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Sterling Fed Minutes, Dollar Vs After UK Data
1014 GMT – Sterling hit a three-month high against the dollar after Wednesday’s Federal Reserve meeting minutes signaled a policy slowdown and slower-than-expected UK purchasing managers’ index data, Abery said. The dollar fell after the Fed’s minutes on Wednesday indicated that most Fed members expect the pace of interest rate hikes to slow soon, Abury strategist Matthew Ryan said in a note. “This, combined with stronger-than-expected UK macroeconomic data gave sterling a leg up.” While UK PMI data continued to show a contraction in manufacturing and services activity, it was “far from levels that suggest a deeper recession is around the corner,” Ryan says. According to FactSet, GBP/USD rose 0.4% to 1.2109, having previously touched 1.2114. (renae.dyer@wsj.com)
Companies News:
Kingfisher cut profit outlook for fiscal 2023 amid higher investments
Kingfisher Plc said on Thursday that profit for fiscal 2023 is expected to be lower than earlier guidance as the company ramps up investments and spending.
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Intertech’s Revenue Rises In 2H-To-Date; 2022 sees earnings growth
Intertech Group Plc said on Thursday it was on track to deliver its full-year targets after booking revenue growth of 8.5% at constant currency in the period from July to end-October.
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Dr. Martens 1H pretax profit falls on higher costs; Increases the dividend
Dr. Martens Plc said on Thursday that pretax profit for the first half of fiscal 2023 fell amid higher costs, but increased its dividend payout to reflect its confidence in the future of the business.
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Hornby 1H losses widen but flag strong order book
Hornby Plc said on Thursday that its first-half loss had widened, as it avoided giving a full-year forecast ahead of the busy Christmas period.
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TClarke sees 2022 revenue below expectations despite a strong 2H to date
TClarke PLC said on Thursday that trading has been strong for the second half of the year to date, but revenue for the year will be lower than previously planned, with 40 million pounds ($48.2 million) expected to be booked next year.
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Mothercare 1H pretax profit falls amid challenging backdrop; Appointment of new CEO
Mothercare Plc said on Thursday that pretax profit for the first half of fiscal 2023 fell due to lower sales and higher costs amid a challenging backdrop in its markets, and that Daniel Le Vesconte will be the company’s new chief executive.
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Safestore Holdings FY 2022 Earnings Up; 4Q revenue increased
Safestore Holdings PLC said on Thursday it expects fiscal 2022 earnings to rise as it benefits from strong UK revenue growth and good performance in other markets.
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Jet2 swings to 1H profit on strong demand; Expected to beat FY2023 market view
Jet2 PLC said on Thursday it swung to a pretax profit in the first half of fiscal 2023 on a strong return to demand and expects to beat market expectations for the full year.
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Macfarlane Group revenue up 11% year to date; To meet the expectations of the whole year
MacFarlane Group PLC said Thursday that year-to-date revenue rose 11%, and that it expects full-year earnings to top last year and meet expectations.
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Paypoint upbeat on FY 2023, announces interim dividend as 1H earnings boost
Paypoint Plc said it is confident it will pay a higher dividend for the rest of the financial year, as first-half revenue increased across all divisions.
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Mitchell Marsh Sees Beating 2022 Market Views; Commencement of GBP3 Mln Buyback
Shares in Michelmarsch Brick Holdings plc rose on Thursday after it said performance in the final quarter of 2022 was positive and expected to beat full-year market views, and announced a share buyback of up to 3.0 million pounds ($3.6 million).
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Ince Group Raises GBP4.7 Mln Through Placing, Retail Offer; More than planned
Ince Group PLC said Thursday it had raised 4.7 million pounds ($5.7 million) through a share placing and retail offering, announced late Wednesday, slightly more than planned.
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XPS Pension 1H pretax profit falls; Looks beyond the FY 2023 view
XPS Pension Group PLC said on Thursday it was confident its fiscal 2023 performance would beat expectations, and first-half pretax profit fell on higher costs despite a sharp rise in revenue.
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Morse Club moves to 1H loss as redress claims waive
Morse Club Plc said on Thursday it swung to a pretax loss in its first half, as it continued to flag uncertainty over its viability amid consumer redress claims.
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Gately (Holdings) 1H revenue, underlying adjusted pretax profit increased
Gately (Holdings) Plc said on Thursday that performance remained strong for the first half of fiscal 2023, supporting the increased resilience of the sales business despite the macroeconomic backdrop.
Market Talk:
Gately’s 1H is seen as reasonable, but suggests a conflict with costs
1021 GMT – Gately’s brief update suggests a fair performance in 1H, but the company’s earnings are generally weighted towards 2H, Shore Capital’s Jamie Murray said in a research note, with shares rising 1.7%. The analyst says the legal and professional services group’s 1H revenue and adjusted pretax profit represented 47.6% and 39.0% of Shore’s estimates for fiscal 2023, respectively. “Revenue appears to be in line with our numbers, but adjusted pretax profit is slightly lower which suggests the group is struggling to contain its costs effectively,” adds Murray. Shore has a hold rating on the stock. (michael.susin@wsj.com)
Contact: London Newsplus; paul.larkins@wsj.com
(END) Dow Jones Newswire
November 24, 2022 05:40 ET (10:40 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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