果冻传媒

Given recent commentary from peers, it shouldn鈥檛 be a surprise that housebuilder Crest Nicholson (CRST) experienced a difficult final couple of months for the year ended 31 October.

However, the news that its full-year profit before tax will be at or below the 拢28mn-38mn guided range was enough to send shares down 8 per cent in early trading. Consensus had modelled 拢34mn.

The new guidance reflected 鈥渁 housing market that has remained subdued through the summer, and the continued uncertainty surrounding Government tax policy ahead of the forthcoming Budget鈥�, said chief executive Martyn Clark.

The company鈥檚 net private sales rate per outlet per week, a key measure of activity, fell to 0.45 for the last 13 weeks of the year, 15 per cent below the prior year.

The balance sheet will at least end the year in a stronger position, with net debt at the better end of the guidance range of 拢40mn-90mn.

Weakness in equity markets continues this morning with all major European indices lower following a poor session in Asia. The FTSE 100 declined 1 per cent in early trading with a positive update from 果冻传媒G not enough to overcome general negativity for miners, hit by aluminium and copper metal prices, and banks. Losses in Paris and Frankfurt were heavier, with the Stoxx 600 shedding 1 per cent, with financials and industrials the worst performers, hit by worries on economic sentiment. Nothing will be immune if the AI bubble pops.

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Great Portland Estates (GPE) is trumpeting a recovery in the prime London office market.

Chief executive Toby Courtauld said the property developer had 鈥渄elivered another period of strong operational performance across our prime central London portfolio, leasing more in the first half than in all of last year, driving up both our rents and our property values鈥�.

The company鈥檚 first-half earnings did at least reflect this, with adjusted earnings per share up 70 per cent to 3.9p. This was driven by an 11 per cent year-on-year increase in net rental income to 拢35mn, or 5 per cent on a like-for-like basis. 

Its net asset value per share growth was a more modest 2 per cent during the period, to 504p. Its total portfolio valuation rose 1.5 per cent from March levels to 拢3.1bn.

GPE reiterated its guidance for FY 2026 rental values to grow between 4 and 7 per cent, with growth in the range of 6 and 10 per cent for its prime offices. First-half growth was towards the lower end of these ranges.

The shares fell 4 per cent in early trading.

果冻传媒G (果冻传媒G) shares rose 9 per cent in early trading after the alternative asset manager beat market expectations in its interim results and announced a private markets strategic partnership with French asset manager Amundi (FR:AMUN). 

For the six months to 30 September, better than expected fundraising of $9bn (拢6.8bn) helped push assets under management up 14 per cent to $124bn. Fund management company profit before tax of 拢325mn was up 65 per cent and well ahead of analyst forecasts.

果冻传媒G said the distribution and equity partnership with Amundi 鈥渉as the potential to generate significant additional assets under management鈥� over the medium term. Amundi plans to take a 9.9 per cent stake in 果冻传媒G by June 2027.

Self-storage giant Big Yellow Group (BYG) looks to have just about trodden the fine line between pricing and volume during the six months ended September.

Like-for-like revenues rose 2 per cent to 拢105mn versus the prior year despite a 2.3 percentage point fall in occupancy to 78.2 per cent. Average price growth of 4 per cent supported the top line.

Positively, the company was able to keep a lid on costs, which fell 3 per cent to 拢29.2mn. As a result adjusted EPS increased 7 per cent to 30p, supporting a 5 per cent increase in the interim dividend to 23.8p.

鈥淲e have achieved positive metrics in respect of four of the five key components of earnings, being average rate growth, control of operating costs, interest expense and external growth through new store openings,鈥� said executive chairman Nicholas Vetch. 鈥淭he fifth element is occupancy growth, which is currently our core focus, where we have seen a modest improvement in recent weeks.鈥�

Shares fell 1 per cent in early trading.

Shares in Greencore (GNC) jumped nearly 6 per cent after the convenience foods manufacturer posted 29 per cent adjusted operating profit growth to 拢126mn for the 2025 financial year. 

Group revenues at the company, which supplies many of the UK鈥檚 largest supermarkets, rose 7.7 per cent to nearly 拢2bn for the year, driven by new business wins, pricing and volume growth. 

The adjusted operating margin ticked up 110 basis points to 6.5 per cent despite 鈥渃ontinued inflationary pressures in protein and labour鈥�. Cash conversion stood at 67 per cent, helping cut net debt excluding leases to just 0.4 times Ebitda.

