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Sterling Might Fall on Weak UK Consumer Spending Outlook

09/08/2022 11:35am

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Sterling Might Fall Amid Weak UK Consumer Spending Outlook

1000 GMT - Sterling might struggle to hold levels above 1.2000 against the dollar as the outlook for U.K. consumer spending remains grim, MUFG Bank says. GBP/USD last trades up 0.4% at 1.2123. Noting that the British Retail Consortium and KPMG reported a 2.3% rise in U.K. retail sales for July, MUFG analyst Derek Halpenny says: "Hot weather essentials helped fuel the increase but the data is reported in nominal terms and hence clearly indicates a continued fall in the volume of retail sales given the current level of inflation." Separate reports, including research from property site Zoopla showing a jump in rental growth, highlight potential strains ahead for consumers being squeezed by rising costs of essentials, he says in a note. (

Companies News: 

Abrdn Swung to 1H Pretax Loss; Warns That Revenue Growth Targets Unlikely to be Reached

Abrdn PLC reported on Tuesday a swing to a pretax loss for the first half of 2022 and said its ambitions for revenue growth and improved cost-to-income ratio will now likely take longer than expected to realize.


IWG 1H Loss Narrowed as Hybrid Working Spurs Revenue

IWG PLC on Tuesday reported a narrowed loss for the first half of the year, with strong revenue and Ebitda growth in the period.


Legal & General 1H Operating Profit Rose, Raises Dividend

Legal & General Group PLC reported on Tuesday a rise in operating profit for the first half of 2022, driven by higher interest rates and a strong portfolio performance, and said that it has raised its dividend payout.


Avast 1H Pretax Profit Fell on Higher Costs, Revenue Slip

Avast PLC said Tuesday that its first-half pretax profit fell on higher costs and a slip in revenue, though average revenue per customer rose 2.2%.


RPS Group Agrees to GBP591.1 Mln Takeover By Canada's WSP Global

RPS Group PLC said Tuesday that it has agreed to a 591.1 million pound ($713.9 million) takeover by Canadian peer WSP Global Inc.


Sound Energy Seeks Partner to Fund Remaining $60 Mln for Gas Project in Morocco

Sound Energy PLC said Tuesday that it is seeking a co-investing partner for its Tendrara gas project onshore Morocco.


InterContinental Hotels to Launch $500 Mln Buyback; 1H Net Profit Boosted by Travel Demand

InterContinental Hotels Group PLC said Tuesday that it will launch a share-buyback program of up to $500 million as it reported a rise in net profit for the first half on increased revenue.


Bellway FY 2022 Housing Revenue Rose 13% on Higher Completions, Prices

Bellway PLC said Tuesday that its housing revenue rose to record levels in fiscal 2022 on higher volumes and sales prices, and reported a strong forward sales position.


SIG PLC Swung to 1H Pretax Profit; Sees Positive 2022 Earnings

SIG PLC reported on Tuesday a swing to a pretax profit for the first half of 2022 and said that it expects to return to a positive free cash flow in the second half and to close the year with a positive set of earnings.


Just Group 1H Pretax Loss Widened, Resumes Dividend

Just Group PLC on Tuesday reported a first-half widened pretax loss, but said it is confident about achieving its medium-term underlying operating profit growth target and resumed its dividend payout.


Crestchic Further Upgrades 2022 Profit Views on Strong Trading Momentum

Crestchic PLC said Tuesday that the strong momentum experienced in the first and second quarters of 2022 has again accelerated and that it now expects to close the year with higher-than-expected profits.


Ince to Raise GBP1.1 Mln Via Open Offer

Ince Group PLC said Tuesday that it is raising 1.1 million pounds ($1.3 million) via open offer to qualifying shareholders.


Nexus Infrastructure Expects Vehicle-Charging Unit Revenue to More-Than Double

Nexus Infrastructure PLC said Tuesday that it expects more-than-double revenue from its eSmart Networks vehicle-charging business in fiscal 2022, though a portion of its order book has been delayed into the new financial year.


TI Fluid Systems 1H Pretax Profit Fell on Higher Costs, Backs 2022 Outlook

TI Fluid Systems PLC said Tuesday that its pretax profit fell in the first half of the year on higher cost of sales and increased distribution costs, and backed its full-year guidance.


RPS Group 1H Pretax Profit Rose on Fee Revenue Increase

RPS Group PLC said Tuesday that first-half pretax profit rose as fee revenue returned to 2019's levels in the second quarter, and that it expects the momentum seen in the first half to continue in the second half.


Northcoders Group Secures GBP4 Mln in Government Funding

Northcoders Group PLC said Tuesday that it has secured additional funding from the U.K.'s Department for Education that provides four million pounds ($4.8 million) of scholarships to teach software development and data engineering.

Market Talk: 

Bellway's Strong Update Likely to Raise 2022 Views

0954 GMT - Bellway's update ahead of fiscal 2022's results was robust and is likely to raise market expectations for the year by around 2% to reflect updated guidance, Goodbody says. The house builder's volumes, selling prices and revenue were strong and the share price continues to offer good value, though at this stage the results are unlikely to trigger major changes to 2023 forecasts, Goodbody analyst Shane Carberry says in a research note. "Overall, a solid update from Bellway with comfort in the commentary around the 'robust' demand backdrop and low cancellation rate of 13%," the Irish brokerage says. Goodbody retains its buy rating. Shares are up 1.0 pence at 2,342.0 pence. (

Bellway's FY 2022 Results Look Strong on Good Mix

0952 GMT - Bellway's strong update for fiscal 2022 showed an outperformance on its top line, driven mainly by the effects of strong mix on selling prices, Davy Research says. The house builder's good update will likely see it outperform market consensus expectations for the full-year by a low-single-digit, Davy analyst Colin Sheridan says in a research note. "The company expects to see growth in the number of active outlets over the course of fiscal 2023, but the phasing will mean that volume delivery will be weighted towards the second half," Davy says. Davy retains its outperform rating on the stock. Shares are up 1.0 pence at 2,342.0 pence. (

InterContinental Hotels Outlook Remains Strong Despite Covid Setbacks

0846 GMT - InterContinental Hotels reported a continued recovery from the pandemic in the 1H and its $500 million share buyback program underlines its confidence in the outlook, Interactive Investor analyst Keith Bowman says in a note. However, the company said the pandemic continues to hurt its performance in China, while labor shortages also remain challenging, Bowman says. What's more, it noted that the business travel and events sector may not return to their prepandemic levels due to the increased used of video conferencing, he adds. Still the company offers both brand and geographical diversity, it continues to open hotels, and has reinstated dividends, the analyst says. "On balance, and with trading still recovering, analyst consensus opinion currently points towards a cautious buy," he says. (


Contact: London NewsPlus;

(END) Dow Jones Newswires

August 09, 2022 06:20 ET (10:20 GMT)

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