UK Short-Dated Gilt Supply in 2Q Expected to Peak in April
1227 GMT - U.K. short-dated gilt supply in 2Q 2023 is projected
to peak in April at around GBP10.2 billion, factoring in supply
from the Bank of England and the U.K. Debt Management Office, says
Bank of America rates strategist Agne Stengeryte in a note. The
issuance of gilts by the DMO is estimated to rise to nearly GBP62
billion in 2Q 2023, roughly GBP8 billion increase from the previous
quarter. The biggest proportion of DMO gilt supply will be in
short-dated gilts, followed by medium dated and long-dated gilts,
she says. The share of short-dated gilt supply could rise further
in FY2023-24 if the unallocated GBP12 billion DMO gilt supply is
put in the short-maturity bucket, BofA says.
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.
Richemont's YNAP Deal With Farfetch Gets Nod From UK
Compagnie Financiere Richemont SA's sale of a stake in online
platform Yoox Net-A-Porter to Farfetch Ltd. has been cleared by the
U.K. competition regulator, paving the way for the deal to go ahead
later this year.
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.
Aeorema Communications Books Record 1H Revenue, Profit Following
Aeorema Communications PLC said Wednesday that revenue and
pretax profit reached record levels for the first half of fiscal
2023 after it booked continued growth and major investment.
Strix Group 2022 Pretax Profit Fell as Revenue Hurt by Market
Strix Group PLC said Wednesday that 2022 pretax profit fell as
revenue decreased due to a fall in its Kettle Controls business due
to the market environment.
Faron Pharmaceuticals Taps James O'Brien as CFO
Faron Pharmaceuticals Oyj said Wednesday that it has named James
O'Brien as new chief financial officer, effective April 3.
Michelmersh Brick Launches GBP2.8 Mln Buyback
Michelmersh Brick Holdings PLC on Wednesday launched a 2.8
million-pound ($3.5 million) share buyback, restarting a program
first announced in November which has lapsed.
Panthera Resources to Raise GBP1 Mln to Fund India, West Africa
Panthera Resources PLC said Wednesday that it is seeking to
raise 1 million pounds ($1.2 million) via a share placing and
subscription, and will use the money toward its activities in India
and West Africa and for working capital.
Carr's Group Shares Slip as Trading Resumes After Fiscal 2022
Shares of Carr's Group PLC fell 3.7% on Wednesday as the company
resumed trading after reporting fiscal 2022 earnings.
Surgical Innovations 2022 Pretax Loss Narrowed as Sales
Surgical Innovations Group PLC said Wednesday that 2022 pretax
loss narrowed as sales recovered and exceeded prepandemic levels
with the backlog of patients requiring treatment in the U.K.
continuing to increase.
Broadcom's Planned $61B Acquisition of VMware to Get Further
Probe by UK Regulator
The U.K. Competition and Markets Authority said Wednesday that
it will now refer Broadcom Inc.'s planned $61 billion acquisition
of VMware Inc for a further review after being notified that
Broadcom won't be offering any undertakings to satisfy its concerns
over the deal.
Strix's Kettle Controls Unit to See Short-Term Rebound Before
1154 GMT - Although Strix Group reported an 11% fall in 2022
revenue due to lower kettle control volumes, these are expected to
rebound over the next couple of years, consistent with previous
cycles, Shore Capital analyst Tom Fraine says in a note. Despite
seeing an initial recovery in 2023 and 2024, gross profit from
kettle controls will decline by about 1% to 2% on average over the
long term as it has in the past, Fraine says. "We believe a
single-digit price-to-earnings ratio may be warranted, given the
level of debt and limited scope for EPS growth beyond an initial
recovery over the next couple of years," he says. Shore rates the
stock hold. (firstname.lastname@example.org)
UK Recession Might Be Only Cure for High Inflation
1100 GMT - A recession in the U.K. may be needed to curb the
country's high inflation, Paul Dales, chief U.K. economist at
Capital Economics says in a note. A downturn involving a
peak-to-trough fall in real GDP of around 1.0% would be required to
ensure that domestic price pressures weaken to levels consistent
with the Bank of England's 2.0% inflation target, Dales says. While
some weakness could result from recent concerns over the health of
global banks, most will have to be generated by interest rates
staying at 4.25% or above all this year, he says. If that cuts
inflation significantly, the Bank of England could then slash rates
to around 3.0% next year, he adds. (email@example.com)
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March 29, 2023 09:26 ET (13:26 GMT)
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