UK June House Price Slip Shows Buyer Pressures

0740 GMT - U.K. house prices declined on year in June though remained broadly stable on month, property portal OnTheMarket.com says, citing Nationwide data. While borrowing costs have risen as they did following autumn's so-called mini-budget, sentiment hasn't been hit in the same way, it says. Consecutive interest-rate rises, with potentially more to come, combined with the high cost of living mean borrowers are less able to pay inflated prices, even if they may previously have been prepared to, Chief Executive Jason Tebb says in a market comment. "With offers regularly being made below asking price, sellers must price realistically in the first instance as those who do so are most likely to achieve a timely sale," Tebb says. Shares in Barratt Developments, Taylor Wimpey and Persimmon are up 0.7%, 0.6% and 1.2%, respectively. (joseph.hoppe@wsj.com)

COMPANIES NEWS:

Barratt Developments Agrees to GBP168.4 Mln Sale of Homes to Lloyds Banking Subsidiary

Barratt Developments said Friday that it has agreed to the future sale of 604 homes to Citra Living Properties, a wholly-owned Lloyds Banking Group subsidiary, for a total cash consideration of 168.4 million pounds ($212.4 million).

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Vanquis Banking Names Peter Estlin as Next Chair Subject to Regulatory Approval

Vanquis Banking Group Friday named independent nonexecutive director Peter Estlin as its next chair, taking over from Chair Patrick Snowball, subject to regulatory approval.

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Endeavour Mining Cuts 2023 Production Guidance After Non-Core Asset Sale

Endeavour Mining on Friday cut its 2023 production guidance as it sold two of its non-core mines in Burkina Faso for more than $300 million in cash and net smelter return royalties.

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Pendragon Says Chairman Plans to Step Down; Positive Momentum Persists into 2Q

Pendragon said Friday that nonexecutive Chairman Ian Filby intends to step down to pursue other interests, and that positive business momentum has persisted in the second quarter of the year.

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M.J. Gleeson Agrees to Sell 288 Homes for GBP50.4 Mln to Carlyle, Gatehouse

M.J. Gleeson said Friday that it has entered a contract to sell 288 homes to global investment firm Carlyle Group and Gatehouse Investment Management for a total cash consideration of 50.4 million pounds ($63.6 million).

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Medica Group Confirms 212 Pence Final Dividend After Resolution Withdrawn

Medica Group said Friday that it will withdraw a resolution to declare a reduced final dividend for 2022, and that this will ensure shareholders receive 212 pence ($2.67) a share.

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DP Poland 2022 Pretax Loss Was Flat; Sees Growth Trends Continuing This Year

DP Poland on Friday said it pretax loss for 2022 was stable on year as higher costs offset a rise in revenue and said it sees positive growth trends continuing into 2023.

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Advanced Oncotherapy Shares Suspended; Urgently Needs Financing to Continue

Advanced Oncotherapy said Friday that its shares have been suspended pending clarification of its financial position, and it urgently requires additional financing in order to continue as a going concern.

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Induction Healthcare Names Paul Tambeau CEO, John McIntosh CFO

Induction Healthcare Group on Friday named Paul Tambeau as its chief executive officer and John McIntosh as its chief finance officer with immediate effect.

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B90 Holdings 2022 Pretax Loss Widened on Higher Expenses; Raises Going Concern Uncertainty

B90 Holdings on Friday reported a widened pretax loss for last year as it booked higher salary expenses, impairment charges and amortization of assets, and said that it has raised a further 2 million euros ($2.2 million) via convertible loan note subscriptions.

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Kropz Shares Fall on AIM Suspension After Missed Annual Accounts Deadline

Shares in Kropz fell Friday after it said that its shares will be suspended from trading on London Stock Exchange's AIM market from July 3, pending publication of its 2022 accounts which were due to be published by the June 30 deadline.

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Jadestone Energy to Create COO Role, Backs 2023 Guidance

Jadestone Energy said Friday that it will create the role of chief operating officer so as to strengthen the executive management team, and backed its production, underlying operating costs and capital expenditure guidance for 2023.

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Supply@ME Capital to Sell 81% Stake in TradeFlow for GBP14.4 Mln

Supply@ME Capital said Friday that it will sell 81% of its ownership in TradeFlow Capital Management for 14.4 million pounds ($18.2 million) to better serve clients and funders of both businesses, and create shareholder value.

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Trackwise Designs Shares Drop on 2022 Report Delay, Widened Losses

Shares in Trackwise Designs slumped Friday after the company said publication of its 2022 annual report will miss the deadline as it has experienced delays in completing the audit process, and that it expects its losses for the year to have widened.

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Caspian Sunrise Stock Falls on Temporary Share Suspension; Dividend Suspension

Caspian Sunrise shares fell Friday after it said it expects its shares to be temporarily suspended due to a delay in publishing 2022 accounts, and said it will suspend further dividend payments.

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Barryroe Offshore Energy Seeks Approval to Cancel AIM, Euronext Listings

Barryroe Offshore Energy said Friday that it is planning to seek shareholder approval to cancel the trading of its shares on London's junior AIM and the Euronext Growth market following its decision to wind down the business.

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Harvest Minerals Shares Fall on Lower 1H New Sales

Shares in Harvest Minerals fell Friday after the company said first-half new sales of its KP Fertil fertilizer came in at 27,000 metric tons, well short of the expected 60,000 tons.

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Kinross Gold Rejected Endeavour Mining Takeover Approach, Bloomberg Reports

--Kinross Gold Corp. rejected a takeover approach from Endeavour Mining in recent months, Bloomberg reports, citing unnamed sources.

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Heathrow Airport Appoints Thomas Woldbye as CEO

London's Heathrow Airport said Friday that Thomas Woldbye has been appointed chief executive officer and will take up the post after CEO John Holland-Kaye steps down later in the year.

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Ethernity Networks Shares Slip on Widened 2022 Earnings Loss

Ethernity Networks shares fell Friday after the company said its 2022 gross margin declined and its earnings loss widened on higher costs, though pretax loss narrowed and revenue rose.

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Strip Tinning Has Been Ebitda Positive Each Month So Far This Year

Strip Tinning Holdings said Friday that it has been positive on an earnings before interest, taxes, depreciation and amortization level for each month so far this year and expects to meet full-year market expectations.

MARKET TALK:

Endeavour Mining's Non-Core Mines Sale Seen As Neutral

0755 GMT - Endeavour Mining shares should react relatively neutrally to the group's sale of two of its mines for more than $300 million, RBC Capital Markets says in a note after the London-listed gold miner said it had concluded the sale of Boungou and Wahgnion to Lilium Mining. The sale is aligned with previous comments that the assets had become non-core given the higher cost profile and shorter mine lives, analyst Wayne Lam writes. "We view potential for investors to question the timing of the sale and potential use of proceeds for future M&A given recent media reports of an attempted takeover of Kinross Gold," Lam adds. London-listed shares fall 1.5% at 1,836 pence. (elena.vardon@wsj.com)

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UK GDP Still to Feel Full Force of Rate Hikes

0726 GMT - The U.K. economy steered clear of a recession at the start of 2023, but there is still pain to come from rising interest rates, Ashley Webb, economist at Capital Economics, says in a note. With around 60% of the drag from higher Bank of England rates yet to be felt, the economy will likely tip into a recession in the second half of this year, involving a GDP fall overall of around 0.5%, he says. Looking ahead, as government support fades, real household incomes are unlikely to grow by much this year, and with households' stock of pandemic savings well below the pre-pandemic trend in real terms, they are likely to be a less powerful support for spending, Webb adds. (edward.frankl@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

06-30-23 0420ET