UK-EU's Northern Ireland Deal Unlikely to Lift Growth Outlook
0927 GMT - The U.K. and EU agreement on the operation of the Northern Ireland protocol eases fears over a trade war, but the deal is unlikely to have a significant positive impact on growth, Oxford Economics Chief U.K. Economist Andrew Goodwin says in a note. Eliminating the downside risk of further trade tensions is a positive development and should provide some short-term support for risk assets, but the deal accounts for a very small share of U.K. activity, he says. "The significant frictions introduced into trade between the U.K. and EU when the Brexit transition period finished in 2021 are still apparent," Goodwin says. "It is these frictions that will have a much more significant bearing on investment decisions." (xavier.fontdegloria@wsj.com)
Companies News:
Unite Group 2023 Profit Rose on Increased Rental Income, Outlook Positive
Unite Group PLC said Tuesday that its 2023 profit rose on increased rental income, and said the outlook for the 2023-24 academic year is positive.
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Ocado Group FY 2022 Pretax Loss Widened on Higher Costs as Revenue Missed Market Views
Ocado Group PLC reported on Tuesday a widened pretax loss for fiscal 2022, dragged by costs pressures and investments at Ocado retail, and as revenue missed market expecations.
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Croda International 2022 Pretax Profit Boosted by Disposal Gain
Croda International PLC on Tuesday reported a 90% rise in pretax profit for last year with growth across all three sectors, after booking a 356 million pound ($429.5 million) gain from a disposal .
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St. James's Place 2022 Pretax Profit Dropped Amid Inflation, Investment Market Volatility
St. James's Place PLC said Tuesday that pretax profit dropped in 2022 amid rising inflation, macroeconomic and geopolitical uncertainty and investment-market volatility.
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Intertek 2022 Pretax Profit Rose But Missed Consensus; Is Confident on 2023
Intertek Group PLC said Tuesday that pretax profit for 2022 rose but missed consensus, and that it is entering 2023 confidently.
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Man Group 2022 Profit Rose on Higher Fees; Plans to Extend Buyback
Man Group PLC said Tuesday that pretax profit in 2022 rose on higher management and performance fees, and that it intends to repurchase more shares.
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Abrdn to Sell Abrdn Capital for GBP140 Mln
Abrdn PLC said Tuesday that it is selling its discretionary fund management business, Abrdn Capital, for 140 million pounds ($168.9 million).
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Serco Group 2022 Pretax Profit Rose; Launches GBP90 Mln Buyback
Serco Group PLC said Tuesday that 2022 pretax profit rose and backed its guidance for 2023, and said it is launching a share buyback.
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Rotork 2022 Pretax Profit Rose on Higher Volumes, Prices
Rotork PLC said Tuesday that pretax profit for 2022 rose, supported by higher positive price and volumes, which offset cost inflation and partially funded investments.
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Man Group Chairman John Cryan to Retire; Anne Wade Named Successor
Man Group PLC said Tuesday that Chairman John Cryan plans to retire at the end of this year after serving on the board since January 2015, and that Anne Wade will replace him.
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Travis Perkins 2022 Profit Slips on Higher Costs; Revenue Rose
Travis Perkins PLC said Tuesday that its 2022 pretax profit fell on lower property profits and higher costs despite increased revenue.
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Benchmark Holdings Swung to 1Q Pretax Profit on Growth Across Businesses
Benchmark Holdings PLC said Tuesday that it swung to pretax profit for the first quarter of fiscal 2023 after a strong start to the year, with growth in all business areas and a significant uplift in health.
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Abrdn Swung to 2022 Pretax Loss on Adjusting Items
Abrdn PLC said Tuesday that it swung to a pretax loss for 2022 due to adjusting items, missing consensus, and that it intends to return capital to shareholders in 2023 on a level similar to 2022.
