UK Shop-Price Inflation Is Still Uncomfortably High

UK Shop-Price Inflation Is Still Uncomfortably High

1044 GMT - The U.K. shop-price inflation slightly dropped in early December but still remained at uncomfortably high levels given the further pressures on essential goods, Interactive Investor's head of investment Victoria Scholar says in a note. The figures reported by NielsenIQ and the British Retail Consortium show inflated cost of food and drinks and, combined with expensive energy bills and higher mortgage rates, explain why many families cut back during the festive period, she says. "Looking ahead, the Bank of England's rate hiking path and the softening demand outlook should hopefully ease some of these inflationary pressures later this year," Scholar adds. ([e-mail])

Companies News: 

Union Jack Oil FY 2022 Revenue Rose on Wressle Well Production

Union Jack Oil PLC on Wednesday said its 2022 revenue was boosted by its Wressle hydrocarbon development, which made $12 million in net revenue since production restarted at the site in August.

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HEIQ Expects to Miss 2022 Market Views; Buys Tarn-Pure Holdings

HEIQ PLC said Wednesday that it expects to miss consensus expectations for 2022 after market conditions worsened in the fourth quarter, and that it has acquired Tarn-Pure Holdings Ltd.

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Concurrent Technologies Sees 2022 Revenue Ahead of Views, Pretax Profit at Least in Line

Concurrent Technologies PLC said Wednesday that it expects to report revenue around 10% ahead of market expectations and pretax profit at least in line with market expectations for 2022.

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Vast Resources' Romanian Mine 4Q Production, Sales Rose Ahead of Forecasts

Vast Resources PLC said Wednesday that its fourth-quarter copper concentrate production and sales rose on quarter at its Baita Plai Polymetallic Mine in Romania, exceeding forecasts made in mid-December.

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Carr's Group Shares Suspended Due to Delayed FY 2022 Audited Results

Carr's Group PLC said Wednesday that its shares have been temporarily suspended as it has been unable to publish its audited fiscal 2022 results by the required deadline.

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Genius Sports Settles Legal Dispute With SoftConstruct

Genius Sports Ltd. said Wednesday that it has agreed to settle its legal dispute with SoftConstruct.

 
Market Talk: 

Ryanair Still Faces Challenges Ahead, Interactive Investor Says

1040 GMT - Ryanair still has major headwinds to tackle with an imminent recession, inflationary cost pressures and softening consumer demand, Interactive Investor says in a market comment. "Investors have had a difficult year with the stock which is down by more than 30% over a one-year period, suggesting there is still a long way to go to restore investor confidence", head of investment Victoria Scholar says. Still, the latest traffic figures show the low-cost carrier is storming ahead in terms of passenger numbers, exceeding prepandemic levels, and is on track to achieve another record year, Scholar notes. ([e-mail])

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HEIQ Shares Plummet on Severe Profit Warning as Demand Drops

1104 GMT - HEIQ gave such a severe profit warning covering 2022 and 2023 earnings that its shares have halved on the news, AJ Bell says. Investors in the materials company had raved about its technology that killed viruses on textile surfaces and expectations were high, but now demand has fallen off a cliff, between customers sitting on too much stock, China's strict coronavirus rules and global uncertainty, AJ Bell investment director Russ Mould says in a market comment. "This looks like a classic case of investors being caught up by the hype around a small company's potential and subsequent realization that it only takes a few factors to cause a domino effect and leave the business in a pickle," the brokerage says. Shares are down 53% at 26.0 pence. ([e-mail])

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

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