MoPh Markets

Legal & General, Darktrace, musicMagpie: Morning Roundup

Wednesday sees European indices edge lower, with the FTSE 100 down 0.3% this morning. Stocks have been slightly bearish following Powell’s hawkish comments yesterday, stating US interest rates could peak at a higher level than anticipated.

As for UK stocks, Legal & General and musicMagpie reported its full year results, whilst Darktrace announced its half year results.

Legal & General

Legal & General have announced its full year results on Wednesday, with the group delivering another strong year across its major financial highlights. Sir Nigel Wilson, Chief Executive: “at a time when many households are being affected by the rising cost of living, our commitment to inclusive capitalism is more important than ever to help improve the lives of our customers, build a better society for the long-term and create value for our shareholders.”

  • Operating profit increased 12% to £2.52 billion.
  • EPS of 38.33p was up 12% year-on-year.
  • Full year dividend of 19.37p, up 5% on last year.

Darktrace

Darktrace reported its half year results for the six months to 31 December, which saw strong operating and financial performance against challenging macro headwinds. The decline in profits was blamed on the fall in “elevated share-based payment and associated employer tax charges related to vesting of a significant block of grants made at IPO.

  • Revenue grew 35.8% year-on-year to $259.3 million.
  • Adjusted EBITDA jumped 32.8% to $59.7 million.
  • However, its operating profit fell 91.6% to $577,000.
  • Cash flow guidance is expected to be around 50% to 55% of adjusted core earnings, down from a previous 60% to 65%.

musicMagpie

musicMagpie reported its full year results for the year ended 30 November 2022. Steve Oliver, Chief Executive & Co-Founder: “In common with many consumer-facing businesses, this has been a tough year for musicMagpie in the face of a rapidly changing macroeconomic environment. However, against this backdrop I am delighted with the performance of our core Consumer Technology business, which grew by over 12% and now accounts for nearly 70% of our total revenue.”

  • Revenue declined 0.2% to £145.3 million.
  • Its consumer technology business grew 12.2% to $96.6 million.
  • Adjusted EBITDA fell 46.7% to £6.5 million.

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