As Rolls-Royce Shares Jump, Its CEO Appears To Have Sparked Investor Excitement

Shares of Rolls-Royce rose, suggesting that the CEO has investors excited.

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Russ Mould, investment director at AJ Bell, writes in a note that the new CEO of Rolls-Royce, Tufan Erginbilgic, "certainly seems to have got investors interested by targeting seven areas of development." Erginbilgic has eliminated the yearly dividend despite the fact that profits have shown to be more resilient than anticipated in 2022, according to Mould. According to the CEO, Nicola Grady-Smith, a former coworker, has been appointed chief transformation officer in order to successfully co-pilot the turnaround program. He also mentions that preparations for a strategic review suggest there may be other disposals. At 131.44 pence, shares are up 22% in price.

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News From Companies:

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Net profit at Anglo American declined due to lower prices and higher production costs in 2022

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The energy cost increase and lower prices contributed to Anglo American PLC's lower net profit for 2022.

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After strong performances across major agencies, WPP 2022 profits and revenues rose

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After strong performance across its major agencies, WPP PLC announced a rise in pretax profit and revenue for 2022.

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High prices offset higher costs in Mondi's 2022 pretax profit

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In 2023, Mondi PLC said it expects softer demand and pricing, which will offset higher energy and wood costs. Financial results for 2022 were boosted by higher average selling prices.

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Howden Joinery announces GBP50 million buyback for FY 2022

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Pretax profit for fiscal 2022 increased for Howden Joinery Group PLC on higher revenue, as well as a share buyback program of 50 million pounds ($60.2 million).

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Hays' 1H pretax profit declined due to higher costs, CEO stepping down

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Despite the challenging backdrop, Hays PLC reported a lower pre-tax profit in the first half of fiscal 2023 and announced the resignation of its CEO Alistair Cox.

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Derivative Contracts Loss weighed on Drax's 2022 pretax profit

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Having booked a loss on derivative contracts in 2022, Drax Group PLC reported pretax profit for 2023 would fall. Inflation is expected to remain a headwind in 2023 as well.

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Pretax profit at Morgan Sindall fell due to one-off charges in 2022

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Following a building safety charge booked in its accounts as well as inflationary pressures on costs, Morgan Sindall Group PLC announced Thursday that its pretax profit for 2022 was down from last year.

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The unwind of Amigo's legacy books results in a nine-month pretax loss

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Due to the continued runoff of its legacy loan book and the limited new lending, Amigo Holdings PLC reported that its pretax loss for the first nine months of fiscal 2023 widened to a pretax loss.

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Abuthnot Banking More Profitable Than Expected in 2022

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As a result of higher interest rates and strong trading in the fourth quarter, Arbuthnot Banking Group PLC expects 2022 pretax profit to be above market expectations.

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Despite higher costs, Made Tech expects FY 2023 to be in line with its expectations

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Although Made Tech Group PLC's revenue has nearly doubled, the company reported a pretax loss in the first half of fiscal 2023 on the back of increased costs. However, it remains on track to meet market expectations for the full year.

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Announcing a strategic review, Rolls-Royce shares jump

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As a result of the company saying that it is undertaking a strategic review to identify potential investment priorities, and that it expects to incur a greater loss for 2022, Rolls-Royce Holdings PLC shares plunged 16% on Thursday.

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Merger of Jounce Therapeutics lifts Redx Pharma shares

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The share price of Redx Pharma PLC climbed in early trading Thursday after it announced it had agreed to merge with Jounce Therapeutics Inc. The company said it will prioritize the development of RXC007, a drug candidate for lung diseases, as its highest priority.

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The company expects a top-end pretax profit in 2022

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As part of the company's analyst forecast, TT Electronics PLC expects adjusted pretax profit for 2022 to be between GBP44.5 million and GBP36.5 million ($44 million-$47.5 million).

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While revenue rose in 2022, Spectris' pretax profit fell.

