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BT Tops FTSE 100 With Solid Update

11/04/2021 | 05:02am EST

BT Tops the FTSE100 With Solid 1H Update

0946 GMT - BT's first-half update exceeded expectations, delivering another boost to its share price after it said earlier this week that it had delivered its cost-savings program ahead of schedule, CMC Markets UK says. The telecommunications group topped the FTSE 100 after it delivered a second-quarter Ebitda of GBP1.88 billion and revenue of GBP5.24 billion, bringing total first-half revenue up to GBP10.3 billion--a decline of 3% from a year ago, the U.K. financial-services firm says. "Enterprise and Global remains the weak spot for BT," CMC says. Shares are up 5.6% at 150.1 pence. (joseph.hoppe@wsj.com)

 
Companies News: 

BT 1H Pretax Profit Fell, Brings Forward Savings Target

BT Group PLC said Thursday that pretax profit for the first half of fiscal 2022 fell slightly together with revenue, but maintained its outlook and brought forward its cost-savings target.

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Hikma Pharmaceuticals Says Performance Continues to be Strong; Backs 2021 Guidance

Hikma Pharmaceuticals PLC said Thursday that its performance continues to be strong and backed its 2021 guidance.

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Sainsbury Swung to 1H Pretax Profit on Lower Costs

J Sainsbury PLC on Thursday reported a swing to a pretax profit for the first half of fiscal 2022 as a reflection of lower restructuring and impairment costs.

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Superdry 1H Revenue Fell Slightly on Lower Sales

Superdry PLC said Thursday that revenue declined slightly in the first half of fiscal 2022, marked by significantly higher in-store sales and lower online sales.

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Tate & Lyle 1H 2022 Pretax Profit Halved

Tate & Lyle PLC on Thursday reported a more-than-halved pretax profit for the first half of fiscal 2022, as stronger profit growth in its food-and-beverage-solutions and sucralose segments offset lower profits from its primary-products business.

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JD Sports Required to Sell Footasylum by UK Regulator

A U.K. regulator said Thursday that it will require sports-goods retailer JD Sports Fashion PLC to sell off its Footasylum business, after an investigation found competition concerns.

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Smith & Nephew 3Q Revenue Rose

Smith & Nephew PLC said Thursday that revenue for the third quarter of its fiscal year rose, and that it is on track to deliver at the lower end of guidance for the year due to the pandemic.

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Alien Metals to Raise GBP3.5 Mln via Share Placing to Fund Work Program

Alien Metals Ltd. said Thursday that it plans to raise 3.5 million pounds ($4.8 million) via a share placing which will be used toward its work program over the next year.

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Sainsbury Swung to 1H Pretax Profit, Says It Is Well Placed for Christmas -- Update

J Sainsbury PLC on Thursday reported a swing to a pretax profit for the first half of fiscal 2022 as a reflection of lower restructuring and impairment costs, and said that it is prepared for Christmas despite supply-chain challenges.

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Ten Entertainment Expects FY 2021 Pretax Profit on Sales Strength

Ten Entertainment Group PLC said Thursday that it expects to make a pretax profit for fiscal 2021, compared with previous expectations of a loss.

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IMI's 3Q Beats Views; 2021 Seen Hit by Exchange Rates

IMI PLC said Thursday that performance in the third quarter was ahead of the board's expectations, but that it expects full-year financial results to be hit by exchange rates.

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Electrocomponents 1H Pretax Profit, Revenue Rose

Electrocomponents PLC said Thursday that pretax profit and revenue rose in the first half of its fiscal 2022, and that it has continued to record further good momentum across all regions during the first five weeks of the second half.

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Smiths News FY 2021 Pretax Profit Doubled; Warns of Inflation Pressure

Smiths News PLC on Thursday reported a more-than-doubled pretax profit for fiscal 2021 but warned that inflationary pressures are likely to hurt fiscal 2022 Ebitda by 2 million pounds ($2.7 million).

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Purplebricks Group 1H 2022 Challenging; FY 2022 Ebitda Below Guidance, Shares Fall

Shares in Purplebricks Group PLC fell on Thursday after the company said that the six-month period to Oct. 31 has been challenging and that it expects adjusted Ebitda for fiscal 2022 to be below guidance.

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Derwent London Lettings Beat Rent Values; Vacancy Rate Falls

Derwent London PLC said Thursday that lettings signed in the year to date have been above estimated rent values and its vacancy rate has narrowed.

 
Market Talk: 

BT's Efficiency and In-House Fiber Project Set to Boost Cash Flow

0945 GMT - BT's 1H results show capital expenditure efficiency has driven down peak capex, Citi says. The telecommunications group's capex efficiency could further drive full-year capex below the originally-guided GBP4.9 billion, and so free cash flow will likely be on the top end of the guided GBP1.1 billion-GBP1.3 billion range, Citi says. BT has also chosen not to pursue a fiber joint venture, keeping the project entirely in house, and once the rollout is completed from fiscal 2028 onward, there will be at least a GBP1.5 billion free cash flow expansion compared with fiscal 2022 from lower capex and improved efficiency, Citi says. The U.S. bank retains its neutral rating and price target of 175 pence. Shares are up 5.6% at 150.05 pence. (joseph.hoppe@wsj.com)

Sainsbury's Faces Tough Second-Half Comparatives

0932 GMT - Sainsbury's achieved another good operating performance in the first half of fiscal 2021, but faces very challenging second half comparatives, Shore Capital says. While workstreams to re-engineer the British grocer's Argos brand are on track, second-half comparatives will be tough to match, despite being included in full-year guidance, the U.K. investment group says. Shore retaining its buy recommendation on the stock and a target price of 289 pence a share. Shares are down 4.2% at 276.70 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-04-21 0602ET

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