Sterling Rises as Pessimism Over UK Economy Eases
0727 GMT - Sterling gains and is the third best-performing G10
currency in March after the Japanese yen and Swiss franc, boosted
by a reversal of some investor pessimism towards the U.K. economy,
MUFG Bank says. The U.K. economy's resilience is keeping pressure
on the Bank of England to raise interest rates, MUFG currency
analyst Lee Hardman says in a note. Meanwhile, BOE Governor Andrew
Bailey on Tuesday provided reassurance that U.K. banks are well
placed to support the economy. "The comments leave open the
possibility of one further 25 basis points hike at the next
Monetary Policy Committee meeting on May 11," Hardman says. GBP/USD
rises 0.3% to 1.2326 and EUR/GBP falls 0.2% to
0.8773.(renae.dyer@wsj.com)
COMPANIES NEWS:
Diageo Names Debra Crew as CEO as Ivan Menezes Retires
Diageo PLC on Tuesday said its Chief Executive Ivan Menezes
intends to retire after 10 years in the role, and will be replaced
by current Chief Operating Officer Debra Crew.
---
Ocado Backs FY 2023 Views After 1Q Retail Revenue Rose on Higher
Orders
Ocado Group PLC said Tuesday that first-quarter sales of Ocado
Retail Group, the joint venture it co-owns with Marks & Spencer
Group PLC, rose and that guidance for fiscal 2023 remains
unchanged.
---
Halma Buys FirePro for EUR150 Mln
Halma PLC said Tuesday that it has bought aerosol-based fire
suppression system company FirePro for 150 million euros ($162
million).
---
John Wood 2022 Revenue Rose; Adjusted Earnings at Top End of
Guidance
John Wood Group PLC said Tuesday that 2022 revenue rose while
adjusted earnings were at the top end of guidance.
---
Personal Group Swung to 2022 Pretax Loss on Impairment
Charge
Personal Group Holdings PLC said Tuesday that it swung to a
pretax loss in 2022 due to an impairment charge, but revenue rose
thanks to growth across business areas.
---
A.G. Barr FY 2023 Pretax Profit Rose; Sees Short-Term Margin Hit
Ahead
A.G. Barr PLC said Tuesday that pretax profit for fiscal 2023
rose driven by robust sales growth but warned that margins are
expected to be hit by several factors in the short-term.
---
S&U FY 2023 Pretax Profit Fell; Sees Good Current
Trading
S&U PLC on Tuesday reported a lower pretax profit for fiscal
2023 despite growing revenue and said current trading is good.
---
Nanoco 1H Revenue Rose, Loss Flat; Expects Orders by End
2023
Nanoco Group PLC said Tuesday that revenue rose in the first
half of its fiscal year, its pretax loss was flat and that it
expects orders for its commercial-production materials by the end
of 2023.
---
Softcat Sees FY 2023 Ahead of Views Despite 1H Pretax Profit
Slip
Softcat PLC said Tuesday that pretax profit fell on the back of
lower revenue and higher expenses, but raised its dividend payout
and expects performance of fiscal 2023 to be ahead of its
expectations.
---
United Utilities Expects FY 2023 Revenue, Performance Payment to
Miss Guidance
United Utilities Group PLC said Tuesday that it expects its
fiscal 2023 revenue and a performance-related payment to miss
guidance.
---
Team17 2022 Profit Fell Slightly After Acquisition Costs; CEO to
Depart
Team17 Group PLC said Tuesday that pretax profit fell slightly
in 2022 as acquisition-related costs jumped, and that Chief
Executive Debbie Bestwick plans to step down once a suitable
successor can be found.
---
Unbound Group in GBP6.8 Mln Takeover Talks With WoolOvers
Group
Unbound Group PLC said Tuesday that it is in talks with
WoolOvers Group Ltd. over a potential 6.8 million pound ($8.4
million) takeover that it would be minded to recommend to
shareholders if a firm offer is made.
---
Bellway 1H Pretax Profit Fell on Safety Expense, Initiates
Buyback
Bellway PLC said Tuesday that its pretax profit for the first
half-year ended Jan. 31 fell, but revenue rose thanks to an
increase in average selling prices and it is launching a share
buyback program.