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Image Scan Started FY 2023 With Strong Momentum
Image Scan Holdings PLC said Tuesday that its performance for fiscal 2023 started with a strong momentum and that it was increasingly confident in its sales pipeline for the year ending Sept. 30.
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Derwent London Swung to 2022 Pretax Loss on Valuation Losses; Outlook Positive
Derwent London PLC said Tuesday that it swung to a pretax loss for 2022 on a fall in property values, though rental income rose and it said its outlook was positive.
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McBride 1H Pretax Loss Widens on Energy, Labor Costs; Expects Return to Profit in 2H
McBride PLC on Tuesday reported a widened pretax loss for the first half of fiscal 2023, but said it has seen improving market conditions since the period end and expects a return to adjusted operating profit in the second half.
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Various Eateries FY 2022 Pretax Loss Widened on Higher Costs
Various Eateries PLC said Tuesday that its pretax loss for fiscal 2022 widened on the back of higher costs despite reporting a robust revenue increase.
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St. James's Place 2022 IFRS Profit Rose Despite Dip in Pretax Profit -- Update
St. James's Place PLC said Tuesday that profit rose in 2022 despite rising inflation, macroeconomic and geopolitical uncertainty and investment market volatility.
Market Talk:
Ocado Shares Slip After Swinging to FY Loss
1028 GMT - Ocado Group drops 11% after the U.K. online grocer and retail-technology supplier blamed higher costs and investment for a swing to an annual pretax loss before interest, depreciation and amortization. The company reported a group EBITDA loss of GBP74 million, compared with a profit of GBP61m a year earlier. Ocado's shares hit a four-month low in early trading Tuesday, IG says. "As supermarket prices keep rising, Ocado's premium offering remains under pressure and as volumes refuse to rise in line with customer numbers, Ocado is having to run faster and faster just to hold its position," IG analyst Chris Beauchamp writes. "All supermarkets are watching costs closely, but Ocado finds itself at the sharp end." (philip.waller@wsj.com)
Croda Shares Slip as Investors Mull Warning of 2H Weighting
1027 GMT - Croda shares fell as much as 6.5% in morning trading and dragged the FTSE 100 with it, after it said its 2023 earnings will be second-half weighted. The London-listed specialty-chemicals company had reported a 90% rise in pretax profit for 2022 with growth across all sectors, but said its performance in the new year will be tilted towards the latter half, reflecting divestment and phasing of shipments. "Investors hate hearing that phrase as it raises the chances of a profit warning if that six-month period doesn't live up to expectations," AJ Bell investment director Russ Mould says in a market comment. Shares are down 4.3% at 6,628.0 pence. (joseph.hoppe@wsj.com)
Gilt Market Activity Could Increase Ahead of BOE's Pill and Mann Speeches on Tuesday
0903 GMT - Bank of England monetary policy committee members Huw Pill and Catherine Mann are scheduled to speak at separate events on Tuesday and this is likely to increase movement in gilt yields, say Mizuho analysts in a note. "Pill speaks at a conference on technology, so may not be policy-oriented, Mann speaks on a European Investment Bank panel on the interaction of monetary and fiscal policy and financing conditions," the analysts say. "Mann's speech may have implications beyond policy in the U.K.," they add. (miriam.mukuru@wsj.com)
UK-EU's Northern Ireland Deal Welcome But Isn't Significant For Sterling
0855 GMT - Monday's agreement between the U.K. and the EU on a new trading arrangement for Northern Ireland is a welcome development for markets, but won't have a lasting impact on sterling where the interest-rate outlook remains paramount, ING says in a note. "The direct impact on the U.K. economy should not be significant, but markets are probably welcoming the conciliatory steps in U.K.-EU trade relationship," currency analyst Francesco Pesole says. Instead, the Bank of England outlook should remain "the most central driver" of sterling, although the prospect that U.K. rates may need to rise beyond March could mean it proves "more resilient than other pro-cyclical currencies," he says. (jessica.fleetham@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
02-28-23 0546ET
