UK Retail Sales Proved Bright Spot Amid Inflation Pain
UK Retail Sales Proved Bright Spot Amid Inflation Pain
1151 GMT - U.K. retail-sales figures for April are modestly positive news, emerging from a difficult winter amid improving consumer confidence, but there is pain to come with inflation still high and likely rising interest rates, HSBC senior economist Chris Hare says in a note. Although the April CPI data showed that generalized inflation is still running very hot--particularly in food and services--sequential gains in overall retail-goods prices have eased, he says. But the cost-of-living squeeze remains intense, and given upwardly revised expectations for interest rates, household are set to feel the pain as mortgages are fixed, Hare says. "U.K. consumers still face a rocky road ahead," he adds. (edward.frankl@wsj.com)
COMPANIES NEWS:
Kin & Carta Cuts FY 2023 Guidance Due to Difficult Environment
Kin & Carta on Friday lowered its full year expectations given a more difficult trading environment, with customers more cautious on their spending programs.
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Pelatro Sees Revenue Increase in 2023
Pelatro said Friday that is expects revenue in 2023 to rise thanks to an increase in customers wins after a disappointing 2022 when revenue fell 26%.
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Chamberlin to Raise Around GBP360,000 via Discounted Placing
Chamberlin said Friday that it will raise around 360,000 pounds ($443,556) via a discounted placing and subscription, and proceeds will be used to take advantage of potential opportunities arising from peer Russell Ductile Castings going into administration.
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Revolution Beauty Says Current Year Had Positive Start; Publishes Delayed FY 2022 Report
Revolution Beauty Group on Friday said its pretax loss widened in fiscal 2022 as it published its delayed results to the year and said it has had a positive start to the current financial year, with performance ahead of internal forecasts for the first two months.
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XLMedia Sees Lower US 1H Revenue on Strong Comparatives, Lower Customer Spending
XLMedia said Friday that it expects first-half U.S. revenue to be below the same period last year, which was boosted by the launch of online sports betting in New York, and due to lower spending by operators.
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Actual Experience Appoints Iain McCready as CEO
Actual Experience said Friday that it has appointed Iain McCready as chief executive officer.
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Helios Underwriting 2022 Pretax Loss Widened; Is Confident in Market Outlook
Helios Underwriting on Friday said its pretax loss widened in 2022 despite a significant increase in gross premiums written and said its prospects for underwriting profitability are much improved.
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Pan African Resources Cuts FY 2023 Production Guidance
Pan African Resources said Friday that it has cut its gold production guidance for fiscal 2023 partly due to loss of production and slower ramp-up of operations.
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Intelligent Ultrasound COO Ian Whittaker to Step Down
Intelligent Ultrasound said Friday that Chief Operating Officer Ian Whittaker won't seek re-election at the 2023 annual meeting and intends to retire from the role at the end of the year.
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Michelmersh Brick's Joint CEO Frank Hanna to Step Down Next Year
Michelmersh Brick Holdings said Friday that joint Chief Executive Officer Frank Hanna is stepping down from his role from next year to take up the same job at peer Brickability Group.
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IntegraFin 1H Net Profit Fell on Higher Costs; Backs Cost Guidance
IntegraFin Holdings said Friday that net profit fell for the first half of fiscal 2023 after booking higher costs, and backed its cost guidance for the current and next fiscal year.
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SysGroup CEO Adam Binks to Step Down, Names Heejae Chae as Executive Chair
SysGroup said Friday that Chief Executive Adam Binks will step down from the role and Heejae Chae will join the company as executive chairman.
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Hurricane Energy 2022 Pretax Profit Soared On Higher Oil Prices
Hurricane Energy said Friday that its 2022 pretax profit jumped on revenue growth thanks to high oil prices, which offset lower production.
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Echo Energy To Sell Most of Santa Cruz Sur Assets For Up to GBP1.7 Mln
Echo Energy on Friday said it is disposing most of its interest in Santa Cruz Sur assets in Argentina for up to 1.7 million pounds ($2.1 million) in cash.
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Itsarm Resolutions to Cancel Trading and Liquidate Fail to Gain Enough Support
Itsarm said Friday that resolutions at a general meeting to cancel its trading and voluntarily liquidate failed to garner sufficient shareholder support and failed, and its shares have been restored to trading as a result.
MARKET TALK:
BioNTech Expected to Dive Into the Red Until Next Drug Is Approved
1117 GMT - BioNTech's first-quarter figures were affected by the abating pandemic and higher research-and-development spending, and its Ebitda margin dropped to 54% from 75%. This shouldn't be considered as a crucial part of the German company's equity story, however, says Baader Europe analyst Martin Schnee in a note. What is worrying, however, is what will happen to the EUR5 billion combined vaccine-related 2023 sales now that the World Health Organization has stopped recommending annual Covid-19 boosters for healthy people, Schnee adds. "As we expect R&D spending to remain at a high level, we forecast a deep dive into the red for profitability until the next vaccine or drug is approved," he says, adding that money has to be spent wisely. (cecilia.butini@wsj.com)
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UK Gilt Market to Rely on International Investors Amid Increased Supply in 2023 --Market Talk
1106 GMT - The U.K. gilt market is likely to rely on international investors to absorb increased gilts supply from the Debt Management Office and the Bank of England in 2023, Bank of America analysts say in a note. "It is hard to believe an effective net 2023 supply of gilts equivalent to 8% of GDP, can be met without heavy overseas involvement," they say. Net gilt issuance from both the DMO and BOE is estimated to rise to around GBP200 billion in 2023, from around GBP120 billion in 2022, according to BofA. (miriam.mukuru@wsj.com)
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Shell CEO Needs to Assure Investors on Three Key Points at Capital Markets Day
1103 GMT - Shell Chief Executive Officer Wael Sawan will have to convince investors on three key points if Shell is to be the premium European sector name, Jefferies analysts Giacomo Romeo and Alexatrini Tsiknia write in a research note. A change to the oil-and-gas giant's shareholder return policy is widely anticipated, and Jefferies expects an 18%-25% dividend hike. However, Sawan also needs to assure investors of the ability to maintain cost discipline, the analysts say. Finally, a return to growth in high-return areas of the business, such as integrated gas, will also be a key point, they say. Jefferies has a buy rating on the stock, noting that Shell is the preferred name in the sector. (christian.moess@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
May 26, 2023 09:01 ET (13:01 GMT)
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