BOE's Forecasts May Give a Better Guide on Future Policy
1108 GMT - The Bank of England's forecasts for economic growth
and inflation, which it will give alongside an expected rate
increase in a decision due at 1200 GMT, could provide better
guidance on future policy than previously, say Mizuho analysts in a
note. A highly volatile second half of 2022 due to high energy
prices and uncertain fiscal policy made it difficult to predict
policy direction and the BOE's forecasts "have been a poor guide to
actual policy," the analysts say. "Given less volatile financial
markets [currently], there is a chance that the forecasts become a
better guide to future policy," they say. Observers will focus on
forecasts for inflation on a 2-3 year horizon, the analysts say.
(miriam.mukuru@wsj.com)
Companies News:
Airtel Africa 3Q Pretax Profit Fell on Rising Costs
Airtel Africa PLC said Thursday that third-quarter pretax profit
fell despite a revenue increase, due to inflationary pressures
across its markets.
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Superdry CEO Julian Dunkerton Has No Plans to Take Company
Private
Superdry PLC founder and Chief Executive Officer Julian
Dunkerton said Thursday that he has no plans to take the company
private.
---
BT Group Nine-Month Pretax Profit Fell Depreciation Offset
Ebitda Growth
BT Group PLC said Thursday that nine-month pretax profit fell
due to increased depreciation that offset earnings before interest,
taxes, depreciation and amortization growth.
---
Shell Joins US Oil Majors in Posting Record 2022 Profit
LONDON--Shell PLC became the latest oil giant to post record
annual profit last year, joining U.S. peers in surging back from
early pandemic losses on soaring energy prices.
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Cranswick Says 3Q Revenue Grew; Sees In-Line FY 2023 Outlook
Cranswick PLC on Thursday said its full-year outlook remains in
line with the board's expectations as it saw revenue growth
accelerating in the third quarter of fiscal 2023.
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Shell Joins U.S. Oil Majors in Posting Record 2022 Profit --
WSJ
By Jenny Strasburg
---
JTC Sees Double-Digit 2022 Revenue Growth; Ebitda at Top End of
Market Views
JTC PLC said Thursday that for 2022 it booked double-digit net
organic revenue growth and that underlying earnings before
interest, taxes, depreciation and amortization will be at the top
end of the range of market expectations
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James Halstead Sees 1H Pretax Profit Slipping But Remains
Positive for FY 2023
James Halstead PLC said Thursday that it expects profit for the
first half of fiscal 2023 to be slightly hit by continued though
improving headwinds, and expectations for the full-year performance
remain positive.
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ScS Group 10-Weeks Order Intake Rose; To Meet FY 2023 Market
Views
ScS Group PLC said Thursday that like-for-like order intake rose
in the last 10 weeks and that it is on track to meet fiscal 2023
market expectations.
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Hotel Chocolat Appoints Jon Akehurst as CFO
Hotel Chocolat Group PLC said Thursday that it has appointed Jon
Akehurst as chief financial officer with effect in May 2023.
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Safestyle Sees 2022 Swing to Underlying Pretax Loss, Revenue
Rising
Safestyle UK PLC said Thursday that it expects to swing to an
underlying pretax loss for the year ended Jan. 1, in-line with
market expectations, and revenue to rise.
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Shell Adds $41 Billion in Profit to Record Annual Haul From Oil
Majors -- WSJ
By Jenny Strasburg
---
BT Group Nine-Month Pretax Profit Fell as Depreciation Offset
Ebitda Growth -- Update
BT Group PLC said Thursday that nine-month pretax profit fell
due to increased depreciation that offset earnings before interest,
taxes, depreciation and amortization growth.
---
Renishaw 1H Pretax Profit Fell on Higher Costs
Renishaw PLC said Thursday that pretax profit fell for the first
half of fiscal 2023 after it higher costs, and that weaker demand
in the semiconductor and electronics sectors was offset by revenue
growth from strategic priorities.
---
Dillistone Expects to Report 2022 Revenue Growth on Improving
Performance
Dillistone Group PLC said Thursday that it expects to report
full-year revenue growth for 2022 after improving performance
trends continued through the second half.
