UK Labor Market Showed Strength in Summer; Challenges Ahead in
4Q
0802 GMT - Job creation remained strong over summer in the U.K.,
Pantheon Macroeconomics says. The number of people employed was
183,000 higher in the three months to July than in the previous
three months, according to the Labour Force Survey. "The strength
of the employment indicators of Markit's purchasing managers index
survey and the KPMG/REC Report on Jobs in August suggest that
employment growth will remain brisk throughout the third quarter,"
Pantheon Macroeconomics' chief U.K. economist Samuel Tombs says.
Further growth in employment will likely push down the unemployment
rate even further toward its pre-Covid low of 3.8%, he says.
However, the winding up of the furlough program will probably lead
to an increase in unemployment and underemployment in 4Q, Tombs
says. (maria.martinez@wsj.com)
Companies News:
Elliott Investment Management Pushing for Breakup of SSE
-Bloomberg
Paul Singer's Elliott Investment Management is pushing for a
breakup of SSE PLC, Bloomberg reports, citing people with knowledge
of the matter.
---
Bunzl Agrees to Acquire US Safety Business, Australian
Healthcare Distributor
Bunzl PLC said Tuesday that it has agreed to acquire a
U.S.-based safety business and a medical-supplies distributor
operating in Australia and Singapore for undisclosed amounts.
---
Ocado Group's 3Q Ocado Retail Revenue Fell
Ocado Group PLC said Tuesday that revenue from its joint venture
Ocado Retail declined in the third quarter of fiscal 2021, and that
the latest seven weeks of the period were hit by the orders lost in
a fire at its customer fulfillment center in Erith, England, in
July.
---
JD Sports Posts Record-High 1H Earnings, Sees 2021 Headline
Pretax Profit of at Least GBP750 Mln
JD Sports Fashion PLC said Tuesday that its first-half profits
rose to record-high levels, and that it expects to achieve a
headline pretax profit of at least 750 million pounds ($1.04
billion) for the whole of 2021.
---
Petra Diamonds FY 2021 Adjusted Ebitda Doubled
Petra Diamonds Ltd. on Tuesday reported that its adjusted
earnings doubled in the fiscal year, but missed market
expectations.
---
Staffline's 1H Pretax Loss Narrowed Materially
Staffline Group PLC on Tuesday reported a significantly narrowed
pretax loss for the first half of the year after cutting costs and
benefiting from a solid performance by all of its three divisions
in the period.
---
M.J. Gleeson FY 2021 Pretax Profit Rose Significantly
M.J. Gleeson PLC on Tuesday reported a significant rise in
pretax profit for fiscal 2021 despite the pressures affecting the
supply of materials and labor within the industry.
---
Clayton Dubilier & Rice Reaches Agreement With Morrisons
Pension Trustees
Clayton Dubilier & Rice LLP said Tuesday that it had reached
an agreement with the trustees of the pension plans of Wm. Morrison
Supermarkets PLC, strengthening its position in a potential bidding
war for the U.K. supermarket chain.
---
Trainline Expects Return to Profitability in 1H 2022
Trainline PLC said Tuesday that it expects to return to
profitability for the first half of fiscal 2022, and that revenue
and net ticket sales increased over the period as Covid-19
restrictions eased.
---
Chemring Sees FY 2021 Earnings in Line With Market
Expectations
Chemring Group PLC said Tuesday that its performance for the
year ending Oct. 31 is in line with market expectations.
---
BP Hires Former RWE Renewables CEO to Lead Green
Transformation
BP PLC said Tuesday that it has appointed Anja-Isabel Dotzenrath
as executive vice president for the gas and lower carbon energy
division.
---
Made.com Group 1H Pretax Loss Narrowed, Backs Guidance
Made.com Group PLC said Tuesday that its pretax loss narrowed
for the first half as revenue increased, and backed its guidance
for the year.
---
Portmeirion Swung to 1H Pretax Profit; To Resume Dividends
Portmeirion Group PLC said Tuesday that it swung to a pretax
profit for the first half as revenue increased, and that it expects
to resume dividend payments in 2021 based on its strong performance
in the period.
---
NCC Posts Higher FY 2021 Profit, Sees Stronger Revenue Growth in
FY 2022
NCC Group PLC on Tuesday reported an improved profit for fiscal
2021, and forecast higher revenue growth for the current financial
year.
---
Smart Metering Systems Raises GBP175 Mln Via Discounted Share
Placing
Smart Metering Systems PLC said Tuesday that it has raised 175
million pounds ($242.2 million) as expected via a discounted share
placing.
---
Porvair Performance in 3Q Above Expectations
Porvair PLC said Tuesday that performance in the third quarter
of fiscal 2021 has been modestly above expectations, and that
although aerospace orders are improving they remain below
pre-pandemic levels.
---
Kape Technologies Raises $354 Mln, $2.5 Mln Via Share Placing,
Retail Offer
Kape Technologies PLC said Tuesday that it has raised $354
million from a share placing, in line with guidance, and $2.5
million via its retail offer on the PrimaryBid platform.
Market Talk:
UK 10Y Gilt Yield Hits Near 12-Week High After Labor Data
0856 GMT - Investors sell 10-year benchmark U.K. government debt
after official data showed company payrolls have returned to
pre-pandemic levels as the recovery from the Covid-19 crisis
continues. The unemployment rate fell slightly to 4.6% in the three
months to July from 4.7% the previous month. "The falling
unemployment rate is another sign that the U.K. economy is
experiencing a healthy recovery," says Emma Mogford, fund manager
at Premier Miton Monthly Income Fund, adding that the Bank of
England will be closely watching how the labor market reacts to the
end of the furlough scheme in Sept. 30. The 10-year gilt yield
climbs to its highest in nearly 12 weeks at 0.782% after the
announcement, according to Tradeweb. (lorena.ruibal@wsj.com)
Contact: London NewsPlus, paul.larkins@wsj.com
(END) Dow Jones Newswires
September 14, 2021 05:12 ET (09:12 GMT)
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