UK Retailers Could Face Brighter Outlook in 2023
0929 GMT - U.K. retailers ended 2022 with a surprisingly
positive performance, and the 2023 outlook is also becoming less
bearish, Deutsche Bank analysts Adam Cochrane and Matt Garland say
in a note. With inflationary pressures in cost of goods sold
expected to become a tailwind into 2H and beyond, operating cost
inflation--specially regarding wage inflation--will remain the
biggest challenge, they say. "Our thesis has evolved to prefer
clothing retailers over hardlines, discount over mainstream and
physical retail over online," they say. Deutsche upgrades B&M
and Marks & Spencer to buy from hold and downgrades ASOS,
Kingfisher, Pets at Home and Wickes Group to hold from buy.
(michael.susin@wsj.com)
Companies News:
MGC Pharmaceuticals Secures $600,000 Funding; CFO Steps Down
MGC Pharmaceuticals Ltd. said Friday that a funding request of
$600,000 has been approved and that its chief financial officer has
stepped down.
---
Avation Expects to Report 1H Revenue Fall, With Airline Sector
Still Recovering From Pandemic
Avation PLC said Friday it expects to report a fall in revenue
for the first half of fiscal 2023, with the airline industry still
recovering from the coronavirus pandemic.
---
Focusrite Backs FY 2023 View After in Line Four-Month
Performance
Focusrite PLC said Friday that performance in the first four
months of fiscal 2023 has been in line with board expectations in
its content creation and audio-reproduction businesses and that it
continues to back its full-year view.
---
CMO Group Sees 2022 Ebitda Fall Amid Challenging Backdrop
CMO Group PLC said Friday that it expects to report that 2022
adjusted Ebitda fell amid challenging market conditions and despite
an improvement in sales.
---
Yellow Cake Increases Placing to $75 Mln as Investor Demand
Rose
Yellow Cake PLC said Friday that it increased the size of a
placing to around $75 million from $50 million due to strong
investor demand.
---
Nanoco Signs Agreements With Samsung for $150m Litigation
Settlement
Nanoco Group PLC said Friday that it has secured a $150m
litigation settlement with Samsung on a no fault basis for the
alleged infringement of the group's intellectual property.
---
Thungela Resources to Acquire Controlling Interest in Australian
Coal Mine
Thungela Resources Ltd. said Friday that it has agreed to
acquire a controlling shareholding in the Ensham coal mine, in
Australia, and related assets, along with Audley Energy Ltd. and
Mayfair Corporations Group Pty Ltd.
---
Brave Bison to Buy Social Chain for up to GBP17.2 Mln; Raise
GBP4.8 Mln
Brave Bison Group PLC said Friday that it is buying social-media
and influencer marketing agency Social Chain Ltd. for up to 17.2
million pounds ($21 million), with the initial sum to be
part-funded via a share placing.
---
Itaconix Sees 2022 Revenue Ahead Of Views, Raises GBP10.3M Via
Share Placing
Itaconix PLC on Friday said it is confident on its outlook for
2023 and beyond as it sees revenue for 2022 come in ahead of views
and is strengthened by its conditional 10.3 million pounds ($12.6
million) raise via share placing.
---
Aquila European to Buy Back EUR20 Mln in Shares, Aims for 2023
Dividend Increase
Aquila European Renewables PLC said Friday that it has launched
a buyback program to boost the its share price, and that it has set
its 2023 dividend growth guidance.
---
LPA Group Swung to FY 2022 Pretax Profit After Record Year for
LED Tube Product
LPA Group PLC said Friday that it swung to fiscal 2022 pretax
profit after revenue rose and it booked a record year for its new
LED tube product with significant orders.
---
Etalon 4Q New Sales, Cash Collection Fell
Etalon Group PLC said Friday that new sales fell in the fourth
quarter of 2022, with cash collection also decreasing.
---
Resolute Mining Names Chris Eger As New CFO
Resolute Mining Ltd. on Friday appointed Chris Eger as its new
chief financial officer replacing Doug Warden.
---
Nanoco Group Sees Narrower FY 2023 Adjusted Ebitda Loss Amid
Positive Momentum
Nanoco Group PLC said Friday that it now sees a narrower
adjusted loss before interest, taxes, depreciation and amortization
for fiscal 2023 after positive momentum in the first half.
---
TomTom Shares Rise on Narrowed 4Q Net Loss, Higher Revenue
Shares in TomTom NV rose 9% in early trade Friday after the
company reported a narrowed net loss for the fourth quarter of the
year on revenue that was boosted by its biggest location technology
unit.
---
Tertiary Minerals Shares Fall on GBP300,000 Discounted Share
Placing
Tertiary Minerals PLC shares fell on Friday after the company
said it has raised 300,000 pounds ($366,720) through a discounted
placing to be used in exploration activities at its projects in
Nevada and Zambia.
Market Talk:
Sterling Drops as UK Rate Rise Bets Fall More Than Elsewhere
0945 GMT - The Bank of England's policy decision Thursday
prompted the market to scale back interest rate expectations for
the U.K. more than elsewhere, weakening sterling, MUFG Bank says.
While Federal Reserve and European Central Bank decisions on
Wednesday and Thursday respectively also encouraged markets to
lower rate-rise bets, the biggest adjustment was expectations for
the BOE, MUFG currency analyst Lee Hardman says in a note. "The
U.K. rate market had been expecting the BOE to lift the policy rate
up to a terminal rate of 4.50% but is now only pricing in one final
25 basis points hike in either March or May." GBP/USD falls 0.2% to
1.2204 and EUR/GBP rises 0.1% to 0.8938. (renae.dyer@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
February 03, 2023 05:04 ET (10:04 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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