UK Consumers' Lower Borrowing at Year-End Signals Hit to
Economy
1027 GMT - U.K.'s December consumer lending data suggests high
interest rates hurt activity, a trend that is likely to intensify
as further interest-rate increases are on the way, Capital
Economics U.K. economist Ashley Webb says in a note. Consumer
credit slowed compared with the previous month, suggesting
households cut back on spending at year-end and that they are
tapping into savings to support any spending they do, he says.
Mortgage approvals fell again, hitting their lowest level since the
onset of the Covid-19 pandemic in May 2020. "The cumulative
downward effect from higher interest rates appears to be starting
to weigh more heavily on the economy," Webb says. "And given the
large share of fixed-rate mortgages, this effect is only going to
grow throughout this year." (xavier.fontdegloria@wsj.com)
Companies News:
Pets at Home Sees FY 2023 Underlying Pretax Profit At Upper End
of Consensus
Pets at Home Group PLC on Tuesday raised its pretax profit
guidance for its fiscal year after posting a rise in third-quarter
revenue.
---
British American Tobacco to Create Two New Board Roles,
Restructure Regions
British American Tobacco PLC said Tuesday that it will create
two new board roles and a regional structure to streamline and
accelerate its business transformation.
---
De La Rue CFO Rob Harding to Step Down
De La Rue PLC said Tuesday that Chief Financial Officer Rob
Harding will be stepping down to join PayPoint PLC as CFO.
---
Wickes to Meet 2022 Adjusted Pretax Profit Forecasts After
Strong 4Q
Wickes Group PLC said Tuesday that it expects to meet adjusted
pretax profit forecasts for the past year after a strong
fourth-quarter performance.
---
Renewi on Track to Meet FY 2023 Market Expectations
Renewi PLC said Tuesday that it expects the challenging
macroeconomic outlook to continue this year, but is on track to
meet market views for fiscal 2023.
---
DX (Group) Appoints New CEO, Says 1H Performance Was Strong
DX (Group) PLC said Tuesday that its performance in the fiscal
first half of the year was strong and that it has appointed Paul
Ibbetson as its new chief executive.
---
Mortgage Advice Bureau Sees 22% Revenue Rise in 2022, in Line
Adjusted Pretax Profit
Mortgage Advice Bureau (Holdings) PLC said Tuesday that revenue
increased 22% in 2022 and that adjusted pretax profit is expected
to be in line with expectations.
---
A.G. Barr Sees FY 2023 Profit Ahead of Views After Revenue
Rose
A.G. Barr PLC on Tuesday said it expects profit slightly ahead
market expectations and revenue rising 17% on strong performance
across its brands for fiscal 2023.
---
RBG Terminates CEO Nicola Foulston's Contract, Jon Divers
Appointed Acting CEO
RBG Holdings PLC said Tuesday that Chief Executive Officer
Nicola Foulston's contract has been terminated and that Jon Divers
will be appointed acting CEO with immediate effect.
---
The Property Franchise Group Sees 2022 Profit Ahead of Views
The Property Franchise Group PLC said Tuesday that it expects to
report profit ahead of market expectations for 2022 after a strong
performance through organic growth in lettings and the full impact
of the acquisition of Hunters Property PLC in March 2021.
---
XLMedia Sees 2022 Results in Line After Strong Sports, Gaming
Performance
XLMedia PLC said Tuesday that it expects to report 2022 results
in line with expectations after a strong performance from its
sports and gaming operations.
---
Belvoir Sees 2022 Results Ahead of Its Views But Lower
Profitability in 2023
Belvoir Group PLC on Tuesday said that it sees its 2022
performance slightly beating management's expectations as it posted
a 13% rise in revenue for the year but warned profitability in 2023
is likely to be lower before rising again in 2024.
---
Gemfields 2022 Total Auction Revenue Rose to $316 Mln
Gemfields Group Ltd. said Tuesday that total auction revenue for
2022 rose 32% to $316 million, and that combined auction luxury
brand Faberge annual revenue reached a record $333 million.
---
Morses Club Shares Soar After Extension of Term-Out Clause
Morses Club PLC shares more than doubled on Tuesday after the
group said its funders have agreed to extend its term-out clause to
March.
