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Bunzl Plc H1 Earnings Rise

JOYY Turns To Profit In Q2

JOYY Inc. (YY), a global video-based social media company, reported that its net income from continuing operations attributable to controlling interest of the company for the second quarter of 2022 were US$18.7 million, compared to net loss of US$109.3 million in the second quarter of 2021.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders was US$51.5 million, compared to non-GAAP net loss of US$0.5 million in the second quarter of 2021.

Net revenues for the second quarter of 2022 were US$596.1 million.

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Dechra Acquires Med-Pharmex

Dechra Pharmaceuticals PLC (DPH.L) has acquired Med-Pharmex, Inc, a veterinary pharmaceutical manufacturer based in Pomona, California. Med-Pharmex serves the CAP, FAP and equine markets. The total consideration paid was $260.0 million on a debt-free and cash-free basis. Dechra expects the acquisition to be immediately accretive to underlying earnings per share.

The majority of Med-Pharmex’s revenue is derived from white label products. Dechra Pharmaceuticals plans to bring some of these products in-house and sell through the company’s own sales and marketing channels.

Schlumberger, Aker Solutions, Subsea 7 To Form Joint Venture

Schlumberger Limited (SLB), an oilfield services company, Aker Solutions ASA, and Subsea 7 S.A., said on Tuesday that they have agreed to form a joint venture to support their customers to unlock reserves, cut time for first oil, reduce development costs, with a support to low carbon solutions.

The transaction, expected to be closed during the second half 2023, will comprise the subsea businesses of Schlumberger and Aker Solutions, with Subsea 7 purchasing 10 percent of the JV for $306.5 million.

Aker Solutions will receive $306.5 million from Schlumberger which will be settled in the form of shares in Schlumberger.

Aker Solutions will receive $87.5 million in proceeds through a vendor note from the joint venture.

Upon completion of the deal, Schlumberger will own 70 percent of the JV. Aker Solutions and Subsea 7 will own remaining 20 percent and 10 percent, respectively.

The new JV will form part of Subsea Integration Alliance, currently an unincorporated alliance between Schlumberger and Subsea 7. The alliance will be extended by 10 years from the transaction.

“The shares will be settled based on the volume-weighted average trading price of Schlumberger shares in the 10 business days preceding the closing of the transaction and are subject to a lock-up period of a minimum of 180 days,” the company said in a statement.

European Shares Mixed After PMI Data

European stocks traded mixed in cautious trade on Tuesday as the deepening energy crisis in the region fueled recession fears.

Rising U.S. stock futures helped investors shrug off survey results showing that Europe’s two largest economies both probably contracted in August.

The composite purchasing managers indexes for Germany and France hit a 26-month low and 18-month low, respectively.

The U.K. composite flash estimate dropped to an 18-monht low of 50.9 in August from 52.1 in July.

As recession worries mount, investors waited for Fed Chair Jerome Powell’s comments on inflation and the rate outlook at the upcoming annual Jackson Hole economic symposium later this week.

The pan European Stoxx 600 slipped 0.1 percent to 432.59 after losing 1 percent on Monday.

The German DAX rose 0.2 percent and France’s CAC 40 index was marginally higher while the U.K.’s FTSE 100 was down about half a percent.

Swiss drug major Roche fell 1.3 percent after it launched a digital PCR system that helps clinical researchers better understand the nature of a patient’s cancer, genetic disease or infection.

BT group shares rose about 2 percent after the government allowed French billionaire Patrick Drahi to retain his stake in the telecoms group.

John Wood Group tumbled 3.3 percent. After reporting a wider pretax loss for the first half of 2022, the engineering services firm said it expects performance to improve in the second half.

Accenture Announces Investment In Pixxel

Accenture (ACN) said it has made a strategic investment, through Accenture Ventures, in Pixxel which is creating a health monitor for the planet by building and launching the world’s highest resolution hyperspectral imaging satellites. Based in Bangalore with a presence in Los Angeles, Pixxel’s first commercial phase satellites are scheduled to be launched in early 2023. Pixxel will achieve daily global coverage by early 2024. Terms of the investment were not revealed.

Pixxel will join Accenture Ventures’ Project Spotlight, an engagement and investment program focused on investing in companies that create or apply disruptive enterprise technologies.

Separately, Accenture announced Kubota Corporation and Accenture have formed a new joint venture company, Kubota Data Ground, Inc., to accelerate the digital transformation of the Kubota group’s business model and operating infrastructure. Kubota Data Ground will be a subsidiary with strategic capabilities in DX
that it will use to further contribute to solutions for food, water, and
environmental sustainability. The company will develop digital human resources and a cloud-based digital platform that will strengthen and upgrade existing businesses.

Bunzl Plc H1 Earnings Rise

Bunzl Plc (BZLFY.PK,BNZL.L), a British distribution and outsourcing firm, on Tuesday posted a rise in earnings for the first-half, reflecting a increase in revenue, supported by continued volume recovery in the base business, and growth from acquisitions.

For the six-month period to June, the London-headquartered company posted a profit before income tax of 296.6 million pounds, compared with 275.7 million pounds a year ago. Excluding items, profit before income tax rose to 380.5 million pounds from last year’s 338.4 million pounds.

Net income was at 221.6 million pounds or 65.6 pence per share as against 211 million pounds or 63 pence per share of previous year first-half.

Adjusted earnings improved to 286.9 million pounds or 85.7 pence per share from 258.9 million pounds or 77.7 pence per share of last year period.

Bunzl posted revenues of 5.65 billion pounds, higher than 4.86 billion pounds, on year-on-year basis.

The Board proposes an interim dividend of 17.3 pence per share, higher than 16.2 pence per share of previous year first-half.