Pound Unlikely to Benefit From Looser Fiscal, Tighter Monetary Policy
0906 GMT - Sterling is unlikely to benefit from looser fiscal policy and tighter monetary policy in the U.K., ING says. The Bank of England is likely to raise interest rates by a further 50 basis points on Thursday, while U.K. Treasury chief Kwasi Kwarteng should provide details of an energy support package and tax cuts on Friday, ING analyst Chris Turner writes. Normally loose fiscal and tight monetary policy would support sterling, he says. "However, it seems that foreign investors are concerned as to how government support will be financed--with the fear that this will largely come through an additional supply of U.K. gilts [government bonds]." GBP/USD trades flat at 1.1434 and EUR/GBP falls 0.2% to 0.8753. (firstname.lastname@example.org)
Frasers Group's Mike Ashley to Stand Down from Board at AGM
Frasers Group PLC said Tuesday that Mike Ashley won't be standing for re-election at the annual general meeting on Oct. 19, and will therefore stand down from the board.
Kingfisher 1H Pretax Profit, Sales Fell on Persistent Inflationary Pressures
Kingfisher PLC on Tuesday reported a significant decline in pretax profit for the first half of fiscal 2023, and said sales fell amid inflationary pressures, which are expected to persist in the second half.
Moonpig Sees FY 2023 Revenue Doubling From Prepandemic Levels
Moonpig Group PLC said Tuesday that its performance for fiscal 2023 to date has been in line with management expectations and it expects to see revenue double when compared with the same period three years ago.
UK Regulator Starts Inquiry Into ALD, LeasePlan Deal
The U.K. competition authority on Tuesday launched an inquiry into the proposed acquisition of LeasePlan Corporation NV by Societe Generale SA's vehicle-leasing business ALD SA.
Fuller Smith & Turner Sales Rose in Early Part of FY23; Sees Energy Costs Rising
Fuller Smith & Turner PLC said Tuesday that like-for-like sales for the 25 weeks to Sept. 17 rose 21% on year as it continues its pandemic recovery, though it expects energy costs to significantly rise.
Unbound Group 1H Pretax Loss Widened, Expects Short-Term Operating Profit Pressures
Unbound Group PLC said Tuesday that pretax loss slightly widened, despite of higher sales, as the group is focusing on cost control and protecting margins to face the current market backdrop.
Henry Boot 1H Pretax Profit, Revenue Rose; Backs 2022 Market Views
Henry Boot PLC said Tuesday that its first-half pretax profit rose significantly on strong land sales and industrial development, and backed market expectations for the full year.
SThree Sees FY 2022 Pretax Profit Ahead of Views, Supported by Strong 3Q
SThree PLC said Tuesday that its performance for the third quarter of fiscal 2022 saw net fees grow and it expects to close the financial year with a higher than expected pretax profit.
Xaar's 1H Pretax Loss Narrowed as Margins Rose; China Business Hurt by Covid-19
Xaar PLC said Tuesday that first-half pretax loss narrowed as strong revenue growth led to a 40% rise in overall gross margins, and that its performance in China in the period had been hurt by continued Covid-19 restrictions.
Eve Sleep Shares Fall on Funding Requirement
Shares of Eve Sleep PLC fell 21% on Tuesday after the company said that it will need to raise extra funds next month and warned that if it can't get the extra financing, or if a firm offer for the company isn't received, then it will need to take "appropriate steps to preserve value for creditors."
Ferrexpo Must Transfer Poltava Stake to Claimants, Court Says
Ferrexpo PLC said Tuesday that a Ukrainian appeals court has ruled that its 40.19% stake in Ferrexpo Poltava Mining should be transferred to a group of claimants.
City of London Investment Group FY 2022 Pretax Profit Rose
City of London Investment Group PLC said Tuesday that its fiscal 2022 pretax profit rose, primarily reflecting full-year contributions from the KIM acquisition completed in October 2020.
Haleon 1H Pretax Profit Rose on Strong Brand Performance; Rejects Zantac Claims -- Update
Haleon PLC on Tuesday reported an increase in pretax profit for the first half of 2022, driven by a robust brand performance, and said that it isn't a party to any claims related to the heartburn drug Zantac.
FirstGroup to Sell Most Legacy Greyhound Property Portfolio for $140 Mln
FirstGroup PLC said Tuesday that it will sell all but two items of its legacy Greyhound property portfolio to Twenty Lake Holdings LLC for around $140 million, and that it expects to complete the sale in December.
Appreciate Performing in Line With Views; Sees Higher 3Q Billings
Appreciate Group PLC said Tuesday that its performance in fiscal 2023 to date has been in line with its expectations, and that it expects third quarter billings to rise on-year.
Belluscura 1H Pretax Loss Widened on Higher Costs; Shares Fall
Shares in Belluscura PLC fell Tuesday after it said that its first-half pretax loss widened after booking higher costs.
Springfield Properties' FY 2022 Was Good, But Future Looks Mixed
0943 GMT - Springfield Properties delivered record results for fiscal 2022, but faces challenges in its affordable homes division, Peel Hunt says. The Scottish house builder's private homes division continues its strong growth momentum, but affordable housing revenue has been hit by cost pressures, three subscontractors going bust and a pause to new long-term contracts, Peel Hunt analysts say in a research note. "The year ahead is mixed, with private revenue set to boost from the Mactaggart & Mickel deal but cost pressures in affordable homes, and the Scottish government's decision to freeze rents may see consensus reduce revenue forecasts for affordable homes and PRS," the brokerage says. Peel Hunt retains its hold rating and 155 pence price target on the stock. Shares are up 3.6% at 115.0 pence. (email@example.com)
Henry Boot's Strong 1H Leads to Small Upgrades
0932 GMT - Henry Boot has delivered an extremely strong first half, confirming full-year expectations, Peel Hunt says. The construction and property-development company has plenty of confidence in its current outlook, leading Peel Hunt to raise its pretax profit forecast by GBP1 million to GBP48.2 million, analysts say in a research note. "The shares [have fallen] just 5% year-to-date and comfortably outperformed the wider sector, a reflection of the group's strong asset backing," the brokerage says, adding that they look good value. Peel Hunt retains its buy rating and 390 pence price target on the stock. Shares are up 2.2% at 276.0 pence. (firstname.lastname@example.org)
Pennon's Inflation Exposure Looks Priced In, Buy out Seen Less Likely
0930 GMT - Pennon Group's exposure to inflation looks priced in and the possibility of a buy out seems less likely now the real cost of capital has increased, Credit Suisse's Mark Freshney says in a research note. The FTSE 250 water utility does though potentially face regulatory risk amid political and media attention on hosepipe bans for parts of its territories and an enforcement case against South West Water relating to the reporting of environmental performance and sewage discharges, he adds. Credit Suisse upgrades the stock to neutral from underperform but cuts the target price to 950 pence from 990 pence. Shares are down 0.6% at 907.00 pence. (email@example.com)
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(END) Dow Jones Newswires