UK Consumer Spending Looks Resilient Despite High Inflation

0820 GMT - U.K. consumer spending seems to be holding up despite high inflation and low confidence, Pantheon Macroeconomics' chief U.K. economist Samuel Tombs says in a note. Households could be using savings or increasing borrowing to keep their consumption levels, and worries over inflation could be partially offset by a strong labor market, he says. People might expect to be worse off due to increasing prices, but they are still more likely to maintain their spending than if they were worried about losing their job, Tombs says. Pantheon expects the U.K. economy to fall by 0.5% on quarter in 2Q, but to rise in both 3Q and 4Q, avoiding a recession. (xavier.fontdegloria@wsj.com)

 
Companies News: 

AstraZeneca's Covid-19 Vaccine Gets EU Approval for Third Doses

AstraZeneca PLC said Monday that its Covid-19 vaccine has been granted approval in the European Union as a third dose booster for adults.

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Ted Baker Selects Preferred Party for Sale; Sycamore Partners No Longer Participating

Ted Baker PLC said Monday that the board has selected an undisclosed preferred counterparty and that Sycamore Partners Management L.P. is no longer participating in the sale process.

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M&C Saatchi Shareholder AdvancedAdvT Says Next Fifteen Offer Is Too Low

AdvancedAdvT Ltd. said Monday that the 310.1 million pound ($387.4 million) offer from Next Fifteen Communications Group PLC for communications group M&C Saatchi PLC doesn't reflect the value of foregoing control and the significant synergies available to the potential buyer.

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Kingfisher Backs FY 2023 Profit View; To Buy Back Shares

Kingfisher PLC said Monday that sales fell in the first quarter of fiscal 2023 due to strong comparatives the prior year but were above prepandemic levels, and backed its full-year guidance and outlined a share-buyback program.

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EnQuest Says on Track to Meet 2022 Targets; Backs Guidance

EnQuest PLC said Monday that it is on track to meet its 2022 targets, and backed its guidance for the year.

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Kainos Group FY 2022 Pretax Profit Fell, Reduces Dividend

Kainos Group PLC said Monday that pretax profit for fiscal 2022 fell on higher costs while revenue rose by one third driven by strong demand across all its divisions, and declared a reduced dividend payout.

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Empiric Student Property CFSO Lynne Fennah to Step Down in 2023

Empiric Student Property PLC said Monday that Chief Financial & Sustainability Officer Lynne Fennah plans to step down to pursue other interests.

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Empiric Student Property Says Occupancy Above Levels in Year Before Pandemic

Empiric Student Property PLC on Monday reiterated guidance for the 2022-2023 academic year, as occupancy levels to date are above those in the last year before the pandemic.

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LondonMetric Property Buys Two UK Retail Assets for GBP23.3 Mln

LondonMetric Property PLC said Monday that it has acquired two retail assets in the U.K. for 23.3 million pounds ($29.1 million).

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Centralnic Swung to 1Q Pretax Profit as Revenue Rose; Performance in Line With Views

CentralNic Group PLC said Monday that it swung to a pretax profit for the first quarter of 2022 as revenue increased, and that the board was confident the company is performing in line with forecasts.

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Creo Medical Group 2021 Pretax Loss Widened on Higher Costs

Creo Medical Group PLC said Monday that 2021 pretax loss widened after booking higher costs, and that the progress it has made over the last year underpins the board's confidence in the company's opportunities in 2022.

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Pelatro Says 2021 Loss Narrowed, 2022 Performance in Line

Pelatro PLC on Monday reported a narrowed loss for 2021 and said that it continues to trade in line with expectations.

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Deepmatter Appoints Alan Aubrey as Nonexecutive Chairman

Deepmatter Group PLC said Monday that it has appointed Alan Aubrey as nonexecutive chairman, effective May 27.

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Ince to Report Fall in FY 2022 Revenue, Pretax Profit Due to 4Q Issues

Shares in Ince Group PLC fell in early trading Monday after the company said that it will report a decline in revenue and pretax profit for fiscal 2022 due to a challenging fourth quarter, and that the final results for fiscal 2022 will be below expectations.

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MTI Wireless Edge Ltd. 1Q Pretax Profit Rose on Higher Revenue

MTI Wireless Edge Ltd. said Monday that pretax profit rose in the first quarter as revenue increased.

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Moonpig Shares Rise After Proposal to Buy Smartbox Group for GBP124 Mln; Raised Expectations

Shares in Moonpig Group PLC traded up 12% on Monday after it said that it was proposing to buy Smartbox Group UK Ltd. for 124 million pounds ($154.9 million) as part of the acceleration of its growth strategy, and that it has increased its fiscal 2023 revenue expectations.

 
Market Talk: 

Kingfisher's Long-Term Views Seen as Supportive

0835 GMT - Kingfisher improved its performance strategy through boosting its digital offer, lowering inventory and cost control, amid a positive long-term outlook, RBC Capital Markets analyst Richard Chamberlain says in a note. The European home-improvement retailer reported a resilient demand in 1Q with sales at GBP3.2 billion compared with a consensus of GBP3.1 billion. Kingfisher is expected to benefit from customers spending more time at home, engaging with do-it-yourself and energy-efficient housing, the analyst says. RBC Capital Markets has an outperform rating on the stock and a price target of 370,0 pence. (michael.susin@wsj.com)

 

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

(END) Dow Jones Newswires

May 23, 2022 04:55 ET (08:55 GMT)

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