UK House Builders' Early 2023 Results Are Encouraging
1139 GMT - Last week's reports from Barratt Developments, Bellway and Redrow were encouraging, Liberum says. While it is too early yet to have a definitive view of the crucial spring selling season, news of better sales rates and the market strengthening in January are helpful, the U.K. brokerage says. There is still upside in the sector even after a strong recent performance, with house builder shares up 36% from lows on average, and focus turns to stocks that are most likely to outperform the sector, with Liberum's preferred picks being Bellway, M.J. Gleeson and Vistry, analysts Charlie Campbell and Edward Prest says in a research note. Shares for Bellway, M.J. Gleeson and Vistry are down 2.8%, up 0.9% and down 2.3%, respectively. (joseph.hoppe@wsj.com)
Companies News:
Lok 'n Store Group 1H Revenue Grew on Higher Occupancy, Pricing
Lok 'n Store Group PLC on Monday said its first-half revenue grew on buoyant business during the period as it expects its net asset value to be stable at the end of the year.
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Brickability Sees FY 2023 Adjusted Earnings Beating Market Views
Brickability Group PLC said Monday that it expects to report fiscal 2023 adjusted earnings ahead of market views and remains confident in its outlook.
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Mkango Resources to Raise GBP3.5 Mln for Projects
Mkango Resources Ltd. said it conditionally raised 3.5 million pounds ($4.2 million) via a discounted placing and a subscription, and that it will use this develop various projects and as working capital.
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MJ Hudson Auditor Resigns Citing Lost Trust, Confidence
MJ Hudson Group PLC said Monday that its auditor Ernst & Young LLP has resigned, citing lost trust and confidence.
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DX (Group) Receives Claim Over Obtaining of Confidential Information
DX (Group) PLC said Monday that it received a claim on Friday from Tuffnells Parcels Express relating to confidential competitor information being obtained by DX in the past.
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Bidstack 2022 Revenue More Than Doubled; Provided Security Over Azerion Claim
Bidstack Group PLC said Monday that it expects to report 2022 more-than-doubled revenue with an improved gross margin, and it has been provided security in the initial part of its claim for damages from Azerion Technology BV.
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FRP Advisory Sees FY 2023 Results in Line With Views, Declares 3Q Dividend
FRP Advisory Group PLC on Monday said it expects its fiscal 2023 revenue and core earnings to be broadly in line with market expectations as it declared a third-quarter dividend.
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Goldplat Names Gerard Kemp Chairman as Gerard Kisbey-Green Steps Down
Goldplat PLC said Monday that Gerard Kemp has been appointed nonexecutive chairman with immediate effect, and that Gerard Kisbey-Green will stand down as but remain as an independent nonexecutive director.
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Unikmind Holdings Launches $1.51 Bln Offer for Kape Technologies
Unikmind Holdings Ltd. on Monday tabled a 1.25 billion pound ($1.51 billion) offer for Kape Technologies PLC and said regardless of the outcome to its proposal it would call a meeting of the digital-security company seeking its delisting from London's junior AIM.
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Net Zero Infrastructure Requests Its Share Listing to Be Restored
Net Zero Infrastructure PLC said Monday that it has requested its listing be restored to the standard segment of the London Stock Exchange, after the publication of its fiscal 2022 and fiscal 2023 first-half results.
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Mark Allen to Buy Bonhill's UK, Asia Businesses
Mark Allen Group said Monday that it has agreed to buy the U.K. and Asia brands of wealth-management publishing company Bonhill Group PLC for 6.5 million pounds ($7.8 million).
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Aptamer Names Rob Quinn as Incoming CFO
Aptamer Group PLC said Monday that it has appointed Rob Quinn as chief financial officer, effective from March 1, taking over from interim CFO Jenny Cutler.
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BH Macro Raises GBP315 Mln for Investment in Fund
BH Macro Ltd. said Monday that it has raised around 315 million pounds ($379.9 million) through an initial placing of shares, intermediaries offer and offer for subscription, to be invested in Brevan Howard Master Fund Ltd.
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Dolphin Capital Chairman Martin Adams Resigns, Replaced by Sean Hurst
Dolphin Capital Investors Ltd. said Monday that Chairman Martin Adams resigned from the board with immediate effect, and that Sean Hurst has been appointed director and elected new Chairman by the board with immediate effect.
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Non-Standard Finance Shares Fall After FCA Redress Talks Continue
Shares in Non-Standard Finance PLC drop 12% on Monday after the group said talks with the U.K. Financial Conduct Authority over a redress plan related to its guarantor-loans division continue and that it is working on an alternative transaction.
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Cineworld Rival Vue International Preparing Takeover Bid, Sky News Reports
--Cineworld Vue International has lined up financial backing from new shareholders Barings LLC and Farallon Capital Management LLC to mount a takeover bid, according to Sky News.
Market Talk:
BOE Could Opt for a Smaller 25Bps Rate Rise in March
1124 GMT - The Bank of England is expected to raise the bank rate at a slower pace of 25 basis points on March 23 compared to 50bps previously based on its February forward guidance, says UBS Research economist Anna Titareva in a note. "BOE removed the reference to 'forceful' policy response to greater inflation persistence, opening the door for a smaller 25bps increase," she says. The U.K. bank rate is expected to peak at 4.25% in March, according to Titareva. (miriam.mukuru@wsj.com)
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Segro Likely to Report Strong Start to 2023
1131 GMT - Segro is set to report on Friday final results for 2022, which has been a roller coaster for both the U.K. economy and the real-estate sector, but the company has likely started the new year in good shape, Shore Capital says. The real-estate investment trust reported continued rental growth in the third quarter, benefiting from low industry vacancy and high take-up of space, Shore analyst Andrew Saunders says in a note. "With a continued imbalance between the supply and demand of quality sites for warehousing, logistics and data centers supported by ongoing development we see Segro capable of sustaining premium earnings growth and reiterate our buy recommendation," the investment group says. Shares are up 0.2% at 831.6 pence. (joseph.hoppe@wsj.com)
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Sterling Might Benefit as More Britons Think Brexit Was a Mistake
1132 GMT - Sterling could see a better performance in 2024 compared to this year as recent opinion polls suggest more Britons think Brexit was a mistake ahead of the next U.K. general election, Bank of America says. "Looking into 2024 and another general election, among potential scenarios, a new government could form with more sympathetic leanings towards the EU," BofA forex strategist Kamal Sharma says in a note. "In this scenario, we would expect a significant recalibration in GBP." The new chairman of the U.K.'s ruling Conservative Party, Greg Hands, hinted in an email to party supporters that the next general election will happen in the second half of 2024, according to media reports last week. (renae.dyer@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
02-13-23 0737ET
