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Pound Set to Rise Further as U.K. Economy Recovers

08/13/2021 | 03:53am EDT

Pound Set to Rise Further as UK Economy Recovers

0731 GMT - The pound is set to gain further as the U.K. economic recovery continues, MUFG says. "We still expect a stronger pound in anticipation the U.K. economy will continue to recover and prompt the Bank of England to follow through with their plans to gradually tighten policy," currency analyst Lee Hardman says. Official preliminary data on Thursday showed the U.K. economy expanded in line with consensus expectations by 4.8% in 2Q providing "confirmation that the pace of economic recovery strengthened significantly in the second quarter as the government eased Covid-related restrictions," he says. GBP/USD is last mostly flat at 1.3802. (lorena.ruibal@wsj.com)

Companies News: 

Babcock International Sells Frazer-Nash Consultancy for GBP293 Mln

Babcock International Group PLC said Friday that it has agreed to sell its subsidiary Frazer-Nash Consultancy Ltd. to KBR Inc. for a cash consideration of 293 million pounds ($404.5 million).


Westminster Group Swung to 1H Pretax Loss; On Track to Meet FY Views

Westminster Group PLC reported Friday a swing to a pretax loss for the first half of 2021 due to a drop in sales linked to Covid-19, which was offset by a improving gross margin, and said it remains on track to meet full-year expectations.


Morses Club Says Five-Month Performance In Line With Views

Morses Club PLC said Friday that it continued to perform in line with expectations for the first five months of fiscal 2022, and said that demand has increased across all lending products in its home collected credit and digital divisions.


Zegona Communications to Return GBP329.3M to Shareholders Via Tender Offer

Zegona Communications PLC said Friday that it plans to return 329.3 million pounds ($454.7 million) to shareholders via a tender offer, after the sale of Euskaltel SA.


Best of the Best Early FY 2022 Sales Fell; Sees Full Year Below Market Views

Best of the Best PLC said Friday that its sales fell in early fiscal 2022, and it expects full year margins, earnings and profit to significantly miss market expectations.


Braveheart Investment Raises GBP2.5 Mln to Take Control of Covid-19 Test

Braveheart Investment Group PLC said Friday that is raising 2.5 million pounds ($3.5 million) via a share placing and will use the money to accelerate the development of Paraytec's Covid-19 test by taking control of the final design and engineering packages.


Avon Protection Cuts Revenue Guidance on Order Delays

Avon Protection PLC said Friday that it has cut guidance for fiscal 2021 revenue due to delays in the receipt of orders, though it said it has had good commercial progress in the second half of the year.


Morses Club Proposes Business Reorganization Via a New Listed Holding Company

Morses Club PLC said Friday it is proposing to reorganize its business and corporate structure by introducing a new AIM-listed holding company named U Money PLC.

Market Talk: 

Babcock International's Frazer-Nash Sale Is Just the Beginning, Says Jefferies

0723 GMT - Babcock International's sale of its Frazer-Nash Consultancy subsidiary to KBR Inc. for GBP293 million is a high-exit multiple, and further asset sales are likely, Jefferies says. The defense contractor has six potential noncore assets which could be divested by Babcock's new management team, and while the Frazer-Nash sale is a step toward management's GBP400 million disposal proceeds target, further transactions are likely, the U.S. bank says. "These could reduce the liability stack by GBP1 billion and diminish the risk of an equity issue," Jefferies says, retaining its buy rating and target price of 425.0 pence. Shares are up 6.0% at 324.9 pence..(joseph.hoppe@wsj.com)

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

(MORE TO FOLLOW) Dow Jones Newswires

08-13-21 0352ET

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