Pound is Vulnerable, Likely to Fall Back Toward Record Low Against Dollar

0750 GMT - The Bank of England's intervention to stabilize gilt markets on Wednesday will have only a limited positive impact on sterling, which looks vulnerable to a drop back toward Monday's record low of $1.0349, says ING currency analyst Chris Turner. "We doubt cable [GBP/USD] holds gains to 1.08/1.09 and the bias has got to be for a 1.0350/1.0500 retest," he says in a note. "There is only so much the BoE can do to support cable, since we think FX intervention and emergency rate hikes are not on the table." GBP/USD falls 1% to 1.0781 in early trade on Thursday. (jessica.fleetham@wsj.com)

Companies News: 

Vodafone Chief Technology Officer to Step Down; Successor Named

Vodafone Group PLC said Thursday that Chief Technology Officer Johan Wibergh will retire at the end of 2022 after serving in the role since 2015, and that Scott Petty will take over from Jan. 1.


M&G Names Andrea Rossi as Chief Executive, Replacing John Foley

M&G PLC said Thursday that it has appointed Andrea Rossi as its new chief executive from Oct. 10, replacing John Foley who is retiring after seven years in the role.


Avation Swung to FY 2022 Pretax Profit as Business Returns to Prepandemic Levels

Avation PLC said Thursday that it swung to pretax profit for fiscal 2022 as the pandemic comes to an end and a high level of utilization for the aircraft fleet returns.


Attraqt Group Agrees to GBP63.2 Mln Takeover by Crownpeak Holdings

Attraqt Group PLC said Thursday that it has agreed to a 63.2 million pound ($68.8 million) cash offer by Aegean Bidco Ltd, a subsidiary of Crownpeak Holdings, LLC.


Mitchells & Butlers FY 2023 Comparative Sales Rose; Seeing Inflation Pressure

Mitchells & Butlers PLC said Thursday that like-for-like sales in fiscal 2022 rose slightly compared to prepandemic levels, but total sales fell, and it was experiencing inflationary pressures.


HSS Hire 1H Pretax Profit Fell on Higher Costs, Reinstates Dividend

HSS Hire Group PLC said on Thursday that pretax profit for the first half of fiscal 2022 slightly fell amid higher costs which offset a revenue increase, and reinstated a dividend payout.


Great Portland Estates Sees Strong 1H Leasing Activity

Great Portland Estates PLC said Thursday that it has seen strong leasing activity in its first half, and reiterated its confidence in its outlook.


Next Cuts FY 2023 Profit, Sales Guidance Amid Waning Consumer Confidence -- Update

Next PLC on Thursday reported a better-than-expected pretax profit increase for the first half of fiscal 2023, amid stronger retail sales, and cut its full-year profit guidance amid rising living costs.

Market Talk: 

Next 1H Retail Sales, Profit Look Better Than Expected

0714 GMT - Next reported a better-than-expected 1H profit, with a surprising increase in retail division, analysts at RBC Capital Markets Richard Chamberlain and Manjari Dhar say in a research note. The fashion retailer posted a pretax profit of GBP400.6 million, ahead of RBC's forecast of GBP392 million. Retail division's sales were at GBP881 million, beating the analysts' forecast of GBP809 million, while trading profit came in at GBP101 million compared with an expected GBP69 million, they note. RBC has an outperform rating on the stock and a price target of 6,800 pence. (michael.susin@wsj.com)


Contact: London NewsPlus; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

September 29, 2022 04:10 ET (08:10 GMT)

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