UK Likely to Face Deeper Recession Than G-7 Peers
0816 GMT - The U.K. economy expanded in October, but the economy is set to take a downturn in the months ahead, Pantheon Macroeconomics' chief U.K. economist Samuel Tombs says in a note. It isn't certain GDP will contract in 4Q, but activity indicators and low consumer confidence are all consistent with the economy shrinking, he says. "Meanwhile, the government looks set to pull back energy price support substantially next year, while higher interest rates will squeeze disposable incomes and spur households and businesses to pay off debt," Tombs says. Pantheon expects the U.K. economy to contract by 2% peak-to-trough, and it is unlikely to grow again until early 2024, resulting in a deeper and longer recession than for all other G-7 countries. (xavier.fontdegloria@wsj.com)
Companies News:
Metro Bank Fined GBP10 Mln for Publishing Incorrect Information, FCA Says
The U.K. Financial Conduct Authority on Monday said it has fined Metro Bank PLC 10 million pounds ($12.3 million) for publishing incorrect information to investors in 2018.
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Oxford Cannabinoid Technologies Budget Review Mean Funds Will Last Longer
Oxford Cannabinoid Technologies Holdings PLC said Monday that a budget review disclosed in August means funds that would have been used by April will now last until the fourth quarter of 2023, while operational progress has met expectations.
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K3 Capital Sees 1H Revenue Rising, Confident in Full-Year Expectations
K3 Capital Group PLC said Monday that it expects to report a rise in revenue for the first half of fiscal 2023 and it will deliver full-year results in line with its expectations.
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Fevertree Drinks to Appoint Domenic De Lorenzo as Nonexecutive Chair
Fevertree Drinks PLC said Monday that it has appointed current Nonexecutive Director Domenic De Lorenzo as nonexecutive chair, to take effect following the company's annual general meeting in May 2023.
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Springfield Properties Sees FY 2023 Pretax Profit Slipping Despite Expected Revenue Rise
Springfield Properties PLC said Monday that it expects to report a strong revenue increase for the first half, but reservations have been hit by economic uncertainty and it expects full-year pretax profit to fall.
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Tristel Sees 1H Revenue Increase, Return to Prepandemic Growth Trajectory
Tristel PLC said Monday that revenue for the first half of fiscal 2023 is expected to rise as the group returns to its prepandemic growth trajectory, and it is confident in navigating through the economic backdrop.
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SolGold Raises $36 Mln Via Share Subscription Lead by Jiangxi Copper
SolGold PLC said Monday that it has raised $36 million via a share subscription lead by Jiangxi Copper (Hong Kong) Investment Company Ltd., boosting the company's balance sheet and providing it with greater optionality.
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Centralnic Sees 2022 Meeting Upper Market Views; Names Michael Riedl as CEO
Centralnic Group PLC said Monday that it expects its 2022 results to meet the upper end of market views, revealed plans for a share buyback and named Chief Financial Officer Michael Riedl as new chief executive officer.
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Saint-Gobain Sells UK Distribution Business for $907.4 Million
Compagnie de Saint-Gobain SA signed a binding agreement to sell its merchanting brands in the U.K. to Stark Group AS for 740 million pounds ($907.4 million).
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Advanced Oncotherapy Raises GBP1.5 Mln Via High-Premium Share Subscription
Advanced Oncotherapy PLC said Monday that it has raised 1.5 million pounds ($1.8 million) via a high-premium share subscription, and will use the money towards its operations and for general working capital purposes.
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Bigblu Broadband FY 2022 Revenue, Adjusted Ebitda Rose; Explores ASX Listing
Bigblu Broadband PLC on Monday reported a rise in its full-year adjusted earnings before interest, taxes, depreciation and amortization and said that it is considering a potential listing for its Australian business SkyMesh on Australia's stock exchange.
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Kromek Gets Two Nuclear Security Product Contracts Worth GBP1.5 Mln
Kromek Group PLC said Monday that it has received two nuclear security product contracts worth a total of 1.5 million pounds ($1.8 million) with two European governments.
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Home REIT Auditor Enhancing Procedures After Short-selling Report
Home REIT PLC said Monday that its auditor was undertaking enhanced procedures and that it has carried out a series of investor meetings in response to allegations in a critical short-selling report, which it refutes.
Market Talk:
LSEG's Partnership With Microsoft to Drive Revenue With Small Costs
0757 GMT - London Stock Exchange's agreement with Microsoft is likely to boost LSEG's revenue growth across its business while the costs appear to be small, Citi analysts say in a note. The stock-exchange and financial-information company is likely to increase prices given that its workspace will be more seamless compared to what peers can offer, they note. Although there was no quantified benefits, it is likely to be both via new and existing products, they add. "We expect consensus 2023-2024 EPS to dip by around 2% on near-term incremental costs, but 2025 could be broadly unchanged as revenue synergies start to show through," they add. (michael.susin@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
12-12-22 0339ET
