Sterling Could Turn Lower Vs Dollar After Recent Gains
1053 GMT - Sterling has recently risen against a weaker dollar but could turn lower the near term, albeit less than previously thought, given the U.K.'s economic struggles, UBS Global Wealth Management says. UBS raises its GBP/USD forecast for the end of March to 1.19 from 1.16 previously as China's reopening could support U.K. exports and energy prices have fallen, the investment bank's analysts say in a note. "But the economic situation remains challenging in the U.K., and the Bank of England is still in a dilemma with high inflation and weak growth," they say. "As long as this persists, we think GBP/USD rallies will remain short lived." GBP/USD falls 0.2% to 1.2382 after hitting a seven-month high of 1.2449 overnight, according to FactSet. (renae.dyer@wsj.com)
Companies News:
Barclays Names John Kingman as Chair of Barclays Bank UK
Barclays PLC on Monday said it has appointed John Kingman as chair of Barclays Bank UK effective June 1, succeeding Crawford Gillies.
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Endeavour 2022 Production Hit Top End of Estimates; Names New CFO
Endeavour Mining PLC said Monday that 2022 gold production reached the top end of its estimates, and named Guy Young as its incoming chief financial officer.
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Dignity Agrees to GBP281 Mln Takeover by Consortium
Dignity PLC said Monday that it has agreed to a 281 million-pound ($348.3 million) takeover by Yellow (SPC) Bidco Ltd., a new company owned or controlled by a consortium comprised of SPWOne V Ltd., Castelnau Group Ltd. and Phoenix Asset Management Partners Ltd.
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Saga PLC in Talks to Sell Its In-House Insurer
Saga PLC on Monday said it is in discussions to sell its underwriting business to reduce its debt.
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Dignity Sees 2022 Profit Dropping on High Costs, Pivot to Lower-Priced Products
Dignity PLC said Monday that it expects to report that 2022 underlying revenue and operating profit fell on year amid shifts toward lower-priced products, and increased costs and investment.
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DG Innovate to Raise up to GBP0.5 Mln to Fund Development
DG Innovate PLC said Monday that it is seeking to raise up to 500,000 pounds ($619,700) via a share subscription and broker option, and will use the money toward its development.
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tinyBuild Sees 2022 Revenue in Line With Views
tinyBuild Inc. said Monday that 2022 revenue was in line with expectations and that the board was looking to 2023 with confidence.
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Audioboom 2022 Adjusted Earnings, Revenue Rose
Audioboom Group PLC said Monday that adjusted earnings and revenue for 2022 rose, and that it has secured advance advertising bookings of more than $44 million for 2023.
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Everyman Media Says 2022 Revenue, Ebitda Significantly Rose
Everyman Media Group PLC said Monday that revenue significantly rose on year in 2022 despite a reduced slate of films over the year, and that Ebitda is expected ahead of current market forecasts.
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Chemring CFO Andrew Lewis to Retire
Chemring Group PLC said Monday that Chief Financial Officer Andrew Lewis will retire from the board and that his notice period is 12 months.
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TouchStar Expects 2022 Earnings, Cash Generation to Beat Expectations
TouchStar PLC said Monday that it expects to report core earnings and cash generation ahead of expectations for 2022, while pretax profit and revenue should be in line.
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Getech Group Expects 2022 Revenue Ahead of Market Views
Getech Group PLC said Monday that 2022 revenue will exceed market expectations, and that the board hasn't any plans to raise capital from shareholders as it has started 2023 with a strong balance sheet, sales pipeline growth, and good customer and partner momentum.
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Hellenic Dynamics On Track to Make Revenue in 2Q
Hellenic Dynamics PLC on Monday said it is on track for second-quarter revenue as it meets distributor demand and that it is confident about the future.
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Intercede Shares Jump as Fiscal 2023 Earnings, Revenue Expected to Beat Market Views
Shares of Intercede Group PLC rose on Monday after the company said it expects fiscal 2023 result ahead of market forecasts.
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Hansard Global Names Thomas Morfett as Incoming CFO
Hansard Global PLC said Monday that it has appointed Thomas Morfett as chief financial officer and executive director.
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Serica Energy Secures Two-Year Renewal of Rhum Field License
Serica Energy PLC said Monday that its license for the North Sea Rhum field has been renewed for a further two years by the U.S. Office of Foreign Assets Control to Jan. 31, 2025.
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Surgical Innovations Group Sees 2022 Revenue Ahead of Market Views
Surgical Innovations Group PLC on Monday said it expects its 2022 revenue to come in ahead of market views as it saw higher sales in the second half of the year with which the group will return to profitability.
