Global Economy Is Expected to Slow Sharply in 2023
0657 GMT - Global GDP is expected to grow 1.7% in 2023 as
aggressive monetary policy tightening and reduced consumer
purchasing power weigh on activity, economists at Wells Fargo say.
The probability of a recession is increasing in many major
economies, particularly in the U.S., and contagion effects will
result in economic contractions across the G10 economies and
emerging markets, they say. "As hawkish as most central banks have
been this year, we now believe some central banks could look to
unwind tighter monetary policy in the second half of 2023," Wells
Fargo says. A recession in the U.S. and the U.K. should result in
the Federal Reserve and the Bank of England lowering interest
rates, the economists say. (xavier.fontdegloria@wsj.com)
Companies News:
Capita Sees 2022 Revenue Growth in Line with Views
Capita PLC said Wednesday that revenue for the first half of the
year was in line with expectations and that it remains on track to
deliver revenue growth in 2022.
---
UK Government Minded to Clear Parker-Hannifin Takeover of
Meggitt
The U.K. government said late Tuesday that it is 'minded' to
accept Parker-Hannifin Corp.'s undertakings to address its concerns
over the U.S. company's planned 6.3 billion pound ($7.68 billion)
takeover of Meggitt PLC.
---
Mulberry FY22 Pretax Profit Rose Significantly
Mulberry Group PLC reported Wednesday a significant rise in
pretax profit for fiscal year 2022 and said that its performance
for the first quarter of fiscal 2023 is ahead of the same period a
year earlier.
---
DP Aircraft I to Raise up to $750,000 via Tap Issue
DP Aircraft I Ltd. said Wednesday that it plans to raise up to
$750,000 via a tap issue, and that it will use the proceeds as
additional working capital.
---
Shoe Zone Set to Post Rise in Pretax Profit for FY22
Shoe Zone PLC said Wednesday that it expects to end its fiscal
2022 year with a rise in pretax profit, as its performance for the
third quarter has seen strong margin improvements and cost
savings.
---
PPHE to Launch Share Buyback of Up to GBP1.7 Mln; Dividend
Dependent on Performance
PPHE Hotel Group Ltd. said Wednesday that it was launching a
share buyback program of up to 1.7 million pounds ($2.1 million),
and that the declaration of a dividend remained subject to a
continuation of its performance in the year to date.
---
McBride Says Lender Waives June Covenant Tests to September
McBride PLC said Wednesday that its banking group has agreed to
waive the June covenant tests until Sept. 30, and that it is
performing in line with market expectations.
---
Lookers Sees 1H Adj Pretax Profit Fall, Warns of Supply
Restrictions
Lookers PLC said Wednesday that it expects to report a fall in
underlying pretax profit for the first half of 2022, but that it is
ahead of expectations, and warned of both new and used vehicle
supply restrictions for the remainder of the year.
---
Mulberry FY 2022 Pretax Profit Rose Materially Boosted by UK,
China Sales -- Update
Mulberry Group PLC on Wednesday reported a significant rise in
pretax profit for fiscal year 2022, and said that its performance
for the first quarter of fiscal 2023 is ahead of the same period a
year earlier.
---
UK Government Minded to Clear Parker Hannifin Takeover of
Meggitt -- Update
The U.K. government said late Tuesday that it is minded to
accept Parker Hannifin Corp.'s undertakings to address its concerns
over the U.S. company's planned 6.3 billion pound ($7.68 billion)
takeover of Meggitt PLC.
---
Union Jack Starts Capital Reduction Process to Enable
Shareholder Returns
Union Jack Oil PLC said Wednesday that it is pursuing a
reduction of capital exercise through the court procedure following
approval by shareholders at the general meeting held on
Tuesday.
---
Moonpig FY 2022 Pretax Profit Rose; Backs FY 2023 Guidance
Moonpig Group PLC said Wednesday that pretax profit for fiscal
2022 rose in its first full-year performance after floating, and
that it remains confident in its fiscal 2023 guidance.
---
Trakm8 FY 2022 Pretax Loss Narrowed; Warns of Supply Issues
Trakm8 Holdings PLC said Wednesday that pretax loss narrowed in
fiscal 2022, but that it has started the new financial year with
continuing supply challenges and inflationary pressures.
---
Safestay 1Q Revenue Ahead of Views; 2021 Underlying Profit
Effected by Covid-19 Closures
Safestay PLC said Wednesday that revenue for the first quarter
of 2022 was slightly ahead of management's expectations, and that
its 2021 underlying profit before disposals will reflect the effect
of pandemic-related closure periods.
---
Windar Photonics Shares Dive on Expected 2021 Revenue Fall
Shares in Windar Photonics PLC fell 58% in early trade Wednesday
after the company said that it expects to report a 50% fall in 2021
revenue due to project delays in China, and that these accounts
will be delayed past the regulatory deadline.
---
Oxford Cannabinoid Says 11-Month Performance Was as Expected
Oxford Cannabinoid Technologies Holdings PLC said Wednesday that
it expects to report results in line with expectations for the
eleven months ended April 30.
Market Talk:
B&M Likely to Benefit from 'Very Encouraging' Recent
Performance
0723 GMT - B&M's first-quarter update is as positive as one
could have hoped for, Liberum says in a note. The convenience
retailer's U.K. business like-for-like revenue was down just 1.6%
on year for an eight-week period comprising May and June, which is
very encouraging, Liberum says. "It should reassure that the
sequentially improving like-for-like trend for the rest of the year
that is baked into management's guidance is achievable," Liberum
says. "With the shares down 40% on a year-to-date basis...and now
back down at pre-Covid-19 levels, this is a great time to be
looking," Liberum adds. Liberum has a target price of 685 pence a
share and a buy recommendation on the stock. Shares are up 0.7% at
382.50 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)
---
B&M Likely to Struggle Growing Over Next Two Years
0710 GMT - B&M European Value Retail's group sales were
broadly in line with RBC Capital Markets' expectations for the
first quarter, but it will likely have a hard time growing earnings
meaningfully over the next two years, the Canadian bank says in a
note. The London-listed convenience retailer's should benefit from
consumers focusing on lower prices in a tougher macro environment,
but they will also be the most pressured, RBC says. Furthermore,
while France and Heron Foods's sales came in better than RBC
forecast, the company's main U.K. business was softer than
expected, RBC says. B&M's performance in the U.K. was likely
weaker during June, RBC notes. (sabela.ojea@wsj.com;
@sabelaojeaguix)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
June 29, 2022 04:00 ET (08:00 GMT)
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