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Pound Falls as UK Government Debt Interest Payments Soar

07/21/2022 | 05:45am EDT

Pound Falls as UK Government Debt Interest Payments Soar

0907 GMT - Sterling falls after data showed payments on U.K. government debt hit a record high in June as inflation soars. Interest payments reached GBP19.4 billion last month, up GBP10.3 billion compared to last year. Government borrowing hit GBP22.9 billion, the second-highest June level since records began and up GBP4.1 billion from a year ago. That overshoots the Office for Budget Responsibility forecast by GBP600 million. "This may limit the ability of the next prime minister to provide more relief for households when a further rise in CPI inflation from 9.4% in June to around 12% in October worsens the cost of living crisis," Capital Economics economist Ruth Gregory writes. GBP/USD falls 0.3% to 1.1938 and EUR/GBP rises 0.4% to 0.8539. (renae.dyer@wsj.com)

 
Companies News: 

Associated British Foods Appoints Marks & Spencer CFO as Finance Director

Associated British Foods PLC said Thursday that it has appointed Marks & Spencer Group PLC's Chief Financial Officer Eoin Tonge as its new finance director.

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Intermediate Capital 1Q Third-Party Assets Under Management Rose

Intermediate Capital Group PLC said Thursday that third-party assets under management rose 5% on a constant-currency basis in the first quarter of fiscal 2023, and that its performance remained in line with the board's outlook.

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Howden Joinery 1H Pretax Profit Rose on Strong Overall Trading

Howden Joinery Group PLC said Thursday that first-half pretax profit rose as trading was strong overall and that it is effectively managing inflationary and supply chain pressures.

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Frasers Group FY 2022 Profit, Revenue Rose Amid Covid-19 Recovery

Frasers Group PLC said Thursday that its fiscal 2022 pretax profit and revenue both rose significantly as it recovered from the effects of the coronavirus pandemic and recorded further growth.

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Anglo American Downgrades Coal Guidance; Improves View on PGM, Diamonds

Anglo American PLC on Thursday downgraded its steelmaking coal guidance, raised its production outlook for diamonds and improved its forecast on platinum group metal costs.

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Kelsian Withdraws Go-Ahead Group Takeover Plan, Citing Market Volatility

Kelsian Group Ltd. said Thursday that it no longer plans to proceed with a planned takeover of U.K travel company Go-Ahead Group PLC, citing the Australian equity market conditions.

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SSE Backs FY 2023 Earnings Growth Expectations

SSE PLC on Thursday reiterated earnings guidance for fiscal 2023, as its performance slightly exceeded expectations in the first quarter ended June 30.

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Ocado Group Misses 1H Market Views as It Swung to Ebitda Loss on Lower Retail Sales

Ocado Group PLC on Thursday missed market expectations after reporting a swing to an Ebitda loss for the first half of fiscal 2022 due to its sharply hit retail business, but said that its guidance remains unchanged.

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S4 Capital Lowers 2022 Ebitda Views Following 1H Investment in Hiring, Expansion

S4 Capital PLC said Thursday that it has lowered its expectations for full-year earnings before interest, taxes, depreciation and amortization as Ebitda for the first half is set to fall below expectations due to significant investment in hiring and expansion.

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Countryside Properties 3Q Revenue Rose; Backs FY 2022 Guidance

Countryside Properties PLC said Thursday that its third-quarter sales were roughly flat on year but that revenue increased, and backed its full-year guidance.

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Mitchells & Butlers 1Q Comparative Sales Rose; Year-To-Date Total Sales Down

Mitchells & Butlers PLC said Thursday that third quarter like-for-like sales rose 0.9% when compared to FY 2019, but total sales in the year-to-date fell 1.6% due mostly to Covid-19-related closures in the first part of the year and site disposals since 2019.

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Britvic 3Q Revenue Boosted by Volume Growth, Positive Pricing, Mix

Britvic PLC said Thursday that revenue in the third quarter of fiscal 2022 rose thanks to volume growth and positive pricing and mix, and that it is on track to deliver an in line performance for the year.

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Workspace 1Q Lettings Slipped on Holiday Disruption, Rent Rose

Workspace Group PLC said Thursday that enquiries and lettings slipped in the first quarter on holiday-related disruption, though customer demand is strong and its rent value rose.

