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The Financial Conduct Authority (FCA) offered up an update about the motor finance redress scheme after holding a consultation.

“Given the scale and complexity of the scheme and in response to feedback, we’re likely to introduce an implementation period of three months, with up to five months for older agreements. Firms could choose to process claims under the scheme sooner,� the FCA said.

The regulator stressed that no final decisions have yet been made, and there will be another update this month on how the redress scheme will work in practice, which will be outside market hours.

The FCA has also been cracking down on misleading adverts by claims management companies and has forced the removal or amendment of over 800 adverts.

Wood Group’s (WG.) public disintegration is almost complete, with the rescue buyout set to close next week and the Financial Conduct Authority announcing a £13mn fine for misleading investors.

The oil and gas services specialist doctored the 2022 and 2023 annual accounts, and the unaudited interim numbers for 2024 that included a $140mn (£105mn) impairment, according to the FCA.

“During the relevant period, there were serious weaknesses in Wood Group’s financial culture,� said the regulator.

“These arose in the context of commercial challenges faced by Wood Group during the relevant period and its desire to improve investor confidence and maintain a strong financial position against the background of a potential acquisition of the company.�

Two Wood Group buyouts collapsed in recent years, with Apollo walking away after due diligence in 2023 and Sidara pulling out in 2024. Sidara came back to buy Wood for a discount after the accounting scandal became public.

The £1`3mn fine, discounted from £18.6mn because Wood Group agreed on the terms of the punishment, is for massaging project costs to help group-level profits.

Failing to account for costs and provisions of lump-sum turn key projects swung it from an operating loss of $55mn to a profit of $38mn in FY2023.

An attempt to tidy up the books in 2024 through a $140mn impairment in the interim results was “not an accurate portrayal of the write-offs�.

“A significant portion of the writeoffs did not relate to matters arising in HY24 and should have properly been recognised in Wood Group’s FY22 and FY23 results,� the FCA added.

It put the failures down to staff within the projects business, although said they reported to executive management and “felt under pressure to maintain Wood Group’s financial performance in line with market expectations�.

The FCA also flagged one project going significantly over budget, including $70mn after “substantial completion�.

“A presentation was circulated to senior management within Wood Group which included these budget and cost figures,� the watchdog said. “Wood Group nonetheless wrongly continued to conclude that these costs should be treated on an ‘as incurred’ basis.�

Weir Group (WEIR) shares slumped by 9 per cent despite the company reporting stronger profits, as guidance for current-year earnings came in below expectations.

The mining equipment specialist reported a 6 per cent increase in revenue at constant currency rates to £2.6bn, which was slightly below forecasts, but adjusted operating profit was in line, rising by 15 per cent to £518mn.

However, despite the company highlighting a “multi-decade market opportunity� to analysts, its shares slumped by 9 per cent after its margin target came in softer than analysts expected, with an investment in a new ERP software system for the group seen as the main drag, according to RBC Capital Markets.

SIG (SHI) managed to grow underlying operating profits last year despite a difficult construction sector and rising labour costs. However, the distributor’s reported numbers were hit by one-off writedowns and restructuring costs.

Like-for-like sales were flat at £2.6bn, with the UK growing by 2 per cent as France fell by 5 per cent and Germany and Ireland by 3 per cent. Still, the underlying operating profit jumped 28 per cent to £32mn, with the margin up 20 basis points to 1.2 per cent. 

Profits benefited from a restructuring push and productivity gains. Management cut operating expenses by 6 per cent, offsetting lower volumes and higher wages. The company also reduced its free cash outflow from £39mn a year earlier to £12mn. 

However, the statutory loss before tax widened to £62mn, largely due to nearly £30mn in impairment charges, including £23mn related to goodwill and intangibles from its Miers acquisition, and £9mn of restructuring costs. 

SIG expects market conditions to remain tough in 2026, having started the year with weaker than expected sales in Europe due to poor weather. Over the medium term, though, the board still thinks it can meet its operating margin target of between 3-5 per cent.

