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☆ Britain's Sainsbury's expects to beat market forecasts this year
▼ + stars: | 2023-04-27 | by ( James Davey | ) www.reuters.com time to read: +2 min

It said on Thursday underlying pretax profit was 690 million pounds ($861 million) in the year to March 4, at the top end of guidance but down from the 730 million pounds made in 2021-22. For the 2023-24 year Sainsbury's forecast profit between 640 and 700 million pounds, ahead of analysts' average forecast of 631 million pounds. Earlier this month, market leader Tesco (TSCO.L) reported a 6.3% fall in annual profit and forecast a flat outcome for 2023-24. Sainsbury's spent over 560 million pounds over the two years to March 2023, funded by cost savings, to keep a lid on prices, taking a hit to profit. Its 2022-23 statutory pretax profit fell to 327 million pounds from 854 million pounds, impacted by non-cash asset impairments.

☆ UK's Bellway to buy back shares, hike social housing output
▼ + stars: | 2023-03-28 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +2 min

Chief Executive Jason Honeyman told Reuters the company started hastening construction in its social housing programme in October after a demand slump. Honeyman said homes built in the programme would make up more than quarter of overall output in the fiscal year ending on July 31. Bellway, which builds everything from one-bedroom apartments to six-bedroom family homes and luxury penthouses, said there was a moderate improvement in bookings since January. Bellway shares edged up about 1% in morning trade. ($1=0.8121 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Freight Rebound Hopes Are Fading Under an Inventory Glut
▼ + stars: | 2023-03-22 | by ( Liz Young | Paul Berger | ) www.wsj.com time to read: 1 min

Container ships on March 8 at the Port of Oakland, one of several U.S. ports to report double-digit declines in imports to start 2023. Freight companies are dialing back expectations that demand will recover strongly in the second half of the year amid growing economic uncertainty and signs retailers are growing more guarded about placing big orders in 2023. “There was more optimism a few months ago than there is now,” said Paul Svindland , chief executive of Bensenville, Ill.-based logistics provider STG Logistics Inc.

☆ SVB UK handed out over 15 mln stg in bonuses days after HSBC rescue - Sky News
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 18 (Reuters) - Silicon Valley Bank's UK arm handed out over 15 million pounds ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky News reported on Saturday. Payouts to staff including senior executives were signed off by HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if SVB UK had not been acquired while still solvent. Sky cited sources familiar with the matter as saying the bonus pool was "modest" at 15 million to 20 million pounds. SVB UK and HSBC did not immediately respond to Reuters requests for comment. ($1 = 0.8214 pounds)Reporting by Jyoti Narayan in Bengaluru; Editing by Frances Kerry and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Baker Greggs sees more growth as Britons 'seek value'
▼ + stars: | 2023-03-07 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

"Customers are seeking out value and therefore they're coming to Greggs," Currie, who has been chief executive since last May, said in an interview on Tuesday. For 2022, Greggs posted pretax profit of 148.3 million pounds ($178.6 million), in line with analysts' forecasts, on total sales which came in 23% higher. Greggs is comfortable with a consensus forecast for 2023 profit of 161 million pounds. "Greggs has demonstrated impressive resilience in 2022 with continued strong like-for-like sales growth throughout the year," Goodbody analysts said. ($1 = 0.8306 pounds)Reporting by Sarah Young, Editing by Paul Sandle and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Pearson eyes bigger profits after strong 2022, but no new buyback flagged
▼ + stars: | 2023-03-03 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

That would represent a 28% jump on the 456 million pound adjusted operating profit it posted for 2022, as demand for the tests its provides for qualifications in healthcare and English language learning increases. He added that Pearson was a long-term user of AI as it detects cheating on its tests. "The group has not committed to a buyback... We note some investors may be disappointed given overall leverage remains low," said Citi analysts. Chief Financial Officer Sally Johnson told reporters on Friday that a strong balance sheet was the priority. ($1 = 0.8347 pounds)Reporting by Paul Sandle; Writing by Sarah Young; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ UK to extend energy bill help for 3 months - source
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

