BOE Could Raise Rates by 150Bps in November as it Seeks to Restore Confidence
0756 GMT - The Bank of England needs to act aggressively to restore investor confidence and is likely to raise its base rate by 150 basis points at the next meeting in November, says Tim Drayson, chief economist at LGIM. Investors recently lost confidence in BOE's ability to contain rising prices after the bank announced a 50 basis points rate increase on Thursday, he says following a media briefing on Tuesday. The BOE needs to get rates up "at least to U.S. levels," where inflation appears to be "well contained." U.S. interest rates are in a 3%-3.25% range, compared to the U.K.'s 2.25% base rate. (miriam.mukuru@wsj.com)
Companies News:
Burberry Names Daniel Lee as New Chief Creative Officer Starting October
Burberry Group PLC said that Chief Creative Officer Riccardo Tisci will step down at the end of September, to be replaced by Daniel Lee.
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Spirax-Sarco to Buy U.S.-Based Durex International
Spirax-Sarco Engineering PLC said Wednesday that it has entered into a definitive agreement to buy Durex International Corp., a U.S.-based specialist in custom electric thermal products.
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Avingtrans FY 2022 Pretax Profit, Revenue Rose on Organic Growth in Two Segments
Avingtrans PLC said Wednesday that its pretax profit and revenue rose in fiscal 2022, thanks to organic growth in two divisions, and that the war in Ukraine and its effect on global inflation pose the biggest uncertainties.
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DX 1H Pretax Profit Rose; Announces Capital Allocation Policy
DX (Group) PLC said Wednesday that pretax profit for the first half of fiscal 2022 rose after it booked progress at DX Freight and strong central cost control.
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Amigo Says It Is Meeting Expectations; Plans to Hold GBP40 Mln Capital Raising
Amigo Holdings PLC said Wednesday that it is performing in line with expectations, and that it plans to hold a capital raising of around 40 million pounds ($42.9 million), including a business-program-mandated share issue.
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Boohoo Group Downgrades FY 2023 Views on Lower Sales, Inflationary Pressures
Boohoo Group PLC reported on Wednesday a swing to pretax loss for the first half of fiscal 2023 and downgraded its guidance for the full-year driven by the impact of inflationary pressures and lower-than-expected sales.
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Gama Aviation Sees Lower 2H Margins; 1H Pretax Loss Narrowed
Gama Aviation PLC said Wednesday that it expects margins in the second half to be hurt by inflationary cost pressures and supply-chain challenges as it reported a narrowed first-half pretax loss on higher revenue.
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DP Poland 1H Pretax Loss Widened as Higher Costs Outweighed Revenue Jump
DP Poland PLC said Wednesday that its pretax loss widened despite a rise in revenue, due to increased direct costs from inflationary pressures.
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Everyman Media 1H Pretax Loss Narrowed After Admissions Growth
Everyman Media Group PLC said Wednesday that its pretax loss for the first half of 2022 narrowed following healthy admissions growth and robust spending per customer.
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XP Factory 1H Pretax Loss Widened Amid Higher Costs
XP Factory PLC said Wednesday that its pretax loss for the first half of 2022 widened as costs increased, but that revenue jumped due to the strong performance of its Escape Hunt and Boom Battle Bar brands.
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Diversified Energy Buys Texas, Oklahoma Assets from ConocoPhillips for $240 Mln
Diversified Energy Co. said Wednesday that it has acquired certain upstream assets and related facilities in Oklahoma and Texas from ConocoPhillips Co. for $240 million before adjustments.
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Roebuck Food Swung to 1H Pretax Profit, Revenue Rose
Roebuck Food Group PLC said Wednesday that it swung to a first-half pretax profit on continuing activities and that revenue rose, and that it was still carrying out a strategic review of its businesses.
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CML Microsystems Sees 1H Profit Beating Views, FY 2023 Topping Market Forecasts
Shares of CML Microsystems PLC rose 13% on Wednesday after the company said it expects to report profit for the first half of the fiscal year that is significantly above management's previous expectations after a strong start to the year, and to beat market forecasts for the year as a whole.
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7Digital 1H Pretax Loss Narrowed After Licensing, Contract Wins
7Digital Group PLC said Wednesday that its pretax loss for the first half of 2022 narrowed after it secured five new licensing customers and three contract expansions or extensions.
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Glantus Shares Plummet After Warning on 2022 Revenue, Earnings
Shares in Glantus Holdings PLC fell 61% in early trade Wednesday after it warned full-year revenue and earnings before interest, taxes, depreciation and amortization are seen to be significantly below market expectations.
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Non-Standard Finance Seeks Capital Raise to Pay Debts, Shares Fall 58%
Non-Standard Finance PLC shares more than halved on Wednesday after the company reported a widened pretax loss for the first half of 2022 and said it is pursuing a capital raise to redress liabilities.
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EMIS 1H Pretax Profit Slipped on Exceptional Costs; Revenue Rose
EMIS Group PLC said Wednesday that its first-half pretax profit slipped despite a rise in revenue, primarily on one-off costs related to its technology transformation program.
Market Talk:
Avingtrans' Medical Investments Prompt FY23 Forecast Cuts
0757 GMT - Avingtrans' full year results were in line with expectations as operational progress in its Process Solutions and Rotating Equipment division and Engineered Pumps and Motors unit reflected their recovery, finnCap says. The Medical and Industrial Imaging division exited third-party MRI components in favor of developing its own technology, with planned investment increasing the division's loss, finnCap analyst David Buxton says in a note. As investments in Medical continue, finnCap reduces its FY23 adjusted pretax profit forecasts by GBP500,000 to GBP8.6 million. "We see a significant market opportunity and potentially huge embedded value in these new medical products," Buxton says. finnCap has a target price of 495 pence on the stock. Shares are down 1.2% at 425 pence.(anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
09-28-22 0413ET
