UK Inflation Expected to Rise Sharply
0650 GMT - U.K. inflation remains on course to rise sharply in coming months after easing in July but it is unlikely to reach the Bank of England's forecast of 4.0% by year-end, Pantheon Macroeconomics says. "We think that the headline rate of CPI inflation will peak at 3.7% in November, before falling back to the 2% target in the second half of next year, a year earlier than the BOE expects," Pantheon economist Samuel Tombs says. U.K. inflation slowed to an annual rate of 2.0% in July from 2.5% in June, data showed Wednesday. That was in line with the level expected by economists in a WSJ survey. (renae.dyer@wsj.com)
Companies News:
Old Mutual Sees 1H Recovery in Sales, Profit, But Raises Covid-19 Provision
Old Mutual Ltd. said Wednesday that it experienced a recovery in sales and earnings for the first half of the year, but that it has increased its Covid-19 provisions to take into account expectations of further coronavirus waves.
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Balfour Beatty Swung to 1H Profit, Returns to Dividend List
Balfour Beatty PLC on Wednesday reported a swing to profit for the first half of the year, backed its full-year guidance and returned to the dividend list.
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Persimmon 1H Pretax Profit, Revenue Rose
Persimmon PLC said Wednesday that first-half pretax profit and revenue rose and that it anticipates delivering around 10% growth in sales completions this year.
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Novacyt 1H Revenue Rose 50%; Backs 2021 Guidance
Novacyt SA said Wednesday that revenue for the first half of 2021 rose 50% and it reiterated its full-year revenue guidance.
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Angling Direct 1H Revenue Rises Despite Virus-Related Store Closures
Angling Direct PLC on Wednesday reported a rise in revenue for the first half of fiscal 2022 despite its stores being closed at the start of the year due to coronavirus-related lockdown restrictions.
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Falanx Group Sees Narrowed FY 2021 Adjusted Loss; Gets Loan
Falanx Group Ltd. said Wednesday that it anticipates a narrowed adjusted loss for fiscal 2021 thanks to cost controls, and said that it has received a new loan to support investment and potential acquisitions.
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Hochschild 1H Pretax Profit, Revenue Rise
Hochschild Mining PLC said Wednesday that pretax profit for the first half rose as revenue increased, and backed its production guidance for the year.
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Likewise Group Shares Jump in Stock Market Debut
Shares of Likewise Group PLC jumped as much as 28% in early trade Wednesday as the company started trading on London's junior AIM, implying a market capitalization of 61.6 million pounds ($84.6 million).
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Rotork Launches Buyback Program of Up to GBP50 Mln
Rotork PLC said Wednesday that it is launching a share buyback program of up to 50 million pounds ($68.7 million) to return cash to shareholders.
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Jadestone Energy 1H Production Ahead of Plans; Raises Spending Guidance
Jadestone Energy Inc. said Wednesday that production for the first half was slightly ahead of plans and that it has raised spending guidance for the year.
Market Talk:
Persimmon Has Outperformed Pre-Pandemic Levels
0732 GMT - House builder Persimmon has seen improvement from the levels it experienced pre-pandemic, and is strongly ahead of last year's comparatives, Richard Hunter at Interactive Investor says. However, the current cost inflation of building, which is running between 4.5% and 5%, is seen as a red flag, Hunter says. Furthermore, the company first-half results don't encompass any effects that the end of the stamp duty holiday may have had, and the forthcoming removal of the U.K. government's furlough scheme may put pressure on both unemployment levels and consumer confidence, Hunter says. "Persimmon continues to build on its strengths, with a healthy order book, robust balance sheet and careful management of the factors within its control all underpinning progress," he says. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus, Dow Jones Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
08-18-21 0405ET