Borrowing costs

Rising borrowing costs in the UK jeopardize support in the event of a cost of living crisis

Rising borrowing costs in the UK jeopardize support in the event of a cost of living crisis

0704 GMT – UK public finance data paints a grim picture for the government as it faces the dilemma of exactly how much support it can introduce to help tackle the cost of living, says Paul Craig, portfolio manager at Quilter Investors. ‘As borrowing is on the rise again, it is interest payments that will keep the Chancellor awake at night in the near term, as political rivals battle for both fiscal discipline and voter support’ , he said. These interest payments are rising rapidly, up 77% in the year from the prior year, due to both soaring inflation and rising yields, as interest rates interest rates are increased to try to contain this inflation, he says. ([email protected])

 
Companies News: 

Hikma Pharmaceuticals CEO Siggi Olafsson steps down

Hikma Pharmaceuticals PLC announced on Tuesday that Siggi Olafsson has stepped down as chief executive and will be temporarily replaced by executive chairman and former CEO Said Darwazah.

RS Group FY2022 revenue and pre-tax profit increased on improved performance across all regions

RS Group PLC said on Tuesday that profit and pre-tax revenue for the financial year 2022 increased after recording improved performance in the three regions in which it operates.

Shaftesbury moves to first half profit and doubles dividend

Shaftesbury PLC said on Tuesday it made a profit in the first half of the financial year, mainly due to revaluation surpluses, and doubled its dividend.

Cranswick’s pre-tax profit for fiscal year 2022 increased; Current exercise performance in line with management views

Cranswick PLC on Tuesday reported an increase in its pre-tax profit for the financial year 2022 and said the current year’s performance so far was in line with management’s expectations.

Topps Tiles 1H Earnings Before Tax Rose; Said sales continue to grow in 2H

Topps Tiles PLC on Tuesday reported an increase in pre-tax profit for the first half of fiscal 2022 and said its performance remained strong, with like-for-like sales growing 5.7% in the first seven weeks. of the second semester.

UK regulator clears merger of National Express and Stagecoach, but deal won’t go ahead

The UK Competition and Markets Authority said on Tuesday that the merger between National Express Group PLC and Stagecoach Group PLC was not eligible for investigation under the merger provisions of the Enterprise Act 2002.

Hilton Food Says 2022 Year-to-Date Performance In Line With Internal Views

Hilton Food Group PLC said on Tuesday that its performance in 2022 was in line with internal expectations, with sales up year-to-date.

Homeserve’s pre-tax profit for fiscal 2022 increased on strong performance

Homeserve PLC said on Tuesday that pre-tax profit for the 2022 financial year rose, driven by robust growth across all three divisions.

Greencoat Renewables to buy Axpo’s wind farms in France

Greencoat Renewables PLC announced on Tuesday that it has signed an agreement to buy a 65 megawatt portfolio of operating wind farms located in France from Axpo Holding AG, its second portfolio acquisition in the country.

On the 1H range Reduced pre-tax loss; See profitability for 2H

On the Beach Group PLC reported a reduced pre-tax loss for the first half of fiscal 2022 on Tuesday and said it was confident about profitability in the second half.

Kier performs in accordance with the views of the board; Order book up 6%

Kier Group PLC said on Tuesday it had continued to operate in line with board expectations in the four months to the end of April, despite continuing inflationary pressures.

Hyve Group Turned To 1H Pre-Tax Loss After Exiting Russia, Insurance Proceeds Shrink

Hyve Group PLC said on Tuesday it turned to a pre-tax loss for the first half of fiscal 2022 after exiting Russia and its insurance proceeds from canceled events declined.

Boohoo Group Reaches Final Settlement for California Claim

Boohoo Group PLC said Tuesday it had reached a final, no-fault settlement in the California class action lawsuit.

Real Experience First Half Loss Widened as Costs Rise and Sales Shrink

Actual Experience PLC on Tuesday announced a widened loss for the first half of the financial year as it increased its investments in sales and marketing.

Reduced 1H SSP pre-tax loss as pandemic restrictions ease

SSP Group PLC said on Tuesday its pre-tax loss had narrowed for the first half of fiscal 2022 as revenue recovered as pandemic restrictions eased, and it was well positioned for a strong summer on its key markets, despite supply chain issues in the travel industry.

Trinity Exploration profits increased in 2021, to restart drilling in 2H

Trinity Exploration & Production PLC reported improved earnings for 2021 on Tuesday, reflecting higher oil prices, and confirmed it would resume drilling exploration in the second half of this year. Here’s what the Trinidad and Tobago-centric oil company had to say:

BrandShield Systems raises £1m to fund growth

BrandShield Systems PLC said on Tuesday it raised 1 million pounds ($1.3 million) through a share subscription and will use the money for key growth initiatives.

Lords Group 2021 pre-tax profit doubled and confident on medium-term targets

Lords Group Trading PLC reported more than doubled pre-tax profit for 2021 on Tuesday and said it was confident it would meet its medium-term targets.

Avon Protection Swung at 1H Pretax Loss; CEO resigns

Avon Protection PLC said on Tuesday it turned to a first-half pretax loss as the prolonged delay in U.S. federal budget approval affected customers.

Restaurant group says expectations for 2022 remain unchanged despite inflation hit

Restaurant Group PLC said on Tuesday its expectations for 2022 remained unchanged despite rising food and beverage inflation.

Helical’s pre-tax profit for fiscal 2022 increased and increases dividend

Helical PLC said on Tuesday that pre-tax profit for the 2022 financial year had increased and it had increased its dividend payout.

 
Market Talk: 

UK debt service payments set to rise further

0706 GMT – Interest payments on UK debt set to rise further as Bank of England tightens policy to tackle soaring inflation, says Paul Craig, portfolio manager at Quilter Investors in an email . They are already up 77% in the 2022-23 financial year compared to the previous financial year and “these figures will only get worse as the cost of living crisis intensifies”, specifies t -he. The economy has the potential to fall into recession later this year and the government will want to try to avoid that at all costs, he said, adding that “if it sees borrowing as a way out, these interest payments will rise at a significant rate and put additional pressure on the Treasury, at a time when GDP is also falling. ([email protected])

 

Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

May 24, 2022 03:24 ET (07:24 GMT)

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