Increased UK Political Uncertainty Considered Negative for
0848 GMT - Global risk appetite continues to drive sterling's
performance but the rise in U.K. political uncertainty after two
top ministers resigned is a negative development for the currency,
MUFG Bank says. U.K. Health Secretary Sajid Javid and U.K.
Chancellor of the Exchequer Rishi Sunak resigned on Tuesday
following a string of scandals under Prime Minister Boris Johnson.
"While lingering political uncertainty in the U.K. is unlikely to
be the main driver of the pound, it adds to current bearish
fundamentals that have dragged cable [GBP/USD] below the
1.2000-level," MUFG currency analyst Lee Hardman says in a note.
GBP/USD rises 0.2% to 1.1969 and EUR/GBP falls 0.3% to 0.8569.
Ten Entertainment's 1H Sales Growth Rose on Strong Demand
Ten Entertainment Group PLC said Wednesday that its total,
first-half sales growth had increased compared to prepandemic
levels, and it expects its full-year performance to beat its
Topps Tiles' 3Q Sales Rose, With Margins and Costs in Line With
Topps Tiles PLC said Wednesday that sales for the third quarter
of its fiscal 2022 increased on year, and that sales, margins and
operating costs remain in line with management views.
AO World to Raise GBP40 Mln to Boost Balance Sheet,
AO World PLC said Wednesday that it is seeking to raise 40
million pounds ($47.8 million) via a share placing and primary bid
offer which will strengthen its balance sheet and increase
liquidity to historic levels.
Trainline Updates FY 2023 Views on Fast Passenger Volume
Trainline PLC said Wednesday that it has updated its guidance
for fiscal 2023, as rail passenger volume across Europe recovery
was faster than expected.
Attraqt Group's 1Q Revenue Increased on Strong Bookings
Attraqt Group PLC said Wednesday that revenue increased in the
first half of 2022, as it continued to benefit from a strong
performance in relation to logo and enterprise bookings.
Robert Walters's Nonexecutive Chairman Ron Mobed to Step Down on
Robert Walters PLC said Wednesday that Ron Mobed will step down
as the company's nonexecutive chairman on July 15.
Numis 3Q Rev Rose Vs. 2Q; FY Performance Expected to Meet Market
Numis Corp. said Wednesday that revenue in the third quarter of
fiscal 2022 rose from the second quarter, and this also reflected
an improvement compared with the first half.
ProCook FY22 Pretax Profit Fell on One-Off Costs; Early FY23
ProCook Group PLC said Wednesday that its fiscal 2022 reported
pretax profit fell, though revenue rose on increased numbers of
customers, while sales have dropped going into fiscal 2023.
Assura Says 1Q Trading Strong on Back of Growing Portfolio
Assura PLC said Wednesday that its performance for the first
quarter of fiscal 2023 was strong, as it continues to progress its
acquisition and development pipelines.
Surface Transforms Sees Return to Profitability in 2022 After 1H
Surface Transforms PLC said Wednesday that revenue increased
materially in the first half of the year and it expects a return to
profitability for 2022 as a whole.
Sirius Real Estate Meeting Early FY 2023 Views; Expects Rents to
Sirius Real Estate Ltd. said Wednesday that it was meeting its
expectations in early fiscal 2023, despite economic uncertainty and
the inflationary environment across Europe, and it expects to
further increase average rental rates over the rest of the fiscal
Coats Group to Buy Footwear Solutions Provider for $237 Mln --
ACQUIRER: Coats Group PLC.
Robert Walters Expects 2022 Profit to Top Market Views on Record
2Q Fee Income
Robert Walters PLC said Wednesday that it achieved record net
fee income for the second quarter, and that it expects full-year
profit to exceed market expectations.
Impact Healthcare Raises GBP22.3 Mln in Share Issue to Buy Care
Impact Healthcare REIT PLC said Wednesday that it has raised
total gross proceeds of around 22.3 million pounds ($26.7 million)
through a placing and offer, in order to acquire a pipeline of
identified care homes.
UK Could Benefit From 'Diligent' Replacement for Prime
0914 GMT - The resignations of two senior U.K. ministers,
Chancellor Rishi Sunak and Health Secretary Sajid Javid, may be the
prelude to the eventual fall of Prime Minister Boris Johnson,
Berenberg's senior economist Kallum Pickering says in a note. If
the fight to oust Johnson gets any messier, and is followed by a
noisy leadership contest, increased near-term uncertainty may add
downward pressure to U.K. risk markets and sterling, he warns.
"While the questions about whether Johnson will finally be out, who
may succeed him, and even which party may be running the country
next year adds to near-term uncertainty, the U.K. is set to benefit
if Johnson were to be replaced by a more diligent and serious
individual," Pickering says. (firstname.lastname@example.org)
Ten Entertainment Shares Look Cheap Given Strong Potential
0902 GMT - Ten Entertainment's first-half results saw a strong
increase in sales and the profit run rate is ahead of Peel Hunt's
upgraded numbers, driven by strong demand for its value offer and
limited cost pressure, but shares still look cheap. The bowling and
entertainment center operator's exposure to cost inflation is
limited, as it has a gross margin of more than 85%, a labor ratio
below 20%, and energy costs fixed until September 2024, Peel Hunt
analysts Douglas Jack and Ivor Jones say in a note. Given Ten's
strong underlying performance, the share price looks highly
attractive, the brokerage says. Peel Hunt retains its buy rating
and 400 pence price target. Shares are up 4.9% at 223.0 pence.
Ten Entertainment's 1H Results Strike Big
0858 GMT - Ten Entertainment's strong 2021 momentum has clearly
persisted into the first half of 2022, with 46% like-for-like sales
growth as it benefits from the structural shift towards value
family entertainment and competitive socializing, Liberum says. The
bowling and entertainment center operator's footfall is 43% higher
than 2019 levels, more than enough to outpace inflationary
pressures while holding game prices at pre-coronavirus pandemic
levels, Liberum analyst Anna Barnfather says in a research note.
Ten's shares look relatively undervalued given its earnings
potential, and the brokerage's own 370 pence price target looks
undemanding, Liberum says, raising its full-year adjusted pretax
profit expectations by 17% to GBP23.0 million. Liberum retains its
buy rating on Ten's stock. Shares are up 6.4% at 226.0 pence.
UK's Political Turmoil Highlights Challenges Ahead for Its
0833 GMT - U.K. Prime Minister Boris Johnson is likely to resist
any calls to resign and may survive in the very near term, but a
change in leadership seems unavoidable and it is highly unlikely
that Johnson remains PM beyond this year, Citi economist Benjamin
Nabarro says. The government isn't likely to be able to unify
around a clear strategy given the current pressures, while a
leadership contest within a divided Conservative Party looks
unlikely to deliver a clear path forward either, he says. "In the
months ahead, we see the U.K. heading into a once in a generation
squeeze in living standards, absent a defined strategy and facing
deep governmental division," Nabarro says. "The risk of profound
policy error is therefore significant," he says.
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
July 06, 2022 05:34 ET (09:34 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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