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Oil Extends Losses For Sixth Day

Marshalls Plc H1 Adj. Profit Rises – Quick Facts

Marshalls plc (MSLH.L) said its trading continues to improve and recent order intake has been good. Half year revenue rose 42% against 2020 and was up 6% against 2019. The Board raised its expectations for 2021 and 2022.

For the half year ended 30 June 2021, pretax profit was 38.9 million pounds compared to a loss of 16.0 million pounds, last year. Basic profit per share was 15.30 pence compared to a loss of 7.25 pence. Adjusted pretax profit increased to 38.9 million pounds from 1.6 million pounds, prior year. Adjusted basic earnings per share was 15.30 pence compared to 0.12 pence. Revenue increased to 298.1 million pounds from 210.5 million pounds, prior year.

Looking forward, Marshalls said the Construction Products Association’s recent summer forecast predicts year on year increases in UK market volumes of 13.7 percent in 2021 and 6.3 percent in 2022 and the Group expects to meet or outperform the market.

The Group has declared an interim dividend of 4.70 pence per share. The dividend will be paid on 1 December 2021 to shareholders on the register at the close of business on 22 October 2021.

Rank Group Plc Posts Underlying Operating Loss In FY; NGR Down 48%

Rank Group Plc (RNK.L) said its fiscal 2020/21 results were adversely impacted by the closures of the Group’s venues during the year with the loss of venues NGR resulting in operating result declining by 532%. NGR declined by 48% due to the impact of the COVID-19 pandemic on the Group’s venues. The Board will not be proposing a 2020/21 dividend.

For the 12 months ended 30 June 2021, loss before tax was 107.3 million pounds compared to profit of 13.4 million pounds, last year. Loss per share from continuing operations was 22.2 pence compared to profit of 2.2 pence. Underlying operating loss was 67.0 million pounds compared to profit of 48.4 million pounds. Underlying loss per share was 20.3 pence compared to profit of 6.7 pence.

Fiscal year revenue from continuing operations declined to 329.6 million pounds from 629.7 million pounds, last year. Group underlying net gaming revenue declined 50 percent to 288.2 million pounds.

European markets seen lower after Fed talks tapering

LONDON — European markets are poised to open lower on Thursday as investors digest the latest Federal Reserve minutes.

The U.K.'s FTSE 100 is seen down by 40 basis points, the French CAC 40 is expected to open down by 39 basis points and Germany's DAX 30 is set to start the session lower by almost 100 points, according to data from IG.

Markets experienced a sell-off stateside on Wednesday following minutes from the last Fed meeting, which took place in July. The central bank discussed starting to remove some of the monetary stimulus likely before the end of the year as the U.S. economy gathers momentum. However, Fed officials reiterated that tapering would not necessarily mean an imminent rate increase.

In Asia, investor sentiment is also clouded by regulatory fears Thursday.

Back in Europe, investors are following the latest geopolitical events following the U.S. decision to withdraw its troops from Afghanistan.

In terms of data, they will be monitoring new jobless claims out in the U.S.

In the corporate world, Comcast and ViacomCBS have announced a deal to launch a European streaming service, SkyShowtime, thus increasing competition with Netflix and others.

— Comcast is the parent company of CNBC.

McBride Warns On FY22 Profit; Stock Down

Shares of McBride plc (MCB.L) were losing around 8 percent in the early morning trading in London after the manufacturer of private label and contract manufactured products, Thursday said it now expects fiscal 2022 adjusted profit before tax to be 55 percent – 65 percent lower than current market consensus for full year 2021.

The current market expectation for full year 2021 is adjusted profit before tax of 19.7 million pounds.

The Board previously indicated that, at that time, it would not be offering guidance on the outlook for financial year 2022, as a result of uncertainty surrounding the volatile input cost environment and the success and timing of pricing actions.

In its trading update for the current financial year ending June 30, 2022, McBride said its first half of current year is now expected to see EBITA at approximately break-even, with profits therefore heavily weighted towards the second half of the year.

The company noted that although only 7 weeks into the new financial year, the previously highlighted raw material environment remains extremely challenging both in terms of exceptional price increases and supply availability.

In London, McBride shares were trading at 78.20 pence, down 7.78 percent.

Nikkei drops to 7-month low on Toyota output shock

TOKYO, Aug 19 (Reuters) – Japan’s Nikkei share average fell more than 1% on Thursday to its lowest since early January after Toyota Motor shares tumbled on news that it will slash its output by 40% next month due to a chip shortage.

Seth Meyers Explains How ‘Forever Wars’ Happen

The Washington elite kept troops in Afghanistan “longer than it takes for George R.R. Martin to come up with a new ‘Game of Thrones’ book,” Meyers joked.

By Trish Bendix

Oil Extends Losses For Sixth Day

Oil fell more than 3 percent Thursday to its lowest since May as stronger U.S. dollar and a surprise build in U.S. gasoline inventories added to concerns about weaker demand.

Benchmark Brent crude futures fell more than 3 percent to $66.14 per barrel, while U.S. crude futures were down as much as 3.4 percent at$63.02 a barrel, falling below $65 for the first time since May.

Equities stumbled, global bond yields fell and the dollar hit a nine-month peak after minutes of the July 27-28 Fed meeting revealed an emerging consensus among policymakers to begin tapering asset purchases in coming months.

Fed officials widely concluded that the economy had reached its goal on inflation and was “close to being satisfied” with the progress of job growth.

Meanwhile, a surprise increase in U.S. gasoline inventories suggested the spread of the delta coronavirus variant was weighing on fuel demand.

Data released by Energy Information Administration (EIA) late Wednesday showed gasoline stockpiles unexpectedly increased by 700,000 barrels last week, the first increase in more than a month as a result of an increase in coronavirus cases worldwide.

Circulation of the Delta variant in areas of low vaccination is driving transmission of COVID-19, the World Health Organization said.

The International Energy Agency last week trimmed its oil demand outlook due to the spread of the Delta variant while OPEC left its demand forecasts unchanged.