Additional European Equity News

Aston Martin (AML LN) – Q1 Trading Statement (GBP): Revenue 268mln, -10% vs same period last year, Adj. loss before tax 111mln (prev. -57mln Y/Y). Reiterates 2024 guidance.

GSK (GSK LN) - Q1 (GBP): Revenue 7.363bln (exp. 7.067bln). EPS 0.431 (exp. 0.360). Adj. Operating Profit 2.443bln (exp 2.096bln). Sees FY adj. EPS +8-10% (prev. +6-9%). Sees Adj. FY operating profit +9-11% (prev. +7-10%). Declares 15p dividend, and expects 60p over FY24. Total Q1 2024 sales GBP 7.4bln +10% and +13% ex COVID. Vaccines sales +16%, +22% ex COVID. Shingrix GBP 0.9bln +18%, Arexvy GBP 0.2bln.   Specialty Medicines sales +17%, +19% ex COVID with HIV +14%. General Medicines sales +1%. Trelegy GBP 0.6bln +33%. Total operating profit and Total EPS for Q1 2024 reflected higher charges for CCL remeasurement, partly offset by strong Core growth. Core operating profit +27% (with further positive impact of +8% ex COVID) and Core EPS +28% (with further positive impact of +9% ex COVID). This reflected strong sales and SG&A leverage, partly offset by increased investment in R&D and lower royalty income. Cash generated from operations exceeded GBP 1bln with free cash flow of GBP 0.3bln. (GSK IR) Index Weightings: FTSE 100: (3%)

Computacenter (CCC LN) - Q1 Trading Update: Expects to make further progress in 2024. Adj. PBT in H1 exp. to be below H1'23. (Newswires)

Haleon (HLN LN) – Q1 Trading Statement: Quarterly volume/mix declined mainly as expected due to tough prior year. Price benefitted from both carry-forward price and incremental price taken during the quarter. Looking ahead, continues to expect the operating environment to remain challenging. Well positioned to deliver on both guidance for 2024 over the medium term. (Newswires)

Halma (HLMA LN) - Acquired MK Test Systems; cash consideration is GBP 44mln. (Newswires) 

Next (NXT LN) – Trading Statement: In 13 weeks to 27 April, Price Sales +5.7%. Maintains sales and profit guidance for FY24. PBT forecast to be GBP 960mln. Group sales expected to increase by more than next full price sales. Sales in Q2 will be -0.3%; expects sales performance in Q2 to be weaker than in Q1. (Newswires)

Oersted (OERSTED DC) - Co. secured licenses to develop large-scale offshore wind projects in Australia. 

Sydbank (SYDB DC) - Q1 (DKK): Profit 1.13bln, CET1 Ratio 17.4%, Net Income 861mln. FY24 outlook: Net Income 2.5-2.9bln. (Newswires) 

TopDanmark (TOP DC) - Renews agreement with Nordea on distribution of non-life insurance products by up to five years. Agreement expected to entail additioanl costs amounting to DKK 175-195mln. (Newswires) 

Wolters Kluwer (WKL GY) - FY outlook: Adj. EBIT margin 26.4-26.8%. FCF 1.15-1.2bln. (Newswires) 

Smith & Nephew (SN/ LN) – Q1 (USD): Revenue 1.38bln (exp. 1.4bln). FY guidance is unchanged. (Newswires)

Darktrace (DARK LN) downgraded to Equal Weight from Overweight at Morgan Stanley 

01 May 2024 - 07:05- EquitiesResearch Sheet- Source: Newsquawk