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. (email@example.com)
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.
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.
tinyBuild COO Luke Burtis Resigns; 2022 Pretax Profit, Revenue
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.
Next PLC Backs FY 2024 Guidance After FY 2023 Pretax Profit Beat
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.
Up Global 1H Pretax Fall on Higher Interest Rates and Impairment
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.
LoopUp Group Says 2022 Revenue Beat Views After PGi Connect
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.
Artisanal Spirits 2022 Pretax Loss Narrowed on
Artisanal Spirits Co. said Wednesday that pretax loss for 2022
narrowed on the back of better-than-expected revenue increase
across its markets.
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.
One Media IP Fiscal 2022 Profit Fell on Investment in
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.
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.
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.
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.
Medica 2022 Pretax Profit Rise On Increasing Revenue, Gross
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.
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.
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
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(END) Dow Jones Newswires
March 29, 2023 05:45 ET (09:45 GMT)
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