(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Marks & Spencer Group Plc: The British retailer doesn’t expect its profitability to improve as the year goes on, given increasing cost pressures and consumer uncertainty, as well as its exit from the Russian market.
- As part of efforts to offset inflation, the company is taking a more flexible approach to trading its clothing and home unit, and expects to lower costs in its food division
SSE Plc: The energy company’s earnings rose after some of its power plants benefited from record prices and volatility during Europe’s energy crisis.
- The firm’s gas and hydro plants offset a decline in intermittent renewables generation from lower wind speeds across Europe last year
Pets at Home Group Plc: The retailer expects its underlying pre-tax profit for 2023 in line with expectations, despite rising prices in raw materials, energy and freight costs.
Outside The City
The sale of Chelsea FC to US investor Todd Boehly has been approved by the UK government bringing a close to Russian billionaire Roman Abramovich’s near 20-year ownership of the football club.
In Case You Missed It
Centrica Plc is set to rejoin the FTSE 100 after a stellar run aided by higher energy prices.
Meanwhile, Glencore Plc admitted to bribery and market manipulation and said it will pay about $1.5 billion to settle US, UK and Brazilian probes that have hung over the commodities giant for years.
And Peninsula Real Estate is poised to abandon plans for a London listing in favor of an offering in Abu Dhabi, people familiar with the matter told Bloomberg.
Podcast: Bloomberg Opinion senior executive editor David Shipley presents an editorial arguing that the UK and European Union can and should reach a new consensus on the Northern Ireland Protocol.
High street fashion brand Ted Baker Plc is expected to disclose earnings tomorrow. Earlier this week it said it is opening its books for due diligence to a potential acquirer. Other companies due to report include United Utilities Group Plc and AJ Bell Plc.
©2022 Bloomberg L.P.