Pound's Underperformance May Persist on Prospect of UK
0841 GMT - Sterling may continue to underperform given the
prospect of organised blackouts in the U.K. this winter resulting
from energy shortages, MUFG Bank says. The Bank of England has
forecast an economic contraction for five consecutive quarters from
the fourth quarter and the baseline assumptions don't assume
energy-supply restrictions that result in blackouts and potentially
major disruptions, which would undermine confidence in the growth
outlook even further, MUFG analyst Derek Halpenny says in a note.
"The pound is the second worst performing G10 currency so far in
August and we see no reason for that performance to change over the
coming weeks," Halpenny says. GBP/USD rises 0.1% to 1.2093 and
EUR/GBP falls 0.1% to 0.8447. (firstname.lastname@example.org)
RS Group to Buy Mexican Distributor Risoul for $275 Mln
RS Group PLC said Wednesday that it has agreed to buy a
distributor of industrial and automation product and service
solutions in Mexico for $275 million.
Admiral Group 1H Pretax Profit Dropped After Booking Higher
Admiral Group PLC reported on Wednesday a significant decline in
pretax profit for the first half of 2022 on the back of higher
costs, but said that it came in still 19% ahead of pre-pandemic
Deliveroo 1H Pretax Loss Widened on Consumer Headwinds; Begins
GBP75 Mln Share Buyback
Deliveroo PLC said Wednesday that its first-half pretax loss
widened due to increased consumer headwinds, and began a 75
million-pound ($90.6 million) share buyback program.
Royal Mail Warns of Material Losses as Union Moves Forward With
Royal Mail PLC warned on Wednesday that it expects to be
materially lossmaking in fiscal 2023 if a proposed strike action
Airtel Africa Agrees on $125 Mln Loan to Support Operations,
Airtel Africa PLC said Wednesday that it has signed a $125
million revolving credit facility with Citi, and that it will use
the funds to support operations and investments at four of its
Civitas Social Housing NAV Per Share Rose Slightly in June
Civitas Social Housing PLC said Wednesday that it continues to
perform in line with expectations and that its net asset value per
share increased slightly in the first quarter of fiscal 2023.
Aviva Plans Further Buyback After 1H Profit Rose
Aviva PLC rep
orted on Wednesday an increase in operating profit for the first
half of 2022, backed its dividend guidance for the full year and
outlined further plans for capital returns.
Jubilee Metals 2H Earnings Rose on Higher Production --
Jubilee Metals Group PLC on Wednesday reported that its profits
increased in the second half of its fiscal year ended June 30.
Here's what the Africa-focused mining company had to say:
Prudential 1H Net Profit Fell Sharply on Pandemic Restrictions,
Operating Profit Rose
Prudential PLC reported on Wednesday a 90% net profit fall for
the first half of 2022 driven by market volatility amid
coronavirus-related restriction impacts, while its headline
operating profit rose slightly, but missed market views.
88 Energy to Raise Up to $7 Mln via Discounted Share Placing
88 Energy Ltd. said Wednesday that it will raise up to 10
million Australian dollars (US$7 million) via a discounted share
placing and a bookbuild--and will accept oversubscriptions of up to
A$4.9 million--and that it will use the proceeds to finance
potential new ventures and as additional working capital.
S&U Recent Performance Beat Its Expectations, But Remains
S&U PLC said Wednesday that its performance from May 26 to
July 31 in both divisions beat its expectations, though remains
cautious of current economic uncertainty.
Redde Northgate Doubles share Buyback Program to GBP60 Mln
Redde Northgate PLC said Wednesday that it will double its share
buyback program in size to a total of up to 60 million pounds
($72.5 million), given its strong start to the financial year and
significant shareholder support.
TP ICAP 1H Pretax Profit Rose on Global Broking Growth; Is
Optimistic on 2022 Outlook
TP ICAP Group PLC reported Wednesday a significant rise in
pretax profit for the first half of 2022, helped by a rise in
revenue at its global broking division, and said it is
well-positioned for the remainder of the year.
Quilter AuMA Fell 12% in 1H on Adverse Market Movements
Quilter PLC on Wednesday reported that its assets under
management and administration decreased by 12% in the six months
ended June 30.
Deliveroo Director Simon Wolfson Steps Down From Board
Deliveroo PLC said Wednesday that independent nonexecutive
director and Next PLC Chief Executive Simon Wolfson has decided to
step down from its board.
Digitalbox Warns on Slowdown Despite 1H Revenue Beat; Shares
Shares in Digitalbox PLC fell Wednesday after it said
challenging conditions could hurt revenue in the second half,
despite performance in the first half of the year being
significantly ahead of its expectations.
Deliveroo Serves Up an Impressive 1H, But Risks Remain
0913 GMT - Deliveroo delivered a pleasant surprise by beating
first-half estimates, despite cracks appearing throughout the tech
sector, AJ Bell says. With consumers under increasing pressure to
cut down on expenses, activity was anticipated lower, but takeaway
orders for U.K. food-delivery company actually increased, AJ Bell
financial analyst Danni Hewson says in a research note. There are
still reasons to be cautious, though, the brokerage says. "Growth
has slowed in the past quarter and the principal reason it managed
to beat estimates was by cutting back on marketing spend. That
might explain why the share price didn't rally on the news," Hewson
says. Shares are up 2.7% at 93.7 pence. (email@example.com)
Admiral Gains as UK Motor-Insurance Profit Tops Hopes
0838 GMT - Shares in Admiral gain 4% after the insurer reported
lower first-half pretax profit than a year ago, but said it still
came in 19% ahead of that in the first half of 2019. Group pretax
profit of GBP251 million matched consensus, with a weak result in
the insurer's international motor business offsetting a 9% beat in
its U.K. motor operation, Citigroup says, adding that U.S.
operations materially affected the international motor result.
"Dragged back a little by household, the U.S. and business
development, but there should be enough here to reassure, given
rate action and loss ratio developments," Citi analyst James Shuck
says in a note. (firstname.lastname@example.org)
Contact: London NewsPlus; Dow Jones Newswires;
(END) Dow Jones Newswires
August 10, 2022 05:31 ET (09:31 GMT)
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