UK Banking Outlook is Bright Despite Economy's Woes
1210 GMT - U.K. banks' prospects are positive despite a grim economic outlook, Citigroup says. The U.K. looks set to face the longest and deepest recession among the major European economies, with an outlook characterised by a large dual deficit and tightening monetary policy, Citi says. Still, U.K. banks are entering the recession in a strong position, with healthy balance sheets, excess capital and improving profitability, helped by higher rates, Citi says. "We see potential for (significant) upgrades to consensus earnings on higher net interest income, coupled with benign impairments," Citi analysts write, adding that they prefer domestic rather than international banks. "Capital return potential is also highly attractive and valuations still appear undemanding." (philip.waller@wsj.com)
Companies News:
Clarkson Sees FY 2022 Results Ahead Of Views
Clarkson PLC on Friday said it expects its full-year results to be ahead of current market expectations after a strong fourth quarter driven by its broking division.
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Frasers Group Now Owns Around 3.9% of Hugo Boss
Frasers Group PLC said Friday that its strategic investment in Hugo Boss AG now represents around 3.9% of the German company's total share capital.
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Shell to Take $2 Bln Tax Hit for 4Q as Integrated Gas Trading Soared
Shell PLC said Friday that it expects its fourth-quarter earnings to take a $2 billion hit from additional taxes in the European Union and the U.K. government's energy windfall tax as its integrated gas trading and optimization results rose on quarter.
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One Media iP Sees Higher FY 2022 Revenue, Ebitda Amid Strong Music Industry Outlook
One Media iP Group PLC said Friday that it expects to post increased revenue and earnings before interest, taxes, depreciation and amortization for fiscal 2022 amid a strong outlook for the music industry and a positive growth trajectory.
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Glenveagh Properties Launches EUR60 Mln Share Buyback
Glenveagh Properties PLC on Friday said it is launching a share buyback program of up to 60 million euros ($63.1 million) to repurchase up to 10% of its share capital.
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Essentra Sees 2022 Revenue Growth Despite Toughening Market Headwinds in 4Q
Essentra PLC said Friday that it expects to report like-for-like revenue growth of around 6.5% for 2022 on a continuing operations basis and adjusted operating profit in line with its expectations despite toughening market headwinds in the fourth quarter.
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BiVictriX Therapeutics Appoints New Nonexecutive Chairman
BiVictriX Therapeutics PLC said Friday that Michael Kauffman has been appointed as nonexecutive Chairman.
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Nanoco Agrees to No Fault Settlement With Samsung
Nanoco Group PLC said Friday that it has agreed to a term sheet for a no fault settlement in regards to its litigation with Samsung Group.
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Shell to Take $2 Bln Tax Hit for 4Q as Integrated Gas Trading Rose -- Update
Shell PLC said Friday that it expects to take a $2 billion hit for the fourth-quarter from additional taxes in the European Union and the U.K. government's energy windfall tax, and that its integrated gas trading and optimization results significantly rose on quarter.
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Eurocell CEO Mark Kelly to Retire; Ibstock's Darren Waters Named Replacement
Eurocell PLC said Friday that Chief Executive Mark Kelly is planning to retire later this year and will be replaced by Darren Waters.
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Zamaz CEO Christopher Hill To Be Replaced By COO Daniele Besnati
Zamaz PLC said Friday that current Chief Operations Officer Daniele Besnati will be appointed chief executive officer as Christopher Hill will be stepping down from the role on Jan. 31, at the group's annual general meeting.
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Mosman Oil & Gas Shares Rise After Initial Production at Cinnabar Well in Texas
Shares in Mosman Oil & Gas Ltd. rose up to 20% on Friday after the group said initial production at its Cinnabar-1 well in Texas was encouraging.
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Iconic Labs' Discussions With FCA to Lift Share Suspension Continue
Iconic Labs PLC said Friday that discussions with the Financial Conduct Authority to lift the suspension of its shares are continuing and that all disputes involving the company have been resolved.
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Shell Expects Natural-Gas Profit Rebounded in Fourth Quarter -- WSJ
By Jenny Strasburg
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Nucleus Financial Agrees on GBP242 Mln Recommended Takeover of Curtis Banks
Nucleus Financial Platforms Ltd. said Friday that it has agreed on a 242 million pounds ($288.2 million) recommended takeover deal for Curtis Banks Group PLC.
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AdvancedAdvT Chairwoman Vin Murria Sells Entire Stake in Company
AdvancedAdvT Ltd. said Friday that Chairwoman Vin Murria has sold her entire shareholding in the group.
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Prince Harry Book Has U.S. Retailers in Suspense Ahead of Release -- WSJ
By Jeffrey A. Trachtenberg and Sarah Krouse
Market Talk:
UK House Prices Dip Again in December With Further Softening Ahead
1126 GMT - U.K. house price growth slowed in December with prices falling for a fourth consecutive month, according to new Halifax data. Housing prices fell 1.5% on month in December, following a 2.4% drop in November, and though prices remain elevated, they will further soften as the U.K. heads toward recession, Interactive Investor head of investment Victoria Scholar says. The housing market looks set to struggle under the weight of rising mortgage rates and broader inflationary pressures such as the high costs of energy and food squeezing consumers, Scholar says in a research note. "Many individuals and households are holding off from purchasing properties on the back of slimmed down budgets and in the hope that mortgage rates and property prices become more affordable down the line," Scholar says. (joseph.hoppe@wsj.com)
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Sage Group Seen as Best UK Software Large Cap Considering Worsening Headwinds
1131 GMT - Sage Group is the best positioned company in the U.K. large cap software space in the coming quarters considering worsening macro headwinds, Stifel's Chandramouli Sriraman and Peter McNally say in a research note. The FTSE 100 software group's conservative accounting, coupled with its lower stock-based compensations, make it particularly attractive, they say. "The company generates 77% of group revenues from recurring subscriptions, of which almost 70% is from the Cloud (Sage Business Cloud)," they say. Stifel has a buy rating on the stock with a price target of 960.00 pence. Shares trade up 0.5% at 757.80 pence. (kyle.morris@dowjones.com)
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Greggs FY 2023 Prospects Are Encouraging Given Growth Initiatives
1132 GMT - Greggs reported a robust 4Q performance as prospects for the next fiscal year are encouraging given the group's resilience and growth initiatives, Jefferies analyst Andrew Wade and equity associate Grace Gilberg say in a note. The on-the-go food retailer reported like-for-like sales of 18% in 4Q, endorsed consensus for FY 2022 and showed confidence regarding FY 2023 profit growth of around 10%, they say. Greggs's price increases didn't face customer reaction while it manages to navigate through inflationary pressures, the analysts add. Jefferies has a buy rating on the stock and a price target of 3,050.0 pence. (michael.susin@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
01-06-23 0835ET
