Japan Govt Leaves Economic Assessment Unchanged
Greggs Q3 Sales Surge
Greggs plc (GRG.L), a food-on-the-go retailer, said on Monday that its total sales have increased by 20.8 percent for the 13 weeks ending on September 30.
In its trading update, the company also said its like-for-like sales increase 14.3 percent for the third quarter when compared to the same period last year.
The strong life for like sales performance was supported by increased customer visits, reflecting ongoing development of evening trading and from their digital channels and loyalty program through the Greggs App.
Looking forward, the company expects the full-year results in line with its previous expectations.
On Monday, Greggs shares closed at 2478 pence, up 1.23% on the London Stock Exchange.
S & U H1 Profit Before Tax Rises
S&U plc (SUS.L), a specialist finance company, on Tuesday reported higher profit before tax and revenues for the first half of the year.
Looking ahead, Anthony Coombs, Chairman of S&U, said, “S&U continues to trade well and despite current economic challenges and environment, S&U’s track record gives cause for cautious optimism.”
Half yearly profit before tax increased to 21.38 million pounds from 20.89 million pounds of last year.
After tax, earnings decreased to 16.19 million pounds or 133.2 pence per share from 17.09 million pounds or 140.7 pence per share of the previous year.
Revenues rose to 55.34 million pounds from 49.35 million pounds of the prior year.
Additionally, the company maintained an interim dividend of 35 pence per share, payable on November 24, to shareholders of record on November 3.
On Monday, S&U shares closed at 2245 pence, up 0.90% on the London Stock Exchange.
ASSA ABLOY Acquires Brazil's Inovadoor For Undisclosed Sum
ASSA ABLOY AB. (ASAZF.PK), door opening and access products maker, announced on Tuesday that it has acquired Inovadoor Portas Industriais Ltda, a Brazilian manufacturer of sectional and high-speed doors.
The financial details of the transaction are not known.
Founded in 1997, Inovadoor employs around 100 people and the main factory is located in Pinhais, Brazil. The Brazilian firm reported sales of around SEK 100 million in 2022.
ASSA ABLOY expects the acquisition to add to its EPS from the start.
Currently, shares of ASSA ABLOY are trading at 237.60 SEK down 0.25% on Stockholm Stock Exchange.
Inspiration Healthcare H1 Adj. Profit Declines – Quick Facts
Inspiration Healthcare Group plc posted a loss before tax of 140 million pounds for the six months ended 31 July 2023 compared to profit of 885 million pounds, last year. Loss per share was 0.08 pence compared to profit of 1.55 pence. Adjusted EBITDA was 1.8 million pounds compared to 2.2 million pounds, last year. Adjusted earnings per share declined to 0.95 pence from 1.99 pence. Revenue was 20.37 million pounds compared to 20.52 million pounds, last year.
The Group confirmed that interim dividend payment will remain at the same level as second half 2023 at 0.205 pence per share. This will be payable to shareholders on the register on 24 November 2023 and will be paid on 22 December 2023. The shares will go ex-dividend on 23 November 2023.
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Oil Prices Reverse Early Losses
Crude prices were little changed in choppy trade on Tuesday, with a stronger dollar, rising U.S. Treasury yields and concerns over China’s economic recovery weighing on prices.
Benchmark Brent crude futures were marginally higher at $90.77 a barrel, after falling nearly 1 percent in early Asian trade on concerns about the demand outlook.
WTI crude futures were up 0.1 percent, at $88.89, reversing early losses after the World Bank cut its forecast for China’s economic growth in 2024.
The World Bank cut its 2024 China GDP growth projection to 4.4 percent from 4.8 percent, raising concerns about the outlook for energy demand.
However, Haitham Al Ghais, the secretary general of OPEC+, told the BBC that demand for oil will continue to grow and remain “resilient” this year.
Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia will meet on October 4, with traders waiting to see whether Saudi Arabia and Russia will make any changes to their current voluntary output cuts of 1.3 million barrels per day.
Japan Govt Leaves Economic Assessment Unchanged
Japan’s government retained its economic view on Tuesday as the economy is recovering at a moderate pace driven by improving employment and income situation but cautioned about the downside risk emanating from slowing global growth.
In the monthly report, released Tuesday, the cabinet office reiterated that private consumption and business investment are picking up. Exports show movements of picking up recently, the cabinet office repeated.
The government upgraded its assessment of corporate profits. The cabinet office said corporate profits are improving as a whole. In August, the government observed that corporate profits are improving moderately.
The assessment about industrial production was also maintained in September, saying output shows signs of picking up.
Retaining its view on employment, the report said the employment situation shows movements of improvement. The office repeated that consumer prices are rising.
“The Government expects the Bank of Japan to achieve the price stability target of two percent in a sustainable and stable manner, accompanied by wage increases, in light of economic activity, prices and financial conditions,” the report said.
The government noted that global slowdown is downside risk to the economy, including the effects of monetary tightening by major central banks and the concern about the prospect of the Chinese economy.