London equities advanced on Thursday after the Bank of England left interest rates unchanged at 4%, sticking with its cautious stance on monetary policy. The pound held largely steady against the U.S. dollar.
By 11:15 GMT, the FTSE 100 had gained 0.1%, while sterling traded flat at $1.36. On the continent, Germany’s DAX rose 1.3% and France’s CAC 40 climbed 1.2%.
Bank of England keeps rates on hold
Seven members of the nine-member Monetary Policy Committee voted in favor of holding rates, while two backed another cut to support an economy that showed no growth in July. The decision followed a quarter-point cut in August, the fifth rate reduction in the past year.
Corporate updates: Pets at Home hit hard, Next dips, Renishaw shines
In company news, Pets at Home Group PLC (LSE:PETS) shares nosedived around 20% after CEO Lyssa McGowan stepped down abruptly and the group issued a profit warning. The retailer now expects fiscal 2026 profits in the £90–100 million range, citing weakness in its retail operations. Non-executive chair Ian Burke has assumed the role of executive chair until a permanent successor is appointed.
Next PLC (LSE:NXT) also slipped more than 5%, despite posting stronger-than-expected first-half results. Net sales reached £3.2 billion, beating consensus of £3.1 billion. Full-price sales advanced 10.9% year-over-year, with U.K. retail up 5.4%, domestic online sales up 9.2%, and international online sales surging 28.1%.
Engineering group Renishaw PLC (LSE:RSW) reported record annual revenue of £713 million, an increase of 3.1%. Adjusted pre-tax profit rose 3.8% to £127.2 million, despite headwinds in certain product categories.
Elsewhere, C&C Group (LSE:CCR) slid 7.05% after revenues for the half year came in 4% below the prior year. The drinks maker guided underlying operating profit for the period ending August 31 at €41.5–€42.0 million.
Inspecs Group PLC (LSE:SPEC) dropped 10.5% following weaker half-year results. Revenue slipped to £97.6 million from £100.6 million, while gross margin narrowed by 80 basis points to 51.8%.
M&C Saatchi PLC (LSE:SAA) lost more than 5% after revealing a 5.1% fall in like-for-like net revenue to £103.8 million for the first half of 2025. Operating profit also tumbled 36% to £10.3 million.
Deliveroo Holdings PLC (LSE:ROO) confirmed founder and CEO Will Shu will leave his role once DoorDash Inc. (NASDAQ:DASH) completes its takeover, expected on October 2.
In energy news, Octopus Energy Group announced plans to spin off its technology unit Kraken into a separate business. Kraken, which powers more than 70 million accounts worldwide, has secured $500 million in committed annual revenue through licensing deals with major utilities.
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