Rising UK Borrowing Costs Jeopardize Cost-of-Living Crisis Support
0704 GMT - U.K. public finances data paint a stark picture for the government as it faces the dilemma of exactly how much support it can introduce to help tackle the cost of living, says Paul Craig, portfolio manager at Quilter Investors. "While borrowing is on the rise again, it is interest payments that will be keeping the chancellor up at night in the short-term, as political rivals strive for both fiscal discipline and help for constituents," he says. These interest payments are rising quickly, up 77% in the financial year compared to the previous one, as a result of both soaring inflation and yields rising, as interest rates are increased to try and keep that inflation in check, he says. (email@example.com)
Hikma Pharmaceuticals CEO Siggi Olafsson to Step Down
Hikma Pharmaceuticals PLC said Tuesday that Siggi Olafsson has resigned as Chief Executive Officer and will be temporally replaced by the executive chairman and former CEO Said Darwazah.
RS Group FY 2022 Revenue, Pretax Profit Rose on Improved Performance Across Regions
RS Group PLC said Tuesday that fiscal 2022 pretax profit and revenue rose after experiencing improved performance in all three of the regions in which it operates.
Shaftesbury Swings to 1H Profit, Doubles Dividend
Shaftesbury PLC said Tuesday that it swung to a profit in the first half of the fiscal year, mainly due to revaluation surpluses, and doubled its dividend.
Cranswick FY 2022 Pretax Profit Rose; Current FY Performance in Line With Mgmt Views
Cranswick PLC on Tuesday reported a rise in pretax profit for fiscal 2022, and said performance for the current financial year has so far been in line with management expectations.
Topps Tiles 1H Pretax Profit Rose; Says Sales Continue to Grow in 2H
Topps Tiles PLC on Tuesday reported a rise in pretax profit for the first half of fiscal 2022 and said that its performance remains strong, with like-for-like sales growing 5.7% in the first seven weeks of the second half.
U.K. Regulator Clears National Express, Stagecoach Merger, But Deal Will Not Proceed
The U.K. Competition and Markets Authority said Tuesday that the merger between National Express Group PLC and Stagecoach Group PLC didn't qualify for investigation under the merger provisions of the Enterprise Act 2002.
Hilton Food Says 2022 YTD Performance in Line With Internal Views
Hilton Food Group PLC said Tuesday that its performance in 2022 has been in line with internal expectations, with sales rising in the year to date.
Homeserve FY 2022 Pretax Profit Rose on Strong Performance
Homeserve PLC said Tuesday that pretax profit for fiscal 2022 rose, driven by robust growth across all three divisions.
Greencoat Renewables to Buy Axpo's Wind Farms in France
Greencoat Renewables PLC said Tuesday that it has signed a deal to buy a 65-megawatt portfolio of operating wind farms located in France from Axpo Holding AG, its second portfolio acquisition in the country.
On the Beach 1H Pretax Loss Narrowed; Sees Profitability for 2H
On the Beach Group PLC on Tuesday reported a narrowed pretax loss for the first half of fiscal 2022, and said that it is confident about achieving profitability in the second half.
Kier Performing in Line with Board's Views; Order Book Rose 6%
Kier Group PLC said on Tuesday that it has continued to perform in line with the board's expectations over the four months to the end of April, despite continued inflation pressures.
Hyve Group Swung to 1H Pretax Loss After Russia Exit, Insurance Proceeds Decline
Hyve Group PLC said Tuesday that it swung to a pretax loss for the first half of fiscal 2022 after it exited Russia and its insurance proceeds relating to canceled events declined.
Boohoo Group Reaches Final Settlement for California Claim
Boohoo Group PLC said Tuesday that it has reached a final settlement without admission of liability in relation to the Californian class action claim.
Actual Experience 1H Loss Widened as Costs Rose, Sales Fell
Actual Experience PLC on Tuesday reported a widened loss for the first half of the fiscal year, as it raised investment in sales and marketing.
SSP 1H Pretax Loss Narrowed as Pandemic Restrictions Eased
SSP Group PLC said Tuesday that its pretax loss narrowed for the first half of fiscal 2022 as revenue recovered due to the easing of pandemic restrictions, and that it is well-positioned for a strong summer in its key markets, notwithstanding supply-chain issues in the travel industry.
Trinity Exploration Profits Rose in 2021, to Restart Drilling in 2H -- Energy Comment
Trinity Exploration & Production PLC on Tuesday reported improved profits for 2021, reflecting higher oil prices, and confirmed that it will resume drilling exploration in the second half of this year. Here's what the Trinidad & Tobago-focused oil company had to say:
BrandShield Systems Raises GBP1 Mln to Fund Growth
BrandShield Systems PLC said Tuesday that it has raised 1 million pounds ($1.3 million) via a share subscription and will use the money toward key growth initiatives.
Lords Group 2021 Pretax Profit Doubled, Is Confident on Medium-Term Targets
Lords Group Trading PLC reported on Tuesday a more-than-doubled pretax profit for 2021 and said that it is confident about meeting its medium-term targets.
Avon Protection Swung to 1H Pretax Loss; CEO to Step Down
Avon Protection PLC said Tuesday that it swung to a first-half pretax loss as the extended delay in the sign-off of the U.S. federal budget affected customers.
Restaurant Group Says 2022 Expectations Unchanged Despite Inflation Hit
Restaurant Group PLC said Tuesday that its expectations for 2022 remain unchanged despite increased food and drink inflation.
Helical FY 2022 Pretax Profit Rose, Increases Dividend
Helical PLC said Tuesday that pretax profit for fiscal 2022 rose and that it increased its dividend payout.
UK Debt Servicing Payments Likely to Rise Further
0706 GMT - U.K. debt interest payments are likely to rise further as the Bank of England tightens policy to combat soaring inflation, says Paul Craig, portfolio manager at Quilter Investors in an email. They are already up 77% in the 2022-23 financial year compared to the previous one and "these figures are only likely to get worse as the cost-of-living crisis intensifies," he says. The economy has the potential to fall into recession later this year and the government will want to try and avoid that at all costs, he says, adding that "should it see borrowing as the way out, these interest payments are going to grow at a significant rate and place additional strain on the treasury, at a time when GDP is also falling." (firstname.lastname@example.org)
Contact: London NewsPlus; email@example.com
(END) Dow Jones Newswires
May 24, 2022 03:24 ET (07:24 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.