AB Foods Shares Tumble as it Cautions on Primark Margin

AB Foods warns of Primark’s FY23 outlook

0726 GMT: Associated British Foods’ FY2022 update shows this year met expectations, but there is caution around Primark’s FY2023 margin outlook, says RBC Capital Markets. The UK conglomerate expects fiscal 2023 adjusted operating profit and adjusted EPS to fall in the year, mainly due to Primark’s margin pressure from currency difficulties and higher energy costs, RBC analysts say in a research note. “Now that Primark has reopened its stores, we expect a strong recovery in sales, but margins are likely to be affected by currency and other inflationary pressures, and possibly whether Primark has to invest more to improve the desirability of its offering.” said the Canadian. bank says. RBC retains its sector performance rating and price target of 1,700 pence on the share. Shares are down 6% at 1,367.5 pence. ([email protected])

 
Companies News: 

Thoma Bravo does not plan to bid on Darktrace

Thoma Bravo LLC said on Thursday that it does not plan to make a formal offer for Darktrace PLC, without giving any explanation as to why.

DCC to buy Medi-Globe technologies

DCC said Thursday that its healthcare division has agreed to acquire the medical device business Medi-Globe Technologies GmbH.

Darktrace switched to pre-tax earnings for fiscal 2022, revenue increased due to growth

Darktrace PLC said on Thursday that it moved to a pre-tax profit for fiscal 2022 due to increased revenue as it saw an increase in the number of customers.

Associated British Foods forecasts higher adjusted earnings for fiscal 2022 on the back of sales growth

Associated British Foods PLC said on Thursday that its adjusted operating profit and adjusted earnings per share for fiscal 2022 are expected to exceed those of the previous year thanks to strong sales growth, and that it anticipates an increase in sales, but a decrease in earnings, in fiscal year 2023.

Vistry 1H Pre-tax profit slipped on siding costs; Earnings View for Fiscal Year 2022

Vistry Group PLC said on Thursday that pre-tax profit fell for the first half of 2022 due to one-off costs related to building security remediation, although revenue rose and supported its full-year expectations.

Melrose Industries 1H Pretax Loss Extended, Forecast Missed; To separate two businesses

Melrose Industries PLC said on Thursday that its first-half pretax loss widened and missed a forecast after posting higher costs, and that it intends to separate GKN’s powder metallurgy and automotive businesses through a spin-off. .

Financing circle’s H1 pre-tax profit fell, trims H2 revenue outlook

Funding Circle Holdings PLC said on Thursday that pre-tax profit fell sharply in the first half of 2022 and lowered its earnings outlook for the second half, citing macro uncertainties.

Restaurant group’s 1H pre-tax loss narrowed as revenue increased

Restaurant Group PLC said on Thursday that its pre-tax loss for the first half of 2022 has narrowed as revenue rose significantly.

Warpaint London Increases 2022 Views Thanks To Strong Performance

Warpaint London PLC said on Thursday that strong first half operations have continued into the second half of 2022 and it now expects full-year results to beat market expectations.

National Express Appoints Helen Weir as Next President and James Stamp as Interim CFO

National Express Group PLC said on Thursday that Helen Weir will be its next chairwoman, succeeding current chairman John Armitt, and that James Stamp will be named interim chief financial officer on November 1.

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswires

September 08, 2022 03:43 ET (07:43 GMT)

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