UK Retail May See Consumer Shift to Discounts Ahead of Christmas | So Good News


UK Retail May See Consumer Shift to Discounts Ahead of Christmas

0909 GMT – The UK business community is bracing for a difficult Christmas period as consumer confidence has hit a record low and budget pressures are unmanageable, CMC Markets chief market analyst Michael Hewson said in a statement. “There will be more consumers ditching the high-ticket items in favor of basic foods like turkeys, stuffing, Christmas puddings and the like,” says Hewson. Another important factor will be where they shop, which could benefit seasonal sales at Tesco and Sainsbury’s given that shoppers at supermarkets such as Marks & Spencer can switch to budget retailers and discounters. ([email protected])

Companies News: 

SSE PLC To Sell 25% Share In SSEN Shipping For GBP1.47 Bln

SSE PLC said Friday it will sell 25% of its electricity transmission business SSEN Transmission to the Ontario Teachers’ Pension Plan Board for 1.47 billion pounds ($1.78 billion).

Breedon Revenue in 10-Months to October Rose; See the 2022 Conference Guide

Breedon Group PLC said on Friday that revenue in all four months to the end of October and the first 10 months of the year rose year-on-year, and it backed up its full-year expectations.

Devro Agrees to Takeover for GBP540 Mln

Devro PLC said on Friday that it has agreed to a 540 million pound ($654.3 million) takeover by Saria SE & Co. KG through the agent Saria Nederland BV.

LPA Flags FY 2022 Trade Loss Despite Rise in 2H

LPA Group PLC said on Friday it would post a slight loss in sales for the year, despite a strong second half and better sales for the year.

ScS Group Sees FY 2023 Performance in Line with Outlook, 16-Week Orders Down

ScS Group PLC said on Friday that the order intake for the 16 weeks to Nov. 19 fell due to strong comparisons, but added that full-year performance was in line with expectations despite the challenges.

Devro Upbeat on Prospects such as Volume, High Car Prices

Devro PLC said on Friday that it is confident for the rest of the year and beyond, as revenues and margins are rising in the markets.

Thor Mining Trading Suspended on ASX Ahead of Capital Raise

Thor Mining PLC said on Friday that trading of its shares on the Australian Securities Exchange will be suspended ahead of plans to raise capital.

LSL Property Services Sees Prospects Ahead of 2022

LSL Property Services PLC said on Friday that it expects full-year 2022 operations to miss expectations, with full-year profits expected to be slightly lower or lower than 2019.

Kenmare Resources Cuts Production Outlook to 2022 on Power Outage

Kenmare Resources PLC said on Friday that full-year production is expected to be at or near its target due to unplanned power outages caused by problems in the electricity transmission grid.

ITM Power Appoints Dennis Schulz as CEO

ITM Power PLC announced on Friday that it has appointed Dennis Schulz as CEO effective Dec. 1.

Conviction Life Sciences Company Raises GBP100 Mln in London IPO

Conviction Life Sciences said on Friday it plans to raise 100 million pounds ($121.2 million) and float on the London Stock Exchange next month.

Market Talk: 

SSE 25% Free Shipping Seen as an Acceptable Deal

1106 GMT – SSE’s expected 25% divestment of its electricity transmission assets for GBP1.47 billion – and capital improvements for incremental investment – should be welcomed, says Citi. The energy company is unlikely to be too happy with the market after the sale, however, Citi analyst Jenny Ping said in a research note. “We are also seeing lower valuations for some of the UK’s internet assets which may continue, given the economic slowdown,” the US bank said. Citi maintains its neutral rating and price target of 1,664 pence on the stock. Shares were up 0.8% at 1,747.0 pence. ([email protected])

BT Analyst Meet Fails to Provide Visibility on Fixed Line Losses

1021 GMT – BT Group CFO Simon Lowth and Openreach CEO Clive Selley held an expert meeting on Thursday, but did not show the stability of the line loss or the rationale behind the Equinox 2 proposal, Jefferies analysts Jerry Dellis and Yi Hsin Yeoh said. in research papers. The UK telecommunications company’s Equinox 2 program will encourage internet service providers to move more customers to local areas to reduce costs, but it remains unclear why Equinox 2 is being launched when Openreach is failing to meet FTTP targets, analysts say. to say. Jefferies has a buy price target of 250.00 pence. ([email protected])

ScS Performance Is Solid, Looks Well Set For Restoration

1005 GMT – The ScS update reflects a healthy business environment, encouraging recent orders that keep expectations unchanged, Shore Capital analysts Darren Shirley and Clive Black said in a research note. The UK furniture and flooring retailer is expected to post a pre-tax profit for FY 2023 of GBP8 million, it says. This compares with GBP16.4 million reported a year ago. “We see the group is well placed to continue to share in difficult times, thus benefiting from success when UK consumers stabilize and eventually return to growth,” they say. ([email protected])

UK Seeking Swiss-Style Relationship With EU Won’t Help Pound

0958 GMT – Sterling would not benefit if the UK government had a Swiss-style relationship with the EU, says Commerzbank. “Especially since the conversation about [Brexit] previously it was very difficult, I would think that the negotiations about the joint venture will not be very difficult,” said Commerzbank investment analyst Antje Praefcke. One took 2 to 10 years to be approved in several years, he says.


Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswires

November 25, 2022 06:51 ET (11:51 GMT)

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