UK Retail Sales Show Resilience in Face of High Prices, Low Confidence

0835 GMT - The unexpectedly strong rise in U.K. retail sales in April suggests the cost of living crisis hasn't caused consumer spending to collapse and means the economy may have a little more momentum than previously thought, Nicholas Farr, assistant economist at Capital Economics, says in a research note. The 1.4% on-month rise in retail sales volumes in April was the first rise in three months and strength in sales was broad-based, the economist notes. "It may take some time for the cost of living crisis to fully filter through into weakness in retail sales," Farr says. Even so, the signs of resilience in the retail sales data are encouraging, and Farr says low confidence won't weigh on spending as much as in the past. (maria.martinez@wsj.com)

 
Companies News: 

THG Rejects GBP2.07 Bln Bid From Belerion Capital, King Street

THG PLC said late Thursday that has it rejected a proposal from investment companies Belerion Capital Group Ltd. and King Street Capital Management, LP for 170 pence a share, which valued the deal at 2.07 billion pounds ($2.58 billion).

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Genel Energy Appoints Luke Clements as CFO

Genel Energy PLC said Friday that it has appointed Luke Clements as chief financial officer with immediate effect.

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Next Fifteen Communications Agrees on GBP310.1M M&C Saatchi Acquisition

Next Fifteen Communications Group PLC said Friday that it has reached an acquisition agreement with M&C Saatchi PLC that values the company at around 310.1 million pounds ($386.8 million)

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Croda International Backs FY View Backed on Robust Performance

Croda International PLC said Friday that expectations for the full year are unchanged as input cost inflation continues to be recovered.

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Kibo Energy Appoints New CFO

Kibo Energy PLC said Friday that it has appointed Cobus van der Merwe as chief financial officer, effective June 1.

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Restore Says Four-Month Performance Was In Line With Views

Restore PLC said Friday that performance for the four months of the year was in line with the board's expectations despite higher-than-expected inflation.

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Wincanton FY 2022 Pretax Profit Rose on Lower Costs

Wincanton PLC said Friday that fiscal 2022 pretax profit rose after booking lower costs, and that it had good momentum in the new business pipeline and was confident in its future growth opportunities.

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Mast Energy Developments Appoints Pieter Krugel as CEO

Mast Energy Developments PLC said Friday that it has appointed Pieter Krugel as chief executive, effective June 1.

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TheWorks.co.uk Says FY 2022 Performance Ahead of Prepandemic Levels, Reinstates Dividend

Shares in TheWorks.co.uk PLC rose Friday after it said that its performance in fiscal 2022 was strong and ahead of prepandemic levels, and that it was reinstating dividends.

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Braemar Shipping Sees FY 2023 Adj. Operating Profit Above Views

Braemar Shipping Services PLC said Friday that it expects underlying operating profit for fiscal 2023 to be above market expectations, and that it intends to declare a dividend payout for fiscal 2022.

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Eagle Eye Sees FY 2022 Revenue, Adjusted Ebitda Ahead of Views

Eagle Eye Solutions Group PLC said Friday that it expects revenue and adjusted Ebitda for fiscal 2022 to be ahead of current market expectations by around 7% and 10%, respectively.

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

May 20, 2022 04:51 ET (08:51 GMT)

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