果冻传媒

A focus on well鈥搕o-do customers is helping Fuller Smith & Turner (FTSA) cut through some of the consumer gloom.

The pubco delivered an impressive 4.6 per cent increase in like-for-like sales on interim results day. Drinks performed particularly well, where Fuller鈥檚 boosted sales by 6.5 per cent, though accommodation and food also underpinned growth.

Boss Simon Emeny put strong trading down to the operator鈥檚 strategic focus on affluent areas. Fuller鈥檚 pub estate is more skewed towards London and the south east than its competitors. 

Castings (CGS) reported a 2 per cent slide in sales to 拢87.6mn for the six months to 30 September but increased pre-tax profit by a fifth to 拢5mn.

The company said that although demand for heavy trucks (which underpin three quarters of group revenue) remain weak, it has benefited from 鈥渁ctions taken to right size the cost base鈥�.

Investments made in its Ductile Castings business in Scunthorpe have also paid off given consolidation in the market. Castings chair Alec Jones argued that investments in capacity and capability left it 鈥渨ell positioned for volume increases鈥� once demand for trucks normalises. The shares rose by 2 per cent.

Cable maker Volex (WLX) reported stronger than expected half-year results, with organic growth climbing by 13 per cent and adjusted earnings per share up 30 per cent to 19.7垄 (15p).

Growth was strongest in its complex industrial technology division, which it attributed to stronger sales to data centres. These were up 80 per cent year-on-year and now make up about 15 per cent of group revenue. Sales in the off-highway and electric vehicles arms also saw double-digit growth, but both its consumer electrical and medical sector witnessed sales declines.

The company also announced the appointment of a new chair, Dave Webster, who was chief executive of US-based electrical components business ECI for 20 years. Nat Rothschild, who was executive chair, now becomes chief executive.

Volex shares rose by 14 per cent.

SSE (SSE) plans to raise 拢2bn in new equity and take on more debt to help fund a fresh 拢33bn investment plan aimed at upgrading and expanding Britain鈥檚 electricity networks by 2030.

Around 拢27bn, or 80 per cent, of the spending will go into regulated UK networks, with the rest targeting renewables and system flexibility projects. The new plan marks a big step up from SSE鈥檚 previous 拢17.5bn investment target to 2027.

The FTSE 100 energy group expects its regulated asset base to more than triple over the period, driving annual earnings growth of 7 to 9 per cent to between 225p and 250p per share by 2029/30. Around 80 per cent of Ebitda is expected to be inflation-linked, and therefore more predictable, by then.

Funding will come from 拢21bn of operating cashflow, 拢14bn of additional debt and hybrid capital, the 拢2bn share issue and another 拢2bn from asset sales. SSE said it aims to keep net debt below 4.5 times Ebitda.

SSE also posted its half-year results for the six months to 30 September, which showed a 28 per cent fall in adjusted pre-tax profit to 拢521mn, as less favourable weather hit renewables output, though management reaffirmed guidance for 2025/26 and 2026/27. The shares rose 9 per cent to 2,157p.

Shares in Picton Property Income (PCTN) fell 2 per cent in early trading after the real estate investment trust warned at its half-year results of disruption to its earnings per share (EPS) outlook from a key tenant breaking its lease.

The diversified Reit, whose portfolio is weighted to industrial properties, generated 拢15mn of profit after tax on 拢18mn of net rental income. The 30 per cent increase in profit after tax compared to the prior year was driven by positive revaluations of the portfolio.

As expected, Picton did not announce an interim dividend. The company鈥檚 拢12.5mn share buyback, set out in September, is ongoing.

鈥淎longside our share buyback programme, we have continued to make progress recycling capital from lower-yielding assets to further support earnings growth,鈥� said chief executive Michael Morris.

Experian (EXPN) now expects to deliver annual revenue growth of 11 per cent, at the top end of guidance, after the credit scoring and data services group enjoyed double-digit sales growth in North America and momentum at its consumer services business in its first half.

For the six months to 30 September, revenue was up 12 per cent to just over $4bn (拢3.1bn). Profit before tax improved 36 per cent to $975mn, a result helped by lower finance expenses alongside the better operational performance, while the benchmark operating margin was in line with consensus at 28.3 per cent.

Experian raised its first interim dividend by 10 per cent.

BAE Systems (BA.) chief executive Charles Woodburn said he was 鈥渃onfident in the outlook鈥� for the business after securing sizeable new orders, with further deals expected to be announced by the end of the year.

The company has secured 拢27bn of orders year-to-date, with second-half deals already worth more than the 拢13.2bn secured in the first half. New orders include a 拢4bn deal for 20 Typhoon aircraft from the Turkish government last week.

The defence giant said there had been 鈥渘o material impact鈥� yet on its US business due to the government shutdown and is encouraged by the momentum in Congress to break the deadlock. However, it warned that if the shutdown were to drag on it could potentially lead to payment delays.

BAE Systems remains on track to meet upgraded guidance given in July, which is for sales to grow by 8-10 per cent on last year鈥檚 total of 拢28.3bn, and for underlying operating profit to be between 9-11 per cent higher than the 拢3bn earned in 2024.

Jefferies analyst Chloe Lemarie said BAE Systems remained on track to achieve a book-to-bill ratio of above 1.0 for the year, based on her revenue estimate of 拢30.2bn. The recent agreement with Norway to provide at least 5 Type 26 frigates is also likely to lead to a big order, but this may not be booked as revenue until next year, she added.

BAE Systems shares nudged up by 1 per cent, bringing their