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UK Tax Cuts, Including Stamp Duty, Could be Unveiled on Friday

09/21/2022 | 06:23am EST

New UK Tax Cuts, Including Stamp Duty, Could be Unveiled on Friday

0912 GMT - New U.K. Prime Minister Liz Truss's policy plans remain very much in focus, and a recent media report suggests her government might push for tax cuts--including on stamp duty--in Friday's "Fiscal Event", ING says. The stamp duty on home purchases is currently levied at around 2% on the price paid for homes between GBP125,000 and GBP250,000, and 5% between GBP250,000 and GBP925,000, with higher amounts beyond that price. "[The cuts] may ease some concerns about the clouded U.K. economic outlook, but also fuel doubts about the sustainability of expansionary fiscal policy while delivering a mammoth energy bill support package," ING analyst Francesco Pesole says in a research note. (joseph.hoppe@wsj.com)

 
Companies News: 

Land Securities London Portfolio Signs New Rent; Occupancy on the Rise

Land Securities Group PLC said Wednesday that operational momentum has continued in its central London portfolio, signing new rent, with occupancy rising since the end of fiscal 2022.

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Keywords Studios 1H Pretax Profit Rose Amid Strong Demand Levels for Content

Keywords Studios PLC reported on Wednesday a significant rise in pretax profit for the first half of 2022, as revenue rose on strong demand levels for its content.

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S4 Capital 1H Operating Loss Widened Significantly; FY Outlook Unchanged

S4 Capital PLC on Wednesday reported a significantly widened operating loss for the first half of 2022, and said its full-year like-for-like net revenue growth target remains unchanged at 25%.

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Aveva Agrees to GBP9.48 Bln Takeover by Schneider

Aveva Group PLC said Wednesday that it has agreed to a 9.48 billion pound ($10.79 billion) takeover by its major shareholder French energy management and automation group Schneider Electric SE.

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Galliford Try FY 2022 Pretax Profit Fell; Starts GBP15 Mln Share Buyback

Galliford Try Holdings PLC on Wednesday said that its fiscal 2022 pretax profit fell on a statutory basis, though it rose on an adjusted basis, and that it will buy up to 15 million pounds ($17.1 million) in a share-buyback program.

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Ten Entertainment Swung to 1H Pretax Profit as Revenue Rose on Higher Sales

Ten Entertainment Group PLC said Wednesday that it swung to a first-half pretax profit as revenue rose on record sales, and that its performance for the year was in line with expectations.

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Games Workshop Early FY 2023 Performance Meeting Views; Declares Dividend

Games Workshop Group PLC said Wednesday that core revenue rose and pretax profit slipped in the three months to Aug. 28, in line with expectations, and declared a dividend.

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City Pub Swung to 1H Pretax Profit, Revenue Rose in Covid-19 Recovery

City Pub Group PLC said Wednesday that it swung to a pretax profit in the first half and that revenue rose significantly as it recovered from the effects of the coronavirus pandemic.

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Pendragon 1H Pretax Profit Rose on Improved Margins

Pendragon PLC reported on Wednesday an increased pretax profit for the first half of 2022 helped by higher margins on new and used vehicles sales and that it expects supply shortfalls to remain.

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WANdisco Signs $25 Mln Contract, Sees 2022 Bookings Beating Market Views

WANdisco PLC said Wednesday that it has signed a $25 million contract with a major global communications company, and that it expects 2022 bookings to significantly exceed market expectations.

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LXI REIT in Discussions With Sainsbury's Over GBP500 Mln Sale, Leaseback

LXI REIT PLC said Wednesday that it is in discussions to acquire a portfolio of grocery stores from J Sainsbury PLC on a sale-and-leaseback basis for an expected 500 million pounds ($569 million).

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JD Sports Agrees to Deal Worth GBP5.5 Mln With Former Chairman Peter Cowgill

JD Sports Fashion PLC said Wednesday that it has reached a deal with former Executive Chairman Peter Cowgill, which includes enhanced restrictive covenants for a two-year period and a consultancy agreement.

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Polyus 1H Revenue Fell on Lower Gold Sales, Higher Costs

Polyus PJSC said Wednesday that revenue fell for the first half as the volume of total gold sales decreased and its total cash cost per ounce sold, or TCC, rose 12% in the period to $435.

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Petershill Partners Posts 1H Pretax Loss, Upgrades 2022 Views; Declares Dividend

Petershill Partners PLC on Wednesday reported a pretax loss for the first half of 2022, raised its full-year guidance and declared a dividend payout.

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SRT Marine Systems to Report Improved 1H Performance Vs 1H 2022; Shares Rise

Shares of SRT Marine Systems PLC rose 11% on Wednesday after the company said that it expects to report earnings for the first half of fiscal 2023 that are better than the same period a year earlier following an excellent start to the year.

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Frontier Developments FY 2022 Pretax Profit Fell Sharply on Higher Costs

Frontier Developments PLC reported on Wednesday a significant decline in pretax profit for fiscal 2022 after the company booked higher costs, and said the board remains confident about meeting views for fiscal 2023.