---
ITM Power Sees Wider Adjusted Loss for FY 2023 on Revenue
Delays, Plans Job Cuts
ITM Power PLC said Tuesday that it expects a wider adjusted loss
than previously forecast for fiscal 2023 on lower sales due to
project delays, and said it plans to reduce its headcount by a
quarter.
---
GSK's Earnings Expected to Grow in 4Q Despite Sales Dip --
Earnings Preview
GSK PLC is scheduled to report results for the fourth quarter on
Feb 1. Here's what you need to know:
---
Filtronic 2H Performance Below Market Expectations Due to Parts
Shortages
Filtronic PLC said Tuesday its performance in the second half of
fiscal 2023 will be weaker than market expectations as it was
currently experiencing a shortage on a number of unique
semiconductor components.
---
Harworth Net Disposal Value for 2022 Seen at Lower End of Market
Views
Harworth Group PLC said Tuesday that its net disposal value for
2022 is expected to be within the current market forecast range,
but at the lower end, with strong demand amid rising interest rates
and inflation.
---
Integrated Diagnostics Pulls out of Deal to Buy Stake in
Pakistan Center
Integrated Diagnostics Holdings PLC said Tuesday that it has
pulled out of talks to buy a 50% stake in the Islamabad Diagnostic
Center in Pakistan.
---
TPXImpact Holdings Shares Plunge After 3Q Revenue Fall, FY 2023
Guidance Cut
Shares in TPXImpact Holdings PLC fell Tuesday after the company
said revenue in the third quarter of fiscal 2023 fell, and that it
is cutting its guidance for the year.
---
Lifesafe Sees Further 2022 Beat on Strong Christmas
Performance
Lifesafe Holdings PLC said Tuesday that it has further exceeded
its 2022 expectations after strong performance in the busy
Christmas period.
---
Uniphar Says 2022 Results Were in Line With Its Views
Uniphar PLC on Tuesday said it performed in line with management
expectations for 2022 gross profit and earnings before interest,
taxes, depreciation and amortization, and that it is well
positioned for organic growth in 2023.
---
Synthomer Says 2022 Earnings Were in Line With Views
Synthomer PLC said Tuesday that 2022 revenue was 2.6 billion
pounds ($3.21 billion) and underlying earnings before interest,
taxes, depreciation and amortization is expected in a range of
GBP262 million-GBP268 million, in line with company-compiled
consensus.
---
Kelso Group Takes 0.4% Stake in 'Undervalued' THG
Kelso Group Holdings PLC said Tuesday that it has bought a 0.4%
stake in THG PLC and that it sees the U.K. e-commerce company as a
significantly undervalued business.
---
Diversified Energy 2021 Production Rose 14%; Results in Line
With Views
Diversified Energy Co. said Tuesday that its 2022 full-year
production rose 14% and that its results for the year were in line
with market expectations.
---
Northcoders Sees 2022 in Line
Northcoders Group PLC said Tuesday that 2022 results are seen in
line with expectations after it launched a product suite with Rolls
Royce in the period.
---
MyHealthChecked 2022 Ebitda Hit by Lower-Margin Covid LFTs;
Shares Fall
Shares of MyHealthChecked PLC fell as much as 12% on Tuesday
after the company said it expects to report lower Ebitda for 2022
on reduced margins due to the change in product mix from higher
margin Covid PCR testing to LFTs.
---
Somero Enterprises Sees 2022 Revenue, Adjusted Ebitda Below
Guidance
Somero Enterprises Inc. said Tuesday that it expects 2022
revenue and adjusted Ebitda to fall below guidance due to the
effect of supply-chain shortages in the North America market.
---
Instem Sees 2022 Revenue Jump on Full-Year Contributions From
Acquisitions
Instem PLC said Tuesday that revenue is expected to increase
around 28% for 2022, benefiting from full-year contributions from
the three acquisitions completed during 2021.
---
Ricardo 1H Revenue, Underlying Profit in Line With Views; Backs
FY 2023 Guidance
Ricardo PLC said Tuesday that revenue and underlying profit grew
over the first half of the fiscal year, in line with management
expectations, and that its full-year guidance remains
unchanged.
---
Kromek 1H Pretax Loss Widened on Higher Costs; Sees FY 2023
Revenue Rising 45%
Kromek Group PLC on Tuesday posted a widened first-half pretax
loss due to higher costs, and said it has a strong order book and
good visibility for the second half.
