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Here’s the top business news from London-listed companies this morning.
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Bloomberg news
Charles Capel and Leonard Kehnscherper
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(Bloomberg) — Here’s the key business news from London-listed companies this morning.
Treatt Plc: The fragrance and flavoring maker cut its full-year adjusted profit before fiscal guidance after consumer demand, exchange rates, inflation and lockdowns in China hit its margins
The company’s tea category will be particularly affected, as lower consumer confidence has affected demand in this category, resulting in lower year-on-year sales.
Digital 9 Infrastructure Plc: The investment company is seeking approval from the UK’s Financial Conduct Authority to admit its shares to the Premium segment of the London Stock Exchange’s main market.
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The company was previously in the specialist funds segment, but the company says the move will raise its profile, open it up to new investors and allow it to be included in the FTSE indices.
Phoenix Group Holdings Plc – The UK’s largest long-term savings and retirement business said its cash generation for the year will be at the upper end of its target range for the year, at the same time it will increase its interim dividend by 3%.
The insurer also said that current inflation will not have any material financial impact on the group, thanks to the covers it had put in place.
Outside the City
The Labor Party has proposed extending the UK’s windfall tax on oil and gas companies, saying the revenue should be used to fund a total freeze on energy bills over the winter. The plan, to be announced by leader Keir Starmer today, will put renewed pressure on Tory leadership candidates Rishi Sunak and Liz Truss to come up with new proposals to mitigate the cost of living crisis.
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Meanwhile, The Telegraph reported that Bank of England Governor Andrew Bailey would be “open to a review” of the central bank’s mandate after Liz Truss criticized its approach to inflation.
In case you missed it
UK property prices fell at their strongest pace in more than two years as the traditional summer lull was combined with increased caution about the outlook for the economy.
And the cost of living crisis is forcing people to turn to charities for health products. Charity Bloody Good Period handed out 150% more vintage packs in May and June than a year earlier, while sales of some of Tesco Plc’s own-brand health products have soared as the consumers choose cheaper products.
Meanwhile, a Meta shareholders should be happy that a trio of its executives are moving from Silicon Valley to London, according to Bloomberg’s Alex Webb, who argues that the European business could be more profitable and that it is cheaper to execute
looking ahead
Wednesday’s inflation data will be closely watched for clues about whether the pace of price rises is slowing or accelerating, and what that means for the Bank of England’s key rate.
The Readout with Allegra Stratton will return from its summer break on August 30. In the meantime, here’s what Bloomberg reporters are reading this summer.
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