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Warpaint London 1H Pretax Profit Rose on Strong Profit Margin; Raises Dividend

Warpaint London PLC on Wednesday reported an increased pretax profit for the first half driven by a significantly improved gross profit margin and higher revenue.

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TP Group 1H Pretax Loss Narrowed on Lower Costs; TPG Maritime Hurt by Legacy Contracts

TP Group PLC said Wednesday that its first-half pretax loss narrowed after booking lower costs, and that the performance of its TPG Maritime division remains hampered by legacy contracts.

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SDI Group Sees FY 2023 Earnings in Line With Market Views

SDI Group PLC said it has made a good start to the year and anticipates reporting full-year earnings in line with market expectations.

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XPS Pensions Acquires Penfida Limited; Sees 2022 Ahead of Board Views

XPS Pensions Group PLC said Wednesday that it has acquired Penfida Limited for 11.6 million pounds ($13.2 million), and that it expects full-year performance to be above views.

 
Market Talk: 

UK Energy Price Cap for Businesses Set for Warm Welcome

0946 GMT - The U.K. government's energy price cap for an initial six months for all business users will be warmly welcomed by industry, Make UK says. The additional announcement that a review on future support will take place at the three-month stage is reassuring as it appears likely that prices will remain high for months to come and industry will need support for longer periods to protect jobs and remain competitive, the manufacturing representative says. "We will monitor the impact of the cap closely, and will engage with the review mechanism later in the year to ensure that these priorities are recognized and understood," Make says, adding it hopes the support is made tangible quickly, and not applied retrospectively at the end of the quarter. (joseph.hoppe@wsj.com)

Land Securities Shows off Good Performance in London

0938 GMT - Land Securities' short operational update highlights continued momentum across its central London office portfolio, with persistent rent increases over estimated rental value, Goodbody says. The commercial-property developer and investment company has achieved an average of 4% above valuers' March 31 ERV expectations, and lettings progress means its pipeline is becoming increasingly de-risked, Goodbody analyst Colm Lauder says in a research note. "The continued ERV beats, for both in-situ office stock and new developments, highlights again our view that best-in-class office space continues to see strong demand as tenants are competitive in the pricing for such prime space," the Irish brokerage says. Goodbody retains its buy rating on LandSec's stock. Shares are up 0.9% at 595.8 pence. (joseph.hoppe@wsj.com)

UK Government Stamp Duty Cuts Look Likely

0914 GMT - A cut to stamp duty land tax on British property transactions is in the cards for the U.K. government's fiscal event on Friday, according a report in The Times, Goodbody says. A cut was implemented early on during the Covid-19 pandemic, which boosted property prices and transactions. Stamp duty is a disincentive to transact, so should largely improve market liquidity, Goodbody analyst Dermot O'Leary says in a research note. Although full details aren't known, it is probable that rates will be cut across the board, including the most expensive properties, the Irish brokerage says. The tax currently brings in GBP12 billion a year to the treasury, and revenue reductions will have to be added to the growing fiscal bill of the new cabinet's measures, Goodbody says. (joseph.hoppe@wsj.com)


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

(END) Dow Jones Newswires

09-21-22 0622ET

Stocks mentioned in the article
ChangeLast1st jan.
AVEVA GROUP PLC 0.16% 3181 Delayed Quote.-6.55%
FRONTIER DEVELOPMENTS PLC -0.70% 1142 Delayed Quote.-35.84%
GALLIFORD TRY HOLDINGS PLC 0.00% 157.4 Delayed Quote.-12.46%
GAMES WORKSHOP GROUP PLC 0.00% 7365 Delayed Quote.-26.13%
J SAINSBURY PLC -0.22% 222.6 Delayed Quote.-19.29%
JD SPORTS FASHION PLC 1.29% 126.05 Delayed Quote.-42.13%
KEYWORDS STUDIOS PLC 2.08% 2950 Delayed Quote.0.27%
LAND SECURITIES GROUP PLC -1.03% 614.2 Delayed Quote.-20.89%
LXI REIT PLC -1.72% 114.4 Delayed Quote.-21.10%
PENDRAGON PLC -0.71% 28 Delayed Quote.20.69%
PETERSHILL PARTNERS PLC -0.23% 173.8 Delayed Quote.-36.68%
S4 CAPITAL PLC -0.68% 190.9 Delayed Quote.-69.89%
SCHNEIDER ELECTRIC SE 0.03% 138.92 Real-time Quote.-19.45%
SDI GROUP PLC -0.58% 171 Delayed Quote.-10.24%
SRT MARINE SYSTEMS PLC -4.89% 44.7 Delayed Quote.11.75%
TEN ENTERTAINMENT GROUP PLC 1.65% 246 Delayed Quote.-0.20%
THE CITY PUB GROUP PLC 0.00% 71 Delayed Quote.-30.05%
TP GROUP PLC 0.00% 2.15 Delayed Quote.-54.26%
WANDISCO PLC 0.00% 641 Delayed Quote.53.35%
WARPAINT LONDON PLC 5.92% 188 Delayed Quote.18.21%
XPS PENSIONS GROUP PLC 6.57% 146 Delayed Quote.4.29%
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