UK tax cuts, including stamp duty, could be revealed on Friday

New UK tax cuts, including stamp duty, could be revealed on Friday

0912 GMT – New British Prime Minister Liz Truss’s policy plans remain in focus, and a recent media report suggests her government may push for tax cuts – including stamp duty – at Friday’s “financial event,” ING says. Stamp duty on home purchases is currently levied around 2% on the price paid for homes between £125,000 and £250,000, and 5% between £250,000 and £925,000, in higher amounts above this price. “[The cuts] It may ease some concerns about a hazy economic outlook in the UK, but also fuel doubts about the sustainability of expansionary fiscal policy while delivering a massive support package for energy bills,” says ING analyst Francesco Pesole in a research note. ([email protected])

 
Companies News: 

Land Securities London portfolio indicates new lease; Occupancy on the rise

Land Securities Group PLC said on Wednesday that operating momentum continued in its central London portfolio, where it signed a new lease, with occupancy rising since the end of the 2022 financial year.

Keywords Studios 1H Profit before tax rises amid strong content demand

Keywords Studios PLC on Wednesday reported a significant rise in pre-tax earnings for the first half of 2022, as revenue rose due to strong levels of demand for its content.

S4 Capital 1H operating loss widened significantly; Fiscal year forecast unchanged

S4 Capital PLC on Wednesday reported a significant increase in operating losses for the first half of 2022, and said its full-year net revenue growth target on a comparative basis was unchanged at 25%.

Aveva approves £9.48 billion acquisition of Schneider

Aveva Group PLC said on Wednesday it had agreed to buy a 9.48 billion pounds ($10.79 billion) by major shareholder in French energy and automation management group Schneider Electric SE.

Galliford try FY 2022 before the dividend is cut off; The start of a share buyback of £15 million

Galliford Try Holdings PLC said on Wednesday that its pre-tax financial earnings for 2022 fell on a legal basis, although it rose on an adjusted basis, and that it would buy up to 15 million pounds ($17.1 million) in a share buyback programme.

Ten entertainments swung into pre-tax earnings in one hour with higher revenue from higher sales

Ten Entertainment Group PLC said Wednesday that it shifted to first-half pre-tax earnings as revenue rose in record sales, and that its performance for the year was in line with expectations.

Games Workshop Early FY2023 Performance Meeting Perspectives; Announces dividends

Games Workshop Group PLC on Wednesday said core revenue rose and pre-tax profit fell in the three months to August 28, in line with expectations, and announced a dividend.

City Pub Swings to 1H before Earnings Cut, Revenues Rise in Covid-19 Recovery

City Pub Group PLC said Wednesday that it turned into a pre-tax profit in the first half and that revenue rose significantly as it recovered from the effects of the coronavirus pandemic.

Pendragon’s 1H profit rose before tax on improved margins

Pendragon PLC on Wednesday reported an increase in pre-tax earnings for the first half of 2022 buoyed by higher margins for new and used car sales and that it expects supply shortages to continue.

WANdisco Signs $25 Million Contract, Sees 2022 Bookings Beat Market Opinion

WANdisco PLC said Wednesday that it has signed a $25 million contract with a major global telecommunications company, and that it expects 2022 bookings to significantly exceed market expectations.

LXI REIT in discussions with Sainsbury’s over £500m for sale, leaseback

LXI REIT PLC said on Wednesday it was in discussions to buy a portfolio of grocery stores from J Sainsbury PLC on a sale-and-lease-back basis for an expected £500 million ($569 million).

JD Sports agrees £5.5m deal with ex-chairman Peter Coogill

JD Sports Fashion PLC said Wednesday that it has reached an agreement with former CEO Peter Coogle, which includes enhanced two-year restrictive covenants and an advisory agreement.

Polyus 1H revenue decreased due to lower gold sales and higher costs

Polyus PJSC on Wednesday said revenue fell for the first half as total gold sales volume declined and total cash cost per ounce sold, or TCC, rose 12% in the period to $435.