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AJ Bell 3Q Assets Under Administration Fell Due to Adverse Movements

AJ Bell PLC said Thursday that total assets under administration for the third quarter of fiscal 2022 fell as the market saw adverse movements in an uncertain economic environment.

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Dunelm Group Sees FY 2022 Sales, Pretax Profit Slightly Above Market Consensus

Dunelm Group PLC said Thursday that sales and pretax profit for fiscal 2022 are expected to come in slightly above market consensus, on the back of significant market-share gains and the strength of its retail system.

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Moneysupermarket.com 1H Profit Rose; Sees 2022 Ebitda at Top of Market Views

Moneysupermarket.com Group PLC said Thursday that pretax profit and revenue rose ahead of its expectations in the first half of 2022, and that it anticipates full-year adjusted Ebitda to be at the top end of market forecasts.

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Anglo American 2Q Production Fell 9% on Lower Copper, Iron Ore, Coal Volumes -- Commodity Comment

Anglo American PLC on Thursday reported weaker production for the second quarter, reflecting expected issues in copper production, planned maintenance at the Minas-Rio iron ore operation in Brazil, and the ramp-up of its Aquila coal mine in Australia. Here's what the multinational mining company had to say:

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Anglo American Cuts Coal Guidance; Improves View on PGM, Diamonds -- Update

Anglo American PLC on Thursday downgraded its 2022 steelmaking coal guidance, raised the production outlook for diamonds and improved forecasts on dollar-denominated platinum group metal costs.

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QinetiQ Reports Rise in Expected Revenue Under Contract

QinetiQ Group PLC said Thursday that its visibility on revenue under contract for fiscal 2023 has improved and that the board remains confident of delivering in line with its expectations.

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Brewin Dolphin 3Q Gross Discretionary Fund Inflows Fell Amid Recent Market Weakness

Brewin Dolphin Holdings PLC said Thursday that gross discretionary fund inflows for the third quarter fell amid recent market weakness.

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Fuller Smith & Turner Sales Recovery Continues

Fuller Smith & Turner PLC said Thursday that its sales recovery is continuing, boosted by the City and West End of London.

 
Market Talk: 

Ocado Group's Efforts Look Insufficient After 1H Earnings

0856 GMT - Despite its best efforts, Ocado Group remains a "jam tomorrow" stock following its first-half results, Interactive Investor's head of markets Richard Hunter says in a research note. The stalling performance in the company's retail unit--which accounts for around 90% of revenue--has had a material impact on the group picture, even though earnings also show real progress on solutions revenue, Hunter adds. Ocado's share price has declined by 55% over the last year compared to a gain of 3.8% for the wider FTSE 100 index, Hunter says. (sabela.ojea@wsj.com; @sabelaojeaguix)


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

(END) Dow Jones Newswires

07-21-22 0544ET

Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 5.49% 269.2 Delayed Quote.-29.05%
ANGLO AMERICAN PLC -0.89% 2735.5 Delayed Quote.-9.30%
ASSOCIATED BRITISH FOODS PLC 1.98% 1261.5 Delayed Quote.-37.18%
BREWIN DOLPHIN 0.00% 515 Delayed Quote.39.19%
BRITVIC PLC 1.41% 717.5 Delayed Quote.-22.01%
DUNELM GROUP PLC 2.46% 730 Delayed Quote.-47.14%
EURO / BRAZILIAN REAL (EUR/BRL) 0.14% 5.3114 Delayed Quote.-16.26%
FRASERS GROUP PLC 1.65% 678 Delayed Quote.-12.06%
FTSE 100 0.18% 6893.81 Delayed Quote.-6.65%
HOWDEN JOINERY GROUP PLC 5.05% 505.2 Delayed Quote.-43.94%
INTERMEDIATE CAPITAL GROUP PLC 3.11% 982.8 Delayed Quote.-55.21%
KELSIAN GROUP LIMITED -3.31% 4.67 Delayed Quote.-34.55%
MONEYSUPERMARKET.COM GROUP PLC 4.62% 185.8 Delayed Quote.-13.98%
OCADO GROUP PLC 0.68% 472.5 Delayed Quote.-71.84%
QINETIQ GROUP PLC 0.36% 330 Delayed Quote.24.06%
S4 CAPITAL PLC 0.28% 145.5 Delayed Quote.-77.05%
SSE PLC 0.93% 1527.5 Delayed Quote.-7.37%
WORKSPACE GROUP PLC 1.12% 398.6 Delayed Quote.-50.70%
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