UK equities opened higher on Wednesday, following a broader rally across European markets after U.S. President Donald Trump indicated that American forces could potentially withdraw from Iran within the next two to three weeks.
By 07:25 GMT, the FTSE 100 had climbed 1.7%, while the pound strengthened 0.4% against the dollar to 1.3280 in the GBP/USD pair. European markets also posted strong gains, with Germany’s DAX advancing 2.7% and France’s CAC 40 rising 2.2%.
UK corporate updates
Berkeley Group Holdings PLC (LSE:BKG) said it will pause new land purchases and extend its medium-term strategic plan through April 2030. The developer pointed to geopolitical instability, a weaker economic environment and regulatory delays that have added roughly a year to construction timelines. The FTSE-listed company now expects pre-tax profit exceeding £1.4 billion over the four years to April 2030, with the majority of earnings anticipated later in the period.
Topps Tiles PLC (LSE:TPT) reported group revenue of £142.7 million for the 26 weeks ending March 28, representing a 0.1% decline year-on-year. Revenue excluding CTD increased 2.1%, although growth slowed to 0.6% in the second quarter after a stronger first quarter. The tile retailer still outperformed the broader UK Home Improvements and DIY market, which contracted by around 2.5% during the same period according to Barclays UK Consumer Spend Report data. Topps Tiles recorded 0.1% like-for-like revenue growth in the first half.
Babcock International Group PLC (LSE:BAB) confirmed it has agreed a six-month bridging contract with the UK Ministry of Defence to continue delivering naval base operations and in-service support for the UK’s nuclear submarine fleet. The agreement follows the expiry of the previous five-year Future Maritime Support Programme contract on Tuesday.
The interim deal ensures uninterrupted service provision while Babcock and the Ministry of Defence negotiate a new long-term arrangement. The MOD has also issued a Letter of Intent, reaffirming its commitment to a strategic partnership with Babcock and the Royal Navy.
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