(Bloomberg) — Here’s the key business news from London-listed companies this morning.
Compass Group Plc: The food service staff company boosted its full year revenue forecast, as it expects inflation to encourage more companies to outsource staff for the first time in order to cut costs.
- The company doesn’t expect inflation to impact margins, instead they anticipate they’ll improve as the year goes on
ITV Plc: The media company’s advertising revenue rose more than expected in the first quarter, as a post-pandemic rebound in advertising continued alongside demand for content from streaming giants.
LXi REIT: The real estate investment trust has agreed a deal to buy Secure Income REIT valuing the company at about £1.5 billon.
- The two investment trusts will merge, creating what they says is a “more compelling investment case” for the combined company
Outside The City
The number of Britons living in destitution could reach 1 million over the next year, according to the National Institute of Economic and Social Research. The think tank said the government needs to provide a £4.2 billion support package to ensure the hardest-hit households can feed themselves.
Boris Johnson is travelling to Sweden and Finland today to discuss security issues, including the two countries’ ambitions to join NATO. Read the latest coverage of the war in Ukraine here.
In Case You Missed It
Shell Plc is targeting a 10-fold jump in electric-vehicle charging points in the UK, with a plan to install 100,000 chargers by 2030.
Also, the UK is the theme of this week’s MLIV Pulse survey for Bloomberg Terminal subscribers . The team is asking ‘What level is next for the pound?’, and ‘What have been the benefits of Brexit?’, among other questions. Participation takes one minute and is anonymous, so click here to get involved. Check back in next Monday, May 16, to see the results.
Looking Ahead
Telecommunications giant BT Group Plc reports full-year results tomorrow. In February, the company lowered its forecast for the year, citing Covid-19 and supply chain issues.
Also on Thursday, the UK will report GDP data for the first quarter. That’s after the Bank of England last week warned of double-digit inflation and the risk of a recession.
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