UK Labor Market Showed Strength in Summer; Challenges Ahead

UK Labor Market Showed Strength in Summer; Challenges Ahead in 4Q

0802 GMT - Job creation remained strong over summer in the U.K., Pantheon Macroeconomics says. The number of people employed was 183,000 higher in the three months to July than in the previous three months, according to the Labour Force Survey. "The strength of the employment indicators of Markit's purchasing managers index survey and the KPMG/REC Report on Jobs in August suggest that employment growth will remain brisk throughout the third quarter," Pantheon Macroeconomics' chief U.K. economist Samuel Tombs says. Further growth in employment will likely push down the unemployment rate even further toward its pre-Covid low of 3.8%, he says. However, the winding up of the furlough program will probably lead to an increase in unemployment and underemployment in 4Q, Tombs says. ([e-mail])

 
Companies News: 

Elliott Investment Management Pushing for Breakup of SSE -Bloomberg

Paul Singer's Elliott Investment Management is pushing for a breakup of SSE PLC, Bloomberg reports, citing people with knowledge of the matter.

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Bunzl Agrees to Acquire US Safety Business, Australian Healthcare Distributor

Bunzl PLC said Tuesday that it has agreed to acquire a U.S.-based safety business and a medical-supplies distributor operating in Australia and Singapore for undisclosed amounts.

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Ocado Group's 3Q Ocado Retail Revenue Fell

Ocado Group PLC said Tuesday that revenue from its joint venture Ocado Retail declined in the third quarter of fiscal 2021, and that the latest seven weeks of the period were hit by the orders lost in a fire at its customer fulfillment center in Erith, England, in July.

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JD Sports Posts Record-High 1H Earnings, Sees 2021 Headline Pretax Profit of at Least GBP750 Mln

JD Sports Fashion PLC said Tuesday that its first-half profits rose to record-high levels, and that it expects to achieve a headline pretax profit of at least 750 million pounds ($1.04 billion) for the whole of 2021.

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Petra Diamonds FY 2021 Adjusted Ebitda Doubled

Petra Diamonds Ltd. on Tuesday reported that its adjusted earnings doubled in the fiscal year, but missed market expectations.

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Staffline's 1H Pretax Loss Narrowed Materially

Staffline Group PLC on Tuesday reported a significantly narrowed pretax loss for the first half of the year after cutting costs and benefiting from a solid performance by all of its three divisions in the period.

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M.J. Gleeson FY 2021 Pretax Profit Rose Significantly

M.J. Gleeson PLC on Tuesday reported a significant rise in pretax profit for fiscal 2021 despite the pressures affecting the supply of materials and labor within the industry.

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Clayton Dubilier & Rice Reaches Agreement With Morrisons Pension Trustees

Clayton Dubilier & Rice LLP said Tuesday that it had reached an agreement with the trustees of the pension plans of Wm. Morrison Supermarkets PLC, strengthening its position in a potential bidding war for the U.K. supermarket chain.

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Trainline Expects Return to Profitability in 1H 2022

Trainline PLC said Tuesday that it expects to return to profitability for the first half of fiscal 2022, and that revenue and net ticket sales increased over the period as Covid-19 restrictions eased.

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Chemring Sees FY 2021 Earnings in Line With Market Expectations

Chemring Group PLC said Tuesday that its performance for the year ending Oct. 31 is in line with market expectations.

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BP Hires Former RWE Renewables CEO to Lead Green Transformation

BP PLC said Tuesday that it has appointed Anja-Isabel Dotzenrath as executive vice president for the gas and lower carbon energy division.

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Made.com Group 1H Pretax Loss Narrowed, Backs Guidance

Made.com Group PLC said Tuesday that its pretax loss narrowed for the first half as revenue increased, and backed its guidance for the year.

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Portmeirion Swung to 1H Pretax Profit; To Resume Dividends

Portmeirion Group PLC said Tuesday that it swung to a pretax profit for the first half as revenue increased, and that it expects to resume dividend payments in 2021 based on its strong performance in the period.

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NCC Posts Higher FY 2021 Profit, Sees Stronger Revenue Growth in FY 2022

NCC Group PLC on Tuesday reported an improved profit for fiscal 2021, and forecast higher revenue growth for the current financial year.

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Smart Metering Systems Raises GBP175 Mln Via Discounted Share Placing

Smart Metering Systems PLC said Tuesday that it has raised 175 million pounds ($242.2 million) as expected via a discounted share placing.

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Porvair Performance in 3Q Above Expectations

Porvair PLC said Tuesday that performance in the third quarter of fiscal 2021 has been modestly above expectations, and that although aerospace orders are improving they remain below pre-pandemic levels.

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Kape Technologies Raises $354 Mln, $2.5 Mln Via Share Placing, Retail Offer

Kape Technologies PLC said Tuesday that it has raised $354 million from a share placing, in line with guidance, and $2.5 million via its retail offer on the PrimaryBid platform.

 
Market Talk: 

UK 10Y Gilt Yield Hits Near 12-Week High After Labor Data

0856 GMT - Investors sell 10-year benchmark U.K. government debt after official data showed company payrolls have returned to pre-pandemic levels as the recovery from the Covid-19 crisis continues. The unemployment rate fell slightly to 4.6% in the three months to July from 4.7% the previous month. "The falling unemployment rate is another sign that the U.K. economy is experiencing a healthy recovery," says Emma Mogford, fund manager at Premier Miton Monthly Income Fund, adding that the Bank of England will be closely watching how the labor market reacts to the end of the furlough scheme in Sept. 30. The 10-year gilt yield climbs to its highest in nearly 12 weeks at 0.782% after the announcement, according to Tradeweb. ([e-mail])

Contact: London NewsPlus, [e-mail]

(END) Dow Jones Newswires

09-14-21 0512ET