UK House Prices Set for Double-Digit Fall
1037 GMT - U.K. house prices are expected to drop further this year as activity in the housing market is falling sharply, Oxford Economics chief U.K. economist Andrew Goodwin says in a note. The economic-research firm's housing affordability index indicate house prices are still heavily overvalued, he says. However, low unemployment and a high share of fixed-rate mortgages will likely limit the correction in prices to the low double-digits, less severe than the price falls seen during the global financial crisis, Goodwin says. "Still, the extent of the drop in mortgage approvals and prices so far suggests that the risk of a deeper downturn can't be disregarded," he says. (xavier.fontdegloria@wsj.com)
Companies News:
Anglo American Appoints Alison Atkinson Group Director Projects & Development
Anglo American PLC said Tuesday that Alison Atkinson has been appointed group director Projects & Development, a new role within the company, and that this will be effective during the second quarter of 2023.
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Diageo Agrees to Buy Don Papa Rum for Up to $473 Mln
Diageo PLC said Tuesday that it has agreed to acquire Don Papa Rum, a dark rum from the Philippines, for a potential total consideration of up to 437.5 million euros ($473.4 million).
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Experian Backs FY 2023 Guidance After 3Q Organic Revenue Grew
Experian PLC said Tuesday that organic revenue grew 6% at constant exchange rates in the third quarter and backed its full-year guidance.
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Ocado 4Q Retail Revenue Rose; Backs FY 2022 Views
Ocado Group PLC backed its fiscal 2022 guidance on Tuesday supported by a robust fourth-quarter performance and said it has started the new fiscal year with a record Christmas performance.
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M&G Names Joseph Pinto CEO of Asset Management Arm as Jonathan Daniels Retires
M&G PLC said Tuesday that Joseph Pinto has been appointed chief executive officer of M&G Asset Management, replacing Jonathan Daniels, who is retiring.
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Wise Raises FY 2023 Guidance After Interest-Boosted 3Q Revenue
Wise PLC on Tuesday raised its full-year guidance again as it posted a 50% rise in its third-quarter revenue, boosted by higher interest income.
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Crest Nicholson 2022 Pretax Profit Fell on Exceptional Items, Sales Slowed at Year End
Crest Nicholson Holdings PLC said Tuesday that 2022 reported pretax profit fell despite higher revenue, due to exceptional items, and that its sales rate slowed in the final weeks of the year.
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Ninety One's Assets Under Management Rose Slightly on Quarter in 3Q
Ninety One PLC on Tuesday said that its assets under management for the third quarter of fiscal 2023 saw a slight on-quarter rise but fell compared to the same quarter of the previous year.
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Quiz December Revenue Rose on Strong Demand
Quiz PLC said Tuesday that revenue increased in December, driven by a strong consumer demand.
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THG PLC Reports Record 2022 Revenue; Reviewing Loss-Making OnDemand Unit
THG PLC on Tuesday reported a record group revenue for 2022, with growth in its three core business, and said that it has started a review of the loss-making categories and territories within the THG OnDemand unit.
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Hays 2Q Net Fees Rose as Fee Margins Increased
Hays PLC said Tuesday that its net fees grew 11% on year in the second quarter of fiscal 2023.
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Ocado 4Q Retail Revenue Rose; Backs FY 2022 Views -- Update
Ocado Group PLC backed its fiscal 2022 guidance on Tuesday supported by a robust fourth-quarter performance and said it has started the new fiscal year with a record Christmas performance.
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Naked Wines Raises FY 2023 Adjusted EBIT Guidance But Puts FY 2024 Under Review
Naked Wines PLC on Tuesday raised its fiscal 2023 adjusted EBIT guidance after a strong third-quarter performance, but has put its fiscal 2024 forecasts under review given lower customer recruitment levels.
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DP Poland Saw Strong Sales Growth in 2022; Sees Profit Close to Market Views
DP Poland PLC said Tuesday that it saw strong sales growth in all quarters of 2022 despite strong inflation and a tight labor market, and it expects profitability for the year to be close to market expectations.
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National World Shares Rise as Company Expects 2022 Dividend
National World PLC shares rose Tuesday after the company said it expects to propose a maiden dividend for 2022, and that sees full-year adjusted Ebitda and revenue to be at least close to flat on year.
Market Talk:
Diageo's Don Papa Rum Buy Adds to Extensive Offering
1041 GMT - Diageo has agreed to acquire Don Papa Rum, a super-premium rum brand for an upfront consideration of EUR260 million, allowing it to focus on premiumization in the rum category where it owns just the Captain Morgan brand, Interactive Investor says. The liquor seller will benefit from Don Papa's premium nature as it focuses on quality over quantity, appealing to increasingly health-conscious consumers, Interactive head of investment Victoria Scholar says in a market comment. "Today's acquisition will add to Diageo's already extensive and varied brand offering that should help it weather the economic downturn," Scholar says. Shares in Diageo are little changed over a one-year period but have kicked off 2023 on a strong footing, Scholar adds. Shares are up 0.5% at 3,718.0 pence. (joseph.hoppe@wsj.com)
Hays Benefiting From Rising Wage Inflation, Fee Rates
1022 GMT - Although recruitment company Hays's 2Q comparative growth in net fees was lower than the 15% rise seen in the 1Q, this represented a good quarter given the tough comparatives as well as fears of a sharper slowdown, UBS analysts say in a note. Although the company had a slowdown in permanent volumes, temporary and contractor volumes were more resilient, and it continues benefiting from rising wage inflation and fee rates, the analysts say. Management's 1H adjusted Ebita guidance of GBP95 million to GBP97 million is in line with expectations, and UBS sees FY 2023 adjusted Ebita of around GBP205 million versus consensus of GBP208 million. UBS rates the stock buy with a 160-pence target price. Shares are up 2.7% at 122.20 pence. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
01-17-23 0558ET