Government subsidies are scheduled to be scaled back from next month, meaning average annual bills would rise to 3,000 pounds ($3,600) from 2,500 pounds now. Hunt is due to deliver a budget statement on March 15, when any extension to the level of support could be announced. "The Chancellor has been clear that we will keep all our support under review... we are already doing all we can to support people struggling with high energy bills," a spokesperson for prime minister Rishi Sunak said on Friday. Hunt can count on a roughly 30-billion-pound windfall as he prepares his budget, according to the Institute for Fiscal Studies (IFS). Keeping the current level of energy subsidies would cost 2.7 billion pounds until the end of June, based on current energy price forecasts, the IFS estimated this week.

☆ New Rolls-Royce boss says more to come after profit beat
▼ + stars: | 2023-02-23 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

SummarySummary Companies FY op profit 652 mln stg, up 57%Profit beats consensusNew CEO says 2023 profit will riseLONDON, Feb 23 (Reuters) - The new chief executive of Britain's Rolls-Royce (RR.L) forecast more profit growth in 2023 after last year beat expectations, and said the engineering company was capable of "much more" as his transformation plan starts to take shape. As Rolls-Royce announced a 57% rise in underlying operating profit on Thursday, he said his transformation programme was already underway and moving at pace. The company posted operating profit of 652 million pounds ($786.4 million) for 2022, beating an analyst forecast of 478 million pounds, helped by an improving performance in civil aerospace, its biggest division, as travel recovers from the pandemic. For 2023, Rolls guided to underlying operating profit of 0.8-1.0 billion pounds and free cash flow of 0.6-0.8 billion pounds, helped by the early benefits of the transformation. ($1 = 0.8291 pounds)Reporting by Paul Sandle; additional writing by Sarah Young and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ ADIA weighs bid for 2 bln stg stake in UK's Associated British Ports - Bloomberg News
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is among parties considering a bid for a 34% stake in Associated British Ports that could be valued at about 2 billion pounds ($2.42 billion) or more, Bloomberg News reported on Tuesday. Stonepeak Partners LP and British Columbia Investment Management Corp are among the other investors interested in the stake being sold by Canada Pension Plan Investment Board (CPPIB), the report said, citing people familiar with the matter. Deliberations are in the early stages, the report said, adding that other suitors, including existing shareholders, could also emerge. ADIA, Associated British Ports, British Columbia Investment Management, Stonepeak and CPPIB did not immediately respond to Reuters' requests for comment. ($1 = 0.8256 pounds)Reporting by Aarati Krishna in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of England misses gilt auction sales target for first time
▼ + stars: | 2023-02-09 | by ( David Milliken | ) www.reuters.com time to read: +2 min

The bank's QE gilt holdings now stand at 825 billion pounds, down by 50 billion pounds from their peak in December 2021. In the first three months of 2023 it plans to sell 9.75 billion pounds of short-, medium- and long-dated gilts. Overall, the central bank is seeking to reduce its gilt holdings by 80 billion pounds over 12 months, split roughly equally between outright sales and maturing gilts. Earlier on Thursday, before the auction, BoE Governor Andrew Bailey told a panel of lawmakers that he had not seen any evidence of market disturbance from the central bank's QT sales. Under the terms of the its QT auction programme, the BoE has the option of selling less than the amount planned at a particular auction if it receives unattractively low bids.

