UK equities were largely unchanged in early trading on Tuesday, while the pound held steady as investors awaited comments from Bank of England Governor Andrew Bailey later in the day. Corporate updates from Whitbread, PageGroup and the announcement of a new chief executive at Rentokil were also in focus.
By 0832 GMT, the FTSE 100 was up 0.03%, while sterling edged 0.01% higher against the dollar to 1.34. Elsewhere in Europe, Germany’s DAX rose 0.1%, while France’s CAC 40 slipped 0.2%.
Bank of England speakers in focus
Markets are closely watching Governor Andrew Bailey’s speech on Tuesday morning for clues on the outlook for UK monetary policy, particularly given divisions within the Monetary Policy Committee and a light economic data calendar.
This week’s only major UK data release is Thursday’s GDP report, which could influence sentiment. The next key releases on jobs and inflation are due on January 20–21. Two additional MPC members, Alan Taylor and Dave Ramsden—both of whom voted for a rate cut at the December meeting—are scheduled to speak on Wednesday.
ING highlights EUR/GBP valuation
ING said the EUR/GBP exchange rate has settled below 0.870, a level its models suggest is moderately undervalued in the near term. The bank continues to expect the Bank of England to cut rates in March, a more dovish view than current market pricing, which implies a smaller 10 basis point move. ING said this outlook supports expectations for a gradual recovery in EUR/GBP over coming months.
Rentokil appoints new CEO
Rentokil Initial PLC (LSE:RTO) announced the appointment of Mike Duffy as its new Chief Executive Officer and Executive Director, effective 16 March 2026. Duffy will join as CEO Designate on 16 February, succeeding Andy Ransom, who will step down after several years in the role. Ransom will remain involved through to the company’s AGM on 7 May 2026 to support the transition.
FTSE 100 earnings and updates
PageGroup PLC (LSE:PAGE) reported a 4.6% decline in fourth-quarter gross profit, as weaker conditions in Europe and the UK offset growth in the Americas and Asia-Pacific. Quarterly gross profit fell to £190.7 million from £200.1 million a year earlier.
Trustpilot Group PLC (LSE:TRST) said it expects full-year 2025 bookings to rise 18% on a constant-currency basis to $291 million, up from $239 million in 2024. Annual recurring revenue is forecast at $296 million, while revenue is expected to increase to $261 million.
Whitbread PLC (LSE:WTB) posted a 2% increase in third-quarter group sales to £781 million, supported by stronger accommodation revenue in both the UK and Germany.
Games Workshop Group PLC (LSE:GAW) delivered a record half-year performance, with core revenue up 17.3% to £316.1 million for the 26 weeks to 30 November 2025. Profit before tax rose to £140.8 million, while earnings per share increased to 319.9p.
Persimmon PLC (LSE:PSN) reported total home completions of 11,905 in 2025, up 12% year on year and ahead of expectations. Private completions rose 8%, while partnership completions declined amid softer bulk and build-to-rent demand late in the year.
THG Holdings PLC (LSE:THG) recorded its strongest quarterly revenue growth since 2021 in the fourth quarter of 2025, with constant-currency sales up 7.0%. Second-half revenue increased 6.7%, around 14% above the top end of prior guidance.
Gamma Communications PLC (LSE:GAMA) said trading for the year ended 31 December 2025 is expected to be in line with market forecasts, with adjusted EBITDA and adjusted earnings per share within consensus ranges.
Hunting PLC (LSE:HTG) reported a 7% year-on-year increase in full-year 2025 EBITDA to around $135 million, with margins improving to 13%. The group ended the year with an order book of approximately $350 million.
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