UK House Prices Drop in November Shows Further Market Rebalancing
December 07 2022 - 5:24AM
Dow Jones News
UK House Prices Drop in November Show Further Market
Rebalancing
1045 GMT - U.K. house prices fell again and the annual growth
rate continued to slow in November, according to the latest Halifax
data, further evidence of rebalancing in the housing market,
OnTheMarket.com Chief Executive Jason Tebb says. All the
upheaval--the macro-economic challenges and the chatter around
fixed-rate mortgages, which although edging downward are higher
than usual--will inevitably hit confidence of the average
property-seeking consumer, he says in a market comment. "However,
people move for many different reasons and that's not going to
change, even if conditions are more challenging. Sellers would be
wise to seek the advice of an experienced local agent when it comes
to pricing property realistically and guiding transactions through
a tougher market, which will level out in time," Tebb says.
(joseph.hoppe@wsj.com)
Companies News:
Mitchells & Butlers Swung to FY 2022 Pretax Profit, Sees
Encouraging Year Ahead
Mitchells & Butlers PLC said Wednesday that pretax profit
for fiscal 2022 rose, supported by a sales recovery to prepandemic
levels, and that its performance in the new fiscal year has been
positive.
---
Naked Wines Swung to 1H Pretax Loss on Inventory Provisioning;
CFO Appointed
Naked Wines PLC said Wednesday that it swung to a pretax loss
for the first half of fiscal 2023 after it booked material
inventory provisioning, and that it has appointed James Crawford as
chief financial officer and executive director.
---
Quiz Upbeat on FY 2023 as 1H Earnings Boosted by Strong
Demand
Quiz PLC said Wednesday that it remains confident of meeting
market expectations for the full fiscal year despite inflationary
pressure, after revenue and earnings rose strongly in the first
half.
---
Topps Tiles Gets Request to Remove Chairman From Shareholder MS
Galleon
Topps Tiles PLC said Wednesday that it has received a notice
from 29.9% shareholder MS Galleon GmbH requesting that it put
forward a resolution to remove nonexecutive Chairman Darren
Shapland at the annual general meeting in January.
---
Games Workshop Sees 1H Pretax Profit Fall, Appoints NonExecutive
Chair
Games Workshop Group PLC said Wednesday that performance for the
first half of fiscal 2023 has been in line with expectations, with
pretax profit expected to fall despite increasing revenue.
---
Redde Northgate 1H Pretax Profit Rose on Robust Demand, Fleet
Growth
Redde Northgate PLC said Wednesday that pretax profit for the
first half of fiscal 2023 rose, supported by fleet growth and new
contract wins, and that it expects its full-year performance to
exceed market views.
---
Moonpig 1H Pretax Profit Hit by Higher Costs, Cuts FY 2023
Revenue Guidance
Moonpig Group PLC said Wednesday that its pretax profit for
first half of fiscal 2023 fell on higher costs, and cut its
full-year revenue guidance after experiencing more challenging
trading conditions since October.
---
musicMagpie Sees FY 2022 in Line
musicMagpie PLC said Wednesday that financial performance for
fiscal 2022 was in line with management's expectations.
---
Sovereign Metals to Demerge Malawi Graphite Projects
Sovereign Metals Ltd. said Wednesday that it will demerge a
number of graphite projects in Malawi into a wholly-owned
subsidiary to unlock their value.
Market Talk:
Games Workshop's Margin Recovery is Encouraging
1014 GMT - Games Workshop witnessed a significant pickup in
licensing during 2Q, and 1H's improving profit margins are
encouraging, Goodbody analyst Patrick O'Donnell says in a research
note. "The results underpin the resilience of the demand for this
product base; the potential for licensing to accelerate adoption
via licensing and the strong underlying margin performance in the
business despite the tough macro backdrop", O'Donnell adds. The
miniature-wargaming company's profit margin recovery to 39% from
36% a year ago also suggests the group is applying better shipping
costs, cost control and is benefiting from price increases across a
range of products, the analyst says. (michael.susin@wsj.com)
Mitchells & Butlers Likely to Gain Market Share Amid
Uncertain Backdrop
0940 GMT - Mitchells & Butlers's FY 2022 performance was
ahead of market expectations, supported by improving like-for-like
sales despite continued cost pressures, Jefferies analysts say in a
research note. Despite the uncertain backdrop, the
pub-and-restaurant operator's EBIT was around 10% above views, they
say. Looking ahead, Mitchells & Butlers is likely to gain
material market share as other smaller operators struggle with
short-term issues such as cost pressures, they note.
"Well-capitalized, well-invested operators with relevant consumer
offerings will survive and grab market share. Inflationary
pressures will roll over, prices stick and survivors thrive," the
analysts say. Jefferies has a buy rating on the stock.
(michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
December 07, 2022 06:09 ET (11:09 GMT)
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