Imperial Brands trades in line with revised guidance, Hilton Food FY adjusted profits rise

London pre-open

The FTSE 100 was being called to open 4.2 points lower ahead of the bell on Wednesday after closing 0.72% higher in the previous session at 7,613.72.

Stocks to watch

Tobacco company Imperial Brands said on Wednesday that it had made "good progress" in delivering on its strategic objectives in the six months ended 31 March, with the group continuing to perform in line with its five-year strategy launched in 2021.

Imperial Brands stated it was on track to deliver full-year results in line with revised guidance issued on 15 March, with expected full-year net revenue growth of around 0-1% on a constant currency basis and adjusted operating profit growth of around 1% year-on-year.

Hilton Food reported a rise in annual adjusted profits, driven by higher revenues across its global markets.

The FTSE 250-listed company said on Wednesday that adjusted pre-tax profits were up 13% year-on-year at £67.2m, while revenue rose by a fifth to £3.3bn.

Newspaper round-up

Twitter has confirmed it has working on an edit button, but denied the idea came after the company's new largest shareholder, Elon Musk, held a poll on it. For years, editing a tweet already published has been a sought after feature on the site, to correct typos or embarrassing mistakes. Currently people work around it by deleting and reposting the tweet. - Guardian

Women in the UK were paid just 90p for every £1 earned by a man, according to the latest figures released through the government's gender pay gap reporting mechanism. Among those high-profile companies reporting particularly large gender gaps was easyJet. According to data filed by the company's larger arm, Easyjet Airline Company, women's median wage stood at just 36p for every £1 that men earned last year. - Guardian

ITV is poised to launch a takeover bid for Channel 4 as it attempts to forge a British super-broadcaster capable of competing with the might of Netflix. Britain's biggest commercial station is understood to have told ministers that it would be interested in making an offer for its state-backed rival, which is to be privatised by 2024 with an estimated price tag of around £1.0bn. - Telegraph

Uber plans to let users buy train and plane tickets through its app as it looks to move beyond minicabs into an all-encompassing transport hub. Inter-city trains and coaches will be available to book through Uber in the summer, the company said. It plans to let tourists buy plane and Eurostar tickets later in the year. - Telegraph

The Chinese fast-fashion retailer Shein has been valued at $100.0bn in a new fundraising, more than the combined market capitalisations of Inditex and H&M, the two biggest clothing companies in the world. Shein has secured the valuation after raising between $1.0bn and $2.0bn from investors including General Atlantic, Tiger Global Management and Sequoia Capital China. - The Times

Shell received a tax refund of $132.0m for its UK North Sea business last year, even as soaring oil and gas prices helped it to deliver global profits of more than $19.0bn. The London-based oil group received a tax rebate for the fourth year running thanks to Britain's system of tax relief to help companies with the costs of decommissioning old North Sea fields. The $131.8m refund from HM Revenue & Customs was higher than the $106.6m rebate Shell received in 2020. - The Times

US close

Wall Street stocks ended the session lower on Tuesday as market participants continued to digest a recession warning from the bond market and the latest headlines in the Ukraine-Russia war.

At the close, the Dow Jones Industrial Average was down 0.80% at 34,641.18, while the S&P 500 was 1.26% weaker at 4,525.12 and the Nasdaq Composite saw out the session 2.26% softer at 14,204.17.