U.K. equities retreated on Tuesday, tracking the deeper downturn across European markets, while the pound eased against the U.S. dollar. Among the session’s major movers, ICG surged on strong financial results, whereas WPP declined after fresh deal speculation was dismissed.
By 11:10 GMT, the FTSE 100 had fallen 1.2%, and sterling edged 0.1% lower against the dollar to 1.31. The broader European landscape was similarly soft, with Germany’s DAX slipping 1.2% and France’s CAC 40 losing 1.3%.
U.K. Market Highlights
- Imperial Brands (LSE:IMB)
The tobacco company said reported earnings per share fell 16.5% to 251.1 pence for the year ended September 30, pressured by higher tax charges and costs related to its 2030 strategic plan. Adjusted EPS, however, climbed 9.1% as profit rose and the share count declined. Reported revenue dipped 0.7% to £32.17 billion due to weaker tobacco volumes and currency headