果冻传媒

Shares in Microsoft (US:MSFT) came under pressure on release of interim figures that showed revenue growth slowing through the second quarter of FY2026.

Revenue from Azure and other cloud services grew by 39 per cent, a percentage point decline on the prior quarter, but the group鈥檚 gross margin increased by 18 per cent as operating efficiencies were brought to bear.

The good news is that the tech conglomerate had a $625bn (拢470bn) revenue backlog at the end of December, so comparisons could certainly improve through the second half of its financial year.

Read more here

Lloyds Banking (LLOY) unveiled a new 拢1.75bn share buyback and raised guidance for this year after profits at the UK鈥檚 largest retail lender surged ahead of market expectations in the fourth quarter (Q4).

Statutory pre-tax profit in the final three months of the year more than doubled against the same period in 2024 to 拢1.98bn, strongly ahead of the 拢1.74bn pencilled in by analysts. In a year marked by the motor finance commission scandal, the bank鈥檚 annual profit rose 12 per cent to 拢6.7bn.

Find out more here

Shares in Rank Group (RNK) held steady this morning, despite the gambling operator warning that tax rises would hit its profitability in the second half.

The Mecca Bingo owner said its like-for-like net gaming revenue had risen by 6 per cent at the half year mark, with digital revenues up year-on-year across both its UK and Spanish businesses.

However, the company cautioned that the looming increase in remote gaming duty from 21 to 40 per cent, announced in the November Budget and come into force from April, would weigh on its fourth quarter profits. Rank makes 95 per cent of its revenue in the UK.

鈥淭he second half of the year will bring further cost headwinds, principally in our UK digital business, which will be impacted by the UK Government鈥檚 huge increase in tax rates,鈥� said outgoing chief executive John O鈥橰eilly.

O鈥橰eilly announced his intention to retire at the end of January earlier this month. In the meantime, chief financial officer Richard Harris will assume the role of interim boss until a permanent successor is found.

Hilton Food Group (HFG) said it remained 鈥渃autious鈥� on the outlook for 2026 due to ongoing disruption in its Foppen smoked salmon business. The fish and protein processor expects regulatory restrictions on smoked salmon exports from its Greek facility to the US to persist through at least the first half of 2026.

The company also anticipated inflationary pressures in beef and white fish to continue. As a result, management has guided for 2026 adjusted profit before tax to range between 拢60mn and 拢65mn, against expectations of 拢72mn-拢75mn for 2025.

Management warned US stock write-offs would be 鈥渟ignificantly higher than previously indicated鈥�, adding more pressure to the bottom line. This cost is expected to be treated as a non-underlying item in the accounts.

In the meantime, Hilton Foods鈥� strategic review continued. The company said conclusions from the review would be released alongside its 2025 full-year results due on 31 March, along with refreshed medium-term targets and updated key performance indicators.

The shares fell 10 per cent to 461p, having slumped by more than 46 per cent over the past year.

Shares in Canal+ (CAN) jumped 13 per cent this morning after the pay-TV broadcaster said its tie-up with MultiChoice would result in more than 鈧�400mn (拢346mn) a year in cost synergies, alongside adding 鈧�300mn in free cash flow, by the end of the decade.

The French group, which bought the African broadcaster in a $3bn (拢2.2bn) deal last year, is hoping its larger scale will help it negotiate better terms with Hollywood studios and sports leagues, while also cutting technology and broadcasting costs. The cost base for the combined business stood at an estimated 鈧�8bn last year.

Canal+ is targeting 鈧�150mn of cost savings in 2026, rising to more than 鈧�300mn by 2028 before reaching a run-rate level of over 鈧�400mn a year from 2030. The company also expects free cash flow gains of more than 鈧�150mn this year, helped by over 鈧�80mn already secured from new content deals and changes to its tech and broadcasting set-up.

