Wilko faces insolvency within hours with thousands of jobs at risk

Spirax-Sarco Engineering H1 Profit Down, Revenues Rise; Sees Weak Margin In FY23

Spirax-Sarco Engineering plc, (SPX.L), a thermal energy management and niche pumping specialist, reported Thursday that its first-half profit before taxation declined 18 percent to 114.0 million pounds from last year’s 138.5 million pounds.

Basic earnings per share were 112.5 pence, down 15 percent from 131.8 pence last year.

Adjusted profit before taxation was 153.5 million pounds, compared to 175.2 million pounds a year ago. Adjusted basic earnings per share were 155.2 pence, compared to 175.1 pence in the prior year.

Revenue grew 13 percent to 850.8 million pounds from last year’s 750.1 million pounds. Revenues increased 2 percent organically.

Further, the Board has declared an interim dividend of 46.0 pence per ordinary share, an increase of 8 percent, reflecting confidence in the medium and long-term outlook.

The dividend will be paid on November 10 to shareholders on the register at the close of business on October 13.

Looking ahead for fiscal 2023, the company now anticipates Group sales to grow between 0 percent and 4 percent, with a year-on-year adjusted operating profit margin decline of between 100 bps and 200 bps.

In 2022, pro-forma sales were 1.73 billion pounds and adjusted operating profit margin was 23.6 percent.

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Antofagasta H1 Profit Before Tax Surges

Antofagasta plc (ANTO.L) a mining company, on Thursday reported higher earnings for the first half of the year, on higher copper and by-product sales volumes.

Half yearly profit before tax increased 12.5 percent to $765 million from $679.6 million for the same period last year.

Earnings per share increased 26.9 percent to 33.5 cents from 26.4 cents of the previous year.

EBITDA increased 7.5 percent to $1.331 billion from $1.237 billion of the prior year.

Revenue rose 14.3 percent to $2.890 billion from $2.528 billion of last year, driven by higher copper and by-product sales volumes and higher realized by-product prices.

On Wednesday, shares of Antofagasta closed at 1,607.00 pence up 1.55% on the London stock exchange.

Persimmon HY Pre-tax Profit Drops

Persimmon Plc. (PSN.L) reported that its profit before tax for the six months ended 30 June 2023 dropped to 151.0 million pounds from 439.7 million pounds in the prior year.

Profit attributable to equity holders of the parent was 109.7 million pounds or 34.1 pence per share down from 339.8 million pounds or 105.9 pence per share in the previous year.

Total revenue for the period declined to 1.19 billion pounds from the prior year’s 1.69 billion pounds, with new housing revenue decreasing to 1.09 billion pounds from 1.63 billion pounds last year.

Persimmon said it is on track for the full year to deliver results in line with expectations.

For the full year the company expects to deliver at least 9,000 completions, the top end of its previously indicated range.

For 2023, the company has declared an interim dividend of 20 pence per share, which will be payable on 3 November, to shareholders on the register on 13 October.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Capita To Sell Travel, Events Units For 36.5 Mln Pounds

U.K.-based Capita plc (CPI), a provider of business process services on Thursday announced that it has agreed to sell its travel and events businesses Agiito and Evolvi to Clarity Travel Ltd, the business travel and events division of the Portman Travel Group Ltd for 36.5 million pounds on a cash free, debt free basis.

Assuming debts, Capita expects to receive cash proceeds of 16 million pounds, of which 8 million pounds would be payable on completion and 8 million pounds would be payable 12 months following completion.

The agreement to sell these businesses follows the completion of the divestment of Capita’s Software, Enforcement and PageOne businesses in July. The sale also marks the penultimate transaction before the completion of Capita’s non-core disposals programme.

Capita said that the proceeds, net of transaction costs, are intended to be used to further strengthen the balance sheet and reduce debt.

Wilko faces insolvency within hours with thousands of jobs at risk

Wilko looks likely to fall into administration today as hopes of a solvent rescue deal for the retailer fade.

Sky reported that talks with a number of potential rescuers have stalled, putting 12,000 jobs in jeopardy.

It would make the family-owned chain one of the biggest retail casualties for years.

The retailer filed a notice of its intention to appoint an administrator last Thursday but had hoped to figure out a sale in the mean time.

However, talks have stalled and a source told the publication that an administration today was “inevitable”.

Last week Thursday the company filed a notice of intention to appoint administrators, giving it 10 working days of protection from creditors.

Wilko had been in talks with private equity firms Laura Ashley-owner Gordon Brothers, Bensons for Beds-owner Alteri and OpCapital as well as a rival retailer as it sought a rescue deal.

However the rescue deal have now dwindled, meaning PricewaterhouseCoopers (PwC) will run a further sale process in administration or – if that fails – a liquidation of the 93 year-old chain.

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