UK Lacks Sufficient Private Savings to Compensate the Current Account Deficit
1318 GMT - The U.K. economy faces an imbalance because it lacks sufficient private savings to compensate for the current account deficit, says Lombard Odier chief economist Samy Chaar in a webinar. "The U.K. current account deficit averages 4.5%-5%, which means the are no sufficient private savings to compensate for the public dissaving," he says. This makes the U.K. economy vulnerable, Chaar says. (miriam.mukuru@wsj.com)
Companies News:
SThree Sees FY 2022 Double-Digit Net Fee Growth, Beating Management Views
SThree PLC said Wednesday that it expects to deliver strong growth in fiscal 2022 ahead of its expectations driven by double-digit growth across all regions.
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Watches of Switzerland Backs FY 2023 Guidance Amid Increased Demand, Higher Prices
Watches of Switzerland Group PLC backed its fiscal 2023 guidance on Wednesday after reporting a pretax profit increase in the first half amid robust revenue in the U.S. market.
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Mirriad Advertising Sees 2022 Revenue Below Hopes; Upbeat on US Growth Ahead
Mirriad Advertising PLC said it expects revenue for the full year to miss market expectations, but that it is confident of future growth as it strengthens its focus on the U.S. market.
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LoopUp Sees 2022 Revenue Beating Market Views, But Earnings Missing Consensus
LoopUp Group PLC said Wednesday that it expects 2022 revenue to be marginally above market expectations, though earnings to slightly miss market views.
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ProCook Swung to 1H Pretax Loss Amid Challenging Consumer Backdrop
ProCook Group PLC reported on Wednesday a swing to pretax loss in the first half of fiscal 2023 driven by a challenging consumer backdrop, and that it expects underlying pretax profit for fiscal to be break-even.
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Helium One Increases Fund Raising to GBP9.9 Mln on Investor Demand
Helium One Group Ltd. said Wednesday that it has increased its planned fund raising to 9.9 million pounds ($12.2 million) due to significant investor demand.
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Amedeo Air Four Plus Swung to 1H Pretax Profit On Higher Rent, Finance Income
Amedeo Air Four Plus Ltd. said Wednesday that it swung to a pretax profit for the first half of fiscal 2023 after bringing in more rent and finance income, and booking significantly lower credit losses.
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Dalata Hotel Sees Record-High Revenue in 2022 on Continued Robust Trading in 2H
Dalata Hotel Group PLC said Wednesday that it expects to report a record revenue driven by a better-than-expected performance during the second half.
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IntegraFin FY 2022 Pretax Profit Fell On VAT-Linked Costs
IntegraFin Holdings PLC on Wednesday reported a drop in pretax profit for fiscal 2022 due to higher expenses from backdated value-added tax, and said it sees the business remaining resilient in fiscal 2023.
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Volution Group Four-Month Revenue to End of November Rose on Year
Volution Group PLC said Wednesday that revenue for the four months to Nov. 30 was 112 million pounds ($138.5 million), 7.7% higher on year.
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Fulcrum Utility Shares Fall on Widened 1H Pretax Loss Amid Mounting Costs
Shares of Fulcrum Utility Services Ltd. fell Wednesday after the company reported a widened pretax loss for the first half of fiscal 2023 amid a turbulent energy market and a challenging macroeconomic backdrop.
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National Atomic Company Kazatomprom's CFO, Chief Commercial Officer Resign
National Atomic Company Kazatomprom said Wednesday that Chief Financial Officer Kamila Syzdykova and Chief Commercial Officer Askar Batyrbayev have resigned from their positions to pursue other opportunities.
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GetBusy Sees 2022 Revenue Ahead of Market Views
GetBusy PLC said Wednesday that it expects its revenue for 2022 to be ahead of market expectations thanks to strong consumer acquisition and monetization.
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Barryroe Offshore Energy CFO to Step Down in February
Barryroe Offshore Energy PLC said Wednesday that Chief Financial Officer Simon Brett will resign, effective from Feb. 28.
