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UK pre-market stocks update – Electrocomponents, Flutter, Darktrace, Rathbones

© Reuters.

By Samuel Indyk

Investing.com – At 07:33GMT, FTSE 100 futures are trading higher by 0.4% at 7426.

In FX markets, GBP/USD is trading at 1.3594, EUR/GBP is trading at 0.8343. The US Dollar Index is down 0.15%.

Bitcoin is trading at $42,194.

Today’s calendar highlights include UK Labour Productivity, US NFIB Small Business Optimism, Fed Chair Powell Testifies.

Stocks

Electrocomponents (LON:ECM) – Q3 like for like revenue up 21%. Gross margin gains are being driven by a tighter pricing and discount strategy and greater product management work, partly offset by regional and product mix. Full year profit performance is anticipated to be slightly ahead of consensus estimates. 

Dechra Pharmaceuticals (LON:DPH) – Agreed terms with Anivive Lifesciences to acquire the worldwide rights to verdinexor, a novel treatment of all forms and stages of canine lymphoma in dogs.

Flutter Entertainment (LON:FLTRF) – Completed the acquisition of Tombola yesterday in cash, fully funded through the group’s cash and debt facilities.

Kainos Group (LON:KNOS) – Entered into an agreement to acquire and completed the acquisition of Blackline Group, a private United States based company. The terms of the acquisition have not been disclosed.

Darktrace (LON:DARK) – H1 customer numbers increase 39.6%. H1 revenue increased at least 50%. Significant improvement in one-year Annualised Recurring Revenue (ARR) gross churn and net ARR retention rates. Raising FY 2022 constant currency ARR and revenue guidance as well as adjusted EBITDA margin based on strong 1H FY 2022 performance. For FY 2022, Darktrace now expects a year-over-year increase in its constant currency ARR of between 37% and 38.5% (previously 34% to 36%).

Games Workshop (LON:GAW) – H1 revenue up 2.5% to £191.5 million. Operating profit down 3.8% to £88.5 million. Board declared dividend of 65 pence per share.

Unite Group (LON:UTG) – Over 70% of checked-in students have already returned to their accommodation for the spring term, which is in line with a typical year. 60% of rooms are now sold for the next academic year. Expect strong student demand for 2022/23 from both domestic and international students but anticipate a slightly later sales cycle for international students than in a typical year due to uncertainty relating to COVID-19. This is supportive of our guidance for full occupancy and rental growth of 3.0-3.5% for the 2022/23 academic year. At 31 December 2021, USAF’s property portfolio was independently valued at £2.867 billion, a 1.6% increase on a like-for-like basis during the quarter.

Rathbones (LON:RAT) – Total funds under management and administration (FUMA) at 31 December 2021 were £68.2 billion, up 24.7% year-on-year. The Investment Management business recorded gross inflows of £4.5 billion for the full year.

XP Power (LON:XPP) – Orders up 65% at constant currency and 58% as reported to £88.6 million with a book to bill of 1.51x. All sectors saw robust order intake growth, with orders well above both 2020 and 2019 levels, and above company expectations. Q4 revenue was £58.8 million, up 4% year-on-year (down 1% as reported), slightly down on the Board’s expectations as the previously announced supply chain constraints impacted customer deliveries towards the end of the year. 2021 adjusted operating profit is anticipated to be modestly below the lower end of current market expectations.

Senior PLC (LON:SNR) – Awarded new multi-year contracts from Boeing (NYSE:BA) to supply both floor beam assemblies on the Boeing 767 and quadrant assemblies for flight control systems on the Boeing 737 and Boeing 777 platforms. Also announced that it has been awarded new contracts to supply Honda with exhaust flexible connectors for the automotive manufacturer’s 1.5L and 2.0L gasoline engines.

Robert Walters (LON:RWA) – Q4 group net fee income up 39% on constant currency basis. 83% of the Group’s net fee income is now generated by our international businesses. Following a strong quarter including a record December, trading is now comfortably ahead of current profit expectations.

Shoe Zone (LON:SHOE) – FY revenue down 2.9% to £119.1 million. Returned to profit with profit before tax of £9.5 million. Did not declare dividend. Eligible to reinstate modest dividend payments, with an intention to return to the dividend list during the current period.

Deepverge (LON:DVRG) – Unaudited 2021 group revenues increased 108% to £9.33 million. Orders exceeded £10m but supply chain delays and COVID infected staff requiring isolation in Q4 pushed some shipments and backlog of reagent supplies into Q1 2022. Full year 2021 is expected to show an EBITDA loss of circa £0.22m (2020: £0.86m) and loss before tax circa £3.50m (2020: £2.87m) respectively.

Airline sector – Heathrow welcomed only 19.4 million passengers in 2021 – less than one quarter of 2019 and below 2020 levels. At least 600,000 passengers cancelled travel plans from Heathrow in December due to Omicron and the uncertainty caused by swiftly imposed government travel restrictions.

UK pre-market stocks update – Electrocomponents, Flutter, Darktrace, Rathbones

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