Sterling Falls Further After Weaker UK PMI Data
0849 GMT - Sterling falls further after a key measure of U.K.
manufacturing and services activity fell by more than expected in
September and as the U.K. government's announcement of a mini
budget and a hefty fiscal package gets underway. The S&P's
composite purchasing managers' index dropped to a 20-month low of
48.4 in September, down from 49.6 in August and below the consensus
forecast of analysts polled by the WSJ of 49.0. A level below 50
indicates a contraction in activity. "U.K. economic woes deepened
in September as falling business activity indicates that the
economy is likely in recession," S&P economist Chris Williamson
says in the survey's press release. GBP/USD falls to 1.1151, its
lowest level since March 1985, after the survey from 1.1162 before
the data. EUR/GBP rises to 0.8751, from 0.8744 beforehand.
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).
Made.com Investors Seen in a Precarious Position
0841 GMT - Made.com Group's latest news on being up for sale and
withdrawing full-year guidance has put investors in a delicate
position, AJ Bell's investment director Russ Mould says in a
research note. Investors in the online homeware and furniture
retailer, which last month said it was considering a potential
capital raise to strengthen its balance sheet, may be wiped out or
be left with a mere fraction of their original investment, Mr.
Mould says. Shares are down 20% at 4.60 pence.
TheWorks Looks a Strong Proposition for Now
0835 GMT - TheWorks.co.uk's shares jumped in early Friday on
solid fiscal 2022 results, as its value proposition resonates with
cash-strapped consumers watching their pennies that still want to
buy things like birthday presents, AJ Bell says. The value retailer
theoretically stands to benefit as consumers get more selective,
potentially choosing lower priced retailers, but there is no
guarantee it will stay on top, AJ Bell investment director Russ
Mould says in a note. "One could easily argue that a lot the stuff
it sells--such as painting canvases, biographies of C-list
celebrities and jigsaw puzzles--aren't must-have items. Therefore,
if times become a lot tougher, even The Works could be susceptible
to a sharp decline in sales," Mould says. Shares are up 45% at 42.0
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
September 23, 2022 05:33 ET (09:33 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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