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Today’s Markets: European stocks heed US tech slump on hawkish Fed minutes

Schwab can dominate US wealth Market
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UK travel stocks got a bit of a boost with the government scrapping a set of testing requirements. Big changes to travel rules mean the need to self-isolate on arrival in the UK will be dropped; Whereas, travelers arriving in the UK will not need to take a PCR test. In addition, the need for pre-departure testing before returning to the UK has also been eliminated. Ryanair (RYAAY) And easyJet (EZJ) Both rose about 1 percent. IAG (IAG) It has made smaller gains but is up more than 12 percent in the past five sessions.

High Street Bell Next (NXT) Its shares have seen a drop despite its forecast of the best annual profit ever. In a closely watched post-Christmas update, the company increased full-year profit before tax guidance by +22 million pounds to 822 million pounds, which is a 10 per cent improvement over the past two years. Management also provided preliminary guidance for the year ending January 2023, forecasting full-price sales to rise 7 per cent compared to the current year and profit before tax to increase by 4.6 per cent at £860m. The board declared a special dividend of 160 pence per share.

In short, the statement from the two halves was this: Christmas was brimming with sales up 20 percent over two years, but the usual cautious outlook – a warning about rising shipping, labor and material costs – made investors vigilant of the risks that persist. Retail takes place in the UK. The company had expected sales growth in the fourth quarter to be weaker than the third, however, “a strong recovery in formal wear and adult casual wear has significantly improved sales over the recent period.”

Avon Protection appoints a new CFO

Avon protectionThe manufacturer of protective equipment for emergency services will appoint Rich Kashin as its new chief financial officer.

Kachin, who is currently the head of strategy and corporate development at Ultra Electronics, will join the company on March 7. A short handover after that will run until March 31, when he will succeed outgoing chief financial officer Nick Keffith, who will retire.

Avon Protection announced last month that it was ending its body armor business after two of its products failed US military tests. The company purchased the unit as part of its $91 million purchase of 3M’s ballistic protection business two years ago. However, after the failures in testing, she said it was “in the best interests of our stakeholders” to shut down gradually over the next two years.

Problems in the body armor industry have sent the company’s stock price down, which has fallen 65 percent over the past 12 months. However, since plans to close the unit were announced on December 15, its shares have risen from less than £9 to £11.72.

The company has projected sales of between $260 million and $290 million this year, which means, at Jefferies’ projected 20 percent earnings margin, earnings per share is about $1.79, which means its stock is currently trading at about 9 times its earnings — much lower. of its profits. Average income over five years is nearly 21 times.

However, since the new CFO is likely to make his or her own assessment of potential revenue and potential earnings, these numbers may change. We maintain our comment recommendation.

Utopian joins another London Stock Exchange

Thomas More may be baffled by a lot of modern life, but the newly listed company on the Aquis Exchange can be hard to fathom the Utopia writer and former consultant from iPhones or Airplanes. International hydrogen utopia HUI aims to “become one of the leading new European companies specialized in converting mixed non-recyclable plastic waste into zero-carbon fuels (such as syngas, hydrogen and electricity), new materials or distributed renewable heat”. It raised £3 million in put mode and has a market capitalization of £45 million after a strong opening session.

Hydrogen Utopia is the “Development Partner” of energy power (PHE), an Aim-listed company that manufactures waste-to-energy technology. Hydrogen Utopia will focus on Poland, Hungary and Greece while Powerhouse is still commercializing the technology, with a planned start-up date for its UK plant in 2023. AH

M&C Saatchi may benefit when approaching a listed investment instrument

Marketing Agency M&C Saatchi SAA may be about to reap a big profit in 2021. AdvancedAdvT (ADVT), a listed investment vehicle, bought 10 percent of its shares yesterday and today M&C Saatchi has confirmed that it has received an initial approach that may result in an offer for the company. The ad agency’s share price is up 9 percent this morning.

M&C revenue was hit in 2020 when many of its customers cut discretionary spending during the uncertainty at the start of the pandemic. However, the accelerated shift of customers to digital and the recovery of the economy led to an economic recovery in 2021. In a pre-Christmas trade update, management announced a strong quarter and now expects full-year results to be ahead of expectations.

The CEO of AdvancedAdvT, Vin Murria, is also the director of M&C. This means that if an offer is received, an independent committee will be invited to consider it. AdvancedAdvT said in a statement that it considers the acquisition a “good investment opportunity.” M&C’s trading update may support this view but the fact that AdvancedADVT’s share price is down 1.68 percent this morning suggests that the market may not agree. as

Change is on Greg’s head

Greg (GRG) announced sales for the financial year to 1 January 2022 of £1.23 billion, a two-year increase of 5.3 per cent over the corresponding period in 2019.

The numbers were not entirely positive in the company-operated outlets, and the bakery group indicated increased trading pressures in the final two months of the year due to the rise of the omicron variant. Despite the commercial turmoil, Greggs opened 131 new stores (including 50 franchises) and closed 28, increasing the estate to 2,181 outlets.

The group also revealed that director of retail and real estate Roisin Currie will replace Roger Whiteside as CEO.

The group expects full-year results to be slightly higher than previous expectations and management has indicated a possible additional dividend to shareholders of between £30 million and £40 million in 2022. A decision is expected on the size and timing of any special dividend. Made in the first half of the year. However, cost issues are likely to become more apparent in 2022. MR

fine complained by regulator

Law firm Mishcon de Reya, which announced its plans to trade on the London Stock Exchange last year, has been fined £232,500 by the legal regulator.

In a finding agreed with the Bar Regulatory Authority (SRA), Michcon de Rea admitted breaching money laundering regulations, including failing to secure adequate due diligence in four matters. The Equity and Reconciliation Association described the violations as serious and said the behavior “has the potential to cause significant harm.” However, it concluded that the risk of recurrence is low.

In September 2021, Michcon de Rea confirmed that plans for a public listing had passed a lead partner vote. However, the company did not disclose any other details.

“We are pleased to have reached a settlement with the Telecommunications Regulatory Authority regarding two separate and historic investigations in which we have made the appropriate admissions,” a company spokesperson said. The company added that corrective actions have since been taken. youth

Dr. Martins supports changing the serving size

Permira, a private equity group launched Dr. Martins (DOCS) last year sold another 65 million shares in the popular shoe brand in a discounted secondary position.

At 395 pence, the deal was priced at a 7 per cent premium over the initial public offering last January, and Permira netted 257 million pounds. After the offering, the sponsor owns 36.4 per cent of the remaining shares in Dr Martens worth £1.4 billion, meaning he remains the company’s largest investor.

Although the last sale price was 10 per cent below Tuesday’s closing price, the flotation was a success for Permira, which acquired Dr Martens for £300m in 2014. However, since the listing, market interest has faded. The issue of investing as investors digest the group’s huge debts. AN

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