果冻传媒

JD Wetherspoon (JDW), long synonymous with the value end of pub chains, is feeling the pinch in terms of marginal profitability, and is struggling to keep a lid on central costs.

In an interim update, the chain鈥檚 chair Tim Martin warned that 鈥渃osts have been higher than anticipated, with energy, wages, repairs and business rates, for example, increasing by 拢45mn in the first 25 weeks鈥�, so 鈥減rofits in the first half are likely to be lower than the comparable period in the previous financial year鈥�. He also indicated that full-year profitability would come up short 鈥渋f the current sales momentum continues鈥�. 

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Volex (VLX) said full-year revenue and adjusted operating profit will be higher than consensus forecasts after a strong third-quarter.

The maker of wiring products cited growth in demand in its complex industrial technology division, particularly from data centre customers, for driving organic growth of 14.8 per cent for the nine months to the end of December, up from 13 per cent at the half-year stage.

House broker Peel Hunt nudged up its earnings per share forecast by 2.4 per cent, to 39.1 cents. Volex鈥檚 shares rose by 8 per cent to 440p, or 15 times forecast earnings.

Experian (EXPN) shares fell more than 5 per cent in early trading despite meeting organic growth expectations for the third quarter and keeping full-year guidance unchanged. 

The FTSE 100 data giant reported 8 per cent organic growth at constant exchange rates, with reported growth of 12 per cent. North America, which generates nearly 70 per cent of revenues, was the fastest-growing region with 10 per cent organic growth, followed by 6 per cent growth in Latin America. 

The UK and Ireland, EMEA and Asia-Pacific business groups reported 3 per cent organic growth during the quarter. In terms of categories, organic growth in the group鈥檚 consumer services outpaced business-to-business, posting 10 per cent organic growth against 7 per cent for B2B.

Experian鈥檚 shares are down by 20 per cent over the past year, mainly reflecting concerns around potential AI competition. 鈥淲e continue to leverage our scaled proprietary data assets, strong technology foundations and deep expertise to deliver on our strategic priorities and crystallise exciting new AI opportunities,鈥� said chief executive Brian Cassin.

Read our Deep Dive on Experian here

Shares in mining major Rio Tinto (RIO) rose 5 per cent after it reported full-year production of iron ore and copper well ahead of analyst forecasts. The beat came from a record Q4 for iron ore shipments, which meant Rio was able to largely catch up to initial 2025 guidance after cyclones in Western Australia knocked its Q1 output. 

The company is also trading strongly as a copper proxy, with the red metal hitting record levels this month on the back of US stockpiling. Rio鈥檚 2025 copper production was 883,000 tonnes, 11 per cent ahead of the year before. 

It鈥檚 this metal that is driving the miner鈥檚 negotiations with Glencore (GLEN) over a merger. Under UK takeover rules, a firm offer or intention to make a firm offer will need to be confirmed by 5 February, although analysts are already talking about a potential extension.

South American gold and silver company Hochschild Mining (HOC) ran into production issues at either the perfect time or the worst time. Its share price has tripled in the past year, and earnings are forecast to be way up thanks to the record gold and silver prices. 

But gold output dropped by 10 per cent to 221,444 ounces (oz) and silver dropped by 12 per cent, to 7.5mn oz. The gold reduction came from issues at the new Mara Rosa mine in Brazil, where additions are needed to the processing line to get production back to expected levels. 

Peel Hunt said the company鈥檚 reported leverage of 0.04 times Ebitda put the 2025 cash profit at $575mn (拢429mn), around a third higher than last year. Capital spending this year will also be around $50mn higher than the investment bank鈥檚 previous forecast, at $210mn-$225mn, largely going towards the Inmaculada mine but also Mara Rosa and the new San Jose project. 

On top of the gold and silver operations, Hochschild did well in 2025 off a rare earths project it spun off in 2021 through Aclara Resources (CN:ARA). The shares are up almost 700 per cent in the past 12 months, taking Hochschild鈥檚 holding to a value of $110mn.

Workspace鈥檚 (WKP) third-quarter trading statement pointed to limited progress in the company鈥檚 turnaround. 

Like-for-like rent roll at the flexible office provider, which announced a surprise change in chief executive on Monday, was unchanged on September levels at 拢104mn.

While occupancy increased by a percentage point to 81 per cent, rent per square foot fell 1 per cent to 拢47.13. This contrasts to the prime London office market, which is demonstrating healthy rental growth.

Shares rose 1 per cent in early trading.

Meeting Workspace鈥檚 (now former) CEO: Lee and the 果冻传媒

Construction group Galliford Try Holdings (GFRD) said in a trading statement that the company鈥檚 focus on long-term infrastructure projects, in transportation, education, defence, custodial and health, is bearing fruit. 

The company has grown its order book by 5 per cent versus the prior year to 拢4.1bn as a result, with recent contract wins in grid infrastructure and affordable housing. 

Galliford has therefore raised its FY2026 profit before tax to be slightly above 拢47.7mn, the top end of analysts鈥� expectations. 

鈥淲e are pleased with our recent framework and project wins as well as the opportunities we continue to see across all our chosen sectors,鈥� said chief executive Bill Hocking.

The shares, which have risen 35 per cent over the past year, are up a further 3 per cent in early trading.

FTSE 250 fund manager Aberdeen (ABDN) grew assets under management (AUM) by 9 per cent last year even as net outflows widened and stuck with its target of growing profits to at least 拢300mn in 2026. 

In an update ahead of results for the year to 31 December, the group said that positive market movements drove year on year AUM up to 拢556bn in 2025. Net outflows rose to 拢3.9bn, up from 拢1.1bn the year before, on negative adviser, institutional and retail wealth, and insurance partners flows.  

Aberdeen made progress with its interactive investor platform, as customer numbers improved 14 per cent compared to last year to around 500,000. Net inflows for the platform were 拢7.3bn over 2025, and 拢1.4bn in the fourth quarter. Daily average retail trading volumes improved 10 per cent, quarter on quarter, in the last three months of the year. 

As well as reiterating its 2026 adjusted operating profit target, management said it expects last year鈥檚 profit to be in line with market expectations. Consensus is 拢274mn, per FactSet.

Edinburgh Worldwide (EWI) has survived its second Saba attack, as shareholders once again voted to reject the US activist鈥檚 proposals.

Boaz Weinstein鈥檚 Saba tried to replace the trust鈥檚 board with its own nominees, citing concern over the trust鈥檚 performance and the managers鈥� partial sale of its stake in SpaceX. But yesterday the activist was narrowly defeated, with 53.2 per cent of votes cast in support of the existing board.

Saba launched a similar attack last year, when it only won 36.2 per cent of the votes. Saba鈥檚 position in the Baillie Gifford-run trust increased from about 25 per cent to about 30 per cent over the period, making for a much closer vote. Turnout remained unusually strong 鈥� shareholders holding 70.5 per cent of total voting rights took part this time, up from 64.7 per cent last time.

It is unclear what will happen to Edinburgh Worldwide now, and whether the board and Saba could come to an agreement, for example on a partial cash exit for all shareholders.

As Edinburgh Worldwide鈥檚 chair Jonathan Simpson-Dent put it, 鈥淪aba remains our largest shareholder and we will continue to seek constructive engagement with them to develop potential solutions that allow us to move forward.鈥�

Earlier this month, he said that the proposed merger with Baillie Gifford US Growth (USA) was now off the table following feedback from other shareholders.