Alliance News
UK service

*Reckitt Benckiser says looking forward with confidence

Thu 05 Mar 2026 07:19 GMT

*Reckitt Benckiser says expects continued challenging trading environment in Europe

Thu 05 Mar 2026 07:18 GMT

*Reckitt Benckiser says next tranche of share buyback programme to be started imminently

Thu 05 Mar 2026 07:17 GMT

*Reckitt Benckiser says returned GBP900m to shareholders via buybacks in 2025

Thu 05 Mar 2026 07:17 GMT

*Reckitt Benckiser over medium term expects core Reckitt 4% to 5% LfL net revenue growth

Thu 05 Mar 2026 07:16 GMT

*Reckitt Benckiser expects LfL net revenue growth in Core Reckitt of 4% to 5% in 2026

Thu 05 Mar 2026 07:16 GMT

*Reckitt Benckiser notes “strong growth” of Intimate Wellness in China during 2025

Thu 05 Mar 2026 07:11 GMT

*Reckitt Benckiser 2025 adjusted operating profit GBP3.54b vs GBP3.48b

Thu 05 Mar 2026 07:10 GMT

*Reckitt Benckiser brings Novartis CFO Harry Kirsch to board from April 1

Thu 05 Mar 2026 07:09 GMT

*Reckitt Benckiser appoints Smith & Nephew CEO Deepak Nath to board from April 1

Thu 05 Mar 2026 07:08 GMT

*Reckitt Benckiser 2025 impairment of intangible assets GBP256m vs GBP839m

Thu 05 Mar 2026 07:06 GMT

*Reckitt Benckiser 2025 gain on disposal GBP1.25b vs none

Thu 05 Mar 2026 07:05 GMT

*Reckitt Benckiser 2025 net operating expenses GBP4.42b vs GBP6.17b

Thu 05 Mar 2026 07:05 GMT

*Reckitt Benckiser 2025 net revenue GBP14.21b vs GBP14.17b, vs consensus of GBP14.23b

Thu 05 Mar 2026 07:05 GMT

*Reckitt Benckiser 2025 pretax profit GBP3.84b vs GBP2.10b

Thu 05 Mar 2026 07:04 GMT

*Reckitt Benckiser proposes total 2025 dividend of 212.2p vs 202.1p

Thu 05 Mar 2026 07:03 GMT

*Reckitt Benckiser proposes final 2025 dividend of 127.8p vs 121.7p

Thu 05 Mar 2026 07:02 GMT

*GET READY: Reckitt 2025 results 0700 GMT; revenue GBP14.23b – company-compiled consensus

Thu 05 Mar 2026 06:43 GMT

27 Feb 2026, 07:54:18 GMT

LONDON BRIEFING: IAG profit beats consensus; Melrose announces buyback

(Alliance News) – British Airways parent IAG reports better-than-expected annual profit, Melrose also beats consensus, while Senior says it has received M&A interest.

Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.3% at 10,876.40
GBP: lower at USD1.3479 (USD1.3513 at previous London equities close)
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ECONOMICS
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The Green Party has won its first ever parliamentary by-election in Gorton & Denton, dealing a bitter blow to UK Prime Minister Keir Starmer. Labour’s defeat, trailing in third behind Zack Polanski’s Greens and Nigel Farage’s Reform UK in the previously rock-solid Greater Manchester constituency, will pile pressure on the prime minister. Hannah Spencer, a councillor and plumber, emerged victorious for the Greens, with 14,980 votes and a majority of 4,402 votes. Reform UK’s candidate Matt Goodwin got 10,578 votes, with Labour’s Angeliki Stogia trailing on 9,364, down from 18,555 in the 2024 general election, when the turnout was similarly high. Conservative candidate Charlotte Cadden received just 706 votes, with the Liberal Democrats getting 653. Labour Party Chair Anna Turley lamented the “clearly disappointing” result, saying: “By-elections are normally difficult for the party of government, and this election was no different.” She added that “the politics of anger and easy answers offered by the Greens and Reform” would not tackle the cost-of-living crisis, create opportunities for young people or invest in public services.
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BROKER RATINGS
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Goldman Sachs cuts Segro to ‘neutral’ – price target 890 pence
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COMPANIES – FTSE 100
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British Airways parent International Consolidated Airlines Group says it achieved “another year of exceptional performance”, with annual profit beating expectation. IAG’s operating profit before exceptional items grew by 13% in 2025 to EUR5.02 billion, from EUR4.44 billion in 2024, beating company-compiled consensus of EUR5.01 billion. Pretax profit for the year shot up 26% to EUR4.51 billion from EUR3.56 billion, with revenue improving 3.5% to EUR33.21 billion from EUR32.10 billion. For the final quarter alone, pretax profit was up 46% to EUR890 million with revenue edging down 0.8% to EUR7.98 billion. Operating profit before exceptional items was 2.5% lower in the final quarter at EUR1.09 billion. Chief Executive Officer Luis Gallego says: “We reported another year of exceptional performance in 2025, delivering for our customers with continued improvements in on- time performance and customer satisfaction.” IAG, which also owns Iberia, Aer Lingus and Vueling, on Thursday said it will return EUR1.5 billion to shareholders over the next 12 months, including a EUR500 million buyback to be completed by end-May. IAG announced a EUR0.05 per share final dividend, down from EUR0.06 a year prior, taking its full year payout to EUR0.098, up from EUR0.09. Looking ahead, it says: “The outlook for travel trends continues to be supportive, particularly in our core markets. We will continue to execute on our strategy, supported by our transformation programme. This will enable the continuing delivery of earnings growth at world-class margins, as well as significant free cash flow, which will help to strengthen the balance sheet as we build towards a step up in capital expenditure. We will continue to reward shareholders with a sustainable dividend and we plan significant excess cash returns to shareholders, starting with the EUR1.5 billion to be executed in the next 12 months.” IAG back in its third quarter results in November said “the North Atlantic market saw some softness”, with passenger revenue per available seat kilometre down by 7.1%, up 0.5% over the nine months. North Atlantic passenger revenue per available seat kilometre fell 0.5% over the course of the year. Across the whole of the IAG network, it edged up 0.1%. It noted “resilient demand” in its core markets, despite some weaker areas, “notably in the US point-of-sale economy segment, together with intra-European travel, particularly in the third quarter, with both showing improvement in the fourth quarter”.
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Education products publisher Pearson says it is “confident” in its outlook, raising its annual dividend. In 2025, adjusted operating profit improved 2.3% to GBP614 million from GBP600 million, largely in line with consensus of GBP612 million. Pretax profit, however, fell 10% to GBP457 million from GBP510 million. Sales edged up 0.7% to GBP3.58 billion from GBP3.55 billion. Operating expenses were 6.8% higher at GBP1.35 billion, hitting its bottom line. “We delivered on our goals in 2025, making significant progress in scaling AI across our products and services and building tangible momentum in our enterprise offering. The partnerships we secured with leading technology companies are a recognition of Pearson’s unique role at the intersection of education, skills and workforce development, underpinned by our unrivalled strength in assessments which positions us to deliver meaningful shareholder value over the medium term,” CEO Omar Abbosh says. Pearson expects 2026 adjusted operating profit between GBP640 million and GBP685 million. Consensus stands at GBP658 million. Pearson says it has raised its final dividend by 4.8% to 17.4 pence per share, with the annual payout up 5.0% to 25.2p. In addition, the firm says it has named Simon Robson as its finance chief, replacing Sally Johnson who will become chief financial officer of a “large privately owned business”. Robson is currently CFO at Sky and will join Pearson on March 30, assuming the finance chief position on May 8.
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Aerospace firm Melrose says it will buy back GBP175 million worth of shares in the next year, after “another strong performance”, which saw it beat profit consensus. Adjusted diluted earnings per share shot up 25% to 32.1p in 2025 from 26.4p in 2024, topping consensus of 31.6p. It says it swung to a pretax profit of GBP468 million from a loss of GBP106 million. Revenue improved 3.5% to GBP3.59 billion from GBP3.47 billion, topping consensus of GBP3.50 billion. “Melrose delivered another strong performance in 2025. Significant profit growth was driven by increased Engines and Defence demand, together with the positive impact of our multi-year transformation programme reading through. We generated GBP125 million of free cash flow, representing an inflection point for the group, with substantial further increases in cash generation to come,” CEO Peter Dilnot says. “We have positive momentum and are well-positioned to benefit from expected production ramp-ups and ongoing aftermarket expansion. We are therefore confident of further growth in 2026 and achieving our 2029 targets.” Melrose has upped its final dividend by 20% to 4.8p per share, with the total dividend also up 20% to 7.2p. In addition, it is announcing a new share buyback programme of GBP175 million to be completed by the end of March 2027.
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COMPANIES – FTSE 250
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Senior reports it is in talks with a suitor and says it has postponed a GBP40 million buyback, The maker of components and systems for aerospace and defence, land vehicle, and power and energy customers says last month, it received a preliminary, non-binding all-cash proposal from a possible bidder. This offer was rejected, with Senior deeming it undervalued the firm. Two higher proposals were made by the same bidder, the “the second of which was unequivocally rejected”. It adds: “Following the approaches described above, the board appointed Lazard and Jefferies to initiate discussions with a limited number of third parties regarding a possible offer for the entire issued and to be issued share capital of Senior, to determine the value that could potentially be achieved. Following a period of discussions with these other parties, the company confirms it has received two further, superior all-cash proposals from other potential offerors. Discussions with potential offerors remain ongoing.” Senior at the end of last year set a GBP40 million buyback, but “mindful of the company’s regulatory obligations”, it has postponed the programme’s start. It had been due to kick off following its annual results, due to be announced on Monday.
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OTHER COMPANIES
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Aquis-listed Equipmake, a maker of electric motors, inverters and zero-emission electric drivetrains and power electronic systems, says it has received further backing from heavy machinery maker Caterpillar. Equipmake has entered into a GBP3 million senior secured convertible loan note with New York listing’s Caterpillar Venture Capital arm. It follows a GBP5 million strategic investment and development agreement with Caterpillar announced back in March. “Since Caterpillar’s GBP5 million strategic investment in Equipmake in March 2025 we have developed a close relationship with them. I am therefore delighted that they have recognised the value of this partnership through investing a further GBP3 million in the company. Having the backing of Caterpillar has helped position Equipmake as a credible partner to both customers and suppliers, as well as providing a natural route to market for our solutions,” Equipmake CEO Ian Foley says. Separately, Equipmake says its pretax loss in the six months to November 30 narrowed to GBP2.8 million from GBP4.3 million a year prior. Revenue, however, edged down to GBP1.4 million from GBP1.9 million.
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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

19 Mar 2026 14:26 GMT

EXTRA: BoE’s Bailey says hold is “right place to be” on oil price jump

(Alliance News) – The Bank of England’s rate hold on Thursday had a hawkish tilt, as policymakers fret over rising energy prices, sending rate expectations higher.

The decision, which was expected by the market, kept the bank rate at 3.75%.

All nine members of the Monetary Policy Committee, including Governor Andrew Bailey, voted to hold rates. A divided MPC has characterised recent meetings. According to consensus cited by FXStreet, two had been expected to cut this time, so the 9-0 decision was a surprise.

In a BBC interview, Governor Bailey said the “right place to be is on hold” and markets are “getting ahead” of themselves of hike expectations.

Eyes now turn to April, with developments in the Middle East in focus until then.

“The bank shelved its planned rate cut at today’s meeting as surging energy prices threaten to reignite inflation. Much will now depend on how high energy prices go, and for how long they remain elevated. But the current levels of oil and gas prices are already enough to add around 1% to headline inflation in the coming months, while shortages of fertilisers could push food inflation higher later in the year,” Schroders analyst David Rees commented.

“A relatively brief spike in commodity prices could still allow inflation to subside by the summer and bring rate cuts back onto the agenda later this year. However, with events in the Middle East seeming to get worse, there is a clear risk an extended price shock will keep inflation above target for the foreseeable future, squeeze real incomes, and push the economy into stagflation. That would block further rate cuts and could even bring hikes back into play if wage growth accelerates again.”

In February, the BoE said that “on the basis of the current evidence, bank rate is likely to be reduced further”. That line was not repeated in March.

Governor Bailey said that while monetary policy “cannot reverse” the shock seen in energy prices, it can “respond to the risk of a more persistent effect on UK CPI inflation”.

