The FTSE 100 pulled back slightly on Thursday morning after notching a record close in the previous session, while the pound weakened against the U.S. dollar, dipping below the $1.34 level once again.
As of 07:28 GMT, the blue-chip benchmark was down 0.4%, while GBP/USD fell 0.3% to just above 1.33. Meanwhile, Europe’s major equity markets posted modest gains, with Germany’s DAX up 0.2% and France’s CAC 40 also rising 0.2%.
UK Corporate Round-Up
Volution beats expectations:
Volution Group plc (LSE:FAN) delivered stronger-than-anticipated results for fiscal 2025, fueled by robust second-half performance. Organic revenue in the latter half climbed 7.2%, exceeding the company’s target range of 3% to 5%. Full-year revenue reached £419 million, up 21% year-on-year. Organic growth from ongoing operations was 5.7%, ahead of Jefferies’ 5.1% forecast.
Lloyds flags potential provision:
Lloyds Banking Group PLC (LSE:LLOY) said it may need to set aside additional provisions tied to the Financial Conduct Authority’s proposed scheme on motor finance mis-selling. The bank cautioned that the provision could have a material impact on its financials.
Grainger maintains momentum:
Residential landlord Grainger PLC (LSE:GRI) reported further strength in its portfolio, with occupancy reaching 98.1% ahead of its full-year results on November 20. That’s up from 96% at the March half-year. Like-for-like rental growth came in at 3.6%, aligning with its medium-term guidance of 3% to 3.5%.
SSP misses top-line forecasts:
SSP Group PLC (LSE:SSPG) reported fourth-quarter group sales growth of 4% year-on-year in constant currency, falling short of the 6% consensus. Like-for-like sales rose 2% versus an expected 4%. For FY25, revenue stood at £3.7 billion in constant currency, with pre-IFRS 16 constant currency operating profit of £230 million, at the lower end of its guidance.
Johnson Matthey lifts profit outlook:
Johnson Matthey PLC (LSE:JMAT) said Thursday it expects full-year underlying operating profit to reach the top end of its guidance range, with the second half of the fiscal year expected to drive results. The outlook is supported by a £10 million benefit from current platinum group metal prices and currency movements.
Regulatory and Political Developments
In the utility sector, the Competition and Markets Authority provisionally rejected close to 80% of the water price increases proposed by five companies. Its provisional redeterminations allow just £556 million of the £2.7 billion in additional revenue sought.
On the geopolitical front, UK Prime Minister Keir Starmer welcomed the agreement on the first stage of U.S. President Donald Trump’s Gaza peace plan, urging “its full and immediate implementation.”
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