UK House Prices Drop in November Show Further Market Rebalancing

1045 GMT - U.K. house prices fell again and the annual growth rate continued to slow in November, according to the latest Halifax data, further evidence of rebalancing in the housing market, OnTheMarket.com Chief Executive Jason Tebb says. All the upheaval--the macro-economic challenges and the chatter around fixed-rate mortgages, which although edging downward are higher than usual--will inevitably hit confidence of the average property-seeking consumer, he says in a market comment. "However, people move for many different reasons and that's not going to change, even if conditions are more challenging. Sellers would be wise to seek the advice of an experienced local agent when it comes to pricing property realistically and guiding transactions through a tougher market, which will level out in time," Tebb says. (joseph.hoppe@wsj.com)

 
Companies News: 

Mitchells & Butlers Swung to FY 2022 Pretax Profit, Sees Encouraging Year Ahead

Mitchells & Butlers PLC said Wednesday that pretax profit for fiscal 2022 rose, supported by a sales recovery to prepandemic levels, and that its performance in the new fiscal year has been positive.

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Naked Wines Swung to 1H Pretax Loss on Inventory Provisioning; CFO Appointed

Naked Wines PLC said Wednesday that it swung to a pretax loss for the first half of fiscal 2023 after it booked material inventory provisioning, and that it has appointed James Crawford as chief financial officer and executive director.

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Quiz Upbeat on FY 2023 as 1H Earnings Boosted by Strong Demand

Quiz PLC said Wednesday that it remains confident of meeting market expectations for the full fiscal year despite inflationary pressure, after revenue and earnings rose strongly in the first half.

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Topps Tiles Gets Request to Remove Chairman From Shareholder MS Galleon

Topps Tiles PLC said Wednesday that it has received a notice from 29.9% shareholder MS Galleon GmbH requesting that it put forward a resolution to remove nonexecutive Chairman Darren Shapland at the annual general meeting in January.

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Games Workshop Sees 1H Pretax Profit Fall, Appoints NonExecutive Chair

Games Workshop Group PLC said Wednesday that performance for the first half of fiscal 2023 has been in line with expectations, with pretax profit expected to fall despite increasing revenue.

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Redde Northgate 1H Pretax Profit Rose on Robust Demand, Fleet Growth

Redde Northgate PLC said Wednesday that pretax profit for the first half of fiscal 2023 rose, supported by fleet growth and new contract wins, and that it expects its full-year performance to exceed market views.

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Moonpig 1H Pretax Profit Hit by Higher Costs, Cuts FY 2023 Revenue Guidance

Moonpig Group PLC said Wednesday that its pretax profit for first half of fiscal 2023 fell on higher costs, and cut its full-year revenue guidance after experiencing more challenging trading conditions since October.

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musicMagpie Sees FY 2022 in Line

musicMagpie PLC said Wednesday that financial performance for fiscal 2022 was in line with management's expectations.

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Sovereign Metals to Demerge Malawi Graphite Projects

Sovereign Metals Ltd. said Wednesday that it will demerge a number of graphite projects in Malawi into a wholly-owned subsidiary to unlock their value.

 
Market Talk: 

Games Workshop's Margin Recovery is Encouraging

1014 GMT - Games Workshop witnessed a significant pickup in licensing during 2Q, and 1H's improving profit margins are encouraging, Goodbody analyst Patrick O'Donnell says in a research note. "The results underpin the resilience of the demand for this product base; the potential for licensing to accelerate adoption via licensing and the strong underlying margin performance in the business despite the tough macro backdrop", O'Donnell adds. The miniature-wargaming company's profit margin recovery to 39% from 36% a year ago also suggests the group is applying better shipping costs, cost control and is benefiting from price increases across a range of products, the analyst says. (michael.susin@wsj.com)

Mitchells & Butlers Likely to Gain Market Share Amid Uncertain Backdrop

0940 GMT - Mitchells & Butlers's FY 2022 performance was ahead of market expectations, supported by improving like-for-like sales despite continued cost pressures, Jefferies analysts say in a research note. Despite the uncertain backdrop, the pub-and-restaurant operator's EBIT was around 10% above views, they say. Looking ahead, Mitchells & Butlers is likely to gain material market share as other smaller operators struggle with short-term issues such as cost pressures, they note. "Well-capitalized, well-invested operators with relevant consumer offerings will survive and grab market share. Inflationary pressures will roll over, prices stick and survivors thrive," the analysts say. Jefferies has a buy rating on the stock. (michael.susin@wsj.com)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

December 07, 2022 06:09 ET (11:09 GMT)

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