Tesco 1H Contains Positives Despite Spending Squeeze

0806 GMT - Tesco shares rise 0.2% after the U.K. grocer reported lower first-half pretax profit, but maintained its full-year profit guidance, albeit at the lower end of the forecast range. While Tesco and others are starting to feel the effects of the consumer-spending squeeze, the results contain positives and markets have looked favorably on results in early trading, Hargreaves Lansdown says. "Tesco continues to generate significant free cash-flow, with full-year guidance getting a boost and investors rewarded with an ongoing buyback scheme and increased interim dividend," HL analyst Matt Britzman writes. "Raising prices behind the wider market is helping to keep cash-conscious shoppers coming back for more, albeit there are increasing signs shoppers are trading down from branded to own-brand items." (philip.waller@wsj.com)

Companies News: 

Tesco 1H Pretax Profit Fell on Increased Costs; Backs FY 2023 Guidance

Tesco PLC said Wednesday that its pretax profit fell in the first half of fiscal 2023 on increased costs, and it backed its guidance for the full year despite post-coronavirus market normalization and customer cost-of-living increases.


Vertu Motors Launches GBP3 Mln Share Buyback

Vertu Motors PLC said Wednesday that it has agreed a further 3 million pounds ($3.4 million) share buyback.


Assura Portfolio Performed Well in 1H; Annualized Rent Rose

Assura PLC said Wednesday that it has performed well in developing its portfolio in the first half of fiscal 2023, with its annualized rent toll rising on year.


Hyve Group Says China Uncertainty to Continue; Expects Revenue Rise for FY 2022

Hyve Group PLC said Wednesday that it expects the uncertainty around running events in China to continue in fiscal 2023 due to the Covid-19 pandemic, and that it expects to report a rise in revenue for fiscal 2022.


PCF Group Suspends New Lending, Accelerates Business Review

PCF Group PLC said Wednesday that it will suspend any new PCF Bank lending activities until further notice, effective immediately, and accelerate a review process of its operational structure.


LondonMetric Property Says 1H Occupancy Remained High

LondonMetric Property PLC said Wednesday that occupancy has remained high in the first half of fiscal 2022 and it is operating with a low earnings from operational activities cost ratio.


Vertu Motors 1H Pretax Profit Fell on Higher Costs; FY 2023 Profits Seen Ahead of Views

Vertu Motors PLC said Wednesday that pretax profit fell in the first half of fiscal 2023 after booking higher costs, and that the board anticipates full-year profits to be ahead of market expectations.


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

(END) Dow Jones Newswires

October 05, 2022 04:27 ET (08:27 GMT)

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