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Highlights
- UK’s GDP declined by 0.1% in March 2022 after not growing at all in February, as per the latest ONS figures.
- The main contributor to the monthly decline in March’s GDP was the services sector, which declined by 0.2% in March.
- As compared to the pre-Covid levels, services are now up by 1.5%.
Amid the swirling cost-of-living crisis, the UK economy is shrinking leading to fears of a recession. According to the recent report released by the Office for National Statistics (ONS) on 12 May 2022, UK’s GDP declined by 0.1% in March 2022, after not growing at all in the previous month. However, as compared to the pre-Covid levels (February 2020), the monthly GDP is now up by 1.2%.
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The main contributor to the monthly decline in March’s GDP was the services sector. Declining by 0.2% in March, services represented a substantial reduction of 15.1% in the wholesale and retail trade along with the automotive industry. There was also a 0.2% decline in the overall production activity, but the 1.7% growth in construction partly compensated for that decline.
While there was a 0.2% growth in the output of non-consumer-facing services in March, consumer-facing services dropped by 1.8%. As compared to the pre-Covid levels, services are now up by 1.5%. Within the sector, all the services were up by 3.6% as compared to the pre-Covid levels, but consumer-facing services were lower by 6.8% in March.
Let’s look at the share price performance of 3 UK service providers that investors can keep an eye on.
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John Menzies plc (LON: MNZS)
Leading provider of airport services John Menzies plc offers services like into-plane fuelling, cargo forwarding, ground handling. John Menzies plc’s shares were trading at GBX 596.00 at 11:03 AM (GMT+1) on 12 May 2022. The company has provided its shareholders with a significant return of 91.95% over the last one year as of 12 May 2022. The current market cap of the company stands at £547.85 million.
Capital Limited (LON: CAPD)
Mauritius-headquartered company Capital Limited offers services to the exploration and mining sectors. Capital Limited’s shares were down by 0.86% at 11:12 AM (GMT+1) on 12 May 2022, at GBX 92.00. The company has provided its shareholders with a return of 35.75% over the last one year as of 12 May 2022. The current market cap of the company stands at £177.15 million.
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Kin and Carta plc (LON: KCT)
UK-based digital transformation company Kin and Carta plc offers information technology consulting and other related services to its clients. Kin and Carta plc’s shares were down by 3.22% at 11:16 AM (GMT+1) on 12 May 2022, at GBX 225.50. The company has provided its shareholders with a return of 28.86% over the last one year as of 12 May 2022. The current market cap of the company stands at £406.64 million.
Service providing companies selected from TR based on highest 52 week returns.
