Currys lifts guidance, Bytes updates on former CEO's sudden exit
London open
The FTSE 100 is expected to open five points higher on Monday, having closed down 0.2% on Friday at 7,727.42.
Stocks to watch
UK electrical retailer Currys lifted guidance as it reported stronger-than-expected sales since the busy Christmas period. The company, which also confirmed that it no longer faced takeover threats from Elliott Advisors and China’s JD.com, said pre-tax profit was now expected to be at least £115m, compared with previous guidance of £105-115m and would start the year with positive net cash.
Bytes Technology Group updated the market on the circumstances surrounding the resignation of its former CEO Neil Murphy on Monday, confirming that it followed a voluntary request for information from the Financial Conduct Authority (FCA) around undisclosed trading of the company's shares. At the same time, it marked a record financial year with double-digit growth in gross profit and adjusted operating profit, with gross invoiced income growing over 25%. The company maintained confidence in its ability to sustain growth, supported by vendor partnerships, customer relationships, and employee dedication.
Newspaper round-up
A record 6.7 million people in Britain are in financial difficulty, a campaign group has claimed, as the cost of living crisis pushes more households into debt. A survey for Debt Justice found that 13% of adults had missed three or more credit or bill payments in the last six months, a figure that rose to 29% among 18- to 24-year-olds and a quarter of 25- to 34-year-olds. – Guardian
The criminal fraud trial of the British technology tycoon once dubbed “Britain’s Bill Gates” is due to begin in San Francisco today. Mike Lynch, co-founder of the UK software company Autonomy, stands accused of artificially inflating the software firm’s sales; misleading auditors, analysts and regulators; and intimidating people who raised concerns before its blockbuster takeover by Hewlett-Packard in 2011. – Guardian
London’s population has surged to a new record high after a sharp rise in migration and a reversal of the Covid-era “race for space”. New research from think tank Centre for Cities found that the capital had “almost certainly” surpassed its pre-pandemic peak of 10.1m people in a report that raised concerns about the impact on London’s creaking infrastructure and services. – Telegraph
Jeremy Hunt’s stealth tax raid on landlords is set to leave property owners paying hundreds of pounds more when they sell up, according to analysis from estate agency Hamptons. The Chancellor announced a cut to the higher rate of capital gains tax (CGT) in the Budget, from 28pc to 24pc, but for most landlords the benefit will be outweighed by a reduction in tax-free allowances, a decision made in the Autumn Statement of 2022. – Telegraph
Every household must be engaged by the government in the shift to clean heating as uptake of heat pumps to replace boilers is running at less than half of expected levels, the public spending watchdog has warned. A report by the National Audit Office (NAO) described assumptions on consumer demand for heat pumps, which use electricity to draw heat from the ground, air or water for heating buildings, as "optimistic". - Sky News
US close
Stocks on Wall Street closed lower Friday, with the Dow Jones Industrial Average down 0.49% at 38,714.77.
The S&P 500 lost 0.65% to 5,117.09, and the Nasdaq Composite was off 0.96% at 15,973.17.