Next (NXT.L)
Next's share price rose as much as 5% on the London market to a record high after its pre-tax profit rose 5% last year, beating expectations.
The fashion and home goods retailer posted a record pre-tax profit of 918 million pounds ($1.172 billion) in the year to the end of January, beating its previous forecast by 3 million pounds. It predicted profits would be £960m in 2024.
Meanwhile, high street signage sales rose 5.9% to £5.8bn.
Chief Executive Lord Wolfson said: On the surface, the consumer environment appears benign compared to recent years, although there are some significant uncertainties. ”
He added, “I feel that we are now entering a new era.''
Next is looking for opportunities to invest in more brands this year, buying majority stakes in brands such as Fat Face, Cath Kidston and Reese.
The company also plans to expand in the U.S., Middle East and Asia through new partnerships, including one with U.S. department store Nordstrom and a new franchise and licensing agreement in India.
virgin money (VMUK.L)
Nationwide Building Society has agreed terms to buy rival Virgin Money, paying 220 pence per share, including a planned dividend payment of 2 pence per share.
This represents a 38%% premium to Virgin Money's share price on March 6, and the deal is valued at £2.9bn.
The move will create a combined group with total assets of £366 billion, around 700 branches and more than 23 million customers.
It also cements Nationwide's position as the second largest mortgage lender after Lloyds Banking Group (LLOY.L).
Executives at Virgin Money, Britain's sixth-largest retail bank, could split up to £6 million in the deal.
read more: FTSE 100 LIVE: European stocks rise as Bank of England leaves interest rates on hold
Nationwide has confirmed it will pay an annual fee of £15m for the first four years and an exit fee of £250m, which will see its name removed from the UK's high streets.
Nationwide's Board of Directors said: “After much consideration and appropriate due diligence and taking into account comments from our members, we believe that a binding offer to acquire Virgin Money is in the best interests of the association and its current and future members.'' We agreed that it would be.”
At the time of writing, Virgin Money's share price was up 2.5%.
Direct line (DLG.L)
Direct Line's gross written premiums and related fees soared to £3.1bn, up 27.1% on the previous year. However, still the net insurance profit margin decreased by 8.3% and the operating loss amounted to 189.5 million pounds.
Meanwhile, the insurance company's solvency capital ratio before dividends improved to 201%.
Chief executive Adam Winslow said the insurer had “strong recovery fundamentals” and that “the group is The solvency/equity ratio after dividends is high.” By the end of 2023 he will reach 197%. ”
The company's motor business is currently “turning a corner” due to rising prices, it said, adding that policies sold in the second half of the year are expected to have net insurance margins of over 10%.
The company, whose brands include Churchill, Darwin, Privilege and Green Flag Relief Insurance, has set a goal of reaching an insurance net profit margin of 13% by 2026. This will be supported by strategic efforts to reduce costs by at least £1. 100 meters by the end of 2025, measured on an annual mileage basis.
This comes after Directline recently rejected two acquisition offers from Belgian multinational insurance company Agus.
Centamin (CEY.L)
Mining stocks soared on Thursday after the US Federal Reserve lowered interest rates.
Gold miner Centamin also received a boost from news that it had left its outlook for this year unchanged as adjusted profits rose on increased production. The group has extracted 450,058 ounces of gold from the ground this year, about 2% more than last year.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 25% to $398 million (EBITDA), supported by a strong balance sheet with $153 million in cash and current assets. pound).
The final dividend was confirmed to be 2 cents per share, totaling $23 million.
The group's investments were also lower than expected, with capital expenditures for the period at $204 million, lower than guidance of $272 million.
This is due to lower costs, lower cost capitalization, and changes in equipment rebuild schedules.
Chief Executive Officer Martin Hogan said: “2023 is the third year in a row that we have successfully met our production guidance, reflecting operational improvements and flexibility from our three-year reinvestment plan.” said.
“Looking ahead to 2024, grid-connected projects will continue our recent success in taking costs out of business, while delivering near-term decarbonization to reduce Scope 1 and 2 emissions by 30 percent by 2030.” We will achieve our goals.”
Shares rose 4.5% in London on the latest trading information.
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