UKX

UK Interest Rates Continue to Weigh on Housing Market

0925 GMT - U.K. data shows interest rates weighed further on lending in February, particularly in the housing market, Ashley Webb, U.K. economist at Capital Economics says in a note. The monthly increase in net mortgage lending dropped to GBP0.7 billion from GBP2.0 billion, the lowest amount since April 2016, if excluding the pandemic period. That comes despite mortgage approvals actually rising for the first time in six months, though at 43,500 they still languish around 35% below pre-pandemic levels, Webb says. Moreover, the data came ahead of turmoil in the banking sector, which likely prompted U.K. banks to tighten credit conditions further, he says. (edward.frankl@wsj.com)

 
Companies News: 

Mirriad Advertising Says Numerous Companies Have Made Offers Since Start of Review

Mirriad Advertising PLC said Wednesday that a number of parties have entered early-stage discussions over a potential investment or acquisition of the company since the launch of the strategic review and formal sale process.

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Michelmersh Brick 2022 Pretax Profit Rose on Price Increases

Michelmersh Brick Holdings PLC on Wednesday posted a rise in its revenue and profit for 2022 on the back of two price increases to offset higher input costs.

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tinyBuild COO Luke Burtis Resigns; 2022 Pretax Profit, Revenue Rose

TinyBuild Inc. said Wednesday that Chief Operating Officer Luke Burtis resigned with immediate effect, and that 2022 pretax profit rose as revenue benefited from the performance of new titles and back catalogue sales.

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Next PLC Backs FY 2024 Guidance After FY 2023 Pretax Profit Beat Views

Next PLC said on Wednesday that pretax profit for fiscal 2023 rose ahead of the board's expectations and backed its guidance for fiscal 2024 as it anticipates inflation will ease.

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Up Global 1H Pretax Fall on Higher Interest Rates and Impairment Charge

Up Global Sourcing Holdings PLC said Wednesday that pretax profit fell in the first half of fiscal 2023 due to the increase in interest rates and an impairment charge, despite revenue rising driven by online sales.

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LoopUp Group Says 2022 Revenue Beat Views After PGi Connect Transaction

LoopUp Group PLC said Wednesday that it expects to report 2022 revenue ahead of market expectations, boosted in the fourth quarter by its transaction with PGi Connect.

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Artisanal Spirits 2022 Pretax Loss Narrowed on Better-Than-Expected Revenue

Artisanal Spirits Co. said Wednesday that pretax loss for 2022 narrowed on the back of better-than-expected revenue increase across its markets.

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BSF Enterprise Raises GBP2.9 Mln to Fund Organic Growth

BSF Enterprise PLC said Wednesday that it has raised 2.9 million pounds ($3.6 million) via an oversubscribed share placing and will use the money toward organic growth and for working capital.

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One Media IP Fiscal 2022 Profit Fell on Investment in Subsidiary

One Media iP Group PLC said Wednesday that revenue rose for fiscal 2022 but that profit fell as it continued to invest into its anti-piracy software subsidiary TCAT.

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Essentra 2022 Pretax Loss Widened; Launches GBP60M Buyback

Essentra PLC on Wednesday said its pretax loss widened in 2022 and launched a share buyback from the proceeds of the disposal of its filter and packaging divisions.

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Big Technologies 2022 Profit Rose Amid Growing Demand

Big Technologies PLC said Wednesday that pretax profit rose for 2022 as it saw growing demand, new contract wins and deployment of a record number of new electronic monitoring devices to customers in the criminal justice sector.

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RM PLC Swung to FY 2022 Pretax Loss on Higher Costs

RM PLC said Wednesday said that it swung to a pretax loss in fiscal 2022 due to higher costs, despite revenue rising on strong growth in its RM assessment unit.

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Medica 2022 Pretax Profit Rise On Increasing Revenue, Gross Profits

Medica Group PLC said Wednesday that its pretax profit increased thanks to rising revenue and gross profits, and that it has declared a final dividend.

 
Market Talk: 

Next's Long-Term Growth on Focus as Profits Are Set to Fall

0728 GMT - Next's FY 2024 guidance shows that it expects a challenging year ahead, while recent performance has been lacklustre after weathering significant shocks over the past eight years, Shore Capital analysts Eleonora Dani and Clive Black say in a note as shares fall 5.6%. The FTSE 100 clothing retailer is expected to have a modest EPS growth rate in the years ahead, they add. "With profits set to decline, we question its prospects for longer-term growth. Although the company is focusing on online growth, cost management, and investing in technology and infrastructure, we are not fully confident that these initiatives will deliver growth for shareholders," they add. (michael.susin@wsj.com)

Next Seen Offering Strong Long-Term Cash Returns

0700 GMT - Next's FY 2023 performance was slightly ahead of market consensus, while net debt is higher than estimated given working capital outflow and staff incentive costs, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note. The FTSE 100 clothing retailer reported FY 2023 pretax profit of GBP870.4 million, in line with RBC's high-end estimate, they say. By division, retail profit was below expectations and online and finance came in ahead of estimates, they say. "We think Next has potential to offer investors a strong omnichannel and cash-returns story long-term. It should benefit from its broad range and strong omnichannel offer, with fast, highly automated logistics and a well-developed customer base," the analysts add.

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

(END) Dow Jones Newswires

March 29, 2023 05:45 ET (09:45 GMT)

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