BOE's Forecasts May Give a Better Guide on Future Policy

1108 GMT - The Bank of England's forecasts for economic growth and inflation, which it will give alongside an expected rate increase in a decision due at 1200 GMT, could provide better guidance on future policy than previously, say Mizuho analysts in a note. A highly volatile second half of 2022 due to high energy prices and uncertain fiscal policy made it difficult to predict policy direction and the BOE's forecasts "have been a poor guide to actual policy," the analysts say. "Given less volatile financial markets [currently], there is a chance that the forecasts become a better guide to future policy," they say. Observers will focus on forecasts for inflation on a 2-3 year horizon, the analysts say. (miriam.mukuru@wsj.com)

 
Companies News: 

Airtel Africa 3Q Pretax Profit Fell on Rising Costs

Airtel Africa PLC said Thursday that third-quarter pretax profit fell despite a revenue increase, due to inflationary pressures across its markets.

---

Superdry CEO Julian Dunkerton Has No Plans to Take Company Private

Superdry PLC founder and Chief Executive Officer Julian Dunkerton said Thursday that he has no plans to take the company private.

---

BT Group Nine-Month Pretax Profit Fell Depreciation Offset Ebitda Growth

BT Group PLC said Thursday that nine-month pretax profit fell due to increased depreciation that offset earnings before interest, taxes, depreciation and amortization growth.

---

Shell Joins US Oil Majors in Posting Record 2022 Profit

LONDON--Shell PLC became the latest oil giant to post record annual profit last year, joining U.S. peers in surging back from early pandemic losses on soaring energy prices.

---

Cranswick Says 3Q Revenue Grew; Sees In-Line FY 2023 Outlook

Cranswick PLC on Thursday said its full-year outlook remains in line with the board's expectations as it saw revenue growth accelerating in the third quarter of fiscal 2023.

---

Shell Joins U.S. Oil Majors in Posting Record 2022 Profit -- WSJ

By Jenny Strasburg

---

JTC Sees Double-Digit 2022 Revenue Growth; Ebitda at Top End of Market Views

JTC PLC said Thursday that for 2022 it booked double-digit net organic revenue growth and that underlying earnings before interest, taxes, depreciation and amortization will be at the top end of the range of market expectations

---

James Halstead Sees 1H Pretax Profit Slipping But Remains Positive for FY 2023

James Halstead PLC said Thursday that it expects profit for the first half of fiscal 2023 to be slightly hit by continued though improving headwinds, and expectations for the full-year performance remain positive.

---

ScS Group 10-Weeks Order Intake Rose; To Meet FY 2023 Market Views

ScS Group PLC said Thursday that like-for-like order intake rose in the last 10 weeks and that it is on track to meet fiscal 2023 market expectations.

---

Hotel Chocolat Appoints Jon Akehurst as CFO

Hotel Chocolat Group PLC said Thursday that it has appointed Jon Akehurst as chief financial officer with effect in May 2023.

---

Safestyle Sees 2022 Swing to Underlying Pretax Loss, Revenue Rising

Safestyle UK PLC said Thursday that it expects to swing to an underlying pretax loss for the year ended Jan. 1, in-line with market expectations, and revenue to rise.

---

Shell Adds $41 Billion in Profit to Record Annual Haul From Oil Majors -- WSJ

By Jenny Strasburg

---

BT Group Nine-Month Pretax Profit Fell as Depreciation Offset Ebitda Growth -- Update

BT Group PLC said Thursday that nine-month pretax profit fell due to increased depreciation that offset earnings before interest, taxes, depreciation and amortization growth.

---

Renishaw 1H Pretax Profit Fell on Higher Costs

Renishaw PLC said Thursday that pretax profit fell for the first half of fiscal 2023 after it higher costs, and that weaker demand in the semiconductor and electronics sectors was offset by revenue growth from strategic priorities.

---

Dillistone Expects to Report 2022 Revenue Growth on Improving Performance

Dillistone Group PLC said Thursday that it expects to report full-year revenue growth for 2022 after improving performance trends continued through the second half.

---

Altona Rare Earths Now Raise GBP1.3 Mln Ahead of Delayed AIM IPO

Altona Rare Earths PLC said Thursday that it now plans to raise 1.3 million pounds ($1.6 million) through a share placing ahead of a planned initial public offering on London's junior AIM, after a previous fundraise expired.