---
Altona Rare Earths Now Raise GBP1.3 Mln Ahead of Delayed AIM
IPO
Altona Rare Earths PLC said Thursday that it now plans to raise
1.3 million pounds ($1.6 million) through a share placing ahead of
a planned initial public offering on London's junior AIM, after a
previous fundraise expired.
---
Shell 4Q Net Profit Boosted by Higher LNG, Deferred Taxes --
Energy Comment
Shell PLC on Thursday reported a 54% rise in net profit for the
fourth quarter compared with the earlier quarter, which it
attributed to higher liquefied natural gas trading and optimization
results, favorable deferred tax movements and partly offset by
lower realized oil and gas prices, and higher operating expenses.
Here's what the energy giant had to say:
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PCI-PAL 1H Revenue Rose, Sees FY 2023 in Line With Views
PCI-PAL PLC said Thursday that first-half revenue rose and that
adjusted Ebitda loss was better than expected as the group pipeline
continues to grow.
---
Xpediator Shares Rise as 2022 Pretax Profit Seen Ahead of
Views
Shares in Xpediator PLC rose 13% on Thursday after the company
said that it expects to report 2022 revenue at just below 400
million pounds ($494.9 million) with adjusted pretax profit
significantly ahead of previous management guidance of GBP9.0
million.
Market Talk:
Pets at Home Cost Pressures to Drag Performance in FY 2024
1057 GMT - Pets at Home reported an impressive 3Q performance
and the slight upgrade to fiscal 2023 guidance is commendable given
the current environment, Liberum analysts say in a note. "We think
the current valuation is fair for now and expect more modest upside
than elsewhere in the sector over the coming months," they add.
However, looking to fiscal 2024, the pet-care group is expected to
have flat profit given increasing costs pressures--including
foreign exchange, energy and wages headwinds--despite forecasts for
strong trading trends, they say. Liberum cuts its rating on the
stock to hold from buy, and the target price to 390 pence from 510
pence. (michael.susin@wsj.com)
BT 3Q Revenue Matched Hopes, But Cash Flow Fell Short
1052 GMT - BT shares gain 2% after the U.K. telecom reported
what Barclays analysts described as in-line third-quarter revenue
and earnings, though free cash-flow fell short. The latter, at
GBP42 million, was well below Barclays and consensus expectations,
driven by higher capital spending and worse working capital, the
bank says. Still, BT maintained its full-year outlook and momentum
in its efforts to expand fiber broadband remained impressive,
Barclays says. "We expect a modest negative share-price reaction
due to the sizeable FCF miss, even if FY targets are reiterated,"
Barclays analysts say in a note. (philip.waller@wsj.com)
Rolls-Royce's Recovery Looks Compelling
1037 GMT - Rolls-Royce is primed for recovery as debt is paid
down, efficiencies realized and with much-improved returns on
capital, Shore Capital analysts Jamie Murray and Robin Speakman say
in a note. The engineering company has the potential for value
creation in the New Markets division--which covers opportunities in
aero-engine electrification and small modular reactors--leveraging
the recovery momentum back to growth, the analysts say. Returns at
its Civil Aerospace division will improve after completion of its
continuing restructuring program and once flying times return to
normal levels following China's reopening, they say. The net effect
of this is seen stimulating high-margin aftermarket service revenue
and improving profitability, the analysts say. "We view Rolls-Royce
as a compelling recovery play with robust end-markets," they say.
(anthony.orunagoriainoff@dowjones.com)
Sterling Falls to 1-Month Low vs Euro Before BOE, ECB
Decisions
1037 GMT - Sterling falls to a one-month low against the euro
before Bank of England and European Central Bank decisions at 1200
GMT and 1315 GMT respectively, where the ECB is expected to sound
more determined to raise interest rates further. The ECB should
increase rates by 50 basis points and reiterate the need to stay
the course in policy tightening, arguably making it "the most
hawkish G20 central bank," Vantage analyst Jamie Dutta writes. The
BOE is expected to lift rates by 50bp, although it could adopt a
more cautious tone given receding inflation expectations and a
slowing housing market, Dutta says. Some analysts see a risk of a
smaller 25bp rise. EUR/GBP rises to 0.8923, according to FactSet.
(renae.dyer@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
February 02, 2023 06:52 ET (11:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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