Diploma PLC FY22 Adj. Profit Rises; Organic Revenue Growth At 15%
Diploma PLC (DPLM.L) reported that its fiscal 2022 adjusted profit before tax increased to 179.6 million pounds from 141.9 million pounds prior year. Adjusted earnings per share was 107.5 pence compared to 85.2 pence.
Profit before tax increased to 129.5 million pounds from 96.6 million pounds, prior year. Earnings per share was 75.9 pence compared to 55.9 pence.
Revenue increased to 1.01 billion pounds from 787.4 million pounds, prior year. Organic revenue growth was 15%, for the period.
The Group now expects fiscal 2023 to be positive and in-line with its long-term model.
The Board recommended a 29% increase in the final dividend to 38.8 pence taking the total dividend to 53.8 pence. The dividend will be paid on 3 February 2023 to shareholders on the register at 20 January 2023.
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Virgin Money UK Posts Strong FY22 Results
Virgin Money UK plc (VM.L), on Monday, reported statutory profit on ordinary activities before tax of £595 million for the full-year ended September 30, 2022 versus £417 million last year.
Underlying profit on ordinary activities before tax was £789 million compared to £801 million in the previous year. Total underlying operating income increased 12% to £1.755 billion from £1.572 billion in 2021.
Underlying net interest income rose to £1.592 billion from £1.412 billion last year, and underlying non-interest income improved 2% to £163 million from £160 million reported a year ago.
David Duffy, Chief Executive Officer, said, “2022 has been a milestone year for Virgin Money. We have good momentum while delivering a strong performance and improved returns for our shareholders. We’ve changed the game in purpose-led flexible working to create an engaged, high-performing organisation that’s costefficient and agile, which will underpin targeted growth through further digital innovation.”
“While we have solid credit quality across our lending, we are aware that some customers will have to make difficult decisions in this environment, and we are proactively offering them help and support,” Duffy added.
Oil Extends Losses On China Demand Concerns
Oil prices fell further on Monday to extend steep losses from last week on demand worries.
Benchmark Brent crude futures dropped 0.8 percent to $86.94 a barrel, while WTI crude futures were down 0.7 percent at $79.53.
WTI crude futures plummeted around 10 percent last week to reach six-week lows while Brent prices fell almost 9 percent on China demand worries and fears of more aggressive interest-rate hikes in the United States.
The prospect of more restrictions and therefore lower demand in China weighed on oil prices today after China reported the first virus-related deaths recorded since May this year.
Goldman Sachs cut its forecast for Brent oil by $10 to $100 per barrel for the fourth quarter of 2022, citing rising COVID cases in China and increased flows of oil from Russia ahead of EU curbs and the price cap.
A stronger dollar also weighed on oil prices following hawkish remarks from several Fed officials last week.
Markets currently expect a 50-bps hike at the Fed’s December meeting, then by quarter points the following two meetings.
Gold Drifts Lower On Dollar Strength
Gold prices fell on Monday as the U.S. dollar rose against its major counterparts amid worries about weakening demand in China and repeated rate hikes by the Federal Reserve to cool inflation.
Spot gold fell 0.7 percent to $1,738.59 per ounce, while U.S. gold futures were down 0.9 percent at $1,739.0.
Three people died in Beijing over the weekend and the country logged a record jump in daily cases, despite a stringent zero-COVID policy.
Authorities locked down part of the manufacturing hub of Guangzhou for five days and urged residents of the sprawling Chaoyang district to remain at home today.
Apart from the weakened demand outlook due to China’s COVID curbs, a potential nuclear crisis in the Russia-Ukraine conflict amid heavy shelling of Ukraine’s Zaporizhzhia nuclear power plant also helped spur safe-haven demand for the U.S. dollar.
The International Atomic Energy Agency has called for “urgent measures to help prevent a nuclear accident” in the Russian-occupied facility, of which it said parts were damaged but showed no signs of a radiation leak.
Jacobs Solutions Inc. Q4 Profit Increases, beats estimates
Jacobs Solutions Inc. (J) revealed a profit for its fourth quarter that increased from last year and beat the Street estimates.
The company’s earnings came in at $225.21 million, or $1.75 per share. This compares with $43.14 million, or $0.33 per share, in last year’s fourth quarter.
Excluding items, Jacobs Solutions Inc. reported adjusted earnings of $231.60 million or $1.80 per share for the period.
Analysts on average had expected the company to earn $1.77 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 8.1% to $3.88 billion from $3.59 billion last year.
Jacobs Solutions Inc. earnings at a glance (GAAP) :
-Earnings (Q4): $225.21 Mln. vs. $43.14 Mln. last year.
-EPS (Q4): $1.75 vs. $0.33 last year.
-Analyst Estimate: $1.77
-Revenue (Q4): $3.88 Bln vs. $3.59 Bln last year.
The J. M. Smucker Company Q2 Profit Decreases, but beats estimates
The J. M. Smucker Company (SJM) revealed a profit for second quarter that decreased from the same period last year but beat the Street estimates.
The company’s bottom line came in at $191.1 million, or $1.79 per share. This compares with $206.0 million, or $1.90 per share, in last year’s second quarter.
Excluding items, The J. M. Smucker Company reported adjusted earnings of $256.2 million or $2.40 per share for the period.
Analysts on average had expected the company to earn $2.19 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 7.8% to $2.21 billion from $2.05 billion last year.
The J. M. Smucker Company earnings at a glance (GAAP) :
-Earnings (Q2): $191.1 Mln. vs. $206.0 Mln. last year.
-EPS (Q2): $1.79 vs. $1.90 last year.
-Analyst Estimates: $2.19
-Revenue (Q2): $2.21 Bln vs. $2.05 Bln last year.
Full year EPS guidance: $8.35 – $8.75