“A prolonged disruption to the supply of oil, natural gas and other commodities such as fertiliser and neon gas increases the upside risk to inflation. The recent experience of high inflation may also make households and businesses more sensitive to a new inflationary shock. At the same time, the starting point for this shock is a real economy with limited pricing power. Holding bank rate at this meeting is appropriate,” he said.

Among other MPC members, Chief Economist Huw Pill said: “The potential for second-round effects following recent events in the Middle East remains substantial, justifying caution in monetary policy setting.”

Dave Ramsden, deputy governor for Markets & Banking, would have backed a 25 basis point cut were it not for the Middle East conflict.

Monetary Policy Deputy Governor Clare Lombardelli said: “Policy coming into this shock may have been broadly neutral or mildly restrictive and there has since been some tightening of financial conditions. We will learn more in coming weeks about the shock itself and its effects.”

Among those to mention the possibility of a hike should the US-Iran conflict continue, were Catherine Mann, typically one of the more dovish members of the MPC and Swati Dhingra, often at the other end of the spectrum.

Dhingra said on Thursday: “Severe and longer-lasting constraints on oil and gas supply, alongside broader trade disruptions, could overwhelm orderly market adjustment. This could warrant a hold or increase in bank rate to stabilise price-setting dynamics albeit creating a difficult trade-off with activity following a prolonged period of weakness. If we see something resembling the lower-inflation scenario, I would expect to reduce bank rate, possibly quickly, over the rest of the year. For now, there is value in pausing to reassess the balance of risks to inflation from the terms-of-trade deterioration.”

Mann remarked: “Since the conflict may yield a sustained inflation shock, I see the balance between inflation and activity to have shifted away from considering a cut towards considering a longer hold, or even a hike at some point to lean against inflation persistence.”

The last time the duo cast the same vote was back in February of last year when Mann surprisingly supported a cut. Mann at the time believed a larger move would “cut through the noise”.

Pantheon Macroeconomics analyst Rob Wood commented: “Uber dove Swati Dhingra was even open to the possibility of a hike, as well as cuts, which was a big surprise. The guts of the minutes tilted hawkishly in our view.

“The MPC shifted their guidance to a symmetric position, from favouring rate cuts before. Our impression is that the consensus was looking for the MPC to say they stood ready to act, but that a weak labour market left the bias to cutting rates as long as the energy shock failed to worsen. In the event, the MPC were studiously symmetric.”

Wood continued: “Our call is bank rate on hold in 2026, but the surge in oil and especially natural gas prices this morning tilts the risks further towards hikes. Energy futures prices are now on the borderline of where our scenario analysis suggests a hike is warranted. Much depends on how much activity growth slows and inflation expectations rise. But we will likely shift our forecast to a hike in 2H 2026 if energy futures curves are sustained at today’s levels, or higher, through the weekend.”

Elsewhere in the MPC, Alan Taylor said it was “appropriate to see us pausing to take stock, but inappropriate to infer a directional shift from this meeting”. Megan Greene said it was “appropriate to hold bank rate to learn more about the size and duration of the shock, and the extent of potential second-round effects”.

Like Ramsden, Sarah Breeden “would have expected to vote for a cut again” prior to the Iran conflict.

Dutch bank ING believes the BoE will have a “prolonged pause”.

“We shouldn’t get too carried away by what this decision tells us about future policy. Yes, the Bank has opened the door to a hike – and crucially, so have some of the arch-doves. That is what markets are understandably latching onto. But, importantly, the Bank also concedes this is a very different economic environment from 2022. It doesn’t rule out this crisis fostering a greater need to lower rates further, either. Nor should we read too much into the unanimous vote behind today’s decision. Most likely, the same fault lines that had become very visible over recent months will re-emerge,” ING said.

“Ultimately, the central message is that the bank, like the rest of us, has no idea where the disruption ends. It’s only prudent to keep its options open and see where things land in April.”

Deutsche Bank analyst Sanjay Raja said the BoE’s message was clear.

“The MPC will act to guard against rising inflation expectations should it lead to more persistent price pressures. While there was no change in bank rate, the committee was unified in its decision to ‘wait-and-see’ how the Iran conflict evolved before rushing into any rate moves,” Raja said. “Should we now be talking about rate hikes? The probability of hikes will have risen meaningfully following today’s decision with all members noting that they will know more by the April decision. In some way, this is the new and important benchmark. If we get no clarity or resolution on the war, we will likely see a pivot in policy. Put simply, rate hikes are now a real risk for the economy.”

