12.16pm: Lookers raises guidance for 2022 sending shares higher
Lookers PLC (LSE:LOOK) raised profit expectations for the year and said it is commencing a share buyback programme today sending shares in the company 6.62% higher.
The company said underlying profit before tax for 2022 was now expected to be not less than £75mln, although this is still below last year’s figure of £90.1mln.
In a separate statement, the automotive retail and services group told investors it will be buying back £15mln worth of shares.
Lookers said repurchasing the shares at the current discount to its cash and property portfolio, 98p per share, represents an attractive investment opportunity, with the purpose of the buyback to reduce the share capital and increase earnings per share.
Broker Peel Hunt said it will upgrade its full year 2022 pre-tax forecast to £75.3mln from £65.5mln and remains positive on the company, reiterating its buy rating.
10.52am: WPP rises after upbeat figures from Publicis
Shares In advertising giant WPP PLC are near the top of the FTSE 100 risers today benefiting from positive numbers from its Paris-listed peer Publicis which reported third quarter results today.
In the third quarter of 2022, Publicis said revenues increased 24% to EUR3.24 billion from EUR2.62 billion and it now expects full-year organic growth of 8.5%, lifted from previous guidance for an increase of 6% to 7%.
In London, WPP shares were up 35p, or 4.64%, at 788.70p.
9.48am: Ibstock in demand as it raises guidance
Good news from Ibstock PLC (LSE:IBST) (Ibstock PLC (LSE:IBST)) with shares up 5.41% to 160.20p as it said it expects to perform above its previous expectations for the full year after strong demand and effective cost management delivered positive quarterly trading figures.
For the three months to 30 September, Ibstock said trading was "ahead of our expectations" thanks to "robust demand patterns."
The Leicester-based manufacturer of clay bricks and concrete products said that sales volumes in its clay division were "marginally above" the same period last year, while volumes of concrete sales were "broadly similar."
"Our strong trading in the first half of the year continued through the third quarter, supported by robust demand across our end markets,” Ibstock’s chief executive officer Joe Hudson said in a statement.
8.39am: Moneysupermarket.com (LSE:MONY) rises after positive update
Price comparison website Moneysupermarket.com (LSE:MONY) saw its shares rise 4.23% to 207p after forecasting its annual core earnings would be at the upper end of expectations after third-quarter trading came in ahead of forecast, driven by customers switching financial products.
Revenue for the three months to September 30 rose 33% to £102mln with sales in the company's money channel were 42% "with particularly attractive products available in banking."
Peter Duffy, CEO of Moneysupermarket Group, said: "The cost-of-living crisis makes our purpose of helping households save money as important as ever. This quarter was another good performance. There are early signs of improving trends in the Insurance market, and in Money more consumers are finding attractive products to switch to. Our strong brands are well equipped to support consumers at this critical time."
Analysts at Peel Hunt said they expect to raise their full year 2022 profit forecasts by around 4% and reiterated their buy rating with a 250p price target.