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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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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