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

27 Mar 2026 10:30 GMT

WINNERS & LOSERS: Metlen Energy takes hit from annual results delay

(Alliance News) – The following are the leading risers and fallers among FTSE 100 and 250 index constituents on Friday.
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FTSE 100 winners
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3i Group PLC, up 3.5% at 2,381.50 pence, after outlining 2026 guidance on Thursday
AstraZeneca PLC, up 3.4% at 14,293.00p, hails positive lung disease trial results
Relx PLC, up 1.4% at 2,432.00p
Experian PLC, up 1.1% at 2,573.00p
NatWest Group PLC, up 0.7% at 538.60p, as Deutsche Bank raises target to 840p from 730p
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FTSE 100 losers
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Metlen Energy & Metals PLC, down 5.9% at EUR32.70, delay of publication of annual results
Barratt Redrow PLC, down 2.8% at 260.80p
Games Workshop Group PLC, down 2.4% at 17,775.00p
Segro PLC, down 2.3% at 637.00p
Persimmon PLC, down 2.2% at 1093.25p
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FTSE 250 winners
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Playtech PLC, up 6.0% at 333.50p, launches GBP19 million share buyback
Mony Group PLC, up 3.7% at 154.00p, as Jefferies upgrades to ‘buy’ with 230p target
Pollen Street Group PLC, up 2.0% at 822.00p, as Berenberg raises target to 1,100p
RTW Biotech Opportunities Ltd, up 2.6% at USD1.99
Schroder Oriental Income Fund Ltd, up 1.0% at 365.75p
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FTSE 250 losers
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Ceres Power Holdings PLC, down 10% at 296.40 pence, pares Thursday’s 6.7% gain after Centrica deal
Harbour Energy PLC, down 5.3% at 284.10p, as BASF cuts stake to 35% after upsized placing
Goodwin PLC, down 4.6% at 12,550.00p
SDCL Energy Efficiency Income Trust PLC, down 3.8% at 39.80p
Aston Martin Lagonda Global Holdings PLC, down 3.5% at 36.39p
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FTSE 100 & 250 movers in focus:
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AstraZeneca PLC, up 3.4% at 14,293.00 pence, 12-month range 9,573.50p-15,732.00p. Reports positive phase three results for its chronic obstructive pulmonary disease [COPD] treatment tozorakimab. Says the drug delivers “significant and highly clinically meaningful” reductions in exacerbations in two replicate trials, Oberon and Titania. Tozorakimab, a monoclonal antibody targeting interleukin-33, aims to reduce inflammation and disrupt mucus dysfunction linked to disease worsening. Patients received 300mg doses every four weeks, with the trials focusing on those still experiencing symptoms despite standard inhaled treatments.
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Metlen Energy & Metals PLC, down 5.9% at EUR32.70, 12-month range EUR30.50-EUR57.73. Athens-based energy and metallurgy company – Says auditors PricewaterhouseCoopers LLP and PricewaterhouseCoopers SA have requested more time to complete work on its 2025 financial statements, its first as a dual-listed company in London and Athens. The group now expects to release results on April 9, a nine-day delay, and reiterates guidance for earnings before interest, tax, depreciation and amortisation of around GBP750 million.
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Harbour Energy PLC, down 5.3% at 284.10 pence, 12-month range 146.40p-382.20p. Falls after BASF SE cuts its stake to 35% from 41.5% via an accelerated placing. BASF sells 80 million shares at 273p each, raising around GBP218.4 million, with the deal upsized from 60 million shares on strong demand. The stake reduction follows BASF’s acquisition of shares through the Wintershall Dea asset transfer. Separetly, Goldman Sachs raises its price target to 250p from 230p, reiterating a ‘sell’ rating.
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Playtech PLC, up 6.0% at 333.50p, 12-month range 210.00p-814.00p.- Starts on Friday share buyback programme for up to 5.7 million shares, worth about GBP19.0 million at their current market price. Playtech plans to complete the buyback before its next annual general meeting, set to be held towards the end of May. The buyback will be run by US investment bank Jefferies International Ltd. The repurchased shares will be used for future employee share awards.
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GB Group PLC, up 0.8% at 194.60 pence, 12-month range 187.80p-314.00p. Says it has successfully refinanced its revolving credit facility, securing a new GBP175 million unsecured RCF maturing in September 2030, replacing its previous secured facility due in July 2027. The Chester, England-based identity and location technology provider says the new facility, which includes two optional one-year extension options, has been arranged with a syndicate of existing and new lenders.
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By Eva Castanedo, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

20 Mar 2026 09:41 GMT

LONDON BROKER RATINGS: HSBC raises BP; RBC cuts Antofagasta

(Alliance News) – The following London-listed shares received analyst recommendations Friday morning and on Thursday:
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FTSE 100
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HSBC raises BP to ‘hold’ (reduce) – price target 565 (430) pence
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JPMorgan raises Centrica price target to 245 (224) pence – ‘overweight’
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JPMorgan cuts Sage price target to 1,100 (1,300) pence – ‘overweight’
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JPMorgan cuts Rio Tinto price target to 7,030 (7,220) pence – ‘neutral’
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JPMorgan cuts Anglo American price target to 2,770 (2,800) pence – ‘underweight’
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RBC cuts Antofagasta to ‘underperform’ (sector perform) – price target 2,800 (3,600) pence
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JPMorgan cuts Antofagasta price target to 3,100 (3,200) pence – ‘neutral’
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Barclays cuts Marks & Spencer price target to 400 (420) pence – ‘overweight’
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Berenberg raises Vodafone price target to 123 (119) pence – ‘buy’
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Goldman Sachs cuts International Consolidated Airlines price target to 440 (470) pence – ‘buy’
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Deutsche Bank Research raises Segro price target to 850 (800) pence – ‘hold’
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Deutsche Bank raises Tritax Big Box REIT price target to 190 (180) pence – ‘buy’
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FTSE 250
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UBS raises Softcat price target to 1,350 (1,225) pence – ‘neutral’
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Barclays cuts Aston Martin Lagonda price target to 55 (75) pence – ‘overweight’
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RBC cuts Domino’s Pizza Group price target to 230 (250) pence – ‘outperform’
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RBC raises IG Group price target to 1,600 (1,275) pence – ‘outperform’
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Deutsche Bank Research raises IG Group price target to 1,600 (1,400) pence – ‘buy’
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Goldman Sachs raises Harbour Energy price target to 250 (230) pence – ‘sell’
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Goldman Sachs raises Ithaca Energy price target to 260 (240) pence – ‘neutral’
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RBC cuts Atalaya Mining Copper to ‘sector perform’ (outperform) – price target 1,125 (1,525) pence
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Berenberg cuts Atalaya Mining Copper price target to 1,210 (1,270) pence – ‘buy’
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Deutsche Bank Research cuts Unite Group price target to 640 (700) pence – ‘buy’
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Deutsche Bank Research raises Hammerson price target to 370 (320) pence – ‘hold’
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Deutsche Bank Research cuts Derwent London price target to 1,850 (2,000) pence – ‘hold’
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Deutsche Bank raises Primary Health Properties target to 115 (114) pence – ‘buy’
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Deutsche Bank raises Shaftesbury Capital price target to 185 (175) pence – ‘buy’
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Shore Capital lifts Close Brothers to ‘buy’ from ‘hold’ – target price 495 pence (510p)
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SMALL CAP
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RBC raises Sabre Insurance price target to 160 (135) pence – ‘sector perform’
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Barclays starts CVS Group with ‘equal weight’ – price target 1,340 pence
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Goldman Sachs cuts Magnum Ice Cream to ‘sell’ (neutral) – price target 13 (13.70) EUR
———-
RBC cuts Central Asia Metals to ‘underperform’ (sector perform)
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Deutsche Bank Research cuts Jet2 price target to 1,457 (1,596) pence – ‘buy’
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Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

