By Samuel Indyk
Investing.com – At 07:44GMT, FTSE 100 futures are trading lower by 1.3% at 7327.
In FX markets, GBP/USD is trading at 1.3424, EUR/GBP is trading at 0.8350. The US Dollar Index is up 0.8%.
Bitcoin is trading at $36,239.
Today’s calendar highlights include US GDP, Durable Goods, Jobless Claims, Pending Home Sales.
Federal Reserve
The FOMC said it would soon be appropriate to raise the target range, with bond buying to end in Early March.
Fed Chair Jerome Powell did not say if the Fed could raise interest rates at every meeting, instead saying the central bank would by “guided by the data”.
The Fed also released a separate set of principles and guidelines on the approach they will use to shrinking the balance sheet.
Stocks
Diageo (LON:DGE) - H1 reported net sales increased 15.8% to £8.0 billion. Organic net sales grew 20.0%, driven by strong double-digit growth across all regions. Reported operating profit of £2.7 billion increased 22.5%, and reported operating margin increased 190bps. Accelerating timeline to complete return of capital programme during fiscal 23. Over the medium-term, from fiscal 23 to fiscal 25, continue to expect organic net sales to consistently grow within a range of 5% to 7%.
Anglo American (LON:AAL) - Q4 rough diamond production increased by 15%. Platinum Group Metals operations more than doubled refined production in the quarter, and resulted in a record full year refined production of 5.1Moz. Metallurgical coal production increased by 5%. Copper operations' full year production was in line with the prior year. Full year iron ore production increased by 3%.
EasyJet (LON:EZJ) - Q1 loss almost halved year on year alongside significantly reduced operating cash burn. Carried 11.891 million passengers in Q1, up from 2.858 million in same period last year. Load factor was 77% in Q1. During Q1 easyJet (LON:EZJ) flew 64% of FY'19 capacity which was broadly in line with the guidance provided. Omicron impacted bookings in short term. Q4 on sale capacity is at near 2019 levels, with easyJet's leisure flows expected to see strong demand this summer, in line with previous expectations. Currently has c.67% of Q2 19 capacity on sale. In January, capacity will be c.50% of 2019 levels.
Hammerson (LON:HMSO) - Now expects that FY21 adjusted earnings will be in the range of £75-£80 million, ahead of the minimum of £60 million previously indicated. UK sales remained strong around Christmas, at 97% of 2019 levels in November and 93% in December; sales in France were 92% of 2019 levels in November and 93% in December. FY20 Group rent collections stand at 97% of billable rent; FY21 collections are at 88%.
Whitbread (LON:WTB) - Announced that Hemant Patel has been appointed as Chief Financial Officer.
St. James’s Place (LON:SJP) - Ian Gascoigne, Managing Director of the Partnership, has informed the Board of his decision to retire from the Board of St. James's Place and as a Director on 31 March 2022. Separately, the company said reported net inflows of £11.04 billion for the year, representing 8.5% of opening funds under management. Closing funds under management increased 19% to £153.99 billion.
IG Group (LON:IGG) - H1 net trading revenue increased 16% to £471.9 million. Profit before tax increased 8% to £245.2 million. Active clients increased 42% to 320,400. Interim cash dividend of 12.96 pence per share. Expect the FY22 full year variable remuneration charge to be above the FY21 charge, reflecting the increase in the number of Group employees. As a result, now expect total adjusted operating costs to increase by around 7% on the combined FY21 IG and tastytrade cost base.
M&G (LON:MNG) - Agreed to acquire a majority stake in responsAbility Investments AG. Financial details were not disclosed.
3I Group (LON:III) (LON:III) - Increased NAV per share to 1,235 pence in Q3. Total return of 32.6% for the nine months to 31 December 2021. Recognised a £201 million loss on foreign exchange, net of hedging, in the quarter, as sterling strengthened against the euro and US dollar.
Rank Group (LON:RNK) - Returned to profitability in H1. Group underlying net gaming revenue increased 90% to £333.5 million. Underlying operating profit swung to profit of £24.1 million from £41.2 million loss. Not proposed an interim dividend but expects to restart dividend payments as soon as circumstances permit. Expects underlying EBIT for the year ending 30 June 2022 to be within a range of £55-£65 million.
Petropavlovsk (LON:POG) - Q4 2021 total gold production was 143.1koz, a 26% increase versus Q4 2020. Gold sales totalled 130.1koz in Q4 2021. Average realised gold price for Q4 2021 was US$1,796/oz. Total gold production for 2022 is expected to be in the range of 380-420koz, comprising own gold production of 345-365koz and 35-55koz of gold from 3rd-party concentrate. The outlook for total production is expected to be similar in 2023, but with a higher proportion of gold from own-mined ore.
Dr. Martens (LON:DOCS) - Q3 group revenue increased 11% to £307.0 million, in line with expectations. Remain confident in achieving market expectations for first full year as a listed business, subject to no significant Covid impact in Q4.
Britvic (LON:BVIC) - Q1 total revenue increased 16.5% to £373.9 million. Experiencing inflationary pressures across the business; remain focused on minimising the impact on business through a combination of revenue management, smart procurement and disciplined cost control.
AO World (LON:AO) - Current trading estimates for the full year remain in line with the guidance set out at the Interim Results in November. Q3 group revenues down 14% YoY, up 45% on a two year basis. Decided to commence a strategic review of its German business, which will evaluate a range of options.
Greencore (LON:GNC) - Q1 group revenue increased 24.4% to £389.0 million. To date, there has been some impact on the Group's revenue momentum in what is its seasonally quieter period of the year. Continues to anticipate a FY22 outturn in line with market expectations.
Polymetal International (LON:POLYP) - FY 21 gold equivalent production amounted to 1,677 Koz, a 2% increase YoY and 5% above the original production guidance. Revenue in 2021 was stable YoY at $2.9 billion. Reiterates its current production guidance of 1.7 Moz of GE for FY 22 and 1.75 Moz of GE for FY 23.
Intermediate Capital Group (LON:ICP) - Total of $18.1 billion raised in the nine months since 31 March 2021. Third-party AUM of $67.2 billion at 31 December 2021, an increase of 3% in Q3.
NCC Group (LON:NCCG) - H1 revenue up 14.2% at constant currency. Revenues excluding the recent IPM acquisition grew 7.2% at constant currency. H2 2022 trading to date is currently in line with expectations following sales order momentum in December and January. Anticipate a strong H2 2022 leading to full-year outturn to be in line with management expectations. Unchanged interim dividend of 1.50p per share.
Tritax Big Box REIT (LON:BBOXT) - Occupier demand remains high with take up in 2021 exceeding 42 million sq ft for the second consecutive year. UK logistics investment volumes totalled a record £16.5 billion in 2021, up from £9.2 billion in 2020.
Euromoney Institutional Investor (LON:ERM) - Announces the acquisition of Boardroom Insiders for a cash consideration of $25.0 million. Separately, Q1 group reported revenue up 19% to £93.3 million. Underlying revenue growth in both subscriptions up 8% (67% of Group revenue) and events up 53% (23% of Group revenue).
Mitie Group (LON:MTO) - Q3 revenue including share of joint ventures and associates of £1.008 billion was 51% ahead of the same period last year. FY22 revenue and operating profit before other items are now expected to be in the region of £3.8-£3.9 billion and £160-£165 million, respectively (up from £145-£155 million).
CVS Group (LON:CVSG) - H1 revenue up 11.4%, adjusted EBITDA up 15.5%. Trading comfortably in line with full year expectations.
Fevertree Drinks (LON:FEVR) - FY total revenue increased 23% to £311.1 million, ahead of the guidance provided at the Interim Results in September. Estimate that revenue will grow to between £355-£365 million in FY22.
Foxtons (LON:FOXT) - Revenues across all business segments for the twelve month period well ahead of the prior year and 2019. Total revenue for the full year was circa £133 million, up 42% on the prior year, including a £16.8 million contribution from Douglas & Gordon. Expects a further improvement in adjusted operating profit in the year ahead.
John Menzies (LON:MNZS) - Overall trading through latter part of Q4 was in line with board’s expectations.