3i's Strong 3Q NAV Dims Drop in Other Investments, Liberum Says

3i’s Strong 3Q NAV Dims Drop in Other Investments, Liberum Says

1034 GMT – 3i Group’s strong third-quarter net asset value growth overshadows downgrades at half of its top-10 investments, Liberum says in a note. The investment manager’s largest investment–Action–rose 19%, but its third-largest–Cirtec Medical Services–saw a 7% drop and its sixth-largest–SaniSure–fell 4%. “Under the shiny headline number driven by the outsized returns of Action, not all is well, but compared to other private equity companies, 3i manages to hold up much better than most,” the brokerage says, adding that the strong overall results cement the group’s reputation as a private equity manager that performs well even in difficult environments. Shares top the FTSE 100, trading up 5.5% at 1,540.5 pence. (elena.vardon@wsj.com)

Companies News: 

St. James’s Place 2022 Funds Under Management Fell

St. James’s Place PLC on Thursday reported funds under management at the end of 2022 that slightly missed consensus expectations.

Foxtons Sees 2022 Revenue, Adjusted Profit Ahead of Market Views But Expects Tougher 2023

Foxtons Group PLC said Thursday that 2022 revenue and adjusted operating profit are expected to be ahead of market expectations, though it sees the first half of 2023 as being more challenging.

Jet2 PLC to Beat FY 2023 Profit Forecasts After Strong Winter Bookings

Jet2 PLC said Thursday that it expects to beat fiscal 2023 adjusted pretax profit market forecasts amid strong winter bookings.

Diageo 1H Pretax Profit Rose on Better-Than-Expected Sales, Higher Pricing

Diageo PLC said Thursday that pretax profit rose in the first half of fiscal 2023, supported by better-than-expected sales volumes due to higher prices, and raised its dividend payout.

Tate & Lyle Sees FY 2023 Adjusted Profit Rising in Line With Views After 3Q Revenue Increased

Tate & Lyle PLC said Thursday that revenue rose in its third quarter, and that it expects to meet market views for higher fiscal 2023 adjusted pretax profit.

Royal Mail Owner International Distribution Services 3Q Revenue Fell

International Distribution Services PLC, or IDS, said Thursday that revenue for the third quarter of fiscal 2023 fell, and that due to continuing industrial disputes it expects negative in-year trading cashflow at Royal Mail in fiscal 2024.

Mitie Group Expects to Meet FY 2023 Profit Forecast

Mitie Group PLC said Thursday that its performance during the third quarter of the year continued to be strong and that it is on track to meet adjusted operating profit forecasts for the year ending March 31.

Britvic 1Q Revenue Rose on Higher Prices Despite Volume Fall

Britvic PLC said Thursday that first-quarter revenue rose, driven by stronger pricing and a robust Christmas trading.

Best of the Best Posts Lower 1H Revenue, Pretax Profit

Best of the Best PLC on Thursday reported lower revenue and pretax profit for the first half of fiscal 2023 as inflation weighed on consumer spending.

Provident Financial To Become Vanquis Banking, Names New CEO

Provident Financial PLC on Thursday said it is changing its name to Vanquis Banking Group plc and that it has appointed a new chief executive officer as Malcolm Le May is stepping down from the role.

Diageo 1H Pretax Profit Rose on Better-Than-Expected Sales, Higher Pricing — Update

Diageo PLC said Thursday that pretax profit rose in the first half of fiscal 2023, supported by better-than-expected sales volumes due to higher prices, and raised its dividend payout.

Animalcare Anticipates 2022 Decline in Revenue

Animalcare Group PLC on Thursday said that its 2022 underlying earnings are anticipated to be approximately in line with market expectations, but that its revenue will decline.

Playtech Sees 2022 Adjusted Earnings Significantly Rising On-year

Playtech PLC said Thursday that it has continued to perform strongly since its first-half results in September and it now expects 2022 adjusted earnings to significantly rise on-year.

Rank Group Swung to 1H Pretax Loss; Backs FY 2023 Profit Guidance

Rank Group PLC said Thursday that it swung to a pretax loss for the first half of fiscal 2023 as a small increase in revenue was offset by higher costs and impairment charges, and backed its full-year guidance.

PPHE Hotel Group Sees 2022 Financial Performance Above Views

PPHE Hotel Group Ltd. said Thursday that it expects its financial performance for 2022 to exceed market expectations and that its booking momentum has continued into January, supporting the board’s confidence in its outlook.

Inspecs Group 3Q Orders Fell Due to European Slowdown; Won’t Pay Dividend

Inspecs Group PLC said Thursday that order flow during the third quarter of last year fell due to a slowdown in its European markets, leading to a decline in fourth-quarter sales, but that it has entered the new year with a good order book.