Petershill Partners Announces Pre-tax Initial Loss, 2022 Promotions Watch; Announces dividends

Petershill Partners PLC on Wednesday reported a pre-tax loss for the first half of 2022, upped its full-year guidance and announced a dividend.

SRT Marine Systems to report improved round-the-clock performance against the first half of 2022; stock soaring

Shares of SRT Marine Systems PLC rose 11% on Wednesday after the company said it expects to post better profits for the first half of its 2023 fiscal year than the same period a year earlier after an excellent start to the year.

Frontier Developments for FY 2022 Pre-tax profits fell sharply due to rising costs

Frontier Developments PLC on Wednesday reported a significant drop in pre-tax earnings for fiscal year 2022 after the company booked higher costs, and said the board remains confident of meeting views for fiscal year 2023.

Warpaint London 1H’s pre-tax profit rose on a solid profit margin; raise profits

Warpaint London PLC on Wednesday reported an increase in pre-tax earnings for the first half, driven by a significant improvement in gross margin and increased revenue.

TP Group 1H narrowing the pre-tax loss at lower costs; Marine TPG damage due to old decades

TP Group PLC said Wednesday that its first-half pretax losses narrowed after booking lower costs, and that TPG’s offshore division performance continues to be hampered by legacy contracts.

SDI Group sees FY2023 earnings in line with market views

SDI Group PLC said it has made a good start to the year and expects to report full-year earnings in line with market expectations.

XPS Pensions acquires Penfida Limited; He sees 2022 before the board of directors’ views

XPS Pensions Group PLC said on Wednesday it had acquired Penfida Limited for 11.6 million pounds ($13.2 million), and that it expects full-year performance to be above expectations.

 
Market Talk: 

UK energy price caps for businesses for a warm welcome

0946 GMT – Make UK said the UK government’s initial six-month energy price cap for all business users will be warmly welcomed by the industry. The additional announcement of a review of future support in the three-month phase is reassuring as it looks likely that prices will remain high for months to come and the industry will need support for longer periods to protect jobs and remain competitive, a manufacturing representative says. “We will be monitoring the impact of the cap closely, and will address the review mechanism later in the year to ensure these priorities are identified and understood,” says Mick, adding that he hopes the support becomes concrete quickly, and not applied retroactively at the end of the quarter. ([email protected])

Land Securities shows good performance in London

0938 GMT – Land Securities’ short operational update highlights continued momentum across its central London office portfolio, with continued increases in rents over estimated rent, Goodbody says. The commercial real estate development and investment firm made an average 4% higher than appraisers’ expectations on March 31, and advances in rentals mean its pipeline is becoming more vulnerable, Goodbody analyst Colm Lauder said in a research note. “The constant cadence of ERV, both for on-site office inventory and new developments, once again highlights our view that best-in-class office space continues to experience strong demand as tenants are competitive in pricing for this prime space,” the Irish brokerage says . Goodbody maintains its buy rating for LandSec shares. Shares rose 0.9% to 595.8 pence. ([email protected])

British government stamp duty cuts appear likely

0914 GMT – Goodbody said a reduction in land stamp tax on British property transactions is on the table for the British government’s financial event on Friday. A cut was implemented early during the Covid-19 pandemic, which boosted property prices and transactions. Stamp duty is a disincentive to transactions, so it should improve market liquidity significantly, Goodbody analyst Dermot O’Leary says in a research note. Although full details are unknown, prices will likely be cut across the board, including more expensive properties, the Irish brokerage says. Goodbody says the tax currently brings in £12 billion a year to the Treasury, and revenue cuts will have to be added to the growing fiscal bill for the new government’s actions. ([email protected])

 

Contact: London NewsPlus; [email protected]

(end) Dow Jones Newswires

September 21, 2022, 6:22 PM ET (10:22 GMT)

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