☆ Britain's Morrisons puts faith in better pricing to win back customers
▼ + stars: | 2023-01-26 | by ( James Davey | ) www.reuters.com time to read: +2 min

Morrisons, owned since 2021 by U.S. private equity firm Clayton, Dubilier & Rice, was overtaken as Britain's fourth-largest grocer by market share by German-owned discounter Aldi last September, according to researcher Kantar. Monthly industry data has consistently shown the group underperforming rivals including market leader Tesco (TSCO.L) and No. Sales in the three weeks before Christmas were up 2.5% year on year, said Morrisons, which has a UK grocery market share of 9.1%. In the financial year to end-October, Morrisons reported a 15% drop in core earnings (EBITDA) to 828 million pounds ($1.03 billion) while underlying sales fell 4.2%. Analysts had suggested that Morrisons' debt burden following CD&R's 7 billion pound purchase has impacted its ability to maintain price competitiveness.

☆ RSA Security explores $2 bln-plus sale of Archer -sources
▼ + stars: | 2023-01-18 | by ( Milana Vinn | ) www.reuters.com time to read: +2 min

Clearlake Capital, another private equity firm, invested in RSA the following year. Last year, RSA sold a majority stake in its events business, RSA Conference, to private equity firm Crosspoint Capital Partners for an undisclosed amount. Archer, headquartered in Bedford, Massachusetts, is a governance, risk and compliance software platform with over 15,000 users globally. RSA's other business divisions include identity and access management platform SecureID and threat detection and response software platform NetWitness. Archer is not the only risk management software vendor up for sale in the United States.

☆ ASOS identifies cost savings after Christmas sales slide
▼ + stars: | 2023-01-12 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

ASOS said sales in its biggest market of Britain fell 8% in the period, hurt by Christmas delivery problems and a tough comparison against last year when the pandemic favoured online shops. Liberum analysts called recent trading weak, adding there had been "progress on new strategy but we remain wary." Britain is in the midst of a cost-of-living crisis and ASOS blamed weak consumer sentiment for its UK sales fall but many other retailers, such as clothes chain Next (NXT.L), have managed to grow sales over Christmas, showing that ASOS is more challenged than others. Data from IMRG showed that online retail sales in the UK fell for the first time ever last year, down 10.5% year-on-year. In Europe, ASOS did better, growing sales more than 6% in the period.

☆ Britain's Tesco to target value offers after strong Christmas
▼ + stars: | 2023-01-12 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/2] Clubcard branding is seen inside a branch of a Tesco Extra Supermarket in London, Britain, February 10, 2022. Tesco, like Sainsbury's, is absorbing some of its cost inflation rather than passing it all on to consumers. The group maintained its forecast for 2022-23 retail adjusted operating profit of between 2.4 billion pounds and 2.5 billion pounds ($2.9-$3.0 billion), down from the 2.65 billion pounds earned in 2021-22. It expects retail free cash flow of at least 1.8 billion pounds and profit from Tesco Bank of 120-160 million pounds. Shares in Tesco have fallen 17% over the last year, but are up 7% over the last month.

☆ Britain's Tesco sticks with profit outlook after strong Christmas sales
▼ + stars: | 2023-01-12 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummarySummary Companies UK Q3 like-for-like sales up 4.3%Six weeks to Jan 7 UK like-for-like sales up 7.2%Expects full year profit of 2.4-2.5 bln stgHas "good momentum" going into 2023LONDON, Jan 12 (Reuters) - Tesco (TSCO.L), Britain's biggest retailer, kept its full-year profit guidance after it joined rivals in reporting stronger than expected Christmas sales despite an escalating cost-of-living crisis. The supermarket group, which has a 27.5% share of Britain's grocery market, said on Thursday UK like-for-like sales rose 4.3% in its third quarter to Nov. 26 and were up 7.2% in the six weeks to Jan. 7. 2 supermarket group Sainsbury's reported a 5.9% rise in underlying sales for its Christmas quarter, while discounters Aldi UK and Lidl GB have also reported bumper Christmas sales. The group maintained its forecast for 2022-23 retail adjusted operating profit of between 2.4 billion pounds and 2.5 billion pounds ($2.9-$3.0 billion), down from the 2.65 billion pounds made in 2021-22. It expects retail free cash flow of at least 1.8 billion pounds and profit from Tesco Bank of 120-160 million pounds.

