Sterling Falls Further After Weaker UK PMI Data

0849 GMT - Sterling falls further after a key measure of U.K. manufacturing and services activity fell by more than expected in September and as the U.K. government's announcement of a mini budget and a hefty fiscal package gets underway. The S&P's composite purchasing managers' index dropped to a 20-month low of 48.4 in September, down from 49.6 in August and below the consensus forecast of analysts polled by the WSJ of 49.0. A level below 50 indicates a contraction in activity. "U.K. economic woes deepened in September as falling business activity indicates that the economy is likely in recession," S&P economist Chris Williamson says in the survey's press release. GBP/USD falls to 1.1151, its lowest level since March 1985, after the survey from 1.1162 before the data. EUR/GBP rises to 0.8751, from 0.8744 beforehand. (

Companies News: 

Smiths Group FY 2022 Pretax Profit Fell on Higher Costs, Missed Consensus

Smiths Group PLC said Friday that pretax profit for fiscal 2022 fell after booking higher costs, missing consensus, and that strong order books and its leading market positions support sustained momentum.

--- Group Hangs Up 'for Sale' Sign; Withdraws Guidance Group PLC said Friday that it has started a formal review of its options, including a sale process, and withdrew its full-year guidance due to a deterioration of trade and the current financial position of the group.


Crossword Cybersecurity Raises GBP6.3 Mln in Discount Placing

Crossword Cybersecurity PLC said Friday that it has raised 3.6 million pounds ($4.1 million) from an oversubscribed fundraising, which it will use to increase sales and marketing, and for product development, general marketing and working capital purposes.

--- Swung to FY 2022 Pretax Profit; Backs FY 2023 Guidance PLC said Friday that it swung to a fiscal 2022 pretax profit as revenue rose significantly, while leaving its fiscal 2023 guidance unchanged, and that it reintroduced dividends.


B90 Holdings 1H Pretax Loss Narrowed on Website Launch, Acquisition

B90 Holdings PLC said Friday that its first-half pretax loss narrowed as revenue rose on the back of a website launch and an acquisition, and that July and August revenue was in line with the second quarter.


Amigo CEO to Step Down; CFO Danny Malone Named as Successor

Amigo Holdings PLC said Friday that Chief Executive Gary Jennison is stepping down and will be succeeded by Danny Malone, the company's chief financial officer.


Colefax Launches Buyback Program of Up to GBP5.4 Mln

Colefax Group PLC said Friday that it is launching a share buyback program of up to 5.4 million pounds ($6.1 million).


7Digital Group Gets GBP500,000 Loan from Shareholder; Chairman Steps Down

7Digital Group PLC said Friday that it has agreed to a 500,000-pound ($562,700) loan from Magic Investments SA, a significant shareholder represented by Director David Lazarus.


easyJet Holidays Expects Pretax Profit of More than GBP35 Mln for FY 2022

easyJet PLC said Friday that its holidays business is expected to report a pretax profit of more than 35 million pounds ($39.4 million) in fiscal 2022 and is on track to deliver over GBP100 million of profit in the medium term.


ScS Group Names John Walden as Nonexecutive Chairman Designate

ScS Group PLC said Friday that John Walden has been appointed the group's nonexecutive chairman designate.


Revolution Beauty Auditor Won't Sign FY 2022 Report; Sees FY 2023 Results Missing Views

Revolution Beauty Group PLC said Thursday that its auditor BDO LLP has identified a number of serious concerns in its fiscal 2022 audit and is unable to sign the report, and it expects to miss fiscal 2023 market views.


Tern's Shares Fall on Significantly Widened 1H Loss

Shares in Tern PLC on Friday fell after the company reported a significantly widened loss for the first half of 2022.


More Acquisitions SPAC Conditionally Agrees on Reverse Takeover of Megasteel

More Acquisitions PLC said Friday that it has agreed on a conditional heads of terms to acquire Megasteel Ltd. in a reverse takeover, valuing Megasteel at between 49.5 million and 63 million pounds ($55.7 million-$70.9 million).

Market Talk: Investors Seen in a Precarious Position

0841 GMT - Group's latest news on being up for sale and withdrawing full-year guidance has put investors in a delicate position, AJ Bell's investment director Russ Mould says in a research note. Investors in the online homeware and furniture retailer, which last month said it was considering a potential capital raise to strengthen its balance sheet, may be wiped out or be left with a mere fraction of their original investment, Mr. Mould says. Shares are down 20% at 4.60 pence. (; @sabelaojeaguix)

TheWorks Looks a Strong Proposition for Now

0835 GMT -'s shares jumped in early Friday on solid fiscal 2022 results, as its value proposition resonates with cash-strapped consumers watching their pennies that still want to buy things like birthday presents, AJ Bell says. The value retailer theoretically stands to benefit as consumers get more selective, potentially choosing lower priced retailers, but there is no guarantee it will stay on top, AJ Bell investment director Russ Mould says in a note. "One could easily argue that a lot the stuff it sells--such as painting canvases, biographies of C-list celebrities and jigsaw puzzles--aren't must-have items. Therefore, if times become a lot tougher, even The Works could be susceptible to a sharp decline in sales," Mould says. Shares are up 45% at 42.0 pence. (


Contact: London NewsPlus;

(END) Dow Jones Newswires

September 23, 2022 05:33 ET (09:33 GMT)

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