(Bloomberg) -- Here's the key business news from London-listed companies this morning:
Ultra Electronics Holdings Plc: The defense-industry supplier reported adjusted pretax profit for the year that beat the average analyst estimate and said it no longer expects its takeover by Cobham Ltd. to complete in the first quarter.
- Bloomberg reported Tuesday that the U.K. government was moving closer to approving the takeover of Ultra by Cobham
Petrofac Ltd: The oil-service provider reported full-year adjusted net profit that missed analysts' expectations and said it expects to reinstate a dividend policy in “due course, once the company's performance has improved.”
- Petrofac also said it had minimal current exposure to Russia, which represented 0.6% of Group backlog at Dec. 31
Henry Boot Plc: The property developer said building costs are “stubbornly high,” but sales inflation is helping the company to manage its margins.
Outside The City
U.K. inflation hit another 30-year high, adding more pressure on bonds. February consumer prices rose 6.2% year-on-year, compared to a forecast of 6%, with the largest upward contributions coming from housing, household services and transport.
Meanwhile, U.S. and U.K. officials said they're looking at new ways to deepen economic cooperation, even as President Joe Biden's negotiator suggested that a traditional free-trade agreement may not be the best approach to addressing the challenges faced by the two nations.
In Case You Missed It
Britain's cost of living crisis may not turn out to be as bad as feared after a sharp decline in the cost of natural gas in wholesale markets. Simon French, chief economist at Panmure Gordon, has calculated that on current market prices the increase in household energy bills when the regulated cap resets in October will be around 15%, far lower than forecasts for a 50% jump.
Looking Ahead
Later today, Chancellor of the Exchequer Rishi Sunak is expected to reveal a multi billion-pound rescue package in his spring statement to help consumers through the cost-of-living crisis.
Retailer Next Plc is set to publish results tomorrow.
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