果冻传媒

Hiscox (HSX) shares gained 6 per cent in early trading after the FTSE 100 speciality insurer disclosed stronger-than-anticipated annual profits and announced a new $300mn (拢222mn) share buyback programme.

For the year to 31 December, profit before tax was up 7 per cent to $733mn against the analyst consensus of $671mn. The result included unrealised investment fair value gains of $59.8mn, but all three of the company鈥檚 divisions delivered profit growth as insurance premiums rose 6 per cent.

The new buyback is higher than the $275mn programme completed last year. The first $150mn tranche starts today and will be completed by the end of the third quarter.

Trainline鈥檚 (TRN) shares slipped 6 per cent this morning after the online ticketing platform announced the unexpected departure of chief executive Jody Ford after six years. The board has kicked off a search for his successor, but he will stay on until a new boss is found. 

Ford has held the top job in the company since early 2021, having taken over from Clare Gilmartin after joining as chief operating officer in September 2020. Net ticket sales and profits have doubled under his tenure, but the shares have fallen more than 60 per cent over the past five years. 

More recently, investors fear a new UK government-run ticketing platform will steal customers from Trainline and that its push to simplify fares will make the app less necessary. Uber鈥檚 (US:UBER) 鈥榯ravel super app鈥� strategy, which offers Uber credits on train bookings, has also added to concerns.

More bad news for shareholders in ME Group International (MEGP) this morning. The photo booth and vending machine operator鈥檚 shares will be suspended after the auditor said it needed more time to work on its final results.

While the company said it was 鈥渘aturally displeased and disappointed鈥�, it emphasised that it had not been made aware of any 鈥渕aterial audit issues鈥� affecting the financial statements as yet. The shares will be suspended from listing and trading from 2 March until the accounts are published, which is expected to be by 鈥渘o later鈥� than 13 March.

The shares fell by 10 per cent on the uncertainty, compounding a bruising run for the stock, which is down by almost 40 per cent in the past 12 months. The latest drop came in January after one of its top five investors, Paris-based Montefiore Investment, sold its stake.

The announcement follows the conclusion of ME Group鈥檚 strategic review in December, having received no potential offers that 鈥渨ould be in the best interests of all the company鈥檚 shareholders鈥�.

chief executive Adrian Hallmark highlighted a 鈥渉ighly challenging trading environment鈥� when presenting another awful set of numbers.

The imposition of tariffs in the US and a luxury car tax in China were blamed for the second successive annual decline in sales. Supply chain strains were also highlighted.

The company pointed to a sequential increase in fourth-quarter volumes attributed to the first deliveries of its hybrid Valhalla supercar, which led to positive free cash flow in the final quarter.

Overall, though, a free cash outflow of 拢410mn in 2025, which pushed net debt up to 拢1.38bn, shows that Aston Martin continued to burn through cash as ferociously as some of its models go through petrol.

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St James鈥檚 Place (STJ) offered up a solid set of results as the wealth manager鈥檚 funds under management (FUM) rose 16 per cent to 拢220bn in 2025.

Net inflows were 拢6.2bn, equivalent to 3.2 per cent of opening assets, with investment returns of 12 per cent further lifting the managed base. The share price rose 4 per cent in early trading.

The market welcomed an upgraded capital distribution policy, under which 70 per cent of underlying cash profit will be returned to shareholders from 2026, up from 50 per cent previously. The payout will comprise a mix of dividends and buybacks.

In the meantime, a new 拢123mn share buyback programme was announced, including 拢18.7mn linked to a year-end release from the group鈥檚 historic ongoing service evidence (OSE) provision.

Underlying cash profit increased 3 per cent to 拢462mn, reflecting higher fee income from a larger stock of mature assets, though this was partly offset by lower margins under the new fee charging structure introduced in August. IFRS profit after tax rose 33 per cent to 拢531mn.

Statutory earnings were boosted by a 拢110mn pre-tax release from provisions. SJP had previously set aside 拢425mn at the end of 2024 to cover potential client redress. The provision now stands at 拢272mn.

Jet2 (JET2) said it continues 鈥渢o reinvest marketing spend into pricing鈥� in a sign that customers are having to be coaxed into booking some of the extra seats it is adding to its fleet.

It added 7.4 per cent capacity over the winter period, but after spending an extra 拢10mn on marketing costs ahead of the launch of its new Gatwick base next month it still expects operating profit to be in line with consensus forecasts of 拢439mn for its March year-end.

The low-cost holidays specialist is increasing capacity by 8 per cent over the key summer holiday period but warned that it again planned to spend more to fill the extra space. Panmure Liberum analyst Gerald Khoo said consensus forecasts for 2027 earnings could 鈥渃ome under pressure鈥�, and the shares fell by 4 per cent.

Shares in Haleon (HLN) fell 5 per cent in early trading after the maker of Sensodyne and Panadol fell short of its organic growth target, blaming a milder cold and flu season for weaker fourth-quarter sales. 

Organic revenues grew 3 per cent to 拢11bn, shy of the 3.5 per cent guidance. The FTSE 100 group said a more typical winter would have added around 40 basis points to organic growth for the year. 

Underlying operating profit rose 10.5 per cent to 拢2.5bn, against previously downgraded guidance of high single-digit growth, helped by cost-cutting and price increases. The corresponding margin was up 60 basis points to 22.9 per cent. 

Free cash flow came in at 拢1.9bn, the same as 2024. The balance sheet is also in good shape, backing a 7.6 per cent dividend hike and a 拢500mn buyback lined up for 2026.

In terms of outlook, Haleon expects organic growth of 3 to 5 per cent this year, below its medium-term target of 4-6 per cent, and high single-digit adjusted operating profit growth at constant currency.

Shares in Shaftesbury Capital鈥檚 (SHC) rose 4 per cent in early trading after the West End landlord鈥檚 full-year results showed healthy income growth, with like-for-like rental income up 6 per cent to 拢190mn.

Adjusted earnings climbed 12 per cent to 拢82mn and the valuation of its portfolio under management rose 7 per cent to 拢5.4bn. 鈥淔ootfall鈥檚 been good, sales have been good. Demand hasn鈥檛 taken a step back,鈥� chief executive Ian Hawksworth told Investors鈥� Chronicle about the first two months of 2026.

Shaftesbury didn鈥檛 provide 2026 guidance, but reiterated its medium-term rental growth target of 5 to 7 per cent and total accounting return (net asset value per share growth plus dividends) of 8 to 10 per cent. The board also lifted the dividend per share by 14 per cent to 4p.

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HSBC (HSBA) shares hit a new record high after the biggest bank in Europe raised its profitability guidance for the next three years and said it would deliver $1.5bn (拢1.1bn) of cost savings six months earlier than planned.

But while the bank delivered better-than-expected annual earnings, it is unclear when it will resume share buybacks after its $13.7bn privatisation of Hang Seng Bank in January hit its capital position.

The FTSE 100 giant鈥檚 shares gained 5 per cent on the back of the results and are up more than 50 per cent over the past year as investors have given the thumbs up to chief executive Georges Elhedery鈥檚 strategy. They have more than doubled since Elhedery took the reins in September 2024.

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