UK Economy Performing Better Than Expected But Unlikely to Avoid Recession

UK Economy Performing Better Than Expected But Unlikely to Avoid Recession

0756 GMT - U.K.'s GDP eked out a small expansion in November, suggesting the economy wasn't as weak as thought in 4Q, Capital Economics senior U.K. economist Ruth Gregory says in a note. It appears that economic growth has a bit of momentum, but the economy currently is at best stagnating, she says. If GDP avoids a monthly fall of more than 0.4% in December, then it won't contract in 4Q as a whole and thus it will have avoided a technical recession in 2022, Gregory says. However, a recession is still likely in 1H 2023, she says. "It is too soon to conclude the economy will be able to get through this period of high interest rates and high inflation largely unscathed." ([e-mail])

 
Companies News: 

Global Ports Holding Reviewing Capital, Financing Structure

Global Ports Holding PLC said Friday that is reviewing the company's capital and financing structure in light of the "significant and exciting opportunities in its cruise business."

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Premier Miton Group Assets Under Management Rose in 1Q

Premier Miton Group PLC said Friday that its assets under management rose in the first quarter of fiscal 2023.

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Taylor Wimpey 2022 Operating Profit Met Views but Sales Rate Fell

Taylor Wimpey PLC said Friday that its 2022 performance met its expectations with higher operating profit, despite lower completions and a lower sales rate on-year.

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Appreciate Group 3Q Revenue Rose, Outlook Remains In Line With Its Views

Appreciate Group PLC on Friday said its third-quarter revenue reflected normal seasonality trends and that its outlook remains aligned with its expectations.

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Card Factory Appoints Matthias Seeger as CFO

Card Factory PLC said Friday that it has appointed Matthias Seeger as chief financial officer with effect expected from May 22.

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888 Holdings 2022 Revenue, Earnings Were In Line; CFO to Leave

888 Holdings PLC said Friday that 2022 revenue and adjusted earnings before interest, taxes, depreciation and amortization were in line with expectations and that Chief Financial Officer and Executive Director Yariv Dafna has agreed to step down.

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M.J. Gleeson 1H Homes Sold Slipped 4%, Order Book Fell

M.J. Gleeson PLC said Friday that the number of homes it sold slipped slightly on year in the first half of fiscal 2023 though selling prices remained stable, and its order book fell.

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DFS Furniture 2Q Order Intake Improved; Backs FY 2023 Midpoint Profit Forecast

DFS Furniture PLC said Friday that order intake for the second quarter of the fiscal year rose from the same period a year earlier, but was still down for the first half overall, and backed its midpoint adjusted pretax profit guidance.

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Gulf Marine Services Says 2022 Guidance May Be Adjusted After Client Goes Bankrupt

Gulf Marine Services PLC on Friday said it may need to adjust its 2022 guidance after a client owing it 4 million euros ($4.3 million) for a contract has filed for bankruptcy.

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Alphawave IP 4Q Performance Significantly Improved on Year

Alphawave IP Group PLC said Friday that it booked significantly improved performance in the fourth quarter of 2022, with strong design win momentum and an expanded customer base.

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Wincanton Trades in Line Through 3Q

Wincanton PLC said Friday that it continued to trade in line with expectations in its third quarter, with year-to-date revenue growth of 5.5%.

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Dialight Sees Lower 2022 Core Profit After Weak December

Dialight PLC on Friday lowered its core profit guidance for the year after a weaker-than-expected December revenue.

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Belluscura Sees 2022 Loss in Line With Market Views

Belluscura PLC said Friday that it expects to report an Ebitda loss for 2022 in line with market expectations.

 
Market Talk: 

Taylor Wimpey's 2022 Update Looks Reassuringly In line

0745 GMT - Taylor Wimpey has delivered a reassuring 2022 business update, confirming it sees operating profit in line with expectations and Citi expects the company to have sold in advance around 38% of its expected 2023 private sales volumes. The house builder has begun a consultation to optimize overheads given market conditions, expecting annualized savings of GBP20 million, Citi analyst Ami Galla highlights in a research note. "We believe the group's relatively better trading performance, tight control on costs and good site availability places it in a slightly stronger position in the upcoming spring selling season to navigate the sector's demand headwinds and optimize value for shareholders," the U.S. bank says. Citi retains its buy rating and 121-pence price target on Taylor Wimpey's stock. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

01-13-23 0313ET