Sterling Could Stabilize in 2023, Boosting UK-Based Companies
0943 GMT - Sterling could return to stability in 2023 as the U.K.'s economic fundamentals improve, Liberum says. "That is, boosting controls on inflation, cutting public debt and the development of commercial long-term trade relationships," Liberum analyst Susana Cruz says in a note. This year sterling was hurt by interest-rate differentials in favor of the dollar, a deterioration of the U.K.'s post-Brexit current account and a spike in fiscal policy uncertainty but the currency should remain a major investment vehicle over the longer term, she says. If sterling does stabilize, companies that will benefit include domestic earners with a high degree of operating leverage such as housebuilder Taylor Wimpey, kitchen supplier Howden Joinery Group and retailer Next, she says. (renae.dyer@wsj.com)
Companies News:
CRH Nine-Month Sales Rose on Year on Resilient Demand, Strong Pricing
CRH PLC said Tuesday that sales rose on year for the first nine months of 2022 as it experienced resilient underlying demand, strong pricing and continued delivery from its integrated solution strategy.
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Homeserve 1H Pretax Profit Rose; Brookfield's Takeover Nears Completion
Homeserve PLC on Tuesday reported a rise in pretax profit for the first half of fiscal 2023, driven by a robust performance across its businesses, and said that its acquisition by Brookfield is nearly completed.
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Babcock International 1H Pretax Profit Hit by Higher Costs
Babcock International Group PLC on Tuesday reported a 13% fall in pretax profit for the first half of fiscal 2023 due to higher costs, and backed its guidance to be free cash flow positive in the second half of the year.
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Severn Trent 1H Swung to Net Profit on Cost Controls, Rise in Turnover
Severn Trent PLC on Tuesday reported a swing to a net profit for the first half of the fiscal year, driven by strong cost control and an increase in turnover, reflecting an outperformance in its water business.
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AO World 1H Pretax Loss Widened on Higher Costs
AO World PLC said Tuesday that pretax loss for the first half of fiscal 2023 widened amid higher costs and lower revenue, but added that it made a solid strategic progress to refocus the business on profit and cash generation.
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M Winkworth Expects 2022 Revenue, Pretax Profit to Beat Forecasts
M Winkworth PLC said Tuesday that business conditions have remained strong and that it now expects full-year revenue to exceed management forecasts and profit to be beat market expectations.
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Avon Protection Narrows FY 2022 Pretax Loss, Revenue Rose on Strong Demand
Avon Protection PLC said Tuesday that its fiscal 2022 pretax loss narrowed as revenue rose, reflecting a strong second-half financial performance with significant demand.
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Softcat Has Performed Well in 1Q, in Line With FY 2023 Guidance
Softcat PLC said Tuesday that it has performed well in the first quarter of the new fiscal year, in line with management expectations and guidance provided last month.
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Knights Group 1H Pretax Profit Rose; Sees FY 2023 Performance in Line With Views
Knights Group Holdings PLC said Tuesday that performance for the first half of fiscal 2023 is in line with full-year expectations as it continues to seek for further acquisitions.
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Osirium Technologies Raises GBP1.5 Mln via Equity Issues; Makes Board Changes
Osirium Technologies PLC said Tuesday that it has raised 1.5 million pounds ($1.8 million) via a heavily discounted share placing and subscription, and will use the money for general working capital purposes.
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Helical 1H Pretax Profit Fell on Revaluation Losses
Helical PLC said Tuesday that pretax profit for the first half of fiscal 2022 fell due to a swing to revaluation losses on its investment properties and direct costs.
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Petershill Partners 3Q Assets Under Management Rose on Robust Fundraising
Petershill Partners PLC said Tuesday that third-quarter assets under management rose and that fee-paying assets were ahead of full-year expectations.
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Restore Trading to Date Has Been Strong; 2H Revenue to Date Ahead
Restore PLC said Tuesday that trading for the year to date has been strong, with revenue for the second half so far ahead of the same period last year.
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Severfield 1H Pretax Profit Rises on Higher Activity, Steel Prices
Severfield PLC said Tuesday that its first-half pretax profit and revenue rose, reflecting increased activity and steel prices.
Market Talk:
Vantage Towers Minority Shareholders Unlikely to Get Higher Vodafone Offer
1000 GMT - Minorities shareholders of Vantage Towers aren't expected to receive an improved offer from Vodafone as part of a deal with KKR & Co. and Global Infrastructure Partners to control the German mobile-towers company, say Jefferies analysts in a note. "We see little prospect of the EUR32 offer to minorities being raised as VOD [Vodafone] will fund it in full. A higher offer would erode its proceeds," the analysts say as they downgrade the Vantage stock to hold from buy. Vodafone said earlier this month that its joint venture with KKR and Global Infrastructure Partners would make a takeover proposal for the outstanding shareholders of Vantage Towers at EUR32.00 per share. Vantage Towers shares trade 0.1% higher at EUR32.84. (mauro.orru@wsj.com; @MauroOrru94)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
11-22-22 0529ET