☆ Britain's Sainsbury's raises profit sights after Christmas sales rise
▼ + stars: | 2023-01-11 | by ( James Davey | ) www.reuters.com time to read: +3 min

The UK's second largest supermarket chain after Tesco (TSCO.L) had previously forecast 2022-23 underlying pre-tax profit of between 630 million and 690 million pounds ($767-$840 million). It made 730 million pounds in 2021-22. Prior to the update analysts were on average forecasting 644 million pounds, according to a company compiled consensus. Grocery sales rose 5.6%, while general merchandise sales increased by a better-than-expected 4.6%. Sainsbury's owns the Argos general merchandise business.

☆ UK equity funds saw record $10 bln outflows in 2022-Calastone
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Equity funds shed 6.26 bln stg in 2022 -CalastoneRecord 1.17 billion stg of North American funds sold in 2022Signs of optimism returned in Q4 but UK funds shunnedGlobal ESG equity funds saw inflowsLONDON, Jan 5 (Reuters) - Investors sold a record 8.38 billion pounds ($10 billion) worth of UK-focused equity funds last year, shunning Britain as the country braces for the worst recession among major economies, a global funds network said. Calastone said on Thursday that investment fund flows in 2022 were the weakest in at least eight years, with 6.29 billion pounds pulled from equity funds as the war in Ukraine helped to drive record inflation and interest rate hikes. Fleeing into cash and fund categories perceived to be lower-risk, investors also sold a record 1.17 billion of North American funds - the first year of outflows since 2016. Exits from European equity funds hit 2.65 billion pounds, while Asia-Pacific funds saw 1 billion pounds of withdrawals. Property funds, meanwhile, have been buffeted by outflows, partly because economic downturns snuff out demand for commercial property.

☆ Inflation drives Britain's record Christmas grocery sales
▼ + stars: | 2023-01-04 | by ( James Davey | ) www.reuters.com time to read: +2 min

Kantar said grocery price inflation was 14.4% in December, down from 14.6% in November, with prices rising fastest in markets such as milk, dog food and frozen potato products. “This is the second month in a row that grocery price inflation has fallen, raising hopes that the worst has now passed," McKevitt said. Online grocery sales rose 4%, though its share of the market fell 0.6 percentage points to 11.6%. Overall UK inflation is running at 10.7% and consumers face the prospect of a tighter squeeze in 2023, with higher taxes and mortgage rates and scaled-back government support on household energy bills. UK grocers' market share and sales growth (%)Source: Kantar($1 = 0.8345 pounds)Reporting by James Davey Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ AK-47 vs. AK-74: How Russia's workhorse rifles stack up
▼ + stars: | 2022-12-28 | by ( Travis Pike | ) www.businessinsider.com time to read: +6 min

Today we are going to dig deep into the differences and do a little AK-47 vs AK-74 showdown. Breaking down the AK-47 vs. AK-74 historyMikhail Kalashnikov with an AK-74 in November 2002. REUTERS/Gleb GaranichBig brother AK-47 can teach the younger 74 some lessons in this AK-47 vs AK-74 brawl. From a civilian-ownership perspective, we need to look at commonality and logistics in our AK-47 vs AK-74 deathmatch. Mikhail Japaridze\TASS via Getty ImagesIt's time to declare a winner in the AK-47 vs AK-74 grudge match.

☆ Aviva pledges regular investor payouts as premiums rise
▼ + stars: | 2022-11-09 | by ( Carolyn Cohn | ) www.reuters.com time to read: +2 min

Jefferies analysts have previously said they expect Aviva to make recurring 250 million pound ($289 million) pay-outs. Aviva has already returned 4.75 billion pounds to investors after raising 7.5 billion in a string of asset sales since Blanc became CEO in July 2020. Cevian in the past called on Aviva to return five billion pounds to shareholders by the end of 2022. Aviva reported a 10% rise in general insurance gross written premiums in the first nine months of the year to 7.2 billion pounds. The value of new business in its UK and Ireland life division rose 46% over the same period to 466 million pounds.

