British equities climbed on Friday, bouncing back from the previous day’s declines despite U.S. President Donald Trump announcing new trade tariffs, including a 100% duty on imported pharmaceutical products.
The FTSE 100 index was up roughly 1% as of 0720 GMT, while the British pound edged slightly higher against the U.S. dollar, trading at 1.33. European markets also advanced, with Germany’s DAX rising 0.4% and France’s CAC 40 up 0.7%.
Trump’s Tariffs Weigh on Pharma, UK Stocks Hold Firm
European pharmaceutical stocks fell following the tariff announcement, although UK companies saw more muted movements. In early European trading, AstraZeneca PLC (LSE:AZN) slipped 0.09%, while GSK plc (LSE:GSK) increased 0.3%. Hikma Pharmaceuticals PLC (LSE:HIK), focused on generics unaffected by the tariffs, gained 1.7%.
Meanwhile, continental European firms including Novo Nordisk A/S Class B (NYSE:NVO), Roche Holding AG (BIT1:ROG), and Novartis AG (NYSE:NVS) each fell between 1.2% and 2.4% on the Tradegate platform.
Pennon Projects “Strong Return to Profitability”
Water utility Pennon Group (LSE:PNN) confirmed it remains on track for 2025/26, forecasting a “strong return to profitability” in its trading statement released Friday. The company anticipates around 60% EBITDA growth year-over-year, slightly below Jefferies’ estimate of 66% and consensus expectations of 67%. Analysts suggested this variance could be linked to Pennon shifting some revenues from the current year into the next to smooth customer billing profiles.
Ceres Power Sees Revenue Dip Amid Shift to Commercial Production
Clean energy technology developer Ceres Power Holdings PLC (LSE:CWR) reported a 26% decline in revenue to £21.1 million for H1 2025, reflecting its transition from R&D to commercial operations. Despite lower revenues, attributed to significant one-off license revenue from the Delta agreement in 2024, the company maintained a solid balance sheet with £104.1 million in cash and short-term investments, recording a positive cash inflow of £1.6 million over the period.
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