(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Abrdn Plc: A “rapid downturn in the global economy and markets” impacted the company’s Investments division and overall group performance, causing it to delay its ambitions for revenue growth as market uncertainty rocks its business.
- Interactive Investor, the investment platform that Abrdn recently bought for £1.5 billion, performed ahead of the company’s profit expectations in the first half, and is on track to boost earnings by double-digits
IWG Plc: The flexible workspace brand’s system-wide revenue grew 22.3% year-on-year, as hybrid working becomes increasingly popular post-pandemic.
Bellway Plc: The homebuilder posted record volume output and housing revenue, in what it said was a “robust” housing market in the UK.
- Good mortgage availability and low unemployment has kept the market for new-builds strong, despite rising interest rates and cost of living
Outside The City
Rishi Sunak promised to build on the household support package he announced earlier this year, which gives each household a £400 discount off energy bills from October, once it’s clear how much prices will go up. Sunak plans to fund the extra help by making efficiency savings across other government departments.
Meanwhile, former Chancellor of the Exchequer Norman Lamont, who introduced the UK’s first inflation target in 1992, said it would be a mistake to abandon the measure in favor of a money supply goal — an implicit criticism of proposals by Liz Truss.
In Case You Missed It
Britain’s long spell of hot weather boosted sales in shops and spending on “staycations” as consumers hit by a surge in the cost of living opted to cut back on overseas travel, two separate reports showed.
And the UK’s “daunting public-company governance rules” may explain why more companies are going private, Bloomberg Opinion’s Chris Hughes argues. The regime deserves an “overhaul,’’ he writes.
Deliveroo Plc reports half-year results tomorrow. The delivery service slashed its sales growth forecast last month, marking a slowdown of the sector’s pandemic-era boom. Bloomberg Intelligence analysts, however, noted Deliveroo’s unchanged guidance for adjusted Ebitda margin — which could mean that the firm’s losses continue to shrink, despite user churn and smaller basket sizes.
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