果冻传媒

British American Tobacco (BATS) reported broadly flat revenue for FY25, as the group pushes on with efforts to transform into a 鈥渟mokeless鈥� business.

While sales volumes in the global 鈥榗ombustible鈥� industry over 2025 continued to decline, the cigarette maker鈥檚 pricing more than offset the impact, as did an increased revenue contribution from its 鈥榥ew category鈥� products. 

Revenue from new categories, which include its Vuse e-cigarettes and Velo oral nicotine pouches, rose by 5.5 per cent. And although the group鈥檚 pre-tax profit nearly tripled year-on-year to hit 拢9.9bn, much of the benefit came from movements with its Canadian litigation settlement, which had included a charge of 拢6.2bn in 2024.

Chief executive Tadeu Marroco reaffirmed guidance of 3 to 5 per cent organic sales growth, although he warned that 鈥�2026 [is] expected to be at the lower end of the range, as we continue to invest in our transformation.鈥�

The board increased the dividend by 5p, to 245p a share.

Ashmore (ASHM) shares have risen more than 50 per cent this year on improved returns for emerging markets. But the specialist asset manager鈥檚 half-year results highlighted that a good dose of caution is still required.

For the six months to 31 December, adjusted net revenue fell 16 per cent to 拢67.5mn against the same period the year before on a drop in average assets under management (AUM) and performance fees. Adjusted Ebitda tumbled 38 per cent to 拢20.9mn.

However, reported pre-tax profit was up 64 per cent to 拢81.9mn, with the result boosted by 拢55mn in gains on seed capital investments. Realised gains were just 拢10mn.

The group had pre-announced assets under management (AUM) of $52.5bn (拢38mn) at the end of December, and stronger than expected flows. AUM was up 10 per cent on net inflows of $2.3bn and investment performance of $2.6bn.

The shares ticked up 2 per cent in early trading.

Morgan Sindall (MGNS) has answered the market鈥檚 questions about whether its burgeoning fit-out business could continue its success in 2026.

The contractor has said its fit-out business, which focuses on office refurbishments, will perform 鈥渁head of expectations and significantly above the top end of the medium-term target of 拢80mn-拢100mn鈥�.

As a result, the company expects to exceed market expectations for FY2026 profit before tax of 拢107mn. All other divisions are performing in line with expectations for the year.

The company also noted that it is performing in line with market expectations for 2025. Shares rose 6 per cent in early trading.

Property firms are also suffering from investor angst about potential AI disruption. Savills (SVS) shares fell 7 per cent in early trading, following double-digit share price falls for larger US peers CBRE (US: CBRE), Jones Lang LaSalle (US: JLL) and Cushman & Wakefield (US:CWK) overnight.

Unlike similar recent tremors in software, professional services and wealth management, this pullback doesn鈥檛 appear to have been sparked by the release of an industry-specific AI tool. Instead, it may reflect that markets are increasingly moving out of fee-driven, labour-intensive business models. 

Peel Hunt analyst Clyde Lewis told Investors鈥� Chronicle that the bespoke nature of property transactions makes them more defensive to AI, arguing the sell-off is likely overdone.

Relx (REL) has moved to reassure investors with a 50 per cent hike in its share buyback to 拢2.25bn, comfortably ahead of expectations.

The decision follows a share price slump over the past year as markets fret over the potential impact of AI on its business.

The numbers themselves offered little cause for alarm. Organic revenue rose 7 per cent to 拢9.6bn in the year to 31 December, while adjusted operating profit was up 9 per cent to 拢3.3bn. Margins ticked up to 34.8 per cent, 10 basis points ahead of consensus.

Risk saw 8 per cent organic growth, while revenues in the science, technical and medical unit grew 5 per cent and 8 per cent for the exhibitions business. Organic growth in the legal arm, the most closely watched given recent AI anxiety, stood at 9 per cent, a step-up from 7 per cent growth in 2024.

The division, home to LexisNexis, grew operating profit by 12 per cent and expanded margins by 80 basis points to 23 per cent. Management said adoption of its agentic AI tools is driving double-digit growth in the law firms and corporate legal segment.

Looking ahead to 2026, Relx expects another year of 鈥渟trong鈥� organic growth in revenue and adjusted operating profit, alongside 鈥渟trong鈥� constant-currency growth in adjusted earnings per share. Divisional guidance is slightly more positive than it was a year ago.

Despite this, the shares barely budged in early trading and are still down 30 per cent year to date. Chief executive Erik Engstrom sought to assuage AI fears, arguing the technology is helping Relx develop and launch products at a faster pace, while continuing to manage cost growth below revenue growth.

Find out why we鈥檙e bullish on Relx