Pound Likely to Drop Further Despite Forthcoming UK Fiscal
The pound weakens and is vulnerable to further falls, with any
bounce from the announcement of a large fiscal stimulus
package--including caps on U.K. energy bills and tax cuts--due on
Friday unlikely to be sustained, MUFG analyst Derek Halpenny says.
"A combination of fiscal expansion and tighter monetary policy is
currency positive," he says in a note. "However, for the pound,
that fiscal expansion does not look sustainable while the BOE's
tightening lags behind half of the G10 central banks despite the
U.K. having the highest inflation across G10," Halpenny says.
Sterling falls to $1.1170 against a broadly stronger dollar, its
lowest level since 1985, according to FactSet. The BOE raised
interest rates by 50 basis points to 2.25% on Thursday.
Smiths Group FY 2022 Pretax Profit Fell on Higher Costs, Missed
Smiths Group PLC said Friday that pretax profit for fiscal 2022
fell after booking higher costs, missing consensus, and that strong
order books and its leading market positions support sustained
Made.com Group Hangs Up 'for Sale' Sign; Withdraws Guidance
Made.com Group PLC said Friday that it has started a formal
review of its options, including a sale process, and withdrew its
full-year guidance due to a deterioration of trade and the current
financial position of the group.
Crossword Cybersecurity Raises GBP6.3 Mln in Discount
Crossword Cybersecurity PLC said Friday that it has raised 3.6
million pounds ($4.1 million) from an oversubscribed fundraising,
which it will use to increase sales and marketing, and for product
development, general marketing and working capital purposes.
TheWorks.co.uk Swung to FY 2022 Pretax Profit; Backs FY 2023
TheWorks.co.uk PLC said Friday that it swung to a fiscal 2022
pretax profit as revenue rose significantly, while leaving its
fiscal 2023 guidance unchanged, and that it reintroduced
B90 Holdings 1H Pretax Loss Narrowed on Website Launch,
B90 Holdings PLC said Friday that its first-half pretax loss
narrowed as revenue rose on the back of a website launch and an
acquisition, and that July and August revenue was in line with the
Amigo CEO to Step Down; CFO Danny Malone Named as Successor
Amigo Holdings PLC said Friday that Chief Executive Gary
Jennison is stepping down and will be succeeded by Danny Malone,
the company's chief financial officer.
Colefax Launches Buyback Program of Up to GBP5.4 Mln
Colefax Group PLC said Friday that it is launching a share
buyback program of up to 5.4 million pounds ($6.1 million).
7Digital Group Gets GBP500,000 Loan from Shareholder; Chairman
7Digital Group PLC said Friday that it has agreed to a
500,000-pound ($562,700) loan from Magic Investments SA, a
significant shareholder represented by Director David Lazarus.
easyJet Holidays Expects Pretax Profit of More than GBP35 Mln
for FY 2022
easyJet PLC said Friday that its holidays business is expected
to report a pretax profit of more than 35 million pounds ($39.4
million) in fiscal 2022 and is on track to deliver over GBP100
million of profit in the medium term.
ScS Group Names John Walden as Nonexecutive Chairman
ScS Group PLC said Friday that John Walden has been appointed
the group's nonexecutive chairman designate.
Revolution Beauty Auditor Won't Sign FY 2022 Report; Sees FY
2023 Results Missing Views
Revolution Beauty Group PLC said Thursday that its auditor BDO
LLP has identified a number of serious concerns in its fiscal 2022
audit and is unable to sign the report, and it expects to miss
fiscal 2023 market views.
Tern's Shares Fall on Significantly Widened 1H Loss
Shares in Tern PLC on Friday fell after the company reported a
significantly widened loss for the first half of 2022.
More Acquisitions SPAC Conditionally Agrees on Reverse Takeover
More Acquisitions PLC said Friday that it has agreed on a
conditional heads of terms to acquire Megasteel Ltd. in a reverse
takeover, valuing Megasteel at between 49.5 million and 63 million
pounds ($55.7 million-$70.9 million).
Smiths Group's FY 2023 Guidance Likely to Be Well Taken by
0722 GMT - Smiths gave a strong set of FY 2022 results with
Ebita of GBP417 million ahead of consensus of GBP416 million,
analysts at Jefferies say in a note. The engineering group gave a
robust guidance for FY 2023 with organic revenue growth in the 4.0%
to 4.5% range, the analysts say. "This should be taken well by the
street given the macro uncertainty the U.K. Industrials face," they
say. Jefferies rates the stock buy and has a 1,740 pence target
price. Shares are up 3.1% at 1,516 pence.
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(END) Dow Jones Newswires
September 23, 2022 04:20 ET (08:20 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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