Sterling Could Weaken Due to Dire UK Outlook
0931 GMT - Sterling could fall as the U.K. economic outlook looks weak, Commerzbank says. Lower temperatures are having a "pretty dramatic effect" on the energy market, which adds to the "dire overall situation the U.K. is currently in," Commerzbank currency analyst Ulrich Leuchtmann says in a note. "In addition, there are the strikes of nurses, train staff, mail workers and border officials and that is unlikely to improve the situation." The accumulation of bad news from the U.K. justifies a weak sterling, Leuchtmann says. GBP/USD trades flat at 1.2258 but EUR/GBP rises 0.1% to 0.8604.(renae.dyer@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.
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SigmaRoc Sees 2022 Above Market Views Amid Increased Demand, Cost Control
SigmaRoc PLC said Monday that it expects to report full-year performance above market expectations as the group benefits from cost saving and performance improvement programs.
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Engage XR Shares Fall After Guidance Cut on Slower Contract Conversion
Shares in Engage XR Holdings PLC dropped 34% on Monday after the company lowered its guidance for its full-year revenue and forecast a widened Ebitda loss, citing a slower than anticipated conversion in its pipeline at the end of the second-half.
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Savannah Energy Agrees to Buy Petronas South Sudan Assets; Shares Suspended
Savannah Energy PLC shares were suspended on Monday after the company said it has entered a share purchase agreement with Petronas International Corporation Ltd., to take over its entire oil and gas business in South Sudan in a reverse takeover.
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Argentex Shares Rise After Guidance Hike
Argentex Group PLC shares rose 9% on Monday after the company said that it sees its nine-month revenue and earnings ahead of current market expectations.
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MJ Hudson Shares Suspended After Auditors Raise Issues With 2022 Results
MJ Hudson Group PLC shares were suspended Monday after it said it was engaged in discussions with auditors regarding significant potential adjustments related to its fiscal 2022 results.
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RUA Life Sciences Shares Rise on Narrowed 1H Pretax Loss, Revenue Growth
RUA Life Sciences PLC shares rose Monday after it said its first-half pretax loss narrowed, and revenue rose on good progress across all four of its business segments.
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Metro Bank Accepts FCA Ruling on Risk-Weighted Assets Disclosures -- Update
Metro Bank PLC on Monday said it fully accepted the outcome of the U.K. Financial Conduct Authority's investigation into its risk-weighted asset disclosures after the FCA issued a 10 million pounds ($12.3 million) fine to the U.K. lender.
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Sound Energy Shares Rise After Receiving Interest for Moroccan Gas Project
Sound Energy PLC shares rose Monday after the company said it has received indications of interest from a range of well-funded parties for the formal farm-out process of its Tendrara gas project in Morocco.
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Primary Health Properties CEO Harry Hyman to Step Down in 2024
Primary Health Properties PLC said Monday that Chief Executive Harry Hyman is set to step down at its annual general meeting in 2024, and it will start searching for a successor in the new year.
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Xeros Technology's CFO Paul Denney to Step Down in February 2023
Xeros Technology Group PLC said Monday that Chief Financial Officer Paul Denney has decided to step down from the board with effect from Feb. 28 to pursue new opportunities outside the company.
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First Class Metals Shares Rise on Premium Share Subscription, Lithium Project Deal
Shares of First Class Metals PLC rose nearly 12% on Monday after the company said that it is raising 300,000 pounds ($367,860) via a private share subscription, and that it has signed an exclusive agreement with a third party over an earn-in deal on a lithium project in Ontario.
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Accsys Technologies CEO Rob Harris to Step Down
Accsys Technologies PLC on Monday said that its Chief Executive Officer Rob Harris will be stepping down from the role on March 31 to pursue new opportunities.
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M&Co Goes Into Administration Due to Higher Costs, Lower Sales
M&Co Trading Limited said Sunday that it has gone into administration, with Gavin Park, Adele MacLeod and Rob Harding of Teneo Financial Advisory Limited acting as joint administrators.
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Empiric Student Property Agrees to Sale of Emily Davies House for GBP13.9 Mln
Empiric Student Property PLC said Monday that it has agreed to sell Emily Davies House in Southampton, England to Far East Orchard Limited for 13.9 million pounds ($17.0 million).
Market Talk:
UK GDP Rebound in October Unlikely to Prevent Economic Contraction for Overall 4Q
0929 GMT - The 0.5% expansion posted by the U.K. economy in October suggest it carried more momentum than previously thought, Capital Economics' senior U.K. economist Ruth Gregory says in a note. If the economy avoids a fall of more than 0.2% on month in November and December, then it wouldn't contract in 4Q as a whole and a recession in 2022 would be avoided, she says. "But with the full effects of the previous rises in inflation and rising interest rates yet to be felt, we think it is too soon to conclude the economy will escape largely unscathed," Gregory says. Capital Economics expects U.K. GDP to contract by 0.1% in 4Q, less than the 0.3% fall expected by the Bank of England. (xavier.fontdegloria@wsj.com)
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Mitchells & Butlers' Efficiencies Program to Help Mitigate Inflationary Headwinds
1051 GMT - Although Mitchells & Butlers' like-for-like sales in the first 10 weeks of FY 2023 rose 6.5% when compared with the same period last year, inflation is expected to run higher at 10% to 12%, Liberum analysts Anna Barnfather and Nishant Dahad say in a note. The pub-and-restaurant operator's sales are being helped by the recent recovery in city-center sites and drink sales, showing the balance and breadth of the estate, the analysts say. Despite management highlighting medium-term margins being lower than before the pandemic due to inflation, the efficiencies stemming from its Ignite program will help mitigate around two thirds of this, the analysts say. Liberum raises its EBIT forecasts for FY 2023 to GBP189 million from GBP160 million, and rates the stock buy. (anthony.orunagoriainoff@dowjones.com)
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12-12-22 0645ET