☆ New GSK shines brighter with another forecast upgrade
▼ + stars: | 2022-11-02 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

Shingrix generated quarterly sales of 760 million pounds ($873 million), compared with the GSK-compiled analyst consensus forecast for 685 million pounds. GSK shares hit a 2-1/2 month high of 1,470.2 pence in early trade and were last up 1% at 1,461.3 pence. GSK said it had incurred a charge of 45 million pounds in the third quarter, primarily reflecting provisions for increased legal fees related Zantac. Originally marketed by a forerunner of GSK, Zantac has been sold by companies including Pfizer (PFE.N), Boehringer Ingelheim and Sanofi (SASY.PA), as well as many generic drugmakers. GSK reported a third-quarter adjusted profit of 46.9 pence per share on sales of about 7.83 billion pounds, topping analysts' forecasts for 40.1 pence and 7.32 billion pounds.

The British bank made a profit before tax of 2 billion pounds ($2.3 billion) in July-September, up from 1.9 billion a year ago and above analyst forecasts. European rival Deutsche Bank said fixed income trading revenues rose 38%. Barclays' advisory fees including merger and acquisitions (M&A) fell 45% in the third quarter to 533 million pounds. Despite the higher loan loss charge - including 381 million pounds taken in the quarter - Barclays' chief financial officer Anna Cross told reporters this had been taken ahead of time. Barclays said the net loss arising from the error over the year to date was 600 million pounds.

The British bank made a profit before tax of 2 billion pounds ($2.3 billion) in July-September, up from 1.9 billion pounds in the same period a year ago and above analysts' average forecast of 1.8 billion pounds compiled by the bank. Income in the fixed income, currencies and commodities business (FICC) doubled to 1.6 billion pounds from a year earlier as volatile markets saw heavy trading by clients. European rival Deutsche Bank saw fixed income trading revenues rise 38%. Barclays said the net loss arising from the error over the year to date was 600 million pounds. Barclays set aside 381 million pounds in the quarter to cover potentially soured loans – topping up its provisions for the year to 722 million – to reflect the deteriorating outlook.

A once-bustling logistics mergers-and-acquisitions market is quieting down as slipping freight demand and higher borrowing costs dampen deal making in the sector. Company valuations are moderating in a softening freight market and rising borrowing costs are making deals tougher to complete. The market for freight and logistics companies surged during the pandemic as retailers sought to rush goods to consumers, fueling strong growth in shipping demand, higher freight rates and record profits for companies ranging from regional truck operators to international freight forwarders. Foreign-based ocean carriers and freight forwarders have also shown great interest in the U.S. logistics market as they seek to expand their end-to-end supply-chain services. But logistics companies looking to expand their reach and private-equity firms looking to expand existing logistics portfolios are still hunting deals.

☆ Fire-fighting Bank of England forced to buy inflation-linked bonds
▼ + stars: | 2022-10-11 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Citing a "material risk" to financial stability arising from a rout in British government bonds - known as gilts - the BoE said it would buy up to 5 billion pounds ($5.51 billion) of index-linked debt per day, starting Tuesday. Rather than increase the existing commitment to buy up to 10 billion pounds of gilts each day, as announced on Monday, the purchases will run alongside existing purchases of long-dated conventional bonds, now worth up to 5 billion pounds. British inflation-linked gilts - known as linkers - suffered a massive sell-off on Monday, despite the BoE doubling the maximum size of its buy-backs of conventional long-dated gilts. "Dysfunction in this market, and the prospect of self-reinforcing 'fire sale' dynamics pose a material risk to UK financial stability." To halt freefalling prices, the BoE was forced to pledge to buy as much as 65 billion pounds ($73.63 billion) of long-dated government bonds, known as gilts.

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