(Bloomberg) -- S4 Capital, the digital advertising agency set up by former WPP Plc founder Martin Sorrell, lowered its profit outlook for the second time in a matter of months, as recession fears made customer cautious. This was particularly evident with “one or two technology clients” as well as newer regional and local clients, it said.

Key Business News

Phoenix Group Holdings Plc: The insurance and pensions company said it’s “confident of executing” further M&A opportunities that may emerge over time, having recently completed its acquisition of Sun Life of Canada UK. 

  • Phoenix also now expects to achieve full-year cash generation at the top-end of its £1.3 billion to £1.4 billion target range

Pendragon Plc: The new and used car seller agreed to sell its UK motor and leasing business to Lithia Motors Inc. and form a strategic partnership with the US company in a deal that promises a cash dividend of about £240 million to its shareholders. 

UK Rents: Britain’s property market shattered another record with rental costs growing at the fastest pace in at least a decade, while home sellers pushed up asking prices for the first time in four months, two separate reports showed.

S4 Capital Plc: The ad agency now expects its full-year Ebitda margin to come in at 12% to 13.5%, less than the 14.5% to 15.5% previously forecast. 

What’s Next? 

Tomorrow will bring results from investment platform Hargreaves Lansdown Plc, B&Q owner Kingfisher Plc, as well as Ocado Group Plc.

The online grocer, which sees its future as a maker of automated warehouses, will be reporting results for its retail joint venture with Marks & Spencer Group Plc. The business is expected to return to profit this year helped by cost-cutting measures, include the closure of its Hatfield customer-fulfillment centre.

Big Read

Commodity trading giant Trafigura Group has been exploring a range of potential deals involving its metals business, as it grapples with the unit’s future following a string of missteps.

Key Headlines

  • UK’s Starmer Refuses to Rule Out a Tax Increase for the Wealthy
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  • HSBC Pays for Bankers’ Nannies in Race to Hire More Indian Women

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