That is set to increase to over 鈧�250mn in 2028 before reaching around 鈧�300mn in 2030. Implementation costs are forecast to total around 鈧�35mn in 2026, 鈧�40mn in 2028 and 鈧�20mn in 2030. Full-year results are due on 11 March, along with another update on plans for the combined group.

More bad news for Ocado (OCDO) this morning, as the FTSE 250 company said its Canadian partnership is in trouble in a further blow to its embattled North American technology business.

Shares in the group plummeted by 10 per cent in early trading after Sobeys, one of Canada鈥檚 largest grocers, said it will close its Ocado-licensed warehouse in Calgary due to sluggish growth. 

Ocado said it expects to take a 拢7mn revenue hit as a result, although it will receive 拢18mn in compensation from the closure. Sobeys will continue to operate its two other Ocado-licensed warehouses in Toronto and Montreal.

The closure is the latest in a series of disappointments for Ocado鈥檚 tech licensing business, after US grocer Kroger (US:KR) said it was closing a number of customer fulfilment centres under its partnership with Ocado in December. The move sent the share price plunging to 2013 lows at the time.

Stronger financial markets drove St James鈥檚 Place (STJ) funds under management (FUM) up 16 per cent to a record high of 拢220bn in 2025, in a year which saw the FTSE 100 retail wealth manager revamp its pricing structure to make it clearer for investors.

In the final three months of the year, to 31 December, investment returns contributed 拢7.1bn to FUM. Just under 40 per cent of FUM is in US equities. Net inflows came in at 拢0.6bn, which gave an annual result of 拢6.2bn.

Analysts at Panmure Liberum noted that St James鈥檚 Place had its 鈥渂est performance in net flows since 2022鈥� despite the distractions from changing the leadership and pricing structure.

The shares rose 2 per cent in early trading.

Shares in property firm Henry Boot (BOOT) dived 20 per cent in early trading after the company warned shareholders of a difficult year ahead.

Specifically, the board said it expected FY2026 profit before tax to be 鈥渟ignificantly below鈥� analyst expectations of 拢33.6mn. It attributed this to subdued transactions and broader macroeconomic uncertainty, noting that its forward order book was lower than at the same time last year.

For FY2025, the company expects profit before tax to meet expectations of 拢29.7mn.

鈥淭his is clearly a disappointing result,鈥� said house broker Peel Hunt, which cut its profit before tax estimates for FY2026 and FY2027 by 40 per cent and 21 per cent, respectively.

Crest Nicholson (CRST) had more positive news to report with results for the 12 months ended October.

The small-cap housebuilder, which focuses on premium homes in the south-east of England, reported adjusted profit before tax of 拢26.5mn, a 30 per cent increase versus the prior year, from revenues of 拢611mn, 1 per cent down versus the prior year.

There was little in the company鈥檚 2026 guidance to suggest that it would materially surpass existing expectations. The midpoint of its broad adjusted profit before tax guidance range of 拢32mn-拢40mn implies a slight increase on analysts鈥� expectations for 拢35mn, while the midpoint of its housing completions guidance (1,625 units) is below consensus (1,723).

However, this guidance, coupled with commentary that performance has improved since the Budget, has lifted investor sentiment, with shares rising 5 per cent in early trading.

Glencore (GLEN), currently deep in meger negotiations with Rio Tinto (RIO), surprised the mining world by hitting its copper production guidance for 2025. The company managed a 48 per cent increase in output in the second half, taking the total to 852,000 tonnes. This was still down 11 per cent on the year before due to lower grades at Glencore鈥檚 South American mines. 

The company鈥檚 shares climbed 3 per cent, which came alongside copper hitting a new record of $14,000 a tonne. This also sent Antofagasta (ANTO) shares up 6 per cent on Thursday morning. 

Glencore also reported lower production of nickel and cobalt, while metallurgical coal production jumped more than 60 per cent because of the Elk Valley Resources acquisition in 2024.

鈥淕lencore managed to come ahead of copper consensus expectations (3 per cent), something of a rarity, and key focus for this set of results,鈥� said RBC Capital Markets analyst Ben Davis.