UK Slower Hiring Demand Points to Labor Market Deterioration

0914 GMT - The U.K. jobs market is clearly past its peak and now the question is whether we there will be a significant deterioration as the economy slips into recession over the winter, ING's developed markets economist James Smith says in a note. Hiring demand is undoubtedly falling back and there is a clear downtrend in unfilled vacancy numbers, he says. "But so far this is manifesting itself more as a hiring freeze rather than via layoffs," Smith says. Redundancy numbers are showing little-to-no sign of increasing from their lows, but Smith expects that to start to change fairly soon. (maria.martinez@wsj.com)


 
Companies News: 

BAE Systems Says 2H Performance Good So Far; Backs Guidance

BAE Systems PLC said Tuesday that its operational performance in the second half to date has been good despite challenging conditions, and backed its guidance for the year.

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Melrose Industries Group Revenue Up 14% Between July 1 and October 31

Melrose Industries PLC said Tuesday that its performance for the period of July 1 to Oct. 31 has been in line with the board's expectations, with revenue up 14% and operating profit substantially higher.

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UK Competition Regulator to Probe CapCo, Shaftesbury Deal

The U.K. competition regulator said Tuesday that it is considering whether the merger between Capital & Counties Properties PLC and Shaftesbury PLC might substantially reduce competition.

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Imperial Brands FY 2022 Pretax Profit Fell Amid Higher Costs; Raises Dividend

Imperial Brands PLC said Tuesday that pretax profit for fiscal 2022 fell as it booked increased costs and revenue declined, and raised its dividend payout.

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Morses Club to Constrain Lending as Funder Won't Provide an Advance

Morses Club PLC said Tuesday that it will take steps to constrain lending as its funders have confirmed that they won't provide a peak trading advance against its loan book for the period from Nov. 15 to Feb. 14.

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Ninety One 1H Pretax Profit Fell Amid Challenging Backdrop

Ninety One PLC said Tuesday that pretax profit fell in the first half of fiscal 2023 and reported outflows amid a challenging macroeconomic backdrop, and said that it expects these pressures to continue.

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Hornby Appoints Oliver Raeburn as New CEO

Hornby PLC said Tuesday that it has appointed Oliver Raeburn as group chief executive officer from early next year, whereupon Executive Chairman Lyndon Davies will step down to a nonexecutive role.

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Vodafone Sets New EUR1 Bln Costs-Saving Target as Macroeconomic Environment Worsens

Vodafone Group PLC on Tuesday reported a rise in pretax profit and revenue for the first half of fiscal 2023, but updated its guidance for the full year amid the challenging macroeconomic environment and set a new costs-savings target of more than 1 billion euros ($1.03 billion).

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Land Securities Swung to 1H Pretax Loss on Market Yield Shift

Land Securities Group PLC said Tuesday that it swung to a pretax loss in the first half of fiscal 2023, as shifts in market yields offset growth in earnings and revenue.

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DX (Group) Appoints Mark Hammond as New Executive Chairman

DX (Group) PLC said Tuesday that Mark Hammond has been appointed as executive chairman with immediate effect after Ron Series decided to retire.

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Workspace Group 1H Pretax Profit Rose Significantly on Higher Rent

Workspace Group PLC said Tuesday that first-half pretax profit and revenue rose significantly on higher net rental income and a swing to profit on the fair value of investment properties.

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Pressure Technologies to Raise Up to GBP2.5M to Support Working Capital

Pressure Technologies PLC said Tuesday that it is planning to raise up to 2.5 million pounds ($2.9 million) via a share placing and retail offer, and will use the money to support its short-term working capital requirements, while it progresses with longer-term financing opportunities.

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Speedy Hire 1H Pretax Profit Fell on Higher Costs; Sees FY 2023 in Line With Views

Speedy Hire PLC said Tuesday that pretax profit fell for the first half of fiscal 2023 due to increasing costs, but added that it is confident to deliver full-year performance in line with the management expectations.

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Baron Oil to Raise Up to GBP6 Mln; Shares Fall

Shares in Baron Oil PLC fell Tuesday after it said that it will raise around 6 million pounds ($7.1 million) via a discounted placing, a subscription and a retail offer.

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DX (Group) Shares Rise as FY 2022 Pretax Profit, Revenue Increase

Shares in DX (Group) PLC rose 8% on Tuesday after it said that pretax profit and revenue rose on the back of the successful execution of the growth strategy and investment.


 
Market Talk: 

Land Securities 1H Results Look Dated Given October Market Disruption

0856 GMT - Land Securities' first-half numbers came in broadly as expected, but the property valuation lag leaves the results already looking dated, Goodbody says. The property developer and investor showed a modest decline in property valuations in the six months to the end of September, but the sharpest market yield moves came in October, making it too early to see the real impact of the latest rate hikes and heightened market uncertainty, Goodbody analyst Colm Lauder says in a market note. "We expect considerably sharper capital declines in [the second half], though a broadly robust operationally outlook," Lauder says. Goodbody retains its buy rating. Shares are down 1.1% at 617.0 pence. (joseph.hoppe@wsj.com)

BAE Systems Seen Well Positioned Into 2023

0853 GMT - BAE Systems is seeing early signs of improvement on labor shortages since the half year and has reported good operational performance in the year to date with efficient management of inflation, supply chain and resourcing challenges, Berenberg analysts George McWhirter and Ross Law say in a note. The defense-and-aerospace company backed its guidance and expects 2022 revenue growth of 7% to 9%, with consensus at 7%, the analysts say. In 2023 a further 6% growth in revenue and 20 basis points of EBIT margin expansion can be expected, they say. "We expect low-single-digit upgrades to consensus EPS this year," they say. Berenberg rates the stock buy and has a 900 pence target price. Shares are up 2.5% at 744.60 pence. (anthony.orunagoriainoff@dowjones.com)

Melrose's 2H Foreign Exchange Tailwind Could Support Forecast Upside

0813 GMT - Turnaround specialist Melrose Industries' performance between July 1 and Oct. 31 was in line with expectations as sales were up 14% in the four months, RBC Capital Markets analyst Mark Fielding says in a note. This outcome suggests no changes to the 2022 Ebita consensus of GBP430.4 million, with RBC estimating Ebita of GBP455 million. "We see some foreign exchange tailwind in 2H which could support upside toward our forecast," Fielding says. RBC has an outperform rating on the stock and a 165 pence target price. (anthony.orunagoriainoff@dowjones.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-15-22 0431ET