---
Journeo 2022 Pretax Boosted by Fleet Sales, Customer
Investment
Journeo PLC said Tuesday that 2022 pretax profit rose, boosted
by higher fleet sales and an increase in investment by bus
operators, but that pressure on global supply chains is likely to
persist well into this year and beyond.
---
Mortgage Advice Bureau Sees 2023 in Line With Views
Mortgage Advice Bureau (Holdings) PLC on Tuesday posted a lower
pretax profit for 2022 despite higher revenue, and said that it
sees 2023 in line with expectations as it anticipates a stronger
second half of the year.
---
Marlowe Sees FY 2023 in Line With Market Views, Expects Further
Revenue Growth
Marlowe PLC said Tuesday that performance for fiscal 2023 is
expected to be in line with market expectations, supported by an
accelerating revenue growth.
---
Xaar 2022 Profit Fell as Some Units Book Losses, Revenue
Rose
Xaar PLC said Tuesday that pretax profit fell in 2022 as it
booked some losses in business units, but that revenue rose.
---
Pennpetro Energy to Raise GBP1.5 Mln; Shares Fall
Shares in Pennpetro Energy PLC fell Tuesday after it said that
it will raise 1.5 million pounds ($1.8 million) via a discounted
placing and a subscription, and that it will use proceeds to fund
its share of a first production well in Texas.
---
Eleco 2022 Pretax Profit Fell Amid Transition to
Software-as-a-Service Model
Eleco PLC said Tuesday that its 2022 pretax profit and revenue
fell as the company transitions to a software-as-a-service
business.
---
Corcel Raises GBP1.1 Mln Via Premium Placing With New Investor
Group
Corcel PLC said Tuesday that it is raising 1.1 million pounds
($1.4 million) via a premium share placing with a group of new
investors and will use the money toward acquisitions and for
working capital.
---
Petershill Partners Swung to 2022 Pretax Loss; to Launch $50M
Buyback
Petershill Partners PLC on Tuesday posted a swing to pretax loss
as it reported its first full year of results since listing in
London in September 2021, and said it intends to launch a new $50
million share buyback in 2023.
MARKET TALK:
Ocado Gaining Share in a Declining Market, Shore Says
0739 GMT - Ocado Retail's 1Q update shows the business will be
barely profitable, Shore Capital analysts Clive Black and Darren
Shirley say in a note. The online grocer reported 1Q 3.4% sales
growth against a weak comparative, they say. However this is far
from positive because Ocado has been gaining share in the now
demonstrably smaller-than-peak pandemic U.K. online grocery market,
so notably losing market share overall, they add. "We expect much
stronger sales from M&S Food in 4Q and other store-based
players with the exception of Morrisons and Waitrose," they say.
(michael.susin@wsj.com)
---
Diageo's CEO Departure Is a Meaningful Loss, RBC Says
0739 GMT - Diageo Chief Executive Officer Ivan Menezes's
retirement and replacement by current Chief Operating Officer Debra
Crew had been widely expected but seen as a meaningful loss for the
group, RBC Capital Markets James Edwardes Jones and Emma Letheren
say in a note. The London-based maker of Johnnie Walker Scotch
whisky was in poor shape when Menezes took over to become one of
the most impressive companies to cover, they highlight. On the
other hand, Crew has an extensive background in consumer staples
but is something of an unknown quantity, they add.
(michael.susin@wsj.com)
---
United Utilities' Lower Guidance Is Offset by Tax Charge
Changes
0732 GMT - Although United Utilities lowered 2023 revenue
guidance by around GBP18 million, this is partially offset at the
bottom line by changes in the tax charge,RBC Capital Markets
analyst Alexander Wheeler says in a note. Management has guided for
a tax credit in the GBP15 million to GBP25 million range, compared
with previous guidance of a tax charge in the GBP5 million to GBP10
million range, Wheeler says. Furthermore, the company has said the
change to revenue guidance is a timing effect and will be recovered
in future periods, he says. RBC rates the stock sector perform and
has a 1,100 pence target price. Shares are down 1.7% at 1,018
pence. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
March 28, 2023 03:56 ET (07:56 GMT)
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