Sterling's Gains After UK Inflation Data May be Brief

0929 GMT - Sterling rises after a surprise acceleration in Wednesday's U.K. inflation data but the currency's gains may be temporary, ING says. The data, along with a tentative recovery in market sentiment, reinforces the prospect of the Bank of England raising interest rates on Thursday, ING analyst Francesco Pesole says in a note. "Still, our economics team still deems a May pause as highly likely, and we continue to see the direction for EUR/GBP as bullish over the coming weeks." EUR/GBP falls 0.4% to 0.8783 and GBP/USD rises 0.6% to a near seven-week high of 1.2294, according to FactSet. U.K. inflation rose to 10.4% year-on-year in February from 10.1% in January, versus the 9.9% expected in a WSJ survey of economists. (

Companies News: 

Superdry to Sell Intellectual Property Assets in APAC for $50 Mln

Superdry PLC said Wednesday that it has signed an intellectual property transfer agreement with South Korea-based Cowell Fashion Co. Ltd. for the sale of its assets in certain countries within Asia Pacific for an upfront payment of $50 million in cash.


XPS Pensions Sees 2023 Revenue Above Consensus

XPS Pensions Group PLC said Wednesday that it expects revenue for fiscal 2023 to be ahead of current consensus and that the board expects operational gearing to have improved after having managed costs well.


Vistry 2022 Pretax Profit Fell on Exceptional Costs; Early 2023 Sales Improving

Vistry Group PLC said Wednesday that 2022 pretax profit fell on exceptional costs and despite a rise in revenue, and it reported an encouraging start to the year with a trend of improving sales.


Braemar to Report FY 2023 Rise in Revenue, Underlying Operating Profit

Braemar PLC said Wednesday that it expects to report a rise in revenue and underlying operating profit for fiscal 2023, and that the board is looking at fiscal 2024 with confidence.


Fevertree 2022 Pretax Profit Fell on Glass, Freight Costs, Backs 2023 Views

Fevertree Drinks PLC said Wednesday that pretax profit for 2022 fell, mostly driven by increased glass costs and trans-Atlantic freight costs, but backed its 2023 guidance and raised the dividend payout.


Ten Entertainment 2022 Profit, Revenue Significantly Rose Postpandemic

Ten Entertainment Group PLC said Wednesday that its 2022 pretax profit significantly increased together with total sales, as it delivered its first undisrupted trading year since 2019.


Pendragon 2022 Pretax Profit Fall on Cost Inflation, Increased Interest Rates

Pendragon PLC said Wednesday that its 2022 pretax profit fell on cost inflation and increased interest rates, although revenue grew slightly, and that it won't proposed a final dividend.


Bytes Technology Sees FY 2023 Sales and Profit Rising on High Demand

Bytes Technology Group PLC said Wednesday that it delivered strong sales and profit growth in fiscal 2023, on strong demand for its software and IT services.


Titon Holdings FY 2023 Performance in Line With Views; Sees 2H Return to Profitability

Titon Holdings PLC said Wednesday that its performance in fiscal 2023 has been in line with the board's expectations and that directors continue to expect a return to profitability in the second half of the year ending Sept. 30.


Hostelworld 2022 Pretax Loss Narrows As Sector Recovers

Hostelworld Group PLC on Wednesday reported a narrowed pretax loss for last year on revenue that rose more than four-fold due to higher bookings on the back of a strong postpandemic recovery in the travel sector.


Arrow Exploration Gets Better-Than-Expected Results at Colombia Well

Arrow Exploration Corp. said Wednesday that initial production rates from its new Rio Cravo Este-4 well in Colombia have been very encouraging, with better-than-expected flow rates.


Mpac 2022 Pretax Profit Hurt by Supply-Chain Issues; CEO to Step Down

Mpac Group PLC said Wednesday that despite a rise in revenue, its pretax profit fell in 2022, blaming global supply-chain issues and that Chief Executive Officer Tony Steels plans to step down.


Judges Scientific 2022 Pretax Profit Rose; Says Supply-Chain Disruptions Persist

Judges Scientific PLC said Wednesday that supply-chain disruptions persist and that its 2022 pretax profit rose as revenue increased on higher organic growth and an acquisition's contribution.

Market Talk: 

Pendragon Performed Well in 2022 Amid Significant Headwinds

0941 GMT - Pendragon reported an encouraging start to 2023 after delivering in-line 2022 results amid macro uncertainties, Jefferies analysts Andrew Wade and Grace Gilberg write in a research note. Despite significant headwinds prompting a 30% on-year fall of pretax profit in 2022, the full-year results mark a very resilient outcome, with operating profit around GBP10 million ahead of Jefferies forecast this time last year, the analysts say. Jefferies also notes the company's upbeat outlook, with volumes in new and used car market showing good on-year growth. "We infer solid double-digit volume gains in both," the analysts say. Jefferies raises it 2023 pretax profit estimate by 15% to GBP52 million and the price target on the stock to 28 pence from 25 pence. (

UK Core Inflation Rise Unwelcome for Bank of England Decision Makers

0938 GMT - A day before the Bank of England makes its latest decision, it's faced with an unwelcome resurgence in U.K. core inflation, says James Smith, developed markets economist at ING, in a note. Core CPI was 6.2% in February, versus 5.8% in January, and more importantly shows that the surprise dip in services CPI in the first month of the year was a temporary one, he says. Policy makers have said service-sector inflation tends to be more persistent and less volatile, therefore more long-lasting, Smith says. But the bank has been paying less attention to a single indicator, and broader data has been more encouraging over the past month, with the BOE's main survey of businesses pointing to less aggressive price and wage rises, and wage data appearing to be easing, Smith says. (

Ten Entertainment's 2022 Results Bowl Over Market Expectations

0928 GMT - Ten Entertainment's 2022 results were slightly ahead of expectations, with margins in particular surprising to the upside, reflecting tight costs control, fixed operating leverage and increased scale, Liberum says. The family-entertainment centers operator is capitalizing on the increasing popularity of social entertainment, with digital innovation adding to its universal appeal, a refurbishment program underway and steady adding of new space and activities to improve sales density, Liberum analysts say in a research note. Ten Entertainment has consistently beat expectations and its shares have risen 15% over the past 12 months, compared to the wider sector falling 15%, and yet its shares still look attractively cheap, the brokerage says. Liberum retains its buy rating and 400 pence price target. Shares are up 1.1% at 288.0 pence. (

Anpario Retains Strong Long-Term Prospects Despite Current Headwinds

0923 GMT - Anpario is currently facing a tough macro environment which should continue hurting performance in 2023, Shore Capital analyst Akhil Patel says, cutting its revenue forecast for the year by 13%. However, despite short-term supply-chain issues and inflationary pressures, the animal-feed manufacturer's long-term growth potential remains intact, he says. As inflation subsides, demand for Anpario's products should increase, while continued investment in sales and production should set the company up well for future growth, Patel says. "While we do expect to see a negative reaction to the shares following the weaker-than-expected outlook, we believe once the shares settle, this will provide an attractive entry point for investors looking for a high-margin, well-managed business," the analyst says. Shares are trading down 26% at 230 pence. (


Contact: London NewsPlus;

(END) Dow Jones Newswires

March 22, 2023 07:23 ET (11:23 GMT)

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