British equities edged higher on Wednesday, supported by a stronger pound against the dollar and key earnings reports from U.K. firms such as Persimmon and Evoke.
By 0800 GMT, the FTSE 100 had risen 0.1%, while the British pound gained 0.3% against the dollar, surpassing the 1.35 mark. In continental Europe, Germany’s DAX climbed 0.5% and France’s CAC 40 advanced 0.3%.
Persimmon Exceeds Margin Expectations
U.K. homebuilder Persimmon (LSE:PSN) posted an underlying operating margin of 13.1% for H1 2025, surpassing Jefferies’ estimate of 12.3%.
The company delivered 4,605 homes, in line with guidance for a second-half weighted year, while maintaining £123 million in cash. Its return on capital employed reached 11.2%, which Jefferies described as sector-leading.
Persimmon confirmed its full-year 2025 completions guidance of 11,000–11,500 homes, compared with Jefferies’ forecast of 11,553. The company also projected an underlying operating margin of 14.2%–14.5% for the full year.
Evoke Affirms FY25 Outlook
Evoke (LSE:EVOK) reiterated its 2025 revenue growth target of 5%–9% and forecasted EBITDA margins of at least 20%.
At the low end, this translates to around £368 million, roughly 3% above market expectations of £356 million. The company’s last-12-month EBITDA totaled £363 million. Q2 revenue grew 5%, supported by a 6% increase in online sales (7% at constant currency) and a return to growth in retail.
Beazley Shares Fall on Reduced Premium Growth Guidance
Shares of Beazley PLC (LSE:BEZ) fell over 8% after the U.K. insurer lowered its full-year premium growth forecast, citing weaker demand in cyber and property risk insurance.
The firm now expects gross written premiums to rise in the low-to-mid single digits, down from prior guidance of mid-single-digit growth. Profit before tax for H1 fell to $502.5 million from $728.9 million a year earlier.
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