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Vast Resources Shares Rise on Potential Progress in Historic Diamond Claim
Shares of Vast Resources PLC rose Monday after the company said that material progress could be made in relation to legal action over historic diamond claims in Zimbabwe.
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Invinity Energy Systems Sees 2022 Revenue in Line With Views
Invinity Energy Systems PLC said Monday it expects 2022 revenue to be in line with market expectations and that its current 2023 order book backlog of 22 million pounds ($27.3 million) underpins most of its current revenue expectations for the year.
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Novatek Oil, Gas Reserves Rose 7.1% in 2022
Novatek said Monday that its total proved oil and gas reserves increased 7.1% on year.
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Oxford Cannabinoid 1H Pretax Loss Widened on Higher Research Costs
Oxford Cannabinoid Technologies Holdings PLC said Monday that its half-year pretax loss widened as its research and development costs increased.
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TDR-backed Asda bosses mull GBP12bn merger with petrol forecourt business -- Financial News
Both Asda and EG are jointly owned by the brothers Mohsin and Zuber Issa and London-based private equity firm TDR Capital
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Lithia in Talks to Buy UK Auto Retailer Jardine Motors for GBP300 Mln, Sky News Reports
-- The North American car dealership Lithia Motors Inc. is in advanced talks to buy the U.K. luxury automotive retailer Jardine Motors for 300 million pounds ($371.8 million) from the conglomerate Jardine Matheson Holdings, Sky News reported citing unnamed sources.
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Arm-Based Chips Make Inroads With Apple, Amazon -- WSJ
By Asa Fitch
Market Talk:
Saga's Disposal Plan Effectiveness Is Questionable, AJ Bell Says
1044 GMT - Saga's plan to sell its insurance underwriting business to pay down its debt feels logical, but the extent of the effects it will have on its "creaky" balance sheet is questionable, AJ Bell says in a market comment. "Much of this function was offloaded to third parties a while ago anyway so this feels like quite a logical move, but how much the company might raise through any sale and how much of a dent it would make in a GBP700 million-plus debt pile is open to question," investment director Russ Mould says. The Times of London reported on Sunday that the group is seeking to raise GBP90 million from the sale. Shares are up 3.5% at 155.7 pence. (elena.vardon@wsj.com)
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Barclays' Stock Shows Compelling Value, Says Berenberg
1042 GMT - Barclays shares are simply too cheap and have significant capacity to catch up, Berenberg says in a note. "While cyclical risks from investment bank revenues and credit card losses remain a concern for some investors, we believe these risks are less material than many perceive," says analyst Peter Richardson, noting that concerns about the bank's ability to generate enough returns have historically led investors to ignore its valuation. He adds investment banking revenues should normalize rapidly and that the strength of the division remains under appreciated, while credit card risks look manageable. Berenberg has a buy rating on the stock, which it says trades at a 25% discount to the European banking sector. Shares are up 0.8% at 179.8 pence. (elena.vardon@wsj.com)
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Premier Foods' Better-than-Expected Sales Underpins Business Strength
1034 GMT - Premier Foods' 3Q performance was materially above expectations, showing the strength of its business model as trading momentum continues, Jefferies analysts Martin Deboo and equity associate Feng Zhang say in a note. The food manufacturer reported total sales growth of 12% while core branded grocery grew 15.5%, above Jefferies forecast of 3.6% and 2.6% respectively, they say. The beat prompts a 1% lift in FY 2023 profit forecast to GBP148 million, they add. "Our upgrade looks cautious relative to the positive surprise, but we remain mindful of the 2023 pricing versus input cost recovery challenge, which will impact Q4," they highlight. (michael.susin@wsj.com)
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Sainsbury's Clothing Line Could Benefit From Sosandar Deal
1025 GMT - J Sainsbury's deal with Sosandar to sell the fashion brand's products through its online and physical stores could benefit customer interest in its own clothing line, Shore Capital says in a note. "Given Sosandar's small scale, we would not anticipate that this tie-up will be identifiable in the Sainsbury P&L, but it may be a relationship that contributes to the online and in-store interest of shoppers to the wider clothing offer of the GBP1bn+ business centered around the in-house Tu brand," analysts Clive Black and Darren Shirley say. Shore has J Sainsbury as a house stock. Sainsbury's shares edge up 0.1% at 243.7 pence while Sosandar is up 11.9% at 23.5 pence. (elena.vardon@wsj.com)
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TinyBuild's Early Indicators Suggest Good Consumer Traction Across Titles
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01-23-23 0627ET