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In spite of market share gains, volume growth, and pricing, Spectrum PLC announced a fall in its 2022 pretax profit on Thursday.

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High Demand on GBP16Mn Placing, Invinity to Increase Size

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Following a high demand for its recent placement, Invinity Energy Systems PLC will increase its offering size Thursday.

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A lower production forecast for 2023 discourages Anglo Asian Mining investors

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Following the company's guidance for lower overall production for 2023, Anglo Asian Mining PLC shares fell 7.7% on Thursday following the company's announcement that it will focus on copper production with the opening of new mines and an increase in flotation plant capacity.

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A profit margin increase in the 3rd quarter boosts System1 Group's shares

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As a result of stronger gross margins for the third quarter despite a decline in revenue, System1 Group PLC shares climbed on Thursday.

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Dominic Appleton is appointed as N. Brown's designate CFO

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On Thursday, the N. Brown Group PLC announced that Dominic Appleton would take over Rachel Izzard's responsibilities as chief financial officer designate, with effect from March 1.

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A higher 1H revenue and volume boost drives Genus shares higher after 2023 view-backed

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After Genus PLC backed its outlook for 2023, its pretax profit fell but adjusted profit increased for the half year. Shares of the company rose 14% on Thursday.

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The IGas Energy net production for 2022 is on track

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While first-half equipment failures caused by supply-chain issues led to IGas Energy PLC's 2022 net production, it was in line with expectations.

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Pollen Street declares dividend after asset under management increases in 4Q

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Thursday, Pollen Street PLC announced that its assets under management were higher in the fourth quarter and that its dividend for the quarter was 16.0 pence per share.

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In 2023, BAE Systems will continue to grow its topline

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Although supply chain challenges and inflationary pressures affected the company's 2022 order intake, BAE Systems reported a record 37.1 billion pounds in order intake.

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Clare Jarvis has been appointed Chief Financial Officer at Guild ESports

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In a statement issued Thursday, Guild eSports PLC announced Jarvis' appointment as chief financial officer.

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An ESG Metals Investment Opportunity is secured by Ascent Resources with a collaboration with Beryl International of GBP1 million

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The company announced Thursday that it has partnered with Beryl International (Pty) Ltd. to develop ESG metals projects. The two companies have invested 1.0 million pounds ($1.2 million) in the project.

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Sales of 40% tradesman stake result in an increase in GWC for R&Q Insurance in 2022

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It has agreed to sell Tradesman for $47 million, a deal that will increase gross written premiums and program fee income for R&Q Insurance Holdings Ltd.

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Delay in resolving Singapore contract hurts tribal shares

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According to Tribal Group PLC, the Nanyang Technology University and the company remain in disagreement regarding their contract, so the company doesn't expect any resolution in the near future. The stock dropped 11% on Thursday as a result.

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Revenue at Tracsis rose in both divisions in the first half

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Based on the board's expectations, Tracsis PLC said it expects revenue for the first half of fiscal 2023 to rise compared to the same period last year.

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A lower sales volume and higher costs result in a pretax loss for Driver Group

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After reporting lower revenue and higher charges for fiscal 2022, Driver Group PLC turned to a pretax loss for the quarter, but said that it has started the new year profitably.

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The core profit forecast for Hikma Pharmaceuticals declined, but earnings fell

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A decline in Hikma Pharmaceuticals' generics business and high inflation led to a fall in 2022 earnings, but the company beat its core profit expectations.

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A premium placement will raise GBP2 million for Ironveld's smelter complex working capital

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As announced Thursday, Ironveld PLC plans to raise 2 million pounds ($2.4 million) via a placing at a premium of 5.3%, with proceeds going toward general working capital and accelerating smelter projects in South Africa.

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Despite tie-up with Redx, Jounce shares rise over JNCE

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After Jounce Therapeutics Inc. revealed a merger with U.K.-based Redx Pharma PLC, the clinical-stage immunotherapy company stock prices rose nearly 30% in premarket trading.