果冻传媒

Beazley鈥檚 (BEZ) board has rejected the latest takeover proposal from Zurich Insurance (CH:ZURN), after the Swiss group鈥檚 interest in the FTSE 100 insurer was made public earlier this week. 

Management argued that Zurich鈥檚 cash proposal of 1,280p per share, its second proposal this year after three approaches last summer, 鈥渕aterially undervalues Beazley and its longer-term prospects as an independent company鈥�. 

It said the proposal, which valued Beazley at 拢7.7bn, was below a 1,315p per share approach last June which gave it an implied equity value of 拢8.4bn. The details of the June approach had not previously been disclosed.

While the board is 鈥渧ery confident in Beazley鈥檚 standalone prospects as a publicly listed company鈥�, it added it is 鈥渙pen-minded about all options to deliver value鈥�.

Analysts at RBC Capital Markets said they 鈥渞emain of the view that consolidation at a reasonable premium could be in the best long-term interest of Beazley鈥檚 shareholders鈥�. 

Beazley shares were flat in early trading. They are up 37 per cent since Zurich鈥檚 interest was disclosed on 19 January.

Private equity firm EOP Capital Advisers is set to take Kitwave (KTW) private in a deal that values the Aim-traded wholesaler at 295p a share, or 拢251mn. The shares jumped 33 per cent to 293p on the news.

The all-cash offer represents a 34 per cent premium to Wednesday鈥檚 closing price of 212p, but still falls short of the 331p the company was trading at less than seven months ago, before a July profit warning wiped more than a fifth off the share price.

Kitwave floated on the junior market in 2021 at a 拢101mn valuation, but like many consumer-facing businesses, profits have recently been put under pressure by weaker demand and rising labour costs. 

The board has unanimously backed the offer. Directors, who together own 5.2 per cent of the shares, have already committed to vote in favour, while total backing so far stands at 21.6 per cent of the issued share capital. 

Speaking for OEP, the board said the acquisition, which is expected to complete during the first quarter of 2026, would 鈥渁dvance Kitwave鈥檚 strategic ambitions, accelerate its long-term growth trajectory and reinforce its position as a leading national delivered wholesaler鈥�.

鈥淥EP has an excellent track record of helping businesses like Kitwave to significantly scale and the board believes that becoming a private company will provide greater financial flexibility to achieve its ambitions,鈥� said Kitwave chief executive Ben Maxted.

Forterra (FORT) continues to hold up better than the wider market despite difficult conditions. The brickmaker, whose closest peer Ibstock (IBST) issued a gloomy statement last week, expects 2025 adjusted Ebitda to be in line with analysts鈥� expectations of 拢61.6mn. 

Lower interest costs and depreciation charges mean that adjusted profit before tax and earnings per share will both be ahead of analysts鈥� expectations for 拢32.5mn and 11.8p, respectively.

The company has continued to reduce its leverage levels, with its net debt, excluding lease liabilities, reduced to 拢56mn. 

Shares rose 3 per cent in early trading.

Shares in Elixirr International (ELIX) rose 3 per cent this morning after the consultancy said full-year revenue and profitability were on track to 鈥渕eet or exceed鈥� market expectations.

The firm, which has its sights set on joining the FTSE 250 by the end of the year after moving from Aim to the main market last summer, said revenue for 2025 should come in at or above the 拢149mn consensus forecast, which implies year-on-year growth of 33 per cent.

Adjusted Ebitda margins are also expected to land at or above the market鈥檚 28.1-29.2 per cent range. Client quality continues to improve, too. The number of 鈥榞old clients鈥�, those generating more than 拢1mn annual revenue, rose to 34, up from 27 in 2024.

Year-end net debt, excluding leases, stood at 拢24.1mn, around 拢7mn better than forecasts. Management added that Elixirr had entered the new financial year with a 鈥渞ecord amount鈥� of contracted revenue. Full-year results are due on 20 April.

Tritax Big Box (BBOX) has said it is negotiating terms with a potential operator for its 107MW data centre planned for west London. This would be the first of a broader data centre portfolio it plans to roll out in the next few years.