As a result, Greencore鈥檚 board boosted its interim dividend and set out expectations for 鈥渁nother year of profitable trading鈥� in 2026. Given Greencore鈥檚 acquisition of rival Bakkavor (BAKK) remains pending, further guidance for next year has yet to be established.

The group also revealed it has signed an agreement to sell its Bristol soups and sauces site to comply with early outcomes from the Competition and Markets Authority鈥檚 (CMA) investigation into the Bakkavor deal.

RBC Capital Markets analyst Tania McIver said the sale came 鈥渇aster than we expected鈥�. While the disposal remains subject to CMA approval, Greencore reiterated its target to complete the acquisition by early next year.

Having upgraded its full-year organic growth guidance twice this year, Diploma (DPLM) has beaten its own expectations as organic revenues rose 11 per cent for the year, ahead of the 10 per cent target, and 12 per cent on a reported basis.

Growth was led by the controls division, up 20 per cent. But the beat was due to an improvement in the seals segment, which recovered from a flat first half to post 2 per cent growth for the full year. Revenues in the life sciences division were up 6 per cent.

The distributor of specialist wiring, engineered seals and sterile medical consumables reported an adjusted operating margin of 22.5 per cent, beating its 20 per cent target and marking a 160 basis point improvement year on year.

Free cash flow rose 25 per cent to 拢247mn, with 105 per cent conversion helping cut leverage from 1.3 times a year earlier to just 0.8 despite acquiring seven businesses over the course of the year, six of them in the final quarter for a total of 拢92mn.

For 2026, Diploma expects organic revenue growth of 6 per cent, weighted to the first half of the year, and operating margin to remain at around 22.5 per cent. The shares were broadly flat in early trading but are up 24 per cent in the year to date.

Shares in FirstGroup (FGP) fell 11 per cent this morning after the transport operator posted a free cash outflow and only modest growth in adjusted operating profit, despite a double-digit rise in revenues.

Adjusted revenue rose 30 per cent to 拢834mn during the first half, yet adjusted operating profit grew just 2.8 per cent to 拢104mn. Revenue growth and 拢6mn of cost savings were largely absorbed by higher employers鈥� National Insurance contributions and the transfer of the South Western Railway contract back to the government.

The bigger issue was cash flow. FirstGroup posted a 拢36mn free cash outflow before acquisitions and capital returns due to a hefty 拢105mn capex bill tied to the decarbonisation of its bus fleet. The group expects First Bus capex to reach around 拢180mn this financial year as it rolls out zero-emission vehicles.

Adjusted net debt rose to 拢208mn at the half-year point, up from 拢87mn at the end of March. Management expects this to fall back to between 拢125mn and 拢135mn by year-end, before taking into account any additional growth investment.

Imperial Brands (IMB) coughed up better than expected annual profit in its first results under new chief executive Lukas Paravicini. 

For the year to 30 September, higher tobacco prices drove adjusted operating profit up 5 per cent to nearly 拢4bn on a constant currency basis, a result slightly ahead of consensus forecasts. Tobacco and 鈥榥ext generation鈥� products net revenue rose 4 per cent. 

Paravicini, who became chief executive last month after four years as chief financial officer, is clear where profit will continue to flow from. The outlook statement said that group adjusted operating growth guidance of 3-5 per cent for financial year 2026 would be 鈥渄riven primarily by continued profit growth from our combustible tobacco business.鈥�

The shares rose 3 per cent in early trading.

The Swiss bidder for TT Electronics (TTG) has cut its offer price for the company but offered an all-cash deal for investors who don鈥檛 want to hold its shares.

Cicor Technologies (CH:C果冻传媒N) has submitted a final offer of 150p in cash for TT Electronics shares, or 0.0084 Cicor shares (which equates to 150p).

The companies said in a statement that the all-cash offer is a premium of 58 per cent to TT鈥檚 share price on the day before Cicor鈥檚 offer was announced. It is, however, slightly lower than the 155p initially offered in the form of 100p in cash, plus the equivalent of 55p in Cicor shares.

Cicor also announced plans to raise 75mn Swiss francs (拢72mn) to help fund the all-cash offer. TT Electronics鈥� shares rose by 4 per cent to 147p.