UK Retail Sales Decline Reflects Slow Burn From Higher Prices
0802 GMT - U.K. retail-sales figures in June were boosted in some areas by the extra Jubilee bank holiday and dragged down in others, but the underlying trend shows the surge in prices is weighing on sales volumes, says Paul Dales, chief U.K. economist at Capital Economics, says in a note. "It is the slow burn from higher prices that is behind the steady decline in retail sales volumes since the start of the year," the economist says. The surge in inflation will lead to a 3% fall in real household disposable incomes this year and another 2% decline next year, Capital Economics forecasts. As a result, a recession is inevitable, the economic research consultancy says. (maria.martinez@wsj.com)
Companies News:
UK Regulator Clears Warner Bros. Discovery/BT Group Deal
The U.K.'s Competition and Markets Authority said Friday that it has decided not to refer BT Group PLC's sports joint venture with Warner Bros. Discovery to a Phase 2 investigation.
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JD Sports Fashion's Five-Month Sales Ahead of Prior Year
JD Sports Fashion PLC said Friday that total sales for the first five months of fiscal 2023 remain 5% ahead of the prior year, and that it expects to close out the current financial year with another record pretax-profit performance.
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Mirriad Advertising Sees Flat 2022 Revenue Due to China Weakness
Mirriad Advertising PLC said Friday that it now sees 2022 revenue being flat on year at around 2 million pounds ($2.4 million) as market conditions in China are significantly weaker than expected.
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Supply@Me Capital to Raise Up to GBP320,855 in Open Offer
Supply@Me Capital PLC said Friday that it intends to raise up to 320,855 pounds ($385,154) through an open offer as part of its capital enhancement plan.
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Homeserve 1Q Performance in Line With Board Views; HVAC Strategy Continues
Homeserve PLC said Friday that its performance in the first quarter of fiscal 2023 has been in line with the board's expectations, and that it continues to execute its buy-and-build heating, ventilation, and air conditioning, or HVAC, strategy.
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Beazley 1H Pretax Profit Fell Sharply on Investment Performance
Beazley PLC said Friday that pretax profit for the first half of 2022 fell sharply due to a complicated investment environment and that gross premiums written rose.
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JTC Posts Net Organic Revenue Growth for 1H, in Line With Guidance
JTC PLC said Friday that its performance in the first half of 2022 was marked by net organic revenue growth, and that it met all of its guidance metrics for the period.
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Stanley Gibbons CEO to Step Down in September; New CEO Named
Stanley Gibbons Group PLC said Friday that Chief Executive Officer Graham Shircore will step down on Sept. 12, with Tom Pickford set to take over the role.
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Record PLC 1Q Assets Under Management Hit by Financial Market Uncertainty
Record PLC said Friday that assets under management fell in the first quarter as investment valuations suffered from uncertain financial markets, and despite recording net inflows for the period.
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BT Group-Warner Bros. Discovery JV Cleared by UK Regulator -- Update
The U.K.'s Competition and Markets Authority said Friday that it has decided not to refer BT Group PLC's sports joint venture with Warner Bros. Discovery to a Phase 2 investigation.
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FRP Advisory FY 2022 Pretax Profit Slipped on Higher Expenses; Revenue Rose
FRP Advisory Group PLC said Friday that its fiscal 2022 pretax profit slipped on higher expenses, though revenue rose and the outlook is positive.
Market Talk:
Homeserve's FY 2023 EPS Estimates Likely to Remain Unchanged on 1Q Performance
0742 GMT - Homeserve's 1Q performance was in line with the home-repairs company's expectations, with good progress continuing during its seasonally quieter trading period, analysts at Jefferies say. Consensus estimates for fiscal 2023 EPS of 54.5 pence a share are expected to remain unchanged, with Jefferies estimating EPS of 55.2 pence a share. Jefferies has a hold rating on the stock with a 1,200-pence target price. (anthony.orunagoriainoff@dowjones.com)
JD Sports Fashion's Outlook Appears Strong
0700 GMT - JD Sports Fashion should continue to strengthen its position as a preferred partner of major sportswear brands such as Nike and Adidas, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a research note. The U.K. clothing retailer has a set of strong retailing skills, as well as the ability to appeal to more urban/cash customers and enhance its apparel offers with its elevated stores, the bank says. "Recent acquisitions in the U.S. should provide JD with an opportunity to broaden its customer demographic and are complementary to its existing Finish Line operation there," RBC says. (sabela.ojea@wsj.com; @sabelaojeaguix)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
07-22-22 0419ET
