UK Upside Growth Surprise Could Bring More Interest Rate Increases

0847 GMT - The better-than-expected economic performance in the U.K. in November means the country has potentially avoided a second-consecutive quarter of contraction in 2022, which would have meant a technical recession, Saxo Bank U.K.'s senior sales trader William Marsters says in a note. "Despite the ubiquitous appearance of strikes across the U.K., economic activity during the period was boosted, partially assisted by the World Cup action, a reasoning also echoed by U.K. supermarket chains," he says. The stronger GDP print may give the Bank of England some more conviction to keep applying upward pressure to the rate-raising regime in its current inflation fight, he says. (xavier.fontdegloria@wsj.com) 


 
Companies News:

Global Ports Holding Reviewing Capital, Financing Structure

Global Ports Holding PLC said Friday that is reviewing the company's capital and financing structure in light of the "significant and exciting opportunities in its cruise business."

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Premier Miton Group Assets Under Management Rose in 1Q

Premier Miton Group PLC said Friday that its assets under management rose in the first quarter of fiscal 2023.

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Taylor Wimpey 2022 Operating Profit Met Views but Sales Rate Fell

Taylor Wimpey PLC said Friday that its 2022 performance met its expectations with higher operating profit, despite lower completions and a lower sales rate on-year.

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Appreciate Group 3Q Revenue Rose, Outlook Remains In Line With Its Views

Appreciate Group PLC on Friday said its third-quarter revenue reflected normal seasonality trends and that its outlook remains aligned with its expectations.

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Card Factory Appoints Matthias Seeger as CFO

Card Factory PLC said Friday that it has appointed Matthias Seeger as chief financial officer with effect expected from May 22.

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888 Holdings 2022 Revenue, Earnings Were In Line; CFO to Leave

888 Holdings PLC said Friday that 2022 revenue and adjusted earnings before interest, taxes, depreciation and amortization were in line with expectations and that Chief Financial Officer and Executive Director Yariv Dafna has agreed to step down.

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M.J. Gleeson 1H Homes Sold Slipped 4%, Order Book Fell

M.J. Gleeson PLC said Friday that the number of homes it sold slipped slightly on year in the first half of fiscal 2023 though selling prices remained stable, and its order book fell.

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DFS Furniture 2Q Order Intake Improved; Backs FY 2023 Midpoint Profit Forecast

DFS Furniture PLC said Friday that order intake for the second quarter of the fiscal year rose from the same period a year earlier, but was still down for the first half overall, and backed its midpoint adjusted pretax profit guidance.

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Gulf Marine Services Says 2022 Guidance May Be Adjusted After Client Goes Bankrupt

Gulf Marine Services PLC on Friday said it may need to adjust its 2022 guidance after a client owing it 4 million euros ($4.3 million) for a contract has filed for bankruptcy.

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Alphawave IP 4Q Performance Significantly Improved on Year

Alphawave IP Group PLC said Friday that it booked significantly improved performance in the fourth quarter of 2022, with strong design win momentum and an expanded customer base.

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Wincanton Trades in Line Through 3Q

Wincanton PLC said Friday that it continued to trade in line with expectations in its third quarter, with year-to-date revenue growth of 5.5%.

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Dialight Sees Lower 2022 Core Profit After Weak December

Dialight PLC on Friday lowered its core profit guidance for the year after a weaker-than-expected December revenue.

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Belluscura Sees 2022 Loss in Line With Market Views

Belluscura PLC said Friday that it expects to report an Ebitda loss for 2022 in line with market expectations.

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Celadon Pharmaceuticals CFO To Join Board On Jan. 17

Celadon Pharmaceuticals PLC on Friday said that Jonathan Turner will formally join the group and the board as chief financial officer on Jan. 17.

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Bens Creek Agrees to Take on Second Highwall Miner Unit From Mega Highwall

Bens Creek Group PLC said Friday that it has amended an agreement with the highwall mining contractor Mega Highwall Mining LLC, to confirm the provision and delivery of a second highwall miner unit by the end of January.

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Revolution Beauty Accounts Probe Finds Serious Issues, Affecting FY 2022 Results

Revolution Beauty Group PLC said Friday that an independent investigation into its fiscal 2022 accounts has identified a number of serious issues, which it expects to materially affect financial results.

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Applied Graphene Says Talks Over Sale of Business, Main Operating Subsidiary Continue

Applied Graphene Materials PLC said Friday that discussions with various parties for either the sale of the group's business or of the shares in the company's main operating subsidiary continue.

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ValiRx Targets Up to GBP1.5 Mln via Discounted Placing, Broker Offer

ValiRx PLC said Friday that it seeks to raise up to 1.5 million pounds ($1.8 million) via a discounted share placing and broker offer, and that proceeds will be used to establish a new internal research facility. 


 
Market Talk:

C&C's Disappointing Christmas Prompts Modest Downgrades

0852 GMT - C&C's update warning of the pressure on consumer spending was disappointing given the importance of the Christmas trading period, Shore Capital Greg Johnson says in a note as shares fall 10%. The alcoholic-drink maker expects FY 2023 operating profit range of EUR84 million to EUR88 million, below Shore's current estimate of EUR89.9 million, the analyst notes. Shore also cuts C&C's FY 2024 operating profit forecast to around EUR90 million from EUR95 million, still assuming a modest growth. "Although the update is disappointing and we remain cautious over the near-term outlook, we do not believe that the current valuation reflects the progress the group is making," Johnson adds. (michael.susin@wsj.com)

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Taylor Wimpey Long-Term Outlook Seen Bright Despite Sector Caution

0835 GMT - Taylor Wimpey has echoed the same caution as Barratt Developments and Persimmon in its 2022 update, reporting a fall in net private reservation rates and its order book, Interactive Investor says. However, the house builder sees 2022 profits meeting market views, and noted an improved year-end cash position as well as a less severe share price drop than peers over the last year, Interactive head of markets Richard Hunter says in a research note. "On balance, and with eyes looking towards the medium to longer term future for the housebuilders, the market consensus remains positive for Taylor Wimpey, and continues to come in at a buy," Hunter says. Shares are up 0.2% at 112.85 pence. (joseph.hoppe@wsj.com)

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M.J. Gleeson 1H Looks Solid With Prices Holding, Cancellations Easing

0829 GMT - M.J. Gleeson has reported a good first-half update selling 894 homes, down just 4% despite challenging conditions and a short order book, Liberum says. The house builder's cancellations fell in December and sales have stabilized--albeit at a low rate--while house prices remain firm, Liberum says. Its outlook is also improving as mortgage rates fall and confidence recovers, Liberum analysts Charlie Campbell and Edward Prest say in a research note. "We expect the shares to rerate as a premium is restored once volume growth prospects improve," the brokerage says. Liberum retains its buy rating and 560 pence price target on M.J. Gleeson's stock. Shares are flat on 380.0 pence. (joseph.hoppe@wsj.com)


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

(END) Dow Jones Newswires

01-13-23 0416ET