UK Inflation Data Look Set to Keep Pound's Prospects Bright
0716 GMT - Prospects for the pound "remain bright," UBS Global
Wealth Management says after figures showed Wednesday that U.K.
annual CPI inflation accelerated to 3.2% in August, higher than a
2.9% consensus forecast from a WSJ poll. The figure is well above
the Bank of England's 2.0% target. Although the central bank won't
react to these figures, having already forecast a temporary rise in
inflation, the data will keep it on track to raise interest rates
in the first half of 2022, particularly when combined with
Tuesday's solid jobs data, says UBS economist Dean Turner. Sterling
is last up 0.1% at $1.3835, up from around $1.3815 before the data.
(jessica.fleetham@wsj.com)
Companies News:
Tullow Oil CFO Les Wood to Step Down
Tullow Oil PLC said Wednesday that Chief Financial Officer Les
Wood has agreed with the board to step down.
---
Tullow Oil Swung to 1H Net Profit; Narrows 2021 Production
Guidance Upward
Tullow Oil PLC on Wednesday reported a profit for the first half
of the year and narrowed 2021 production guidance toward the upper
end of the range.
---
Fevertree Drinks' 1H Pretax Profit Grew
Fevertree Drinks PLC on Wednesday reported a rise in pretax
profit for the first half of 2021, which was marked by growth
across all of its key markets.
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Trustpilot 1H Pretax Loss Widened
Trustpilot AS said on Wednesday that its first-half pretax loss
widened after booking higher costs, and raised its guidance for the
year.
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Darktrace Books Widened FY 2021 Loss, Raises FY 2022
Guidance
Darktrace PLC on Wednesday reported a widened loss for fiscal
2021, reflecting non-cash costs, and raised guidance for the
current period.
---
Restaurant Group 1H Pretax Loss Narrowed Significantly
Restaurant Group PLC reported on Wednesday a significantly
narrowed pretax loss for the first 27 weeks of 2021 amid cuts to
costs.
---
Redrow Pretax Profit Rose in FY 2021
Redrow PLC said Wednesday that pretax profit rose for fiscal
2021 as revenue increased, and that performance in the new fiscal
year has been encouraging.
---
Pendragon Swung to 1H Profit, Supported by Strong Car Market
Pendragon PLC said Wednesday that it swung to a profit for the
first half of the year, reflecting tailwinds in the car market.
---
Ricardo Swung to FY 2021 Pretax Profit
Ricardo PLC said on Wednesday that it swung to a pretax profit
for fiscal 2021 after booking lower costs, and that it entered
fiscal 2022 with a robust order book and pipeline.
---
Epwin Group Swung to 1H Pretax Profit
Epwin Group PLC said Wednesday that it swung to a pretax profit
for the first half as revenue increased, and that it expects strong
demand from customers serving the renovation, maintenance and
improvement market--which represents around 70% of historic group
revenue--to continue in the foreseeable future.
---
Bridgepoint 1H Profit Rose in Maiden Listed Results, Deployment
at Normal Levels
Bridgepoint Group PLC said Wednesday that its profit and revenue
rose strongly in the first half of 2021, with capital deployment
returning to normal levels despite the lingering effects of the
Covid-19 pandemic.
---
Central Asia Metals Raises Dividend as Commodity Prices Boost 1H
Profit
Central Asia Metals PLC on Wednesday reported an improved profit
for the first half and raised its interim dividend.
---
Character Group Sees FY 2021 Underlying Pretax Up to 10% Below
Market Views
Character Group PLC said Wednesday that its full-year
performance has been hit by shipping issues, noting that underlying
pretax profit is now expected to be no more than 10% below market
expectations.
---
Sabien Technology Shares Soar on Partnership with
Plastics-to-Fuel Company
Sabien Technology Group PLC shares surged on Wednesday after the
company said it has been appointed as exclusive sales agent in the
U.K. for South Korea's City Oil Field Inc. for one year, with
potential for a longer partnership.
---
Eleco 1H Pretax Profit Rose; Warns of Short-Term Hit to
Profitability
Eleco PLC said Wednesday that its first-half pretax profit and
revenue rose, and that it is confident of meeting market
expectations for the full year.
---
RBG 1H Profit Rose; Shares Climb
Shares in RBG Holdings PLC jumped Wednesday morning after the
professional services group reported improved profits for the first
half of the year and reaffirmed full-year expectations.
---
Hornby Says Sales, Margins Were Lower in the April 1-August 31
Period
Hornby PLC said on Wednesday that sales and margins in the
period from April 1 to Aug. 31 were lower than in the previous year
but that trading patterns have begun to return to those seen before
the pandemic.
Market Talk:
'Eat Out to Help Out' Plan to Blame for UK Inflation Rise
0715 GMT - The rise in U.K. headline inflation in August, the
largest increase since records began in 1997, can be largely
attributed to the anniversary of the government's "Eat Out to Help
Out" plan, which was in place from Aug. 3 to Aug. 31, 2020,
Pantheon Macroeconomics says. Catering-services inflation rose to
7.9% in August from 1.4% in July, but will drop in September,
Pantheon chief U.K. economist Samuel Tombs says. The increase in
catering-services inflation drove U.K. inflation up to 3.2% in
August from 2.0% in July. Headline inflation isn't expected to rise
any further in September, the economist says. Pantheon forecasts
U.K. inflation will rise to about 4.0% in 4Q and 1Q 2022, and fall
from 2Q onward. (maria.martinez@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
September 15, 2021 03:57 ET (07:57 GMT)
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