she says. Shares in the U.K. water company rise 0.3%.

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

(END) Dow Jones Newswires

11-24-21 0618ET

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