The warehouse landlord grew contracted annual rent by 15 per cent in 2025 to 拢361mn, largely driven by deals, including the acquisition of a 拢1bn portfolio from Blackstone (US:BX) in October. Tritax estimates the like-for-like market rents for its portfolio grew by 4 per cent in the same year.

The company didn鈥檛 provide an update to guidance, but chief executive Colin Godfrey said Tritax enters the new year 鈥渨ell positioned to deliver on our ambition to grow adjusted earnings by 50 per cent by the end of 2030鈥�.

Shares rose 1 per cent in early trading.

Harbour Energy (HBR) reported sales of $10bn (拢7.7bn) for 2025, almost double the 2024 figure thanks to the Wintershall Dea acquisition the year before, and free cash flow of $1.1bn, a full $1bn higher than 2024. But lower oil and gas prices mean the company has guided for a drop in cash flow this year, to $600mn. 

The company has just agreed to another major acquisition, this time in the Gulf of Mexico, that will see its oil and gas production hit around 500,000 barrels of oil equivalent per day (boe/d) by the end of 2026. Guidance for average production this year is 435,000-455,000 boe/d, compared to 474,000 boe/d in 2025. 

Harbour鈥檚 shares dropped 4 per cent on the update.

Judges Scientific (JDG) warned that adjusted earnings for 2025 would come in 6 per cent lower than broker forecasts, as there had been 鈥渘o recovery鈥� in its struggling US business. The company鈥檚 shares fell by 10 per cent in early trading.

The maker of scientific equipment has been suffering from a decline in demand in the US, the end market for about a quarter of its equipment, given uncertainty around federal funding for scientific research. Reduced investments in offshore wind has also led to a decline in demand from an otherwise-resilient industrial base.

The company鈥檚 order book has also weakened, leading it to cut earnings guidance to 200-250p a share, which at its midpoint is 18 per cent lower than the 275p it expects to earn in 2025.

Senior beats forecasts

Senior (SNR) said adjusted pre-tax profit for 2025 will be 鈥渃omfortably鈥� above expectations after a strong finish to the year from its aerospace arm. Trading this year has also started 鈥渨ell鈥�.

The company said its balance sheet had been strengthened following the recent sale of its aerostructures arm, which has brought net debt (excluding leases) down below 拢80mn, or less than one times Ebitda.

Senior鈥檚 shares rose by 8 per cent in early trading.

Young & Co鈥檚 Brewery (YNGA) is planning to shift its listing to London鈥檚 main exchange and leave the Aim market behind.

The move came after the pub and room operator, which manages sites across London and the south east, reported encouraging festive trading. Like-for-like sales over the three weeks to 5 January were up 11.2 per cent.

The company expects to finalise its admission to the main market in the second quarter of 2026, on account of its growing size and improved performance in recent years.

Chief executive Simon Dodd said that while Aim had provided a 鈥渉ighly supportive鈥� environment for Young鈥檚 during the pandemic, the move to the main market is the natural next step for the company and 鈥渙pen the door to a wider group of investors鈥�.

The shares were flat in early trading, and the move remains subject to approval by the regulator.

More bad news from B&M (BME) this morning, after the discount retailer cut its full-year guidance by 拢30mn-拢45mn, as its bloated inventory continues to weigh on profits.

In a trading update, the FTSE 250 group said it now expects adjusted earnings for FY26 to be between 拢440mn and 拢475mn, against previous guidance of 拢470mn to 拢520mn.

The downward revision was driven by 鈥渙ngoing investments in pricing and clearance鈥�, as efforts to shift its inventory continue. Meanwhile, like-for-like sales over the crucial 13-week trading period to 27 December remained broadly flat.

The company also provided an update on EY鈥檚 investigation into the accounting issue that wiped 拢40mn off its full-year profit guidance in October. The group said the probe has now concluded and implementation of its recommendations is under way.

New chief executive Tjeerd Jegen has struggled to stem share price losses since joining in June. While his 鈥楤ack to Basics鈥� turnaround plan is in its early days, the stock continues to trade near all-time lows.