Serco Group Annual Earnings Improve As Revenue Climbs; Backs Full-year Guidance

Serco Group Plc (SRP.L), a British provider of public services, on Tuesday reported a rise in earnings for 2022, amidst an increase in revenue, driven by firm performance by its international portfolio.

In addition the company has reaffirmed its full-year outlook.

For the 12-month period, the company posted a pre-tax profit of 196.8 million pounds, higher than 192.2 million pounds of 2021.

Profit before tax and exceptional items stood at 199.2 million pounds, higher than 193.4 million pounds a year ago.

However, net profit dropped to 155 million pounds or 12.79 pence per share from 303.9 million pounds or 24.43 pence per share, a year ago.

Operating income was at 217.2 million pounds as against last year’s 216.2 million pounds.

Operating profit before exceptional items rose to 219.6 million pounds from 217.4 million pounds of previous year.

Underlying trading profit was at 237 million pounds, versus 228.9 million pounds a year ago.

The Group generated revenue of 4.534 billion pounds, compared with 4.424 billion pounds of 2021.

The company will pay a final dividend of 1.92 pence per share, to be paid on June 9, to shareholders of record on May 12.

For full-year, the Group still projects an underlying trading profit of around 235 million pounds, on revenue of at least 4.6 billion pounds.

Biotech Stocks Facing FDA Decision In March 2023

As another month draws to a close, it is time to reflect on recent regulatory developments that have made headlines and look ahead to what’s in store in March, which is observed as the National Kidney Month.

GlaxoSmithKline’s Jesduvroq was approved by the FDA on February 1, becoming the first oral treatment for anemia caused by chronic kidney disease for adults on dialysis.

In order to help address the significant increase in plant-based milk alternative products that have become available in the marketplace over the past decade, the U.S. regulatory agency, on Feb.22, issued draft labeling recommendations. The draft guidance also recommends voluntary nutrient statements for the labeling of some plant-based milk alternatives.

On February 24, the FDA issued emergency use authorisation for Lucira COVID-19 & Flu Home Test, a single-use at-home test kit that provides results from self-collected nasal swab samples in roughly 30 minutes. This marks the first over-the-counter (OTC) at-home diagnostic test that can differentiate and detect both influenza A and B (commonly referred to as the flu) and SARS-CoV-2, the virus responsible for causing COVID-19.

Let’s now take a look at some of the biotech stocks that are awaiting FDA decisions in March.

Daqo New Energy Q4 Profit Surges As Revenue More Than Doubles

Daqo New Energy Corporation (DQ), a Chinese maker of monocrystalline silicon and polysilicon for solar photovoltaic systems, on Tuesday posted a surge in earnings for the fourth-quarter, amidst a significant increase in revenue, backed by higher polysilicon production and average selling price.

For the three-month period to December 31, 2022, the Chongqing-headquartered firm registered a profit of $372.9 million, compared with $141.3 million of same period last year.

Income per American Depository Share or ADS was at $4.71, higher than last year’s $1.84 per ADS.

Adjusted earnings were at $403.3 million, compared with $143.6 million of previous year quarter.

Excluding items, income per ADS rose to $5.11 from $1.87 per ADS of previous year.

Profit from operations stood at $623.1 million, versus $228.1 million in the fourth quarter of 2021.

Daqo recorded adjusted EBITDA of $648.5 million, compared with $251.1 million of last year quarter.

Revenues jumped to $864.3 million for the quarter from $395.5 million last year.

Thanks to the robust demand for solar PV products globally, polysilicon ASPs increased by approximately 50% year over year from $21.76/kg in 2021 to $32.54/kg in 2022.

Gold Hovers Near Two-month Low On Interest-rate Worries

Gold prices held near two-month lows on Tuesday amid rising inflation concerns and hawkish Fed bets.

Spot gold dipped 0.4 percent to $1,810.63 per ounce, while U.S. gold futures were down 0.4 percent at $1,817.25.

The dollar regained traction and was set for its first monthly gain since September on expectations that the Federal Reserve will raise rates more than initially expected.

U.S. Fed Governor Philip Jefferson said Monday that inflation for services in the United States remained “stubbornly high” and he was under “no illusion” that inflation would return quickly to the Fed’s target.

Meanwhile, data showed French and Spanish inflation rose more than expected in February, increasing pressure on the European Central Bank to keep raising rates.

The inflation rate in France rose to 7.2 percent in February year-on-year, up from 7.0 percent in January as a result of rising food prices, preliminary data showed.

Spanish consumer price inflation increased an annual 6.1 percent in February, accelerating from 5.9 percent during the 12 months to January.

Christine Lagarde, President of the European Central Bank (ECB), said in an interview that the central bank is data dependent and will decide on rate hikes later after a 50 basis points hike in March.

Reports on consumer confidence and Chicago-area business activity may attract attention investor attention in the New York session.

Pre-market Movers: ARBE, SGML, ATNM, BTCS, OKYO…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.05 A.M. ET).

In the Green

Arbe Robotics Ltd. (ARBE) is up over 36% at $5.95.
Sigma Lithium Corporation (SGML) is up over 25% at $29.48.
Actinium Pharmaceuticals, Inc. (ATNM) is up over 21% at $16.69.
BTCS Inc. (BTCS) is up over 17% at $2.04.
Monopar Therapeutics Inc. (MNPR) is up over 15% at $4.05.
Apellis Pharmaceuticals, Inc. (APLS) is up over 14% at $63.50.
Ocean Biomedical, Inc. (OCEA) is up over 13% at $4.50.
Sentage Holdings Inc. (SNTG) is up over 13% at $2.45.
Vir Biotechnology, Inc. (VIR) is up over 12% at $28.96.
Ambarella, Inc. (AMBA) is up over 6% at $99.45.
Rapid7, Inc. (RPD) is up over 6% at $52.99.
Smith & Nephew plc (SNN) is up over 6% at $29.63.
Independence Contract Drilling, Inc. (ICD) is up over 6% at $3.80.
enCore Energy Corp. (EU) is up over 5% at $2.60.

In the Red

OKYO Pharma Limited (OKYO) is down over 16% at $3.12.
Movella Holdings Inc. (MVLA) is down over 14% at $4.00.
JD.com, Inc. (JD) is down over 8% at $48.69.
NGL Energy Partners LP (NGL) is down over 8% at $2.53.
Lannett Company, Inc. (LCI) is down over 7% at $2.30.
THOR Industries, Inc. (THO) is down over 5% at $89.52.
PDD Holdings Inc. (PDD) is down over 5% at $88.08.
Sasol Limited (SSL) is down over 5% at $15.41.