UK Inflation Easing Much Slower Than Bank of England Had Hoped

0653 GMT - The less-than-expected fall in U.K. inflation in March, to 10.1% from 10.4%, suggests the Bank of England will raise interest rates to 4.5% at its next meeting, and the risk that it won't be the last hike is growing, Paul Dales, chief U.K. economist says in a note. Food-price inflation continues to defy gravity, rising to 19.6% in March from 18.3% in February and core inflation sticking at 6.2% suggests that underlying inflation pressures are more stubborn than expected, Dales says. Energy-price inflation will reduce total inflation more significantly in the coming months, as will a likely economic slowdown, but the general easing is happening much more slowly than the BOE had hoped, he says. (edward.frankl@wsj.com) 


 
Companies News:

ConvaTec Buys Tech Platform From 30 Technology for Initial GBP45 Mln

ConvaTec Group PLC said Wednesday that it has bought the anti-infective nitric oxide technology platform of 30 Technology Ltd. for an initial 45 million pounds ($55.9 million) to explore application of the technology across business categories.

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Antofagasta 1Q Copper Production Fell On Quarter as Expected; Backs Guidance

Antofagasta PLC said Wednesday that copper production for the first three months of the year fell as expected, and backed guidance for copper production and capital expenditure in 2023.

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Hunting PLC 1Q Earnings Rose; Backs 2023 View

Hunting PLC said Wednesday that it booked higher earnings in the first quarter of 2023, and confirmed its full-year guidance.

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Liontrust Sees FY 2023 Revenue, Adjusted Pretax Profit Ahead of Views

Liontrust Asset Management PLC on Wednesday said it expects to report revenue and adjusted pretax profit ahead of market views for fiscal 2023 although it posted a fall in its assets under management and advice, or AuMA, over the fourth quarter.

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Cake Box Sees FY 2023 Revenue Increase on Better Trading, Less Costs

Cake Box Holdings PLC said Wednesday that it expects to report a revenue increase in fiscal 2023 and adjusted pretax profit in line with market expectations on the back of improved trading conditions and easing cost pressures.

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M Winkworth 2022 Profit, Revenue Slipped as Postlockdown Boost Fades

M Winkworth PLC said Wednesday that its 2022 pretax profit and revenue fell as a postlockdown surge in real-estate activity faded, and it expects the property market to perform at the higher end of expectations in 2023.

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National Express 1Q Revenue Rose on ALSA Performance; Sets Out Improvement Program

National Express Group PLC said Wednesday that revenue rose in line with expectations in the first quarter due to continuing strong performance from Spanish subsidiary ALSA and that it is launching a productivity improvement and cost-reduction program targeting at least 25 million pounds ($31.1 million) in annualized savings.

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Pendragon 1Q Underlying Pretax Profit Rose; Sees Beat to Full-Year View

Pendragon PLC said Wednesday that its underlying pretax profit rose in the first quarter of 2023 ahead of board's expectations, as operating profit in all divisions grew, and that it now expects to exceed expectations for the full year.

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Cornerstone FS 1Q Revenue Rose, Turns Earnings Positive for First Time

Cornerstone FS PLC said Wednesday that revenue for the first quarter of the year rose and was earnings positive for the first time, though it expects trading to revert to normalized levels in the second quarter.

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Kainos Group Sees FY 2023 Performance in Line With Market Views

Kainos Group PLC said Wednesday that its fiscal 2023 performance is expected to be in line with market expectations, supported by robust trading across all divisions.

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Plus500 Posts 1Q Revenue, Ebitda Drop; Sees 2023 In Line With Views

Plus500 Ltd. on Wednesday said it sees its performance for 2023 in line with market views as it posted first-quarter revenue and core earnings figures that were lower than the previous year but improved on-quarter.

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Redde Northgate Sees FY 2023 Profit at Top of Market Expectations

Redde Northgate PLC said Wednesday that it expects to report adjusted pretax profit for fiscal 2023 around the top end of the market consensus range after a strong performance.

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Audioboom Shares Drop After Lower 1Q Revenue, Adjusted Earnings Amid Challenging Market Conditions

Shares in Audioboom Group PLC fell 9.5% on Wednesday after it said that it booked lower revenue and adjusted earnings for the first quarter of 2023 as market conditions proved challenging.

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ProCook Sees FY 2023 Pretax Profit, Revenue in Line With Expectations

ProCook PLC said Wednesday that its underlying pretax profit is expected to break even in the year ended April 2, and that revenue for the year came in the middle of its expected range. 


 
Market Talk:

Antofagasta's 1Q Underperforms But By-Product Credits Welcomed

0656 GMT - Antofagasta reported operationally weaker-than-expected first-quarter production, largely on water availability issues, though this was partially offset by higher by-product credits, Citi says. The Chilean miner's copper production declined 25% on-quarter, and while a fall was expected this was still 14% below Citi's forecasts, Citi analysts say in a research note. While the weaker-than-expected production might lead to share price volatility, there are unlikely to be major changes to consensus estimates for the full year, the U.S. bank says. "Markets, however, are likely to keenly watch for commissioning and ramp up of growth projects at Los Pelambres mine in next 3-6 months," Citi says, retaining its neutral rating and 1,600 pence price target on the stock. Shares closed Friday at 1,637 pence. (joseph.hoppe@wsj.com)

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Sterling Rises After Higher-Than-Forecast UK Inflation Data

0645 GMT - Sterling rises after U.K. inflation data on Wednesday exceeded analysts' forecasts, fuelling expectations the Bank of England will raise interest rates further. U.K. inflation fell to an annual rate of 10.1% in March from 10.4% in February, above the 9.8% expected by analysts in a WSJ survey. "Adding this number to the calculus, and barring any new financial accidents, we would expect at least two further quarter-point rate hikes before the Bank of England pauses," Mazars economist George Lagarias writes. GBP/USD rises to 1.2438 after the data from 1.2414 beforehand and EUR/GBP falls to a near one-week low of 0.8803 from 0.8832, according to FactSet. (renae.dyer@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

04-19-23 0332ET