(Bloomberg) -- Here’s the key business news from London-listed companies this morning.

United Utilities Plc: The utility network, feeling the sting of inflation and lower consumption, lowered its revenue guidance and raised its cost expectations.

• The company expects lower consumption to continue into the second half of the year

Ferguson Plc: The heating and plumbing product distributor saw operating profit jump 23% in the fourth quarter “despite labor and supply chain challenges.”

• The company has earmarked capital expenditure of $350 million to $400 million for fiscal 2023

UK’s Competition and Markets Authority has imposed fines totalling over £2 million on Elite Sports, JD Sports and Rangers FC after they admitted to fixing the prices of Rangers FC merchandise.

Outside The City

A meeting today between UK Chancellor of the Exchequer Kwasi Kwarteng and top British financiers was scheduled in as a polite conversation about his plans to unleash growth. The pound’s plunge and the brutal sell-off of government debt may make it more of a crisis summit for the finance industry.

In Case You Missed It 

The Bank of England said yesterday that it will not hesitate to change interest rates “by as much as needed” to hit its 2% inflation target in a statement intended to calm financial markets. That came shortly after the Treasury promised an Office for Budget Responsibility forecast in November, alongside a medium-term fiscal plan.

The Bank of England was right to snub emergency action write Bloomberg Opinion’s Mark Gilbert, whilst BO’s John Authers says the UK’s gilt rout is  test of confidence for fearful markets.

Looking Ahead

Fast fashion retailer Boohoo Group Plc and hedge fund Pershing Square Holdings Ltd are due to report earnings tomorrow as momentum starts to build towards another earnings season.

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