JD Sports Fashion Plc saw first-half revenue at its key unit grow by 27% in Europe and 15% in North America, defying wider pessimism on the sector after last month’s profit warning from US peer Foot Locker Inc. High street staple Next also gave an upbeat update this morning, saying it expects inflationary pressures to ease next year.
Key Business News
Next Plc: The clothing and homeware chain raised its forecast for the third time in recent months as inflation-linked pay rises and better weather at the start of the summer prompted people to buy more clothes.
CVS Group Plc: The veterinary services company reported full-year adjusted Ebitda that beat analysts’ expectations and said it will work closely with the UK's Competition and Markets Authority to support its sector review. The regulator said it will give an update in early 2024.
- CMA earlier this month started a review of the vet sector over concerns pet owners may not be getting a good deal
Ixora Energy Ltd.: French utility Engie SA is buying UK biomethane producer Ixora Energy from investment firm Downing LLP for £64.8 million.
What’s Next?
The Bank of England will decide later today on whether to call a halt to a string of 14 consecutive rate hikes. A pause would follow the example of the Fed, which on Wednesday kept its base rate steady.
On Friday morning, we’ll get results from London consulting firm Ascential Plc. The company is currently considering options including a full sale after efforts to offload its consumer trend-spotting unit stalled, Bloomberg reported yesterday.
Interview
Key Headlines
- UK Treasury’s Finances Show Lower Deficit Than OBR Had Expected
- Frasers Seeks Evidence From Morgan Stanley CEO in Margin Fight
- City Firm Macfarlanes Launches AI Chatbot to Help Its Lawyers
For a more considered take on the UK's economic and financial news, sign up to Money Distilled with John Stepek.