18 Mar 2026 14:51 GMT

BROKER NOTES: Peel Hunt highlights “upside potential” for Vesuvius

Vesuvius PLC – London-based molten metal flow engineering and technology company – Peel Hunt holds at ‘buy’ – price target 525 pence (470p)

Broker Peel Hunt responds to Vesuvius’ annual results on Thursday, which included earnings before interest, tax and amortisation of GBP151.1 million for 2025, in line with its GBP151 million net estimate, and like for like 0.7% sales growth. Notes 12.5% margin target, “highlighting upside potential versus the 8.4% achieved in 2025”. Reduces 2027 Ebita forecast “modestly” by GBP9 million to GBP190 million, with an initial forecast of GBP212 million for 2028. Says that like refractory products maker RHI Magnesita NV, Vesuvius “has delivered a strong operational performance against significant post-Covid headwinds…It was also encouraging that net pricing returned to positive territory in the second half of 2025, with the softer European product mix in the second quarter being worked through, as positive pricing has long been central to the Vesuvius investment case.” Says further infill mergers and acquisitions “could add momentum”. Peel Hunt further notes Vesuvius’ proclaimed intention to ‘transition’ to recovery, although it says the Middle East conflict “adds complexity”, as the area “accounts for 5% of sales (largely Steel)”. “In our view, proven resilience and clear opportunity are not reflected in the current-year valuation of 10.9x PE, 6.4x Ebitda, and a 6% dividend yield,” the broker adds, citing “hints of recovery in end markets and our assumption of 1% growth in 2026, underpinned by ongoing self-help measures”.

Current stock price: 417.40p
12-month change: up 5.4%

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

19 Mar 2026 18:05 GMT

IN THE KNOW: Energean outlook may be “very bleak” as war continues

(Alliance News) – The suspension of Israeli operations during the current Middle East war is an unwelcome headwind for Energean PLC, although some analysts have expressed more concern about the outlook than others in light of the firm’s annual results.

Energean shares closed 3.3% higher in London on Thursday. Berenberg has a ‘hold’ rating, with a target price of 780p. Pamure Liberum also recommends ‘hold’, with a target of 880p.

Peel Hunt, meanwhile, has a ‘buy’ recommendation and a 1,100p price target.

“Although we had a strong start to 2026, production in Israel is currently suspended following a government-ordered shutdown in response to the recent geopolitical situation in the Middle East,” Chief Executive Officer Mathios Rigas stated in Energean’s annual report.

Energean has also suspended guidance for its Israeli operations in 2026, citing the “ongoing uncertainty”.

The natural gas development and production company reported a USD26.9 million pretax loss for the year, compared with a USD212.0 million profit in 2024. Revenue decreased 2.9% to USD1.73 billion, and adjusted Ebitdax decreased 3.9% to USD1.12 billion.

Energean also declared an unchanged dividend of USD1.20 per share for 2025.

Rigas stated that throughout 2025 the firm had “demonstrated the underlying resilience of our business, despite the challenging backdrop” with a “robust financial and operational performance”.

Energean shares were up 2.6% at 926.00 pence on Thursday afternoon in London.

Still, Panmure Liberum, which recommends investors ‘hold’ Energean with a target price of 880p, warned that its annual results were “a miss vs consensus” and that “the flagship Karish field [is] shut-in – and with it c75% of ENOG group production.”

Berenberg analysts also focused on the Karish field, explaining: “As previously announced, Energean’s Karish gas field, offshore Israel, has been shut-in on security grounds since 28 February. There is currently no clarity on the likely timing of a restart of the asset which, in the January trading update, accounted for 108-114kboe/d of total production guidance of 140-150kboe/d (77% at the mid-point).

“As things stand, the company has not adjusted guidance that first gas at Katlan will be achieved in H127…The rig is due to arrive towards the end of Q2 but, in our view, this could change if regional tensions remain high. Commissioning of the second oil train at Karish was expected to complete before the end of Q1, but will now likely be online within a few weeks of the project restarting.

“In our view, the uncertainty at such an important asset is unhelpful and likely to be the near-term focus for investors.”

SP Angel analysts, meanwhile, noted: “Although Energean had a strong start to the year, with average 2M26 production averaging 155kboed, the subsequent suspension of production operations in Israel…will clearly impact the prior 140-150kboe/d guidance.”

However, they said Energean’s increased net debt “is a minor concern”.

Peel Hunt’s Werner Riding, meanwhile, focused on the company’s having “reported FY25 results that show stable production and Ebitdax, with net debt and capex ending the year close to our expectations,” despite a “difficult backdrop”.

Still, Riding noted that the Israel suspension adds “near-term uncertainty to [Energean’s] 2026 production outlook.”

Energean highlighted its offshore Angola investment earlier in March, which Rigas called “an important milestone” and Panmure’s Ashley Kelty said “will help to assuage investor worries,” as it “will add additional production and this should generate some cash to help cover the dividend.

“However, we are not clear on how much experience the company has in West Africa, and this could limit the ability to unlock the potential of these assets,” Panmure added, further warning: “This deal is being paid for by debt, which means that net debt continues to rise, and with Israel production offline, the stress on the balance sheet is only going to get worse.”

SP Angel only said that the deal “seems like a good fit and provides a foothold for further acquisitions.”

Nonetheless, Berenberg stated that “overall, the near-term uncertainty remains challenging and is likely to weigh on the shares, in our view.”

And Panmure’s Kelty concluded: “If the company can maintain the yield in near term, the investor base may be more forgiving, but the outlook today is very bleak as a protracted shutdown in Middle East puts the investment case at risk.”

But SP Angel analysts struck a more optimistic tone, saying: “Energean commented that it expects the Israeli outage to be a short-lived affair, which would mean that market sentiment can shortly shift back to focus on the delivery and ramp-up on its key development projects, with added potential for M&A.”

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

18 Mar 2026 17:38 GMT

EXTRA: BP Marsh hails new investments amid ‘insulation’ from conflict

(Alliance News) – BP Marsh & Partners PLC, speaking to Alliance News on Wednesday, detailed the strategic background of their investments in energy insurance broker Ventura Risk Partners Holdings Ltd, and independent financial advice business Nine Edge Wealth Ltd, earlier this month.

