RM Plc Expects Annual Revenue To Fall

RM Plc (RM.L), an educational technology, digital learning, and assessment solution provider, said on Thursday that it expects a decline in its full-year headline revenue.

The company expects its annual headline revenue from continuing operations of around 196 million pounds, lesser than last year’s 214.2 million pounds.

RM projects its annual adjusted operating profit to be in line with guidance.

Mark Cook, Chief Executive of RM Plc, said: “We expect RM to deliver results in line with market expectations in FY23. The strong performance from RM Assessment, as well as RM Technology’s return to profitability in H2, demonstrates the fundamental strengths in the business.”

Capita Plc 11-month Underlying Revenue Growth, Excl. One-off Benefits, At 0.7%

While issuing a pre-close trading update for the 11 months to 30 November 2023, Capita plc (CPI.L) said it remains on track to deliver medium term guidance of mid-single digit revenue growth, doubling operating margin and delivering positive free cash flow. In the 11 months to 30 November 2023, adjusted revenue growth was 2.1%. Excluding one-off benefits, underlying revenue growth was 0.7% in the 11 months to 30 November.

In the 11 months to 30 November, Capita won Total Contract Value or TCV of 2.89 billion pounds, up 47% on the same period in 2022, including 1.58 billion pounds of TCV wins in the second half.

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IntegraFin FY23 Profit Before Tax Rises

IntegraFin Holdings plc (IHP.L), an asset management company, on Thursday reported higher profit before tax and revenue for the fiscal 2023.

Profit before tax for the period increased 15 percent to 62.6 million pounds from 54.3 million pounds of last year.

After tax, earnings rose to 49.9 million pounds or 15.1 pence per share from 44 million pounds or 13.3 pence per share in the prior year.

Adjusted Profit before tax was 63 million pounds, lower than 65.8 million pounds over a year ago.

Adjusted earnings per share stood at 15.2 pence compared with 16.3 pence in the previous year.

Revenue grew 1 percent to 134.9 million pounds from 133.6 million pounds for the same period prior year.

Additionally, the company declared a second interim dividend of 7 pence per share, bringing the total to 10.2 pence per share in line with last year. The dividend is payable on January 26, 2024 to shareholders of record on December 22, 2024.

On Wednesday, IntegraFin shares closed at 265.80 pence, up 2% on the London Stock Exchange.

SThree FY23 Group Net Fees Slip 4%

SThree plc (STHR.L), a British staffing company, Thursday announced a fall in group net fees,that reflected lower permanent net fees, due to unfavourable market conditions and strategic transition towards Contract in specific markets.

Group net fees declined to 418.8 million pounds from last year’s 430.6 million pounds.

Planned transition from Permanent to Contract mainly in UK and USA caused a decline in permanent fees by 22%, to 75.3 million pounds from last year’s 96.4 million pounds.

For the fiscal year 2023, net cash stood at 83 million pounds compared to 65 million pounds last year.

On Wednesday, SThree’s stock closed at 417 pence, without any movement, on the London Stock Exchange.

Gold Extends Gains On Fed's Dovish Pivot

Gold prices rose further on Thursday after climbing more than 1 percent in the U.S. trading session overnight following the FOMC rate decision.

Spot gold rose 0.4 percent to $2,035.63 per ounce, while U.S. gold futures were up 2.7 percent at $2,050.55.

Bond yields declined and the U.S. dollar continued its weakness against other major currencies, helping lift bullion’s appeal.

On Wednesday, the Federal Reserve kept the target range for the federal funds rate steady at 5.25 to 5.50 percent but signaled three interest rate cuts next year against the backdrop of easing inflation and slowing economic growth.

The median forecast indicates rates will be lowered to 4.6 percent by the end of 2024. During the post-meeting press conference, Fed Chair Jerome Powell acknowledged that rate cuts will be a “topic of discussion” at upcoming meetings.

The Swiss National Bank left rate on hold earlier today while Norway’s central bank raised its benchmark interest rate by 25 basis points in a surprise move to combat persistent inflation.

The European Central Bank and the Bank of England are set to leave interest rates unchanged later today, with investors looking for guidance on future rate path.

The monetary policy summary and the minutes from the BoE are due at 7.00 AM ET. Macro-economic projections from the ECB are due at 8.45 AM ET.

Oil Extends Gains As Dollar Slides On Dovish Fed

Oil extended gains from the previous session on Thursday amid Middle East tensions and data showing a bigger-than-expected drawdown in weekly U.S. stockpiles.

Benchmark Brent crude futures jumped 1.6 percent to $75.44 a barrel, while WTI crude futures were up 1.5 percent at $70.53.

Concerns mounted about the security of Middle East supplies after a tanker attack in the Red Sea off Yemen’s coast.

Israel said the war against Hamas will continue with or without international support.

Data released by Energy Information Administration (EIA) showed crude oil inventories in the U.S. dropped by 4.3 million barrels last week, as against an expected decline of about 0.7 million barrels.

A weaker dollar and hopes for interest rate cuts also boosted oil prices after the U.S. Federal Reserve kept interest rates steady, as widely expected, and hinted at three rate cuts in 2024, citing easing inflation and slowing growth.

The European Central Bank and the Bank of England are set to leave interest rates unchanged later today, with investors looking for guidance on future rate path.

Meanwhile, OPEC+ lifted its estimate of 2023 global economic growth in its latest monthly report.

The cartel blamed the latest crude price slide on “exaggerated concerns” about oil demand growth and said it expects oil demand to grow by 2.2 million barrels per day next year.