UK retail could see consumer shift to discounters before Christmas
0909 GMT – UK retail sector braces for a challenging Christmas period as consumer confidence is at record lows and budgetary pressure is unlikely to ease, CMC Markets chief market analyst Michael says in a note Hewson. “There will be many consumers who will forgo expensive foods and prioritize staples over turkeys, stuffing, holiday desserts and all the other trimmings,” says Hewson. Another important factor will be where they shop, which could benefit seasonal sales at Tesco and Sainsbury’s as consumers at premium supermarkets such as Marks & Spencer can switch to budget retailers and discounters. ([email protected])
SSE PLC to sell 25% stake in SSEN Transmission for GBP1.47 Bln
SSE PLC said on Friday it will sell a 25% stake in its electricity transmission network business SSEN Transmission to the Ontario Teachers’ Pension Plan Board for 1.47 billion pounds ($1.78 billion).
Breedon’s income in 10 months to October Rose; See the 2022 meeting guide
Breedon Group PLC said on Friday that revenue in both the four months to the end of October and the first 10 months of the year rose year-on-year and supported its expectations for the full year.
Devro agrees a GBP540 Mln acquisition
Devro PLC said on Friday it has agreed a 540 million pound ($654.3 million) acquisition by Saria SE & Co. KG through its subsidiary Saria Nederland BV.
LPA points to business losses in fiscal 2022 despite rebound in 2H
LPA Group PLC said on Friday it will suffer a small trading loss for the year, despite a strong second half with a trading improvement for the year.
ScS Group sees FY2023 performance in line with views, 16-week orders down
ScS Group PLC said on Friday that comparable order intake for the 16 weeks to November 19 fell due to a difficult comparison, but added that full-year performance is in line with expectations despite the challenging backdrop.
Devro optimistic on prospects as volume and prices increase revenue
Devro PLC said on Friday that it is confident of the full year and beyond as revenue and margins increase in all markets.
Thor Mining Trading Suspended on ASX Ahead of Capital Raise
Thor Mining PLC said on Friday that trading in its shares on the Australian Stock Exchange has been suspended ahead of a planned capital increase.
LSL Property Services considers that 2022 does not meet previous expectations
LSL Property Services PLC said on Friday that it expects overall 2022 performance to fall short of earlier expectations, with full-year earnings expected to be slightly above or below 2019 levels.
Kenmare Resources cuts 2022 production views over power outages
Kenmare Resources PLC said on Friday that full-year production is expected to be at or near the bottom of its guidance ranges due to unplanned power outages caused by problems in the electricity transmission network. .
ITM Power appoints Dennis Schulz as CEO
ITM Power PLC said on Friday that it has appointed Dennis Schulz as chief executive officer effective December 1.
Conviction Life Sciences Company to raise GBP100 Mln in London IPO
Conviction Life Sciences Company said on Friday it plans to raise 100 million pounds ($121.2 million) and list on the London Stock Exchange next month.
Sale of SSE’s 25% of transmission assets seen as a welcome deal
1106 GMT: SSE should welcome the sale of 25% of its electricity transmission asset for GBP1.47bn, the proceeds of which will go to finance growth in renewables, according to Citi. However, the energy company is unlikely to get the market too excited about the sale, says Jenny Ping, an analyst at Citi, in a research note. “We also see limited valuation extrapolated to other UK utilities that could hold, given the significantly different regulatory asset value growth outlook,” the US bank says. Citi maintains its neutral rating and 1,664 pence target price for the stock. The shares rose 0.8% to 1,747.0 pence. ([email protected])
BT analyst meeting does not provide visibility on stabilizer line loss
1021 GMT – BT Group CFO Simon Lowth and Openreach CEO Clive Selley hosted an analyst meeting on Thursday but gave no visibility into line loss stabilization or a compelling rationale for the Equinox 2 proposal, say Jefferies analysts Jerry Dellis and Yi Hsin Yeoh. in a research note. UK telco’s Equinox 2 program will encourage ISPs to mass migrate legacy customers to fiber to premise for discounted price, but why it’s being launched remains unclear Equinox 2 when Openreach can’t run existing demand for FTTP, analysts. tell. Jefferies has a Buy rating on the stock with a 250.00 pence price target. ([email protected])
ScS performance is resilient, seems well placed for recovery
1005 GMT – The ScS update showed resilient trading performance, with encouraging levels of recent orders causing expectations to remain unchanged, Shore Capital analysts Darren Shirley and Clive Black say in a research note. The UK furniture and flooring retailer is expected to report a pre-tax profit for fiscal 2023 of GBP8 million, they say. This compares with GBP16.4 million reported a year ago. “We see that the group is well positioned to continue to gain share in difficult times, and thus benefit and prosper when the UK consumer economy stabilizes and ultimately grows again,” they say. ([email protected])
The UK seeking Swiss-style ties with the EU would not necessarily support sterling
0958 GMT – Sterling would not necessarily benefit if the UK government pursued a Swiss-style relationship with the EU, Commerzbank says. “In particular since the negotiations for [Brexit] already so complicated, I suppose negotiations on closer cooperation would hardly be less complex,” says Commerzbank currency analyst Antje Praefcke in a note. Since 1972, there are more than 120 individual agreements between the EU and Switzerland, and the negotiations for each one took anywhere from 2 to 10 years before an approval period of several years, he says.That means if the UK plans to move in that direction, negotiations would take time, he says (renae.dyer@wsj. com)
Contact: London NewsPlus; [email protected]
(END) Dow Jones Newswires
November 25, 2022 06:51 ET (11:51 GMT)
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