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UK Treasury Chief to Aim for Absolutely Balanced Books

11/17/2022 | 03:29am EST

UK Treasury Chief to Aim for Absolutely Balanced Books

0737 GMT - The first guiding principle of the new U.K. Treasury chief Jeremy Hunt appears to be that the books absolutely must be balanced and the GBP40 billion fiscal gap eliminated, regardless of any long-term assessment of the future cost of borrowing or growth rates, GAM Investments says. The autumn statement, due on Thursday, will represent an unwelcome return to the austerity economics of 2010, Julian Howard, lead investment director of multiasset solutions at GAM Investments says in a note. "This will mean a combination of vicious spending cuts, to already heavily degraded public services, and tax rises imposed on consumers and businesses, staring down the barrel of a higher inflation and rates-induced recession," he says, adding that pro-growth measures are likely to be thin in the ground. (emese.bartha@wsj.com)

 
Companies News: 

Halma 1H Pretax Profit Fell After Disposal Gain in Prior Year

Halma PLC said Thursday that pretax profit for the first half of fiscal 2023 fell after the comparable period a year earlier was boosted by a gain on a disposal.

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International Distribution Services Swung to 1H Pretax Loss on Royal Mail Losses

International Distribution Services PLC said Thursday that it swung to a first-half pretax loss and revenue fell as a good performance from its GLS division was offset by Royal Mail losses.

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Burberry Group 1H Pretax Profit Rose on Lower Costs; Backs FY 2024 Views

Burberry Group PLC said Thursday that it expects to achieve near-term guidance despite the challenging environment and that pretax profit for the first half of fiscal 2023 rose amid lower costs.

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Spirax-Sarco Engineering Backs 2022 Guidance After Underlying Demand Growth

Spirax-Sarco Engineering PLC on Thursday backed its full-year guidance for adjusted operating profit as underlying demand growth remained strong in the four months to the end of October despite a weakening global industrial production growth forecast.

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Investec 1H Pretax Profit Rose on Higher Interest Rates, Starts GBP350M Buyback

Investec PLC on Thursday reported an increased pretax profit for the first half of fiscal 2023, supported partly by rising global interest rates, and declared a 350 million-pound ($417 million) share buyback program.

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Intermediate Capital Appoints William Rucker Chair; 1H Pretax Profit Fell

Intermediate Capital Group PLC said Thursday William Rucker has been appointed nonexecutive director and chair, and it reported a fall in pretax profit for the first half of fiscal 2023 as revenue decreased.

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Finsbury Food Four-Month Sales Up 16%, Boosted by Higher Volumes, Prices

Finsbury Food Group PLC said Thursday that sales for the first four months of the new fiscal year have risen 16%, boosted by higher volumes and prices, but it expects macro-economic and cost inflation headwinds to continue throughout the year.

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International Distribution Services Swung to 1H Pretax Loss on Royal Mail Losses -- Update

International Distribution Services PLC said Thursday that it swung to a first-half pretax loss and revenue fell as a good performance from its GLS division was offset by Royal Mail losses.

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Close Brothers Says 1Q Performance Was Robust Despite Market Uncertainties

Close Brothers Group PLC said Thursday that its first-quarter performance has been solid, with a robust margin in the banking division and increased net inflows in asset management despite market uncertainty.

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Mitie Group 1H Pretax Profit Fell; Raises Interim Dividend

Mitie Group PLC said Thursday that pretax profit for the first half of fiscal 2023 fell after it booked fewer coronavirus-related contracts, and declared an increased interim dividend.

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Crest Nicholson Sees FY 2022 Profit Meeting Guidance; Recent Sales Slowing

Crest Nicholson Holdings PLC said Thursday that it expects adjusted pretax profit for fiscal year 2022 to meet previous guidance of 135 million to 140 million pounds ($160.9 million-$166.8 million), though recent weeks have seen sales slow.

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Begbies Traynor Group Sees 1H Revenue, Profit Increase

Begbies Traynor Group PLC said Thursday that it expects to report a rise in revenue and adjusted pretax profit for the first half of fiscal 2023 and that it backed its full-year expectations.

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Kier Group Says New Fiscal Year Started Well, In Line With Expectations

Kier Group PLC said Thursday that the new financial year has started well, and that it is performing in line with the board's expectations.

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Fuller Smith & Turner 1H Pretax Profit Rose Amid Recovery From Pandemic Restrictions

Fuller Smith & Turner PLC said Thursday that pretax profit and revenue for the first half of fiscal 2023 rose on a recovery from the effect of coronavirus-related restrictions.

 
Market Talk: 

UK DMO Expected to Cut Gilt Issuance Target by GBP15 Bln-GBP20 Bln

0802 GMT - Fiscal changes in the U.K. will likely allow the Debt Management Office to revise the remit lower, with a GBP15 billion-GBP20 billion decrease to the current gilt issuance target of GBP193.9 billion being reasonable, Mizuho's rates strategists say. The forecasts and the view of the Office for Budget Responsibility for 2023 will be key for the 2023-24 gilt remit, say strategists Peter McCallum and Evelyne Gomez-Liechti in a note. "Expectations point towards GBP235bn, but the range of estimates is wide given the unknowns on future energy prices," they say. The strategists think that a more restrictive budget will discourage the Bank of England from tightening aggressively. (emese.bartha@wsj.com)

Burberry's 1H Performance Seen Outperforming Peers

0800 GMT - Burberry reported a slightly better-than-expected 1H performance, analysts at Bernstein say in a note. The luxury-goods company like-for-like growth rose to 5%, up from the consensus of 4%, they say. Burberry's EBIT increase shows higher retail space productivity driven by better execution on leather goods, the analysts note. "Adjusted operating profit margins at 17.7% highlight the fact that Burberry is playing in a different league than top players in the industry", they highlight. Bernstein has a price target of 1,947.0 pence on the stock. (michael.susin@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-17-22 0328ET

Stocks mentioned in the article
ChangeLast1st jan.
BEGBIES TRAYNOR GROUP PLC -1.38% 143 Delayed Quote.-1.52%
BURBERRY GROUP PLC 1.63% 2433 Delayed Quote.19.85%
CLOSE BROTHERS GROUP PLC -0.57% 959.5 Delayed Quote.-8.36%
CREST NICHOLSON HOLDINGS PLC -0.08% 244.8 Delayed Quote.3.47%
FINSBURY FOOD GROUP PLC 0.00% 94.5 Delayed Quote.2.72%
GLOBAL INDUSTRIAL COMPANY -0.24% 25.27 Delayed Quote.7.65%
HALMA PLC -1.08% 2115 Delayed Quote.7.14%
INTERMEDIATE CAPITAL GROUP PLC 3.00% 1426.5 Delayed Quote.24.26%
KIER GROUP PLC -1.40% 70.4 Delayed Quote.18.72%
MITIE GROUP PLC -4.45% 79.5 Delayed Quote.6.57%
UK 10Y CASH 0.16% 3.3255 Delayed Quote.-9.57%
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