They also mentioned that the firm’s opportunities pipeline, and those of its investments, are relatively insulated from the market impacts of the conflict in the Middle East.

The London-based specialist private equity investor in early-stage financial services businesses acquired a 25% interest in Ventura, for a nominal consideration, together with the provision of a GBP2.0 million loan facility.

Chief Executive Officer Daniel Topping told Alliance that Ventura is “somewhat insulated” from the direct impacts of current conflicts “given it’ll be focusing on predominantly North American energy risks”.

But the overall market will face losses, he added: “Where there have been attacks on energy production areas, the losses are still being calculated.

“It’s hard to give a finite expectation of clearly where there are significant losses that generally will impact on premium pricing.”

Other BP Marsh investments, Oneglobal Broking Holdings Ltd and Ai Marine Risk Ltd, have been directly drawn into the conflict’s market consequences due to their marine specialisms.

BP Marsh’s choice to invest in Ventura was in no small part because of the expertise of Ventura’s CEO, Alex Taylor, who “has developed strong relationships with both London market underwriters and North American brokers”.

With the consolidation of the energy broker market in London due to an influx of private equity-backed consolidators, Ventura aims to target under-served brokers “wishing for independent specialist placement options”.

BP Marsh said: “Ventura intends to service North American retail brokers through an independent operating model, prioritising technical placement capability over scale”.

On Ventura’s ability to do this, Topping commented: “Taylor is very firmly in favour of giving clients a choice, as opposed to just putting them through the same funnel.”

While Ventura is currently a smaller entity, Topping emphasised that “there is probably north of a billion of addressable premium take advantage of” in the energy market overall.

In Wednesday morning’s press release, Ventura CEO Taylor said: “We believe there is a clear opportunity for an independent platform that prioritises technical placement expertise and strong alignment with retail brokers.”

And on Tuesday, BP Marsh sold Amiga, an international speciality underwriting agency, to Sodalis Capital Ltd, of which it retains a 26% shareholding.

Topping said that the buy-and-build investment vehicle’s opportunity pipeline is “very healthy” despite conflict in the Middle East as, similarly to Ventura, their opportunities are focused in UK, Europe, and other international insurance markets.

“The Middle East is an important insurance market, but it hasn’t really played a part or influenced that materially at this stage,” he said.

“There are a lot of other markets that [Sodalis CEO] Collin Thompson has got significant experience of that we can continue to focus on while hopefully things stabilise and return to some level of peace.”

The sale of Amiga to Sodalis means BP Marsh will receive GBP2.5 million, which it will be looking to potentially redeploy within its portfolio.

The expertise of a CEO is also how Nine Edge caught the eye of BP Marsh.

BP Marsh has acquired a 30% equity interest in Nine Edge for nominal consideration, and provided a GBP5.0 million loan facility to support Nine Edge’s growth strategy, of which GBP1.75 million was drawn at completion.

Upon completion of the investment, Nine Edge acquired the Edinburgh-based advice company RMS Limited, a business with approximately GBP70.0 million of assets under management, with a focus on clients with pension assets in excess of GBP250,000.

Nine Edge CEO Derek Miles worked formerly with Aspira Corporate Solutions Limited, previously a BP Marsh portfolio company that was sold to Titan Wealth Holdings in 2023.

“He saw the opportunity to start again as a start-up with a few acquisitions to focus on that area of the market,” Topping said. “And I think given this track record [with] Aspira, we were happy to partner with him again.”

The Nine Edge leadership will be highly experienced and from diverse professional backgrounds, in BP Marsh’s view, with ex-rugby player Matt Dawson joining as a non-executive director and shareholder.

Topping added: “I think him coming in adds another perspective to what Nine Edge is trying to achieve.

“We welcome a combination of views and experience, and he’ll certainly bring that.”

In a LinkedIn post, Dawson hailed the “technology-led” aspect of Nine Edge. Topping endorsed this, saying that Nine Edge will combine the “old-fashioned ability to deliver first-rate client outcomes” with “enabling clients to take advantage of tech” to inform their decisions.

Overall, Topping lauded the strength of BP Marsh’s business opportunities: “Hopefully the recent announcements demonstrate that we are seeing a good amount of new business and continue to see it, especially in areas that we’ve had historical success.”

Investec analyst Piers Brown highlighted BP Marsh’s strong track record of net asset value, where they have delivered NAV returns almost twice the industry average.

Shares in the London-based company closed up 0.5% percent at 645.00 pence in London on Wednesday.

By Abena Oppon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

16 Jan 2026 12:52 GMT

WEEK AHEAD: China and Japan expected to hold rates amid Davos meeting

(Alliance News) – Interest rate decisions in China and Japan, plus inflation and unemployment figures in the UK lead the economic agenda, while the US earnings season picks up pace with results from Netflix, Intel and Procter & Gamble.

The following is a look ahead at the most important economic and corporate events globally in the days ahead.

Top economic events:

Monday 19 January
08:30 EST Canada CPI
10:00 CST China industrial production
10:00 CST China retail sales
10:00 CST China unemployment
10:00 CST China GDP
11:00 CET eurozone CPI
13:30 JST Japan industrial production
US Martin Luther King Jr Day holiday. Financial markets closed.

Tuesday 20 January
09:15 CST China interest rate decision
10:00 CET eurozone current account
08:00 CET Germany PPI
11:00 CET Italy current account
10:00 CET Spain trade balance
07:00 GMT UK unemployment

Wednesday 21 January
08:30 EST Canada PPI
10:00 SAST South Africa CPI
13:00 SAST South Africa retail sales
07:00 GMT UK CPI and PPI
10:00 EST US pending home sales

Thursday 22 January
11:30 AEDT Australia unemployment
16:00 CET eurozone consumer confidence
08:50 JST Japan trade balance
Japan BoJ meeting begins
07:00 GMT UK public sector net borrowing
08:30 EST US initial jobless claims
08:30 EST US GDP
08:30 EST US personal consumption expenditures
11:00 EST US Kansas City Fed manufacturing activity