IG Group Holdings 1H Pretax Profit Slipped; Share Buyback Extended

IG Group Holdings PLC on Thursday said its half-year pretax profit fell slightly amid higher costs from increased headcount and foreign-exchange headwinds, which were partly offset by a rise in revenue.

Record PLC Assets Under Management Equivalent Rose 6% Quarter on Quarter

Record PLC on Thursday reported a 6% rise in assets under management equivalent over the quarter, with continued growth in its more traditional currency hedging products and performance fees.

TClarke to Report Rise in 2022 Pretax Profit, Revenue

TClarke PLC said Thursday that it expects to report a rise in pretax profit and revenue for 2022, and that its overall financial performance should be in line with market expectations.

CVS Group Says It Is Meeting Full-Year Market Views After 1H Revenue Rose

CVS Group PLC said Thursday that its first-half revenue rose and it is performing in-line with market expectations for the full-year.

Novacyt 2022 Revenue Fell in Line With Views on Lower Covid-19-Related Demand

Novacyt S.A. said Thursday that 2022 revenue fell, but was in line with the board’s expectations given a drop in Covid-19-related sales.

Greencore Shares Drop After Flagging FY 2023 at Lower End of Market Views

Greencore Group PLC shares fell Thursday after it warned that the outturn for fiscal 2023 would be at the lower end of market views.

3i Group Shares Top FTSE After 3Q NAV Per Share Rose

Shares in 3i Group PLC rose 5.6% on Thursday after the company said its net asset value per share at the end of the third-quarter was higher than a quarter prior.

Diaceutics Shares Rise After 2022 Revenue Materially Beat Market Views

Diaceutics PLC shares rose Thursday after the company said 2022 revenue significantly increased materially ahead of market expectations.

Smart Metering Systems Expects Jump in 2022 Revenue

Smart Metering Systems PLC said Thursday that it expects revenue to increase in 2022 after it sped up smart meter installations.

Rotala Shares Rise on High Premium Tender Offer Plan

Shares of Rotala PLC rose 18% in early trade on Thursday after the company said it will return 10.0 million pounds ($12.4 million) to shareholders via a high premium tender offer.

Hemogenyx Pharmaceuticals Shares Fall on Discounted Fund Raising

Shares of Hemogenyx Pharmaceuticals PLC fell as much as 19% on Thursday after the company said that it has raised 4.1 million pounds ($5.1 million) via a discounted share placing and will use the money to fund trials of its HEMO-CAR-T product and for the development of other products.

Time Finance Shares Rise on Higher 1H Profit, Better Full-Year Expectations

Time Finance PLC shares rose Thursday after the company said its first-half pretax profit and revenue rose, and that it sees full-year performance significantly beating market views.

Just Group Confident of Hitting 2022 Profit Growth Target After Revenue Rose

Just Group PLC on Thursday posted a 17% rise in 2022 revenue and said it is confident it will meet its expectations for underlying operating profit growth for the year.

Fevertree Sees 2022 Ebitda in Line With Views Amid Cost Pressures

Fevertree Drinks PLC said Thursday that it expects 2022 Ebitda to fall, but to be in line with expectations following actions to offset significant cost pressures.

One Heritage Group Shares Fall on Rising Impairments

Shares in One Heritage Group PLC fell Thursday after the company warned on rising impairments.

Fintel Expects Higher 2022 Revenue, Adjusted Ebitda

Fintel PLC said Thursday that it expects to report an increase of revenue and Ebitda for 2022 which is in line with the company’s expectations.

Market Talk: 

St. James’s Place Shows Resilience Despite Lighter 4Q Flows, RBC Says

1058 GMT – St. James’s Place’s 4Q update showed resilience of the wealth manager’s model under varying market conditions despite reporting lighter-than-expected quarterly flows, RBC Capital Markets says. Net flows for the quarter were 10% below consensus, showing a slight slowdown from the previous quarter, RBC says. “The result demonstrates that STJ is not immune from the challenging macro conditions faced by the WM market, reflected by the results reported by peers over recent weeks,” says analyst Ben Bathurst. However, he flags that 2022 annualized inflows at 6.4% are sector-leading and sees appeal in the shares for investors with a longer-term view given that macro uncertainty will hinder short-term recovery. RBC has a sector perform rating on the stock. Shares edge down 0.75% to 1,190.5 pence. (elena.vardon@wsj.com)

Fevertree Drinks Guidance Implies No Margins Improvement

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January 26, 2023 06:22 ET (11:22 GMT)

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