UK Labor Market Looks Resilient Despite Weakening Activity
0808 GMT - The U.K.'s most recent labor market data show a picture of a still tight labor market and strong wage growth, Capital Economics U.K. economist Ashley Webb says in a note. This resilience will add further pressure for the Bank of England to keep raising interest rates, perhaps to 4.50% in the coming months from the current 3.50%, he says. "We still think the labor market will loosen eventually," Webb says. "But the fact that the labor market remained tight and wage growth remained strong, combined with the economy proving to be more resilient than expected in November, will only increase the Bank of England's fears that inflation, despite falling, is still persistent," 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:
Ocado's Pressures Look Unlikely to Ease
0841 GMT - Ocado's update showed mixed signs given the mounting number of pressures while its retail revenue continues to have some progress, head of markets at Interactive Investor Richard Hunter says in a note as shares slide 7%. The online grocer and retail-technology specialist's performance was hurt by inflationary costs, investments in further capacity and higher marketing costs, Hunter says. Added to that, the current environment in which shoppers are searching for lower prices is challenging given that the company is not considered as a discounter, he notes. "The group has yet to turn a sustained profit, and the competitive pressure on the retail business is unlikely to abate," Hunter adds. (michael.susin@wsj.com)
Diageo's Don Papa Rum Buy Is Exciting But Tough to Assess
0824 GMT - Diageo will acquire Don Papa Rum, a well-known super-premium rum band for an upfront consideration of EUR260 million--a category of spirits that has been highlighted by many industry observers as the next exciting growth category, Citi says. The liquor maker's new purchase clearly has potential, but with no disclosure on Don Papa's financial details, it is tough to assess the deal in isolation and there is a risk that payback may take longer than expected, Citi analysts say in a research note. Plus, given the uncertainty spirits face in 2023, this may limit the potential for further cash returns at Diageo in the near term, the U.S. bank says. Citi retains its neutral rating and 4,000 pence price target on Diageo's stock. Shares are up 0.1% at 3,705.0 pence. (joseph.hoppe@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
01-17-23 0407ET
