果冻传媒

Diageo (DGE) has agreed to sell its Kenyan operations to Japanese drinks group Asahi (TYO:2502), as part of the drink maker鈥檚 efforts to streamline its portfolio.

Diageo Kenya Limited owns a 65 per cent stake in East African Breweries (NSE:EABL) and an interest in Kenyan spirits company UDVK. The sale of the unit and its holdings is expected to raise $2.3bn (拢1.7bn) and is set to complete in the second half of next year.

The FTSE 100 group said it has agreed a long-term license with East African Breweries to ensure the 鈥渃ontinued production and distribution of Guinness, local spirits and ready-to-drink brands鈥� in the region.

After a bumpy 18 months marked by senior departures, the struggling beverage group has focused on divesting non-core assets to strengthen its balance sheet under interim chief Nik Jhangiani. The shares are down a third over the past year.

The company has since pinned its hopes on former Tesco (TSCO) boss Sir Dave Lewis to turn things around when he takes the reins from Jhangiani in January.

Abrdn European Logistics Income (ASLI)鈥檚 board has said it remains committed to selling its assets and winding down the trust, despite the opposition of its biggest shareholder.

Earlier this month DL Invest Group, which has a circa 18 per cent stake in ASLI that it has been building since October, published a letter urging the trust to reconsider its decision to wind down. 

DL Invest, a Polish property group, said the decision was made last year 鈥渦nder specific market conditions鈥� which 鈥渉ave significantly changed, such that continuation of this plan now presents clear and significant risks to shareholders and their best interests鈥�.

Shareholders backed the wind down plan in June 2024. Some 20 of the original 27 assets have already been sold. 

DL argued that logistics yields across Europe have begun to stabilise and demand from international tenants is accelerating.

鈥淪elling high-quality logistics assets at this stage deprives ASLI and its shareholders of the recovery upside,鈥� it noted in an open letter this week. The alternative would be to rebuild the portfolio 鈥渦sing [DL Invest]鈥檚 proprietary pipeline of stabilised logistics assets and new data-centre developments鈥�.

The trust鈥檚 board replied today that investors representing a quarter of the issued shares remained in favour of winding down the trust.

鈥淚f a formal requisition notice is served, forcing ASLI to hold a general meeting, this is likely to at best result in unnecessary costs, and at worst lead to shareholders being invested in a sub-scale fund with no further scope for capital returns,鈥� said Winterflood鈥檚 Emma Bird.

Bunzl (BNZL), one of the FTSE 100鈥檚 worst performers this year, confirmed its full-year results would land in line with expectations set in its April profit warning, but what newly rattled investors was a lacklustre outlook for 2026. Shares fell as much as 6 per cent in early trading and are down more than a third year to date.

The distributor of consumables such as packaging, cleaning products, personal protective equipment and catering supplies reiterated its 2025 adjusted operating profit guidance, with a 7.6 per cent margin, alongside expectations for 鈥渂roadly flat鈥� organic revenue.

Management expects to see 鈥済ood momentum鈥� over the final quarter, helped by actions taken to address underperformance in North America and continental Europe. Even so, analysts at Panmure Liberum estimate fourth-quarter sales fell slightly, following a 0.8 per cent drop in the third quarter and against tough comparatives.

Bunzl expects the pace of margin decline to ease in the second half. But that offers little comfort looking ahead, as the company warned that economic and geopolitical uncertainty would persist next year. It expects 鈥渕oderate鈥� revenue growth at constant exchange rates, driven by 鈥渟ome鈥� organic growth and a small benefit from acquisitions.

UBS expects growth to be largely led by volumes, with pricing broadly flat as deflationary pressures offset the annualisation of tariffs. Crucially, though, operating margins are expected to edge lower next year given ongoing cost inflation and little benefit from price rises, suggesting that a recovery is still some way off.

The share price of Synectics (SNX) pulled back sharply after the security and surveillance systems specialist released a trading update for the year ended 30 November 2025.

