(Bloomberg) -- Hollywood strikes are having a “significant impact” on rental revenue, Ashtead said, sending its shares lower in early trading. The company reiterated its full-year outlook, saying mega projects and recent legislative acts in the US should boost rental revenue by as much as 16%.

Here’s the key business news from London this morning:

In The City

Gamma Communications Plc: The telecoms firm upgraded its full-year guidance after what it called a “healthy” first-half performance, with both top and bottom lines rising from a year earlier.

  • “Growth is expected to continue into he second half and adjusted Ebitda and adjusted EPS are now anticipated in the top half of the range of market expectations,” it said

JET2 Plc: The Leeds-based airline named Robin Terrell as non-executive chairman following the resignation of Philip Meeson, according to a statement.

Ashtead Group Plc : The equipment rental firm’s revenue grew 19% in the first quarter despite “softening” market conditions in the UK and the impact from walkouts by the Writers Guild of America and Screen Actors Guild in the US.

  • The company expects this to be offset by robust end markets in North America, supported by the increasing number of mega projects and recent legislative acts in the US, and that its overall performance will be in line with expectations
  • Ashtead shares fell as much as 6.6% in London trading

DS Smith Plc : The packaging services company started the financial year “well,” with improvement in corrugated box volumes on a like-for-like basis and clear signs of reduction in customer de-stocking.

In Westminster

Prime Minister Rishi Sunak spent nine months delaying a decision on whether to lift an effective ban on new onshore wind farms, but new  planning regulations are set to be announced this week, a person familiar with the matter said. A statement will be read to Parliament on Tuesday, setting out plans to ensure local support is sought before approving the development of onshore wind. 

Meanwhile, greenhouse gas emissions from offshore oil facilities in the UK fell for a third consecutive year in 2022 even as production grew, the industry’s regulator said in a report. While the UK industry is on track to reach interim reduction targets of 25% by 2027, “bold measures” will be needed to deliver the pledged 50% reduction in direct emissions by the end of the decade, the UK North Sea Transition Authority said.

In Case You Missed It 

And London may have dodged a bullet with chipmaker Arm Ltd.’s US listing, writes Bloomberg Opinion’s Marcus Ashworth. The roadshow starts this week and the mood for the biggest initial public offering of the year, and one of the largest ever, has suddenly become more somber, with the Softbank Group Corp.-owned unit cutting the amount it plans to raise by almost half and at a lower valuation range. A failure to deliver a successful introduction and a sustained healthy premium in the after-market could mar the global tech sector for months to come, he said.

Looking Ahead 

Cambridge-based Darktrace Plc is among companies due to update investors tomorrow. The British cybersecurity firm’s full-year adjusted Ebitda probably rose to $119 million from $91 million, according to estimates compiled by Bloomberg.

The results are the first since Darktrace hired EY to review its financial processes and reassure investors after short-sellers targeted the company, sending its shares lower. EY’s report didn’t uncover issues that weren’t already known, which helped restore confidence. 

Also watch out for emerging markets asset manager Ashmore Group Plc and Barratt Developments Plc, the UK’s largest homebuilder by volume.

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