UK Economy Performed Well in 1Q, But Momentum Is Set to Fade
0719 GMT - The U.K.'s GDP likely increased 1% in 1Q on-quarter despite the hit from the Covid-19 Omicron variant at the beginning of the year, but the cost-of-living crisis will weigh on the economic recovery in 2Q, Pantheon Macroeconomics says. Consumer spending will be hit by a 2% fall in real household incomes due to the rise in utility bills and the higher tax burden, the economic-research firm says. "We think that GDP will fall by 0.3% in 2Q, reversing one third of 1Q's increase, and then rise slowly in the second half of the year," Pantheon says. "We think that the Monetary Policy Committee will refrain from hiking bank rate further in 2H, after increasing it to 1.00% in May." (xavier.fontdegloria@wsj.com)
Companies News:
SSE Raises FY22 Guidance as Renewable Power Output Recovered in 4Q
SSE PLC on Tuesday raised earnings guidance for fiscal 2022, as renewable electricity production benefited from better weather conditions in the fourth quarter.
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Croda's Performance in First Three Months of 2022 Robust; Boosts Growth in Consumer Care
Croda International PLC said Tuesday that its performance in the first three months of the year has been robust, and that it was targeting sales in its consumer-care division of 1 billion pounds ($1.31 billion) by 2025.
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Polymetal Weighs Modifying Asset-Holding Structure to Maximize Value
Polymetal International PLC said Tuesday that it is evaluating several options that might maximize shareholder value, including among others potentially modifying its asset-holding structure to ensure distinct ownership in its various operational jurisdictions.
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Ten Entertainment Swung to 2021 Pretax Profit; To Resume Dividend in 2022
Ten Entertainment Group PLC on Tuesday reported a swing to profit in fiscal 2021, underpinned by robust sales growth, and said it expects to deliver a performance ahead of market expectations in 2022 and to resume the dividend payout.
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Konecranes, Cargotec Merger Blocked by UK Antitrust Watchdog
The U.K. Competition and Markets Authority on Tuesday blocked the proposed merger between crane manufacturer Konecranes Oyj and cargo-handling machinery company Cargotec Oyj after identifying "substantial" competition concerns.
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AG Barr FY 2022 Profit Beat Pre-Pandemic Level as Sales Grew
A.G. Barr PLC on Tuesday reported higher profits for the year ended Jan. 30, reflecting strong sales growth.
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Bellway 1H Profit, Revenue Rose; Sees FY 2022 Sales Rising On-Year
Bellway PLC said Tuesday that its pretax profit rose in the first half of fiscal 2022, and it expects a strong performance for the full year.
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S&U FY 2022 Pretax Profit Rose, Raises Dividend
S&U PLC said on Tuesday that pretax profit for fiscal 2022 rose on lower used car costs, and raised its dividend payout.
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McKay Securities Gets Offer Approach From Slate Asset Management
McKay Securities PLC said Tuesday that it has received a request from Slate Asset Management L.P. for due diligence access so that it can consider a possible all-cash offer for the U.K. real-estate investment trust.
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Xaar Swung to 2021 Pretax Profit, Confident in Outlook
Xaar PLC said Tuesday that it swung to a pretax profit in 2021 as its gross margin improved, and said its outlook for 2022 was confident with a strong order book across the business.
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Mulberry Group Anticipates FY 2022 Revenue, Profit Above Expecations on Strong Sales
Mulberry Group PLC said Tuesday that it anticipates reporting revenue and profit moderately above expectations for fiscal 2022 after booking robust sales.
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TinyBuild 2021 Revenue, Pretax Profit Rose After Strong Performance of New Games
TinyBuild Inc. said Tuesday that revenue and pretax profit for 2021 rose after a strong performance in the latter part of the year from new games titles and back-catalogue sales.
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FireAngel 2021 Loss Narrowed, Forecasts Improvement for 2022
FireAngel Safety Technology Group PLC on Tuesday reported a narrowed loss for 2021 and forecast better margins and earnings for 2022.
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Personal Group Holdings 2021 Pretax Profit Fell; Reduces Dividend
Personal Group Holdings PLC posted on Tuesday a reduced pretax profit for 2021 after booking higher expenses due the increased contribution from its benefits divisions, and reduced its dividend payout.
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Lexington Gold Says Drill Results Confirm New Discovery at North Carolina Project
Lexington Gold Ltd. said Tuesday that results from drill exploration at its Loflin project in North Carolina have confirmed a significant new gold discovery.
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About You Books Wider Ebitda Loss in FY2022; Revenue Grew as Expected
About You Holding SE said Tuesday that it booked a wider operating loss for its fiscal year 2022 amid higher investment, as revenue grew in line with the lower end of guidance.
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Northamber Swung to 1H Pretax Loss on Higher Costs; Revenue Rose
Northamber PLC said Tuesday that it swung to a first-half pretax loss despite increased revenue due to higher distribution and administrations costs as it invested for future growth.
SSE Guidance Upgrade to Please the Market
0708 GMT - SSE has released a positive year-end trading update which is likely to be well received by the market, RBC Capital Markets says. The energy company has upgraded adjusted EPS guidance for fiscal 2022 to 92 pence-97 pence from the previous level of at least 90 pence, which also compares positively with market consensus of 88 pence, the bank notes. The guidance upgrade was driven by renewable output recovering to 12% lower than budget as of March 22, from 19% below budget in the first nine months, which has been further aided by strong thermal and hydro performance, RBC notes. Shares rise 1.3%. (jaime.llinares@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-29-22 0349ET
