UK Government Borrowing in March Gives Room for Fiscal Loosening
0649 GMT - U.K. government borrowing in the 2022-23 tax year was GBP13.2 billion lower than the fiscal watchdog predicted a month ago, providing Treasury chief Jeremy Hunt with more room to cut taxes or raise spending, Ruth Gregory, deputy chief U.K. economist at Capital Economics, says in a note. This comes after March marked another month of buoyant tax receipts, totaling GBP81 billion--GBP1.6 billion higher than March last year--though total expenditure, of GBP84.4 billion, was well above last March's figure of GBP80.2 billion, Gregory says. This is mainly due to the government's energy-price subsidies, and left borrowing for the fiscal year at GBP139.2 billion. With the next general election approaching, it would be no surprise to see a further fiscal loosening in the fall's budget statement, she adds. (edward.frankl@wsj.com)
Companies News:
AB Foods Backs FY 2023 Views After 1H Sales Rose, Although Profit Fell
Associated British Foods PLC said Tuesday that adjusted operating profit for the first half of fiscal 2023 fell, but backed its full-year guidance amid robust sales growth and less volatile inflation, and raised its dividend payout.
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Travis Perkins 1Q Sales Fell On Challenging Market Conditions
Travis Perkins PLC said Tuesday that sales fell in the first quarter of 2023 due to challenging market conditions.
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Anglo American 1Q Production Rose 9% On Year; Backs 2023 Guidance
Anglo American PLC on Tuesday said its first-quarter production rose 9% compared with the same period the previous year driven by copper production at its new mine in Peru as well as improvements in its steelmaking coal and iron ore business operations.
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JD Sports Fashion Appoints Darren Shapland, Angela Luger as Nonexecutive Directors
JD Sports Fashion PLC said Tuesday that it has appointed Darren Shapland and Angela Luger as nonexecutive directors from June 1.
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Whitbread FY 2023 Pretax Profit Rose; Launches GBP300 Mln Buyback Program
Whitbread PLC said Tuesday that pretax profit rose for fiscal 2023, and that it was launching a 300 million pounds ($374.6 million) buyback.
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Jupiter Fund Management 1Q Assets Under Management Rose
Jupiter Fund Management PLC on Tuesday posted a rise in its assets under management over the first quarter of 2023 compared with the previous quarter, propped up by positive market movements performance.
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Loungers FY 2023 Revenue Reaches Record Level After 2H Like-For-Like Sales Rose
Loungers PLC said Tuesday that revenue for fiscal 2023 reached a record level after a 12% rise in like-for-like sales in the second half and a strong final 12 weeks of the year.
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Coca-Cola Europacific Partners 1Q Sales Rose
Coca-Cola Europacific Partners PLC said Tuesday that its revenue rose 12% in the first quarter of 2023 on strong demand in Europe.
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IWG Backs 2023 Views After Record 1Q Revenue
IWG PLC said Tuesday that its outlook for 2023 remains unchanged after the group reported a record revenue for the first quarter and continues to focus on reducing debts.
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Eurowag 1Q Net Revenue Rose 31% on Growth of Active Customers
W.A.G Payment Solutions PLC on Tuesday posted a 31% rise in net revenue in the first quarter of 2023 as its number of active customers and trucks grew, and backed its medium-term guidance.
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Quilter 1Q Assets Under Management and Administration Edged Up On-Quarter
Quilter PLC on Tuesday said its first-quarter assets under management and administration rose slightly on net inflows, a modest pick-up in equity markets and slightly lower bond yields in the period.
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Next 15 Swung to Pretax Profit in FY 2023 on Acquisitions, Contract Wins
Next 15 Group PLC said Tuesday that it swung to a pretax profit in fiscal 2023, as revenue was boosted by acquisitions and contract wins.
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RWS Holdings Sees FY 2023 Adjusted Pretax Profit at Lower End of Views; Shares Fall
RWS Holdings PLC shares fell on Tuesday after the group said it expects adjusted pretax profit for fiscal 2023 to be at the lower end of market expectations due to reduced levels of activity.
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AB Dynamics 1H Pretax Profit Fell Despite 30% Revenue Growth
AB Dynamics PLC said Tuesday that pretax profit fell in the first half of fiscal 2023, but that revenue rose 30% due to strong performances in main segments.
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Hammerson 1Q Rental Income Increased as Footfall, Sales Rose
Hammerson PLC said Tuesday that its rental income rose in the first quarter as more people visited and shopped at its centers.
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Smoove PLC Says Third-Party Talks Have Ended
Smoove PLC said Tuesday that talks with a third party over a possible deal have ended following separate takeover talks with PEXA Group Ltd.
Market Talk:
Whitbread's Profit, Buyback Program Helped by Premier Inn Performance
0719 GMT - Whitbread's swing to a fiscal 2023 adjusted pretax profit of GBP413.4 million from a GBP15.8 million loss was helped by the performance of its budget hotel chain Premier Inn, IG Bank says. "This has meant a boost to the dividend, up 114% to 74.2 pence per share, and an initial buyback program of GBP300 million," the Swiss bank says. Profit was higher than the GBP358 million reported in fiscal 2020 which ended as the coronavirus pandemic took hold. (anthony.orunagoriainoff@dowjones.com)
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AB Foods' 1H Revenue Beat Views, Primark Sales Poised to Recover
0659 GMT - AB Foods' reported a better-than-expected revenue in 1H and pretax profit came in broadly in line, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note. The British conglomerate backed its outlook at group level, raised its grocery guidance while it cut the target for sugar division given the increased costs, they say. However, sugar profits should improve from next year helped by firmer pricing, the analysts add. Primark sales are proving to be more challenging in Germany, but it is expected to have a an overall robust recovery in the short term given continuing recovery trends for store-based retailing, they say. (michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
04-25-23 0337ET