Friday 23 January
09:00 AEDT Australia flash composite PMI
08:30 EST Canada retail sales
10:00 CET eurozone flash composite PMI
09:15 CET France flash composite PMI
09:30 CET Germany flash composite PMI
08:30 JST Japan CPI
09:30 JST Japan flash composite PMI
12:00 JST Japan interest rate decision
12:00 JST Japan BoJ quarterly outlook report
00:01 GMT UK consumer confidence
07:00 GMT UK retail sales
09:30 GMT UK flash composite PMI
09:45 EST US flash composite PMI
10:00 EST US Michigan consumer sentiment index

Top company events:

Tuesday 20 January
Alstom SA – Q3 results
Fastenal Co – full year results
Netflix Inc – full year results

Wednesday 21 January
Aberdeen Group PLC – trading statement
Burberry Group PLC – Q3 results
Currys PLC – trading statement
Experian PLC – trading statement
JD Sports Fashion PLC – trading statement
JD Wetherspoon PLC – trading statement
Rio Tinto PLC – trading statement
Travelers Cos Inc – full year results

Thursday 22 January
Intuitive Surgical Inc – full year results
Northern Trust Corp – full year results
Investor AB – full year results
Essity AB – full year results
Harbour Energy PLC – trading statement
Kimberly-Clark Corp – full year results
Procter & Gamble Co – half year results
Fortescue Ltd – trading statement
Alcoa Corp – full year results
McCormick & Co Inc – full year results
CSX Corp – full year results
Abbott Laboratories – full year results
Intel Corp – full year results

Friday 23 January
Ericcson AB – full year results

Here’s what to watch for as the week unfolds.

MONDAY to FRIDAY: The World Economic Forum could take on added significance this year amid increased geopolitical uncertainty, dominated by events in Ukraine, Iran, Greenland and Venezuela. The annual get together in the Swiss mountain resort of Davos brings together some of the most significant names in politics and business. According to the WEF website, 400 top political leaders – including close to 65 heads of state and government and six of the G7’s leaders – are expected to take part, plus nearly 850 of the world’s top business executives. US President Donald Trump will attend, as will Ukrainian President Volodymyr Zelensky, as talks continue aimed at ending the war with Russia. UK Chancellor Rachel Reeves will be there and is scheduled to hold a round table with business leaders hosted by JP Morgan boss Jamie Dimon. UK Prime Minister Keir Starmer’s attendance has not been confirmed. ECB President Christine Lagarde is speaking on two panels, although it is uncertain whether Federal Reserve Chair Jerome Powell will attend. Mark Carney, prime minister of Canada, Friedrich Merz, federal chancellor of Germany, and Ursula von der Leyen, president of the European Commission are among confirmed attendees.

MONDAY and TUESDAY: China is expected to leave interest rates on hold on Tuesday although the decision could be swayed by a raft of data the day before. Figures on economic growth, industrial production, retail sales and fixed asset investment are all due for release. Citi expects GDP growth at 4.6% year-on-year in the fourth quarter, which it notes is above 4.5% consensus but below the 4.8% growth reported in the three months to September. Industrial production could strengthen to 5.6% year-on-year in December from 4.8% in November, Citi thinks, reflecting the “beat” in PMI data. But retail sales are set to remain subdued, with Citi forecasting growth of 1.0% year-on-year in December, slowing from 1.3% in November, weighed by weak car sales. Fixed-asset investment could end 2025 with contraction of 2.8% year-on-year in December, Citi thinks, compared to a 2.6% on-year decline in November. Following the data dump, Citi expects the People’s Bank of China to leave the five-year loan prime rate unchanged at 3.5% and the one-year loan prime rate at 3.0%. Citi says the equity rally at the start of 2026 could make the central bank “more prudent” when it comes to cut. “A rate cut is still likely and plausible in our view in [the second quarter] but it may not happen in January,” Citi says.

TUESDAY: Jobs data in the UK is likely to confirm the employment market remained soft towards the back end of 2026, although some analysts see scope for the unemployment rate to nudge down from recent levels. Trading statements from recruiters PageGroup, Hays and Robert Walters all showed lower net fee income in the UK in the final three months of 2025, indicating less hiring, with PageGroup referencing “lower levels of confidence” in the UK. But brighter GDP data for November suggests some of the feared hit from the UK government budget may have been overstated. For the three months to November, RBC Capital Markets says that “with the fall in vacancies beginning to show signs of plateauing of late, we see scope for the unemployment rate to tick lower to 5%.” This would be down from 5.1% in the three months to October. RBC also thinks wage growth should continue to ease, with regular whole economy pay growth slowing to 4.5% in the three months to November from 4.6% in the three months to October. Private sector wage growth, which has slowed sharply in recent months, is seen cooling to 3.7% in the three months to November from 3.9% before.

TUESDAY: Netflix reports fourth-quarter earnings amid the backdrop of its USD82.7 billion bid for parts of Warner Bros Discovery. Los Gatos, California-based streaming service Netflix remains in pole position to secure the deal despite a competing offer from Paramount Skydance. Shares in Netflix have fallen 27% since the third quarter earnings print, with concerns about the deal and possible weak 2026 revenue guidance at the top of investor concerns. “The Warner Bros deal already raised organic growth concerns, and a soft FY26 guide would only intensify them,” says Jefferies in a research note. Jefferies says worries that guidance could come below the Street’s 13% year-on-year expectations has hurt confidence in the organic growth story amid heightened scrutiny given the Warner Bros bid. Jefferies’ analysts say hitting 13% revenue growth in 2026 requires ex‑ads average revenue per member to re-accelerate to 2.1% growth from 0.6% in 2025, which the investment bank calls “a tough ask”.

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04 Aug 2025 13:34 BST

EARNINGS PREVIEW: Diageo reports amid change at top and tariff worry

(Alliance News) – Diageo PLC is expected to report weaker annual results, in a set of annual results which will see tariff commentary and leadership transition in focus.

The brewer and distiller, which owns the Guinness stout brand and the Johnnie Walker whiskey range, reports annual results on Tuesday.

For the year ended June, Diageo is expected to report net sales of USD20.20 billion, down 0.3% from USD20.27 billion the year prior. Organic net sales growth of 1.4% is expected, according to company-compiled consensus.

An organic operating profit decline of 1.6% is expected. Reporting operating profit of USD5.65 billion is predicted, down 5.8% from USD6.00 billion.

In May, Diageo reaffirmed full-year guidance and said net sales in the three months to March 31 rose 2.9% year-on-year to USD4.38 billion from USD4.25 billion.