Beazley’s (BEZ) results look increasingly like the specialist insurer’s swan song as a UK-listed entity. A jointly recommended all-cash bid from Zurich Insurance Group landed just ahead of results day, offering shareholders a total offer of 1,335p per share, comprising 1,310p in cash and a 25p interim dividend.

The results themselves underline why Beazley has become such an attractive target. Despite what management described as a “soft rate phase� in parts of the insurance cycle, the group prioritised underwriting discipline over volume growth. Insurance written premiums slipped 1 per cent to $6.1bn as the insurer resisted chasing business at weaker pricing.

That cautious approach was also evident in cyber insurance. Cyber underwriting moderated to $1.16bn as pricing discipline was maintained in what remains a high-growth but increasingly competitive market.

Even so, profitability remained robust. Profit before tax held at $1.15bn, although the claims ratio edged up to 44.5 per cent following reserve strengthening. The performance was supported by a relatively benign catastrophe period and improvements in current-year losses.

Zurich is funding the acquisition through a mix of $5bn in equity and $2.9bn in debt, signalling a substantial strategic bet on Beazley’s specialty underwriting expertise.

Metro Bank (MTRO) will aim to triple its return on tangible equity (ROTE) by 2028 after the FTSE 250 challenger bank returned to profit following higher lending and cost-cutting.

For the year to 31 December, total income was up 46 per cent to £593mn, although that was driven by the non-repeat of a £101mn loss in 2024 on the sale of loan portfolios. The company recorded an £87.2mn pre-tax profit after a loss of £212mn the year before.

Management sees a path for ROTE to hit 13 per cent by the end of 2026, 15 per cent in 2027 and at least 18 per cent in 2028. ROTE was 6.4 per cent in 2025.

Metro Bank, which has pivoted to corporate, commercial and small business lending (as well as specialist mortgages) as part of a transformation, said it had delivered 67 per cent growth in new lending in these categories. Underlying operating expenses fell 7 per cent last year, which was better than guidance.

Shares in Galliford Try (GFRD) rose 6 per cent in early trading after the construction group upgraded its guidance for the 2026 financial year.

Revenues for the six months to December rose 1 per cent to £935mn, while adjusted operating profit climbed 22 per cent. The adjusted operating margin edged up by half a percentage point to 3.2 per cent, driven by improved terms in the company’s contracts.

Galliford now expects full-year revenue and adjusted profit before tax to come in above the top end of current market expectations of £1.9bn and £51mn, respectively.

Vistry is not the only housebuilder changing leaders this morning. Barratt Redrow (BTRW) has announced that Dean Banks will join as chief executive in the final quarter of 2026, when current chief David Thomas retires after 11 years at the helm.

Banks joins from Australian infrastructure services firm Ventia (AU:VNT), which he has led since 2021.

Thomas said: “We have built a strong, disciplined and customer-focused business, delivering real value for shareholders, and creating thousands of high-quality sustainable homes and developments across the country.�

“I look forward to working with the Board and the wider team to build on this strong foundation,� Banks added.

Shares in Vistry (VTY) fell 22 per cent in early trading after the housebuilder lowered margin guidance for 2026 and announced a leadership change.

Chair and chief executive Greg Fitzgerald said that he was “confident that Vistry will go from strength to strength well into the future� as he announced his retirement alongside results this morning.

Fitzgerald, who has run the housebuilder since 2017 and overseen its transition into a partnerships-focused model, will step down as chair in May 2026, but will continue as chief executive for a further 12 months, or until a successor is appointed.

Vistry reported adjusted profit before tax of £269mn on revenues of £4.2bn, a 2 per cent increase and 4 per cent decrease respectively. It completed 15,700 homes during the year (including joint ventures).

For 2026, the company guided home completions, revenues and adjusted profit before tax to all increase year on year, but for margins to fall due to greater use of incentives to boost sales.