---
Accesso Technology Sees Record 2022 Revenue
Accesso Technology Group PLC said Tuesday that it expects to
deliver record revenue for 2022 and an earnings before interest,
taxes, depreciation and amortization margin of no less than 17%,
consistent with the margin expectations.
---
Ecora Resources 4Q Portfolio Contributions Fell 48% on Lower
Mine Production
Ecora Resources PLC said Tuesday that contributions from its
portfolio fell 48% in the fourth quarter but that contributions for
2022 rose 67% as the portfolio benefited from stronger commodity
prices for most of the year.
---
Venture Life Sees 2022 Revenue Jump, Earnings in Line
Venture Life Group PLC said Tuesday that it expects to report a
34% rise in revenue for 2022 and adjusted earnings before interest,
taxes, depreciation and amortization at least in line with market
expectations.
---
Gusbourne 2022 Revenue Rose 48% With Growth in All Channels
Gusbourne PLC said Tuesday that revenue for 2022 rose 48% with
robust sales growth across all its channels, and that it continues
to trade in line with market expectations.
---
Autins Shares Fall on Widened FY 2022 Pretax Loss Amid
Supply-Chain Issues
Shares in Autins Group PLC dropped on Tuesday after the company
reported a widened pretax loss for fiscal 2022 as supply-chain
disruptions in key markets, cost inflation, and the war in Ukraine
weighed on results.
---
Tissue Regenix Expects 2022 Revenue to Rise Amid Broad-Based
Growth
Tissue Regenix Group PLC said Tuesday that revenue for 2022 is
expected to rise following a strong performance across all its
businesses.
---
MyCelx Technologies to Report Swing to 2022 Ebitda Loss
MyCelx Technologies Corp. said Tuesday it expects to report a
swing to Ebitda loss for 2022 and that revenue will exceed guidance
for the year.
---
SigmaRoc Raises 2022 Revenue, Underlying Ebitda Guidance on
Strong Finish to Year
SigmaRoc PLC on Tuesday raised its guidance for 2022 results
after it reported a strong performance in the final weeks of the
year.
---
Vector Capital Sees 2022 Revenue Increase on Strong
Performance
Vector Capital PLC said Tuesday that it booked strong
performance in 2022, with revenue growth of 12%.
---
PayPoint Appoints Rob Harding as CFO
PayPoint PLC said Tuesday that it has appointed Rob Harding as
chief financial officer.
---
Corcel's Chairman Swaps Cash Remuneration for Shares
Corcel PLC said Tuesday that Chairman James Parsons has decided
to receive his remuneration for the next four months in stock of
the company.
---
Cambridge Cognition 2022 Revenue Rose 25% But After-Tax Profit
Fell
Cambridge Cognition Holdings PLC on Tuesday said its revenue
grew 25% in 2022, beating market expectations, and that it has good
visibility for 2023, but that its profit after tax fell.
Market Talk:
Pets at Home Faces Hurdles Despite Strong 3Q
1036 GMT - Shares in Pets at Home rise 9% after the U.K.
pet-shop chain reported robust third-quarter trading and forecast
better-than-expected full-year underlying pretax profit. Retail
sales came in slightly lower than RBC Capital Markets expected, but
sales in the company's veterinary business were slightly ahead, RBC
says, keeping its under-perform recommendation unchanged. "Although
Pets has seen strong growth over the course of the pandemic, we
expect pressure on consumer wallets and tough comparables will mean
further growth will be more difficult to come by, especially in the
retail business," RBC analysts say in a note.
(philip.waller@wsj.com)
AG Barr Has Scope For Growth, Higher Margins
1026 GMT - Shares in A.G. Barr rise 3% to 543 pence after the
Scottish soft-drink maker reported higher full-year revenue and
forecast annual profit slightly ahead of market expectations. The
company did well in the year to the end of January, successfully
passing through further price rises while still increasing volumes
even in the second half, Liberum Capital says. "AG Barr remains a
top defensive pick, with significant potential for growth and
margin expansion," Liberum analysts say in a note, reiterating
their buy recommendation and increasing their price target to 600p
from 525p. (philip.waller@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
January 31, 2023 05:59 ET (10:59 GMT)
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