The global economy is expected to slow down sharply in 2023
0657 GMT – Global GDP is expected to grow 1.7% in 2023 as aggressive monetary tightening and reduced consumer spending power weigh on activity, Wells Fargo economists say. The likelihood of a recession is rising in many major economies, particularly the US, and contagion effects will lead to economic contractions in the G10 economies and emerging markets, they say. “As hawkish as most central banks have been this year, we now believe that some central banks may look to end tighter monetary policy in the second half of 2023,” Wells Fargo said. A recession in the US and UK should prompt the Federal Reserve and Bank of England to cut interest rates, economists say. ([email protected])
Company news:
Capita sees revenue growth in 2022 in line with views
Capita PLC said on Wednesday that first-half earnings were in line with expectations and that the company remains on track to deliver revenue growth in 2022.
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The UK government intends to approve the acquisition of Meggitt by Parker-Hannifin
The UK government said late Tuesday it was ready to honor Parker-Hannifin Corp.’s commitments. to allay their concerns about the US company’s proposed £6.3 billion ($7.68 billion) takeover of Meggitt PLC.
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Mulberry FY22 pre-tax profit up significantly
Mulberry Group PLC on Wednesday reported a sharp rise in pre-tax profit for fiscal 2022 and said its performance for the first quarter of fiscal 2023 was ahead of the same period last year.
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DP Aircraft I raises up to $750,000 via Tap Issue
DP Aircraft I Ltd. announced on Wednesday that it plans to raise up to $750,000 through a tap issue and use the proceeds for additional working capital.
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Shoe Zone is expected to post an increase in pre-tax profit for FY22
Shoe Zone PLC announced on Wednesday that it expects to end fiscal 2022 with an increase in pre-tax profit as its third-quarter performance demonstrated strong margin improvements and cost savings.
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PPHE launches share buyback of up to £1.7m; Dividend dependent on performance
The PPHE Hotel Group Ltd. announced on Wednesday that it is embarking on a share buyback program of up to £1.7 million ($2.1 million) and that declaring a dividend remains conditional on its year-to-date performance continuing.
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According to McBride, the lender is waiving covenant testing from June through September
McBride PLC said on Wednesday that its banking group had agreed to waive the June-September 30 covenant tests and that the performance was in line with market expectations.
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Lookers sees 1H Adj Pretax profits drop, warns of supply restrictions
Lookers PLC said on Wednesday it expects its underlying pre-tax profit for the first half of 2022 to fall but beat expectations, and warned of supply restrictions for new and used cars for the remainder of the year.
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Mulberry FY2022 pre-tax profit up significantly on UK and China sales – update
Mulberry Group PLC on Wednesday reported a sharp rise in pre-tax profit for fiscal 2022 and said its performance for the first quarter of fiscal 2023 was ahead of the same period last year.
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UK Government intends to approve Parker Hannifin’s takeover of Meggitt – update
The UK government said late Tuesday that it was ready to honor Parker Hannifin Corp.’s commitments. to allay their concerns about the US company’s proposed £6.3 billion ($7.68 billion) takeover of Meggitt PLC.
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Union Jack initiates capital reduction procedures to allow for shareholder returns
Union Jack Oil PLC announced Wednesday that it is seeking a capital reduction in court proceedings after shareholder approval at Tuesday’s annual shareholders meeting.
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Moonpig FY 2022 profit before tax rose; Supports guidance for fiscal year 2023
Moonpig Group PLC announced on Wednesday that fiscal 2022 pre-tax profit rose in its first full-year performance since publication and that the company remains upbeat on its fiscal 2023 guidance.
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Trakm8 FY2022 pre-tax loss reduced; Warns of supply problems
Trakm8 Holdings PLC on Wednesday said its pre-tax loss narrowed in fiscal 2022 but started the new fiscal year with ongoing supply issues and inflationary pressures.
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Safestay 1Q Revenue Before Views; 2021 underlying earnings impacted by Covid-19 closures
Safestay PLC announced on Wednesday that first quarter 2022 revenue came in slightly above management’s expectations and that underlying 2021 earnings before divestments will reflect the impact of the pandemic-related shutdowns.
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Windar Photonics stock plummets on expected sales drop in 2021
Windar Photonics PLC shares fell 58% in early trade on Wednesday after the company said it expects sales to fall 50% in 2021 due to project delays in China and that those accounts will be postponed beyond the regulatory deadline .
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Oxford Cannabinoid says 11-month performance was as expected
Oxford Cannabinoid Technologies Holdings PLC announced on Wednesday that it expects to report results in line with expectations for the eleven months ended April 30.
Market talk:
B&M is likely to benefit from “very encouraging” recent performance
0723 GMT – B&M’s first quarter update is as positive as could be hoped, Liberum said in a statement. The convenience retailer’s like-for-like sales in the UK fell just 1.6% year-on-year in an eight-week period that includes May and June, which is very encouraging, says Liberum. “It should be reassuring that the continuously improving like-for-like trend for the rest of the year, enshrined in management guidance, is achievable,” says Liberum. “With shares down 40% year-to-date… and now back to pre-Covid-19 levels, this is a great time to check,” adds Liberum. Liberum has a price target of 685 pence per share and a buy rating on the stock. Shares are up 0.7% to 382.50 pence. ([email protected]; @sabelaojeaguix)
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B&M will likely struggle to grow over the next two years
0710 GMT – B&M European Value Retail’s group sales were broadly in line with RBC Capital Markets expectations for the first quarter, but it will likely struggle to grow earnings significantly over the next two years, the Canadian bank said in a statement. London-listed convenience retailers should benefit as consumers focus on lower prices in a tougher macro environment, but they will also face the most pressure, RBC says. While sales of France and Heron Foods were better than RBC forecast, the company’s main UK business was weaker than expected, RBC says. UK B&M performance was likely weaker in June, notes RBC. ([email protected]; @sabelaojeaguix)
Contact: London NewsPlus; [email protected]
(ENDS) Dow Jones Newswires
June 29, 2022 4:00 AM ET (08:00 GMT)
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