---

Shell 4Q Net Profit Boosted by Higher LNG, Deferred Taxes -- Energy Comment

Shell PLC on Thursday reported a 54% rise in net profit for the fourth quarter compared with the earlier quarter, which it attributed to higher liquefied natural gas trading and optimization results, favorable deferred tax movements and partly offset by lower realized oil and gas prices, and higher operating expenses. Here's what the energy giant had to say:

---

PCI-PAL 1H Revenue Rose, Sees FY 2023 in Line With Views

PCI-PAL PLC said Thursday that first-half revenue rose and that adjusted Ebitda loss was better than expected as the group pipeline continues to grow.

---

Xpediator Shares Rise as 2022 Pretax Profit Seen Ahead of Views

Shares in Xpediator PLC rose 13% on Thursday after the company said that it expects to report 2022 revenue at just below 400 million pounds ($494.9 million) with adjusted pretax profit significantly ahead of previous management guidance of GBP9.0 million.

 
Market Talk: 

Pets at Home Cost Pressures to Drag Performance in FY 2024

1057 GMT - Pets at Home reported an impressive 3Q performance and the slight upgrade to fiscal 2023 guidance is commendable given the current environment, Liberum analysts say in a note. "We think the current valuation is fair for now and expect more modest upside than elsewhere in the sector over the coming months," they add. However, looking to fiscal 2024, the pet-care group is expected to have flat profit given increasing costs pressures--including foreign exchange, energy and wages headwinds--despite forecasts for strong trading trends, they say. Liberum cuts its rating on the stock to hold from buy, and the target price to 390 pence from 510 pence. (michael.susin@wsj.com)

BT 3Q Revenue Matched Hopes, But Cash Flow Fell Short

1052 GMT - BT shares gain 2% after the U.K. telecom reported what Barclays analysts described as in-line third-quarter revenue and earnings, though free cash-flow fell short. The latter, at GBP42 million, was well below Barclays and consensus expectations, driven by higher capital spending and worse working capital, the bank says. Still, BT maintained its full-year outlook and momentum in its efforts to expand fiber broadband remained impressive, Barclays says. "We expect a modest negative share-price reaction due to the sizeable FCF miss, even if FY targets are reiterated," Barclays analysts say in a note. (philip.waller@wsj.com)

Rolls-Royce's Recovery Looks Compelling

1037 GMT - Rolls-Royce is primed for recovery as debt is paid down, efficiencies realized and with much-improved returns on capital, Shore Capital analysts Jamie Murray and Robin Speakman say in a note. The engineering company has the potential for value creation in the New Markets division--which covers opportunities in aero-engine electrification and small modular reactors--leveraging the recovery momentum back to growth, the analysts say. Returns at its Civil Aerospace division will improve after completion of its continuing restructuring program and once flying times return to normal levels following China's reopening, they say. The net effect of this is seen stimulating high-margin aftermarket service revenue and improving profitability, the analysts say. "We view Rolls-Royce as a compelling recovery play with robust end-markets," they say. (anthony.orunagoriainoff@dowjones.com)

Sterling Falls to 1-Month Low vs Euro Before BOE, ECB Decisions

1037 GMT - Sterling falls to a one-month low against the euro before Bank of England and European Central Bank decisions at 1200 GMT and 1315 GMT respectively, where the ECB is expected to sound more determined to raise interest rates further. The ECB should increase rates by 50 basis points and reiterate the need to stay the course in policy tightening, arguably making it "the most hawkish G20 central bank," Vantage analyst Jamie Dutta writes. The BOE is expected to lift rates by 50bp, although it could adopt a more cautious tone given receding inflation expectations and a slowing housing market, Dutta says. Some analysts see a risk of a smaller 25bp rise. EUR/GBP rises to 0.8923, according to FactSet. (renae.dyer@wsj.com)

 

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

(END) Dow Jones Newswires

February 02, 2023 06:52 ET (11:52 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
FTSE 100
Index Chart
Von Feb 2024 bis Mär 2024 Click Here for more FTSE 100 Charts.
FTSE 100
Index Chart
Von Mär 2023 bis Mär 2024 Click Here for more FTSE 100 Charts.