Revenues are expected to increase by a fifth to 拢68.5mn, while adjusted profits, ex-share based payments and exceptional items, will see an even more notable increase 鈥� up 35 per cent to 拢8.5mn.

Unfortunately, FY2026 comparators will suffer due to the absence of a one-off gaming contract that was completed during the current calendar year. The group exited the year with the order book standing at approximately 拢26.5mn, down by a quarter since May鈥檚 interim level, again a reflection of the fact that the contract has run its course.

Management said the group is benefiting from 鈥渟olid demand and has good visibility on its new business pipeline鈥�. And it exited its financial year with an improved cash balance, and felt able to increase its final dividend from 2.5p to 2.8p. The shares dropped 18 per cent on Wednesday morning to 238p, taking the year-to-date fall to 34 per cent.

The board of Edinburgh Worldwide (EWI) is urging other shareholders to vote down Saba鈥檚 proposals, as it confirmed it received a requisition notice from the US activist earlier this month.

Saba is looking to replace the trust鈥檚 six directors and appoint three Saba nominees. The trust鈥檚 board replied criticising their lack of independence and expertise and arguing that Saba is prioritising 鈥渋ts own commercial interests to the potential detriment of other shareholders鈥�.  

The firm led by Boaz Weinstein had taken a similar approach at the start of this year and was defeated in the vote. But Winterflood鈥檚 Shavar Halberstadt noted that Saba鈥檚 holding in the trust has increased to about 30 per cent from about 25 per cent when it was first defeated at the start of the year. 

He said 鈥渢he campaign faces an uphill climb to mobilise support, particularly given the absence of a co-ordinated call to action from a range of industry stakeholders that we saw at the time鈥�. Edinburgh Worldwide said a notice of the requisitioned general meeting will be posted 鈥渋n due course鈥�.

Shares in outsourcer Serco (SRP) jumped 5 per cent this morning after the group upgraded its full-year profit guidance and said 2026 profits are likely to come in ahead of market expectations.

The company left revenue and organic growth guidance unchanged but said underlying operating profit is now expected to be around 拢270mn this year, ahead of consensus of 拢260mn, with a margin of 5.5 per cent. Free cash flow (FCF) guidance was also raised to 拢170mn, up from 拢130mn.

Order intake is expected to reach 拢5.5bn, with a book-to-bill of at least 110 per cent and roughly two-thirds of awards coming from defence. Serco anticipates year-end adjusted net debt of 拢265mn, equivalent to 0.9 times Ebitda.

First guidance for 2026 points to revenue of around 拢5bn, with organic growth improving to 3 per cent. Underlying operating profit is guided to be 拢300mn, up 11 per cent and ahead of consensus of 拢285mn, implying a margin of 6 per cent. FCF is set to come in at 拢160mn.

Serco also announced the retirement of chief financial officer Nigel Crossley after 11 years with the company. Mark Reid, CFO of Belgium telecoms company Proximus since 2021, will take over in March.

BAE Systems (BA.) has netted around $52.2mn (拢39.2mn) from the sale of most of its remaining interest in Air Astana (AIRA).

The company sold 9mn global depository receipts (GDRs), each of which represents four shares in the airline, through a placing. This equates to a stake of about 10.1 per cent in Air Astana, leaving it with a holding of 6.9 per cent.

BAE Systems helped to establish Air Astana in 2001 and had owned a 49 per cent stake in Kazakhstan鈥檚 national flag carrier until its flotation last year. It sold a large chunk of its shares to investors in the IPO, which left it with a holding of 16.95 per cent.

In a statement, Air Astana said BAE Systems had been a supportive shareholder but that 鈥渨e recognise that Air Astana was no longer a core holding鈥� and that it looked forward to welcoming new shareholders into the group.

Air Astana鈥檚 float last year saw it list shares on the London, Astana and Kazakhstan stock exchanges. Since the float, the London-listed GDRs have lost about a third of their value and now trade at $6.22 per share.

Last month, the company reported a 10 per cent increase in revenue for the first nine months of the year but a 40 per cent decline in net profit to $31.2mn as it reported capacity constraints due to problems with Pratt & Whitney engines.