Brexit Risks, Rising Prices Seen Weighing on Sterling
0847 GMT – Sterling should remain under pressure in the near-term as rising energy prices, supply constraints and post-Brexit tensions dampen the U.K.’s economic outlook, MUFG Bank says. Noting a jump in U.K. natural gas futures, MUFG analyst Derek Halpenny says the Bank of England is likely to look beyond rising price pressures and refrain from raising interest rates in a “very fragile economic environment.” Government policy in response to the U.K.’s fuel crisis resulting from a shortage of drivers will also cloud the outlook, while Brexit risks will rise after U.K. Brexit minister David Frost said the government is moving toward suspending parts of the Northern Ireland protocol, he says. GBP/USD falls 0.5% to 1.3568 and EUR/GBP rises 0.1% to 0.8519. (email@example.com)
TUI Launches Discounted Share-Placing; Summer, Winter Pipeline Strong
TUI AG said Wednesday that it intends to raise proceeds of around 1.1 billion euros ($1.28 billion) via a discounted share-placing to reduce its debt position.
Tesco Raises FY Guidance, Launches GBP500 Mln Share Buyback
Tesco PLC on Wednesday raised guidance for the fiscal year after a strong first half, and said that it is starting a share-buyback program.
Imperial Brands Says FY 2021 Net Revenue Grew Around 1%
Imperial Brands PLC said Wednesday that it expects to report that fiscal 2021 net revenue brew by around 1% on an organic, constant-currency basis, and that this is driven by a continued strong pricing in tobacco.
PageGroup’s 3Q Gross Profit Rose, Sees FY Operating Profit of GBP155 Mln
PageGroup PLC said Wednesday that gross profit for the third quarter of the year rose, adding that full-year operating profit is expected to be around 155 million pounds ($179.8 million).
TUI 3Q Revenue Rose; Summer and Winter Pipeline Strong
TUI AG said Wednesday that revenue for the third quarter of fiscal 2021 rose significantly when compared with the previous quarter, and added that it intends to raise proceeds of around 1.1 billion euros ($1.28 billion) via a discounted share placing to reduce its debt position.
Topps Tiles to Report Higher FY 2021 Revenue, Beat Market Profit Forecasts
Topps Tiles PLC said Wednesday that it expects to report a rise in fiscal 2021 group revenue as it benefited from a buoyant home-improvement market in the U.K., and that it now expects to beat full-year profit forecasts.
Marshall Motor Holdings Raises 2021 Profit Guidance
Marshall Motor Holdings PLC said Wednesday that it is raising its continuing underlying pretax profit guidance for 2021 to no less than 50 million pounds ($68.1 million) from the at-least GBP40 million it guided for in August.
Lookers FY Underlying Pretax Profit Seen Ahead of Views on Strong 3Q
Lookers PLC said Wednesday that its full-year underlying pretax profit for 2021 is expected to be materially ahead of its previous views as a consequence of above-normalized levels of new car orders.
Alpha Financial Markets Backs FY Expectations After 1H Net Fee Growth
Alpha Financial Markets Consulting PLC said Wednesday that its performance in the first half of fiscal 2022 was strong, adding that it remains confident in meeting its full-year expectations.
Ferrexpo 3Q Iron Ore Pellet Production Rose 2%
Ferrexpo PLC on Wednesday reported that its iron ore pellet production increased 2% in the third quarter.
MGC Pharmaceuticals Gets $3 Mln Purchase Order for Covid-19 Cimetra Drug
MGC Pharmaceuticals Ltd. said Wednesday that it has received a $3 million purchase order for its Cimetra drug from AMC Holdings Inc. to treat Covid-19 patients, with a $1 million payment due before for first delivery.
Netcall FY 2021 Pretax Profit Jumped, Raises Dividend
Netcall PLC on Wednesday reported a jump in pretax profit and higher revenue for the year ended June 30, and raised its dividend.
Imperial Brands Streamlining Should Pay Off Eventually
0842 GMT – Shares in Imperial Brands drop 2.2% after the cigarette maker forecast second-half revenue from next-generation products at a similar level to the first half, reflecting its exit from weaker markets in favor of stronger-growth areas. Combustibles are still the growth engine for Imperial, but NGPs are ultimately the future, Hargreaves Lansdown says. “So far, it’s had a lukewarm reception, but management’s managed to trim some of the fat by exiting less profitable markets,” HL analyst Laura Hoy says. “While the second half will still show the impact of these abandoned markets, a narrowed focus should help the group build out more successful cigarette-alternatives.” (firstname.lastname@example.org)
Tesco’s Muscle May Deter Potential Predators
0835 GMT – Tesco’s strength may reduce the chances of it becoming the U.K. grocery sector’s next takeover target after Morrisons, Interactive Investor says. Tesco increased full-year profit guidance and announced a share buyback following robust first-half trading. Tesco still faces potential hurdles such as possible supermarket price wars, rising costs, wider supply-chain disruption and consumer-spending pressure, though it remains the supermarket which its rivals aim to emulate, Interactive says. “Speculative and actual M&A activity in the sector is also adding froth and, while Tesco is not bomb-proof from potential approaches, its size may deter most acquirers,” Interactive analyst Richard Hunter says. (email@example.com)
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(END) Dow Jones Newswires
October 06, 2021 05:06 ET (09:06 GMT)
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