Sterling Unlikely to Rise Considerably if BOE Lifts Rates
1002 GMT - The Bank of England could raise interest rates by 25 basis points on Thursday but any sterling gains may be limited as the central bank may deliver a cautious outlook, ING says. "While we expect a 25bp rate hike, it's closer to a 50/50 call, as it is for other central banks meeting in the current highly volatile environment," ING analyst Francesco Pesole says in a note. Market implied probability of a rate rise is currently 57% but a big sterling rally may be prevented by BOE policymakers strongly signalling a pause in rate rises, he says. (renae.dyer@wsj.com)
Companies News:
Intertek Group Names Colm Deasy as New Chief Financial Officer
Intertek Group PLC said Monday that it has appointed Colm Deasy as group chief financial officer, replacing Jonathan Timmis who has stepped down with immediate effect.
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Egdon Resources to Report Rise in 1H Revenue; Production Ahead of Guidance
Egdon Resources PLC said Monday that it expects to report a rise in revenue for the first half of fiscal 2023 and that production in the period was ahead of guidance for the year.
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Ten Lifestyle Sees 49% Rise in 1H Revenue on Record Number of Active Members
Ten Lifestyle Group PLC said Monday that it expects revenue and earnings to rise significantly in the second half of fiscal 2023 thanks to contract developments and a record number of active members.
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Dialight Appoints Neil Johnson as Nonexecutive Chairman
Dialight PLC said Monday that it has appointed Neil Johnson as nonexecutive chairman with effect from May 17, replacing David Thomas who will step down from the role at the annual general meeting.
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SolGold Names Chris Stackhouse as New CFO; Interim CEO Named to Role Permanently
SolGold PLC said Monday that it has appointed Chris Stackhouse as incoming chief financial officer, and named interim Chief Executive Officer Scott Caldwell to the role on a permanent basis.
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Corcel 1H Pretax Loss Widened
Corcel PLC said Monday that its pretax loss widened in the first half of fiscal 2023, and that the company continues to broaden its strategy to include oil and gas assets.
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Andrada Mining 4Q, FY 2023 Tin Production Significantly Rose
Andrada Mining Ltd. said Monday that tin production rose in the fourth quarter of fiscal 2023, bringing full-year production up significantly on year.
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Spectra Systems 2022 Pretax Profit Rose on Increased Demand; Lifts Dividend
Spectra Systems Corp said Monday that its pretax profit rose in 2022, driven by strong demand for materials from an existing central-bank customer, and lifted its dividend.
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Bigblu Broadband FY 2022 Pretax Loss Widens on Higher Costs
Bigblu Broadband PLC on Monday reported a slightly widened pretax loss for fiscal 2022 on higher costs of sales and despite revenue rising due to particularly strong growth in the Australasia region.
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Shawbrook to Buy Bluestone Mortgages
Shawbrook Group PLC said Monday that it will acquire the specialist mortgage lender Bluestone Mortgages Ltd. for an undisclosed sum as the group expects significant long-term growth in the sector.
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UK Water Regulator Gains Powers to Block Dividend Payments
The U.K. water regulator said Monday that it has new powers to stop water companies from paying dividends if their financial resilience is at risk.
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Agriterra Raises GBP200,000 Via Placing
Agriterra Ltd. on Monday said it raised 200,000 pounds ($243,580) through the placing of shares which will be used to buy an extra 1,500 cattle for its Mozbife division and provide additional working capital to support other growth initiatives.
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Nostrum Oil & Gas Sees 2023 Production Fall
Nostrum Oil & Gas PLC said Monday that it expects 2023 average daily production to slow.
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Jubilee Metals 1H Pretax Profit Halved on Falling Metal Prices; Confirms 2023 Outlook
Jubilee Metals Group PLC said Monday that pretax profit more than halved in the first half of fiscal 2023 as metal prices fell on year, and confirmed its full-year 2023 guidance.
Market Talk:
Whitbread's German Business Set to Boost Growth
1036 GMT - Whitbread's next growth engine looks to be its German business, Jefferies analysts say in a note. The hospitality company--which owns budget hotel chain Premier Inn--was profitable in Germany in 3Q for the second consecutive quarter, and Whitbread has reiterated its ambition for the entire German business to turn breakeven in 2023, the analysts say. Moreover, its balance sheet strength implies GBP750 million in cash firepower for new management to acquire freeholds, enter into leasehold contracts, and start share buybacks, the analysts say. "Accelerated growth should drive a re-rating," analysts say. Jefferies rates the stock buy and has a 3,500 pence target price. Shares are up 0.6% at 2,821 pence. (anthony.orunagoriainoff@dowjones.com)
Sterling Gains Vs Euro May Not Last Amid Banking Turmoil
0959 GMT - Sterling rises against the euro as markets may consider the eurozone banking sector as more vulnerable than the U.K. but these gains could prove temporary, ING says. "Given GBP is generally more sensitive to risk sentiment than the euro, and the U.K. banking sector is coming under scrutiny this morning, we see risks of a EUR/GBP rebound back above 0.8800 today," ING analyst Francesco Pesole says in a note. EUR/GBP falls 0.1% to 0.8745, having earlier reached a three-month low of 0.8690, according to FactSet, as European bank stocks fall after UBS agreed a takeover of ailing bank Credit Suisse. (renae.dyer@wsj.com)
RS Group's New CEO Could Boost M&A, But Headwinds Remain
0947 GMT - RS Group recently appointed Simon Pryce as chief executive officer, which as well as providing strategic continuity should add a more aggressive approach to acquisitions, Jefferies analysts Kean Marden and Allen Wells says in a note. Over the next few years, the industrial and electronics products distributor has the potential to spend up to GBP1 billion on mergers and acquisitions, which would be 6%-15% accretive to earnings per share, they say. However, Jefferies's 2% revenue growth forecast for the fourth quarter is slightly below consensus, the analysts note. Rebranding and management change has affected performance in North America, they say, adding that mixed macro indicators in Europe and the fading of inflation tailwinds could also weigh on growth. (don.forbes@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
03-20-23 0744ET