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Billington Sees 2022, 2023 Adjusted Pretax Profit Beating Management Views; Shares Rise
Billington Holdings PLC shares rose Wednesday after it said that it expects both 2022 and 2023 adjusted pretax profit to significantly exceed management expectations on improving performance.
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Videndum Finance Director Martin Green Steps Down; Andrea Rigamonti Named CFO
Videndum PLC said Wednesday that Group Finance Director Martin Green is stepping down from his role and that Andrea Rigamonti is appointed group chief financial officer with immediate effect.
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Cohort Swung to 1H Pretax Profit on Higher UK Defense Sales; Shares Rise
Shares of Cohort PLC rose Wednesday after the company said it swung to a first-half pretax profit and revenue rose on higher U.K. Defense Ministry sales, and raised its interim dividend.
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CyanConnode 1H Pretax Loss Widens; Sees Contracts Boosting 2H
CyanConnode Holdings PLC on Wednesday said that its pretax loss widened in the first half of fiscal 2023 as revenue dropped but it expects upcoming contracts to boost the revenue in the second half.
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Corcel Shares Increase Sharply After GBP466,000 Share Placement
Corcel PLC shares jumped as much as 43% on Wednesday after the company said it has raised 466,000 pounds ($576,209) via a high premium share placing from Auspect Investment.
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Britvic Names Former Greggs's Chair Ian Durant as Incoming Chair Designate
Britvic PLC said Wednesday that it named former Greggs PLC Chair Ian Durant as chair designate, effective from Feb. 1.
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Dialight's Chair Karen Oliver to Step Down
Dialight PLC said Wednesday that Karen Oliver will step down as chair and non-executive director effective Dec. 31, and that David Thomas will assume the role of chair on that date.
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Trackwise Design Ups Fund Raising Due to Exceptional Demand -- Update
Trackwise Designs PLC on Wednesday raised the size of its planned equity fund raising to 5.8 million pounds ($7.2 million), citing "exceptional demand in the bookbuild."
Market Talk:
Peru Turmoil Positive for Copper Shares
0706 ET - The political turmoil in Peru poses a risk to global copper supplies, which is potentially positive for shares of companies including Freeport, Glencore, Antofagasta and First Quantum, said Jefferies analyst Christopher LaFemina in a research note. Peru represented 11% of the world's copper mine supply in 2021, and that is expected to rise to more than 13% once Anglo American's Quellaveco project ramps up, LaFemina said. Peruvians protesting after the removal of former President Pedro Castillo have blocked the movement of people and supplies at some copper mines, so far with little impact on supplies, but there is a significant risk of disruptions, LaFemina said. (jeffrey.lewis@wsj.com)
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Volution Shares Look Cheap Given Strong Growth Outlook
1217 GMT - Volution shares have rallied by 30% since its September low point, but they still look cheap given its high and sustainable cash return on invested capital and expectations for strong underlying earnings per share growth, Shore Capital says. The ventilation-equipment maker's outlook for fiscal 2023 looks well underpinned by revenue growth seen in the four months to November, and depending on the macroeconomic picture, could climb higher still, Shore analyst Graeme Kyle says. "We think our EPS forecasts are underpinned by state regulation continuing to tighten around de-carbonization measures and indoor air quality, and we highlight Volution's M&A program as a source of additional earnings growth," Shore says. Shore retains its buy rating on Volution's stock. Shares are up 1.9% at 357.0 pence. (joseph.hoppe@wsj.com)
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Moonpig's Share Price Correction Is Overdone, Citi Says
1220 GMT - Moonpig Group's structural growth story remains intact but its current valuation doesn't capture the company's still-attractive business model and long-term growth potential, says Citi analyst Ajay Nandal. Its resilience in profitability--despite its revenue guidance cut at its half-year results last week--suggests Moonpig should be able to navigate the current macro environment without hurting its long-term prospects, he says in a note. The brokerage retains its buy rating on the stock and cuts its target price to 260 pence from 320 pence. Shares, which are down 70% YTD, trade 4.8% lower at 113.7 pence. (elena.vardon@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
12-14-22 0928ET
