UK's 2039 Index Linked Gilt is Trading at Expensive Levels Ahead of Tuesday's Auction
0908 GMT - The UK 0.125% March 2039 index-linked gilt is trading at expensive levels, ahead of today's GBP800 million auction, Citi's rates strategists say in a note. "The [March 2039 index-linked gilt] IOTA is trading at expensive levels (-3.8bp), with no sign of concession vs. surroundings," they say. According to the rates strategists, yesterday's U.K. rates stabilization following Sunak's win in the Conservative Party race is leaving breakevens back at levels observed before the volatility period. "[The] auction is taking place in the context of very large rates volatility, with real yields tending to outperform in a nominal rates rally (breaks up) / underperform in a selloff (breaks down)," they add. (miriam.mukuru@wsj.com)
Companies News:
Whitbread Swung to 1H Pretax Profit on Strong UK Leisure Demand
Whitbread PLC reported Tuesday a swing to a pretax profit for the first half of fiscal 2023 as revenue rose on strong leisure demand in the U.K., but said trading conditions in the value end of the pub-restaurant market remain challenging.
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Shoe Zone FY 2022 Boosted by Full-Year Store Openings, Back-to-School Performance
Shoe Zone PLC said Tuesday that revenue for fiscal 2022 rose 31% as its stores benefited from a full year of trading and a positive back-to-school performance during the second half.
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Eurowag Sees Strong 2022 To-Date; CFO to Step Down
W.A.G Payment Solutions PLC said Tuesday that it has performed strongly in the first nine-months of 2022, and Chief Financial Officer Magdalena Bartos intends to step down.
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THG 3Q Revenue Boosted by Beauty, Nutrition; Backs 2022 Guidance
THG PLC on Tuesday reported a 2.1% rise in third-quarter revenue--which was boosted by beauty and nutrition, its two largest units--and backed its full-year guidance.
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Sika-MBCC Merger Remedy Considered by U.K.'s CMA
The U.K.'s Competition and Markets Authority said Tuesday that it was considering a solution to address concerns relating to the merger of Sika AG and MBCC Group.
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Pendragon 3Q Underlying Profit Hit by Higher Costs, Interest; Backs FY Guidance
Pendragon PLC said Tuesday that underlying pretax profit for the third quarter of the year fell 41% as it booked higher interest charges and operating costs, and compared with a strong comparative performance, but said it remains on track to meet the board's full-year profit expectations.
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Deepverge's Chief Executive Steps Down, Nigel Burton Appointed Interim CEO; Shares Fall
Deepverge PLC shares fell on Tuesday after it said that Chief Executive Gerard Brandon will step down with immediate effect and that Nigel Burton has been appointed interim chief executive.
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Corero Sees Lower 2022 Earnings Despite Higher Revenue
Corero Network Security PLC said Tuesday that it expects adjusted earnings for 2022 to fall as customer order timing has been hit by extended decision making and buying cycles, though revenue is expected to rise.
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Upland Resources to Raise GBP310,000 for Malaysian Onshore Project
Upland Resources Ltd. said Tuesday that it will raise 310,000 pounds ($349,649) via a placing, and that it will use the proceeds to progress activities at Malaysia's onshore Block SK334.
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Genuit 9-Month Revenue Rose; Sees 2022 Profit at Lower End of Views
Genuit Group PLC said Tuesday that revenue rose in the first nine-months of 2022, but that due to uncertainty hitting performance in the latter part of the third quarter it expects to report full-year profit at the lower end of analyst expectations.
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On the Beach FY 2022 Sales 16% Ahead of Prepandemic Level; Underlying Pretax Profit in Line
On the Beach Group PLC said Tuesday that group sales for fiscal 2022 were 16% ahead of fiscal 2019, and that underlying pretax profit for the year was in line with market expectations.
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Various Eateries to Miss FY 2022 Profit Forecasts but Beat Sales Estimates
Various Eateries PLC said Tuesday that it will miss fiscal 2022 profit expectations due to its decision not to pass on price increases to customers in full, but sales are expected to be beat forecasts at over 40 million pounds ($45.1 million).
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Ingenta Plans to Return GBP2.1 Mln to Holders via Discounted Tender Offer
Ingenta PLC said Tuesday that it plans to return up to 2.1 million pounds ($2.4 million) to shareholders via a tender offer given its continued strong cash generation, which is expected to continue.
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Altitude Group Sees 1H Revenue Rising; Expects to Meet 2022 Market Views
Altitude Group PLC said Tuesday that it has delivered strong revenue growth in the first half of fiscal 2023, and it expects to at least meet market expectations for the full-year.
Market Talk:
THG's GBP156 Mln in Funding Is Set to Be Well Received
0855 GMT - THG confirmed access to another GBP156 million in funding in its third-quarter trading statement and this will be welcome news heading into peak trading season and an uncertain 2023, Jefferies analysts say in a research note. Sales performance at the U.K. e-commerce company--known as the Hut Group--in the quarter was below Jefferies' estimates, but the fourth quarter has started positively, with an unchanged growth guidance for the whole year, they say. The reiteration of full-year Ebitda expectations should also be well received. Jefferies has a buy rating on the stock with a target price of 95 pence. Shares trade up 18% at 54.72 pence. (kyle.morris@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
10-25-22 0537ET
