Good morning!
The Agenda is complete.
Spreadsheet accompanying this report: link (last updated to: 10th November).
Companies Reporting
| Name (Mkt Cap) | RNS | Summary | Our view (Author) |
|---|---|---|---|
GSK (LON:GSK) (£71.8bn | SR94) | Action contends that recent conduct by AnaptysBio is in material breach of the existing license agreement with GSK subsidiary TESARO. | ||
Babcock International (LON:BAB) (£5.6bn | SR61) | Organic revenue growth 7%. Underlying operating profit +19%. Net debt reduced to £56m. Expectations for FY26 are unchanged | ||
HgCapital Trust (LON:HGT) (£2.13bn | SR N/A) | Transaction values HgT's investment in Intelerad at approximately £52 million: an uplift of £20 million over the carrying value in the pro-forma NAV of HgT. | ||
Hammerson (LON:HMSO) (£1.53bn | SR77) | Acquires the remaining 50% interest in The Oracle, Reading from its JV partner, at a headline price of £104.5m. FY25 like-for-like gross and net rental income growth expected to be around 3%. Total gross rental income growth raised to 19% (from the 17% previously guided). | ||
Sirius Real Estate (LON:SRE) (£1.44bn | SR82) | Completes the acquisition of a business park in Feldkirchen, Munich, Germany, for €43.7 million (including acquisition costs). | ||
Bodycote (LON:BOY) (£1.05bn | SR81) | Sites based in France. Cash consideration €22m. | ||
Craneware (LON:CRW) (£751m | SR57) | The start of FY26 has seen positive momentum continue. Continues to trade in line with market expectations. Senior NED retires as previously announced. | ||
PPHE Hotel (LON:PPH) (£741m | SR35) | Board to consider options including introducing growth capital, or a potential sale of all or part of PPHE. | PINK | |
ITM Power (LON:ITM) (£442m | SR40) | CEO comment: "Partnering with Stablegrid on these landmark grid balancing projects in Germany reinforces ITM's position at the forefront of the energy transition in Europe's largest economy." | ||
Frp Advisory (LON:FRP) (£364m | SR70) | H1 revenue +12%, underlying adj. EBITDA +3% (£23m). Net cash £16.5m. “The client pipeline remains encouraging, and assuming current activity levels continue, the Board remains confident of achieving full year expectations.” | ||
Asos (LON:ASC) (£295m | SR35) | Gross merchandise value -12%, revenue -14%. Adjusted pre-tax loss £98m (previous year: £126m). FY26 outlook: GMV to show an improving trajectory, further gross margin expansion, adjusted EBITDA growth to £150m to £180m. Free cash flow broadly neutral. | ||
Aew UK Reit (LON:AEWU) (£166m | SR79) | NAV £172.82 million and 109.09 pence per share (31 March 2025: £174.44 million and 110.11 pps). | ||
Knights group (LON:KGH) (£147m | SR84) | “Strong” H1, with 30% revenue growth including a return to organic growth. "We expect the second half to benefit from recent hires and a full period contribution from the recent acquisitions, underpinning our confidence in delivering a full year performance in line with market expectations.” | ||
Tullow Oil (LON:TLW) (£126m | SR26) | 2025 production guidance is expected to be at the lower end of the 40-45 kboepd range, as previously guided. Capital expenditure and decommissioning expenditure guidance for 2025 remains c.$185m and c.$20m. | ||
NWF (LON:NWF) (£79m | SR83) | SP -29% Trading “mixed”, solid performances in Food and Feeds more than off-set by a disappointing trading period for Fuels. Lower volumes in heating oil, and lower demand for commercial diesel and gas oil. Results for FY26 to be significantly below current market expectations. | BLACK | |
Inspecs (LON:SPEC) (£74m | SR81) | Safilo continues to assess its options, including the possibility of making a revised offer to acquire 100% of Inspecs. | PINK | |
Carclo (LON:CAR) (£52m | SR95) | Revenue -6%, underlying operating profit +61% (£5.5m). Net debt £24.5m. Expectations for the full year remain unchanged. | ||
Argo Blockchain (LON:ARB) (£12m | SR8) | One ADS (American Depositary Share) will represent 2,160 ordinary shares. Ordinary shares will have a JP Jenkins matched bargain facility for six months. |
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