UK's Higher Interest Rates Pressure Consumer Credit Less Than
1025 GMT - U.K. money and credit data suggests that, while
interest rates have weighed on the housing market, they are less
effective elsewhere in the economy so far, says Ashley Webb, U.K.
economist at Capital Economics, in a note. The rise in monthly
consumer credit eased only slightly in February, to GBP1.4 billion
from GBP1.7 billion, according to the Bank of England. This means
the 1.2% surge in retail sales volumes registered in the month
looks like it was financed partly by increased borrowing, Webb
says. However, the recent tightening in financial conditions might
cause banks to restrict their credit supply, amplifying the drag on
activity in the real economy, he says. (firstname.lastname@example.org)
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.
Tesco's Margins Likely to Recover on Lower Cost Inflation --
1037 GMT - Tesco's margin trajectory is expected to stabilize
from the second half given food-inflation dynamics in the U.K.,
Morgan Stanley analyst Izabel Dobreva says in a note. This means
that the U.K. grocer will be able to start recovering from the
margin squeeze over fiscal 2022 given that cost-of-goods-sold
inflation runs below shelf-price inflation, the analyst says. On
the other hand, industry data shows resilient volumes despite
higher prices, Dobreva adds. In this context, Tesco's gross margins
for fiscal 2023 is forecast to be 50 basis points below prepandemic
levels, Dobreva adds. MS upgrades Tesco's rating to overweight from
equal-weight, at a price target of 296 pence. Shares are up 3%.
Next Looking Confident With Long-Term Prospects
0824 GMT - London-listed fashion retailer Next's big-picture
outlook shows that its transition from retail stores to online is
nearly over and that it is more optimistic of future growth than it
has been any time in the recent past, Liberum analysts say in a
note. The optimism is supported by its Total Platform
opportunities, recent M&A and investments, new brands on its
Label platform and further overseas opportunities, they add. Its FY
2023 results came in ahead of guidance on the back of better retail
store performance and clearance rates in January, its FY 2024 has
started in line with expectations, and Liberum sees Next delivering
FY 2025 double-digit shareholder returns.
Medica Should See Demand and Investments Ease Investor
0817 GMT - Medica should see strong demand and investments ease
investor concerns, Liberum analysts Edward Thomason and Seb Jantet
write. "Medica trades at a 20% discount to its U.K. healthcare
services peers despite delivering some of the fastest growth within
the group," they say. The discount is due to investor concerns in
regards to a combination of Medica's ability to deliver on growth
and on margins, Liberum says. On the former, the strength seen in
across Medica's divisions and long-term structural tailwinds should
support demand. On the latter, investments made last year should
help gain scale in the U.S. and U.K. through expanded activity,
Liberum says. "As management delivers against forecasts, we expect
the shares to re-rate." Shares are up 4% at 155 pence.
Up Global Could Reward Patient Investors in Long Term
0749 GMT - Up Global is a materially undervalued equity that
should handsomely reward medium to long-term investors, Shore
Capital analysts Clive Black and Darren Shirley write in a research
note. "Up Global has the basis to deliver strong shareholder
returns in our view through a combination of growth, dividends, and
rating expansion," the analyst say. Sales growth of 2% in fiscal
2023 showed resilience, while flat year-on-year Ebitda with pretax
profit and EPS down 5% were solid outcomes for the U.K. homeware
company, given tough current market conditions, they note. Up
Global is a house stock of Shore Capital and as such the U.K
investment group doesn't provide recommendations on the stock.
Sterling Could Fall Vs Euro on BOE-ECB Divergence
0737 GMT - Sterling could fall against the euro after recent
gains as the European Central Bank shows more resolve to raise
interest rates further than the Bank of England, ING says. ECB
member Madis Muller joined the "hawkish" rhetoric of other
policymakers Tuesday by signalling that there's still room to lift
rates, ING analyst Francesco Pesole says in a note. "We saw EUR/GBP
fall below 0.8800, but we don't expect the pair's weakness to be
very sustainable as we see the market pricing for Bank of England
tightening as too aggressive and policy divergence should be a
primary driver for a higher EUR/GBP." EUR/GBP trades flat at 0.8787
after reaching a one-week low of 0.8770 on Tuesday, according to
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
March 29, 2023 07:10 ET (11:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
From Aug 2023 to Sep 2023
From Sep 2022 to Sep 2023