果冻传媒

Israel gas producer Energean (ENOG) has announced sales of $1.7bn (拢1.2n) for 2025, flat with 2024 and in line with analyst forecasts despite lower oil prices and a field shutdown. 

Energean鈥檚 principal asset is the Karish offshore gas field, at which production was suspended in June briefly because of the war, leading to a guidance cut from 165,000-155,000 barrels of oil equivalent per day (boe/d) to 145,000-155,000. 

The company managed to hit the top-end of the new range, holding output flat with 2024. The average gas price received climbed slightly, from $4.70 per mcf to $4.90, but oil dropped 17 per cent to under $60 per barrel. 

Energean is also investing in a new field in Israel, which will help send capital spending from $575mn in 2025 to a high-end estimate of $800mn. Management is also looking outside of the country for new projects, highlighting West Africa as a favoured region. The year鈥檚 net debt came in ahead of expectations by $100mn, at $3.25bn, which Energean put down to receiving $80mn owed by Egypt this month, instead of December.

Revenues at Sage (SGE) grew by double-digits in its first quarter, as the FTSE 100 accounting software group reiterated annual guidance.

For the three months to 31 December, organic revenue was up 10 per cent to 拢674mn year on year. Revenue growth of 13 per cent in North America, the group鈥檚 biggest market, was driven by the performance of cloud finance software product Sage Intacct.

Management still expects organic revenue growth of at least 9 per cent this year, along with improved operating margins.

Lower festive sales at Dr Martens (DOCS) sent the share price plummeting more than 12 per cent this morning, as the company navigates its turnaround against a choppy consumer backdrop.

The Camden headquartered bootmaker said revenue fell 3.1 per cent year on year to 拢253mn for the 13 weeks to 28 December, which dragged year-to-date revenue down 0.7 per cent. This was driven by slower trading across the UK and Europe, which have remained challenging markets.

And while the board struck an upbeat tone, with full-year guidance for profit before tax (PBT) maintained, analysts at Peel Hunt were not so sure. The broker downgraded its FY forecast by 拢2.6mn, to 拢52.3mn.

Dr Martens is in the early stages of its overhaul under new chief executive Ije Nwokorie. The company is attempting to rebalance its sales approach between selling directly to consumers and using wholesalers and distributors, and to broaden its footwear offering beyond just its iconic boots. Fourth quarter earnings are expected in May.

Mitie (MTO) reported 10 per cent revenue growth for the December quarter, and expects similar in the last quarter of its financial year, which is usually its busiest. The outsourcer is confident of 鈥渄elivering double-digit revenue and operating profit growth鈥� on the prior year.

This bullishness in part reflects an increase in public sector work, but in truth, most of the gain has been driven by its 拢366mn acquisition of Marlowe, which completed in August. Organic revenue growth was just 4 per cent.

Management said the integration of Marlowe鈥檚 business was progressing well. However, the acquisition has pushed net debt up to just shy of 拢500mn at the end of December.

Paragon Banking (PAG) stuck with annual guidance in a first-quarter update and said that its commercial lending credit performance 鈥渃ontinues to normalise鈥�.

Total lending at the specialist lender and banking group was up 7 per cent to 拢724mn in the three months to 31 December against the same period in 2024. Commercial lending advances rose 18 per cent to 拢299mn, while buy-to-let lending was flat at 拢425mn.

Guidance for this year is for a net interest margin (NIM) of 2.9-3.0 per cent and underlying return on tangible equity of 15-20 per cent. Management expects between 拢1.5bn and 拢1.7bn of buy-to-let volumes and a range of 拢1.2bn and 拢1.4bn of commercial lending.

National Savings & Investments (NS&I) has slashed the interest rates on its Direct Saver and Income Bonds products, cutting them both from 3.3 per cent (annual equivalent rate) to 3.05 per cent.

The change is another blow for NS&I savers as interest rates on its fixed-term bonds were slashed earlier this month. It had been hoped that the government鈥檚 decision to increase NS&I鈥檚 net financing target to 拢13bn at the November Budget would reduce the likelihood of further cuts. However, further downward pressure has been applied to saving rates following the Bank of England鈥檚 December rate cut.

Andrew Westhead, NS&I retail director, said: 鈥淭oday鈥檚 changes will help us meet our net financing target whilst continuing to balance the interests of our savers, taxpayers and the wider financial services sector.鈥�

The changes will take effect on 12 February.

Shares in LSL Property Services (LSL) rose 6 per cent in early trading on the back of a new 拢12mn buyback, which will commence immediately and is worth 5 per cent of the company鈥檚 market capitalisation.

The property services company is guiding for 2025 underlying profit of 拢32mn on revenues of 拢183mn, an increase of 6 per cent and 15 per cent respectively versus the prior year. Underlying operating profit in each of the company鈥檚 three divisions 鈥� surveying and valuation, financial services, and estate agency 鈥� increased year on year.

Looking ahead to 2026, LSL noted that it had begun 2026 positively. It expects another year of profit growth, with consensus anticipating a 17 per cent increase to 拢37.6mn.

Last year was another tough period for recruiter SThree (STEM), with group net fees down 12 per cent year on year at constant currency and a sharp decline in pre-tax profits. However, the rate of net fee decline improved through the year, helped by a return to growth in the US.

There were also some bright spots in Asia, but Europe (and particularly Germany and the Netherlands) were still under pressure. Contract jobs, which still represent around 84 per cent of net fees, fell 12 per cent year on year, with client extensions offsetting softer new business earlier in the year.

Permanent recruitment, meanwhile, fell 9 per cent, despite growth in the US and Japan. The contractor order book at the end of November stood at 拢157mn, down 2 per cent year on year, representing the equivalent of roughly five months鈥� net fees.

Profit before tax fell 62 per cent to 拢26mn despite aggressive cost-cutting, but came in line with expectations. The balance sheet is still in good shape, with 拢68mn of net cash supporting a steady dividend and another 拢20mn share buyback.

Management said its cost optimisation programme was progressing, but still expected pre-tax profits of around 拢10mn. The shares rose 5.3 per cent to 194p, but are down by a third over the past year.