Diageo updated on tariff implications in that report.

“Assuming the current 10% tariff remains on both UK and European imports into the US, that Mexican and Canadian spirits imports into the US remain exempt under USMCA, and that there are no other changes to tariffs, the unmitigated impact of these tariffs is estimated to be USD150 million on an annualised basis,” Diageo said at the time.

But the tariff on Canadian imports is at 35%, and a US-EU deal meant a 15% tariff. Trump last week gave more time to neighbour and major trading partner Mexico, delaying for 90 days a threat to increase tariffs from 25% to 30%, after holding talks with President Claudia Sheinbaum. But it is also unclear what the tariffs mean for wine and spirits.

The EU said Thursday it expects its cherished wine sector to be hit along with most European products as US tariffs kick in this week, but negotiations were ongoing to secure a carve-out.

Brussels and Washington struck a trade deal at the weekend which will see most EU exports face a 15% US levy starting Friday, with a number of exemptions such as aircraft so far locked-in.

France, Italy and other wine making countries were pushing for zero tariffs for alcohol including champagne, wines and spirits among carve-outs in the final deal, but those talks were ongoing.

“It is not our expectation that wine and spirits will be included as an exemption in the first group announced by the US tomorrow, and therefore that sector, as with all other economic sectors, will be captured by the 15% ceiling,” European Commission spokesman Olof Gill told a press conference.

Diageo shares were down 0.9% at 1,806.50 pence each in London on Monday afternoon. The stock is down 23% over the past year.

“The company’s woes started with profit warnings in late 2023, with weakness in Latin America, along with a slowdown in the US prompted a sharp slowdown in sales. With concerns over tariffs adding additional headwinds, it’s not surprising that the shares have struggled, but have they fallen too far,” MCH Market Insights analyst Michael Hewson commented.

Hargreaves Lansdown analyst Aarin Chiekrie said Diageo’s third quarter performance was “rock solid”.

“Although these figures were flattered by customers stocking up on booze before the expected tariffs kicked in, there are early signs that the industry’s recovering from its cyclical hangover,” the analyst added.

“Markets will be keeping a close eye on just how well Diageo is managing these ongoing tariff headwinds, which were expected to add around USD150 million in annual costs. The Johnnie Walker and Guinness maker plans to absorb half through operational efficiencies, with the rest likely passed on through price increases.”

UBS believes Diageo’s organic revenue declined by 1.6% on-year in the fourth quarter, a better outcome than the 1.8% fall predicted by consensus, the Swiss bank said.

UBS sees a “negative impact from the reversal of trade loading ahead of tariffs in Q3”.

It added: “We are slightly more positive on Europe, with further upside risk in Africa and LAC, but downside risk in APAC.”

“Since our upgrade report to buy in December, our US recovery thesis has not played out as expected. However, following the recent de-rating and current depressed valuation multiple, we think the stock can work over the next 12 months as we expect improving earnings and cashflow visibility from accelerating self-help measures,” UBS said. “We see upside risks building to FY26 earnings from margins and FX.”

Tariff worries have hit Diageo shares, but AJ Bell analysts believe other factors are also at play.

“The shares, and expectations, have been weighed down by fears over the impact of tariffs, a change in drinking habits, especially among younger generations who seem to consume less alcohol, and also trading down, as inflation and a soft economic outlook persuade drinkers to switch to cheaper brands. It may also be that Diageo is now paying the price for its prior ‘premiumisation’ strategy and witnessing a return to more normal drinking patterns as lockdowns fade into the memory and more workers return to the office,” the AJ Bell analysts said.

Diageo is on the hunt for a new boss after Chief Executive Debra Crew stepped down in July by mutual agreement. Chief Financial Officer Nik Jhangiani has taken the helm in the interim, while former finance chief Deirdre Mahlan temporarily becomes CFO.

Crew’s tenure was marked by a profit warning, scrapped growth targets, and a sharp decline in the company’s share price. Crew had led Diageo since June 2023, having joined as a non-executive director in 2019 before taking on the role of president of Diageo North America and chief operating officer.

Chiekrie commented: “Former CEO, Debra Crew, stepped down with immediate effect in mid-July, after more than two years of relatively underwhelming group performance, so investors are keen to get some updates on the search for a longer-term successor.”

Jefferies believes Jhangiani can bring “fresh perspectives” on cost discipline, deleveraging and “sharpening execution to drive greater consistency of delivery”.

“This will underpin USD3 billion of free cash flow in [financial 2026] as well as operating leverage,” the broker added.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

18 Mar 2026 10:16 GMT

PREVIEW: Bank of England to hold as Iran war sparks inflation worry

(Alliance News) – The Bank of England is widely expected to hold rates this week, after earlier expectations for a cut were extinguished amid fears the conflict in the Middle East will drive inflation higher.

The Bank of England’s Monetary Policy Committee kicks off its two-day meeting on Wednesday. The decision will come on Thursday at midday.

There will be no press conference on Thursday, and as such investors are likely to focus on the vote split and MPC members’ paragraphs in the meeting minutes explaining their decision.

Back in February, the BoE left bank rate unchanged at 3.75%, by a slim 5-4 majority. Governor Andrew Bailey once more proved crucial as he supported leaving rates on hold, after backing a cut in December.

Bailey was joined by Megan Greene, Clare Lombardelli, Catherine Mann and Huw Pill in voting in favour of leaving rates unchanged. Sarah Breeden, Swati Dhingra, Dave Ramsden and Alan Taylor put the case for a quarter point cut.

Despite the hold, Bailey in the post-decision press conference said “disinflation is on track and is running ahead of the schedule expected in November”.

However, analysts said the expected timetable has been upended by rising fears of inflation as a result of the conflict in the Middle East.

The price of Brent oil has increased 41% to USD103.04 a barrel on Wednesday from USD73.08 just before the war broke out at the end of February.

As a result, JPMorgan said a cut in March is “off the table” while an April cut “requires a clear calming of geopolitical tensions”.

JPMorgan analyst Allan Monks delayed the US bank’s next forecast cut to April, but noted that “the risks are already shifting towards a lengthier pause and larger growth impact”.

(continues)

20 Mar 2026 11:02 GMT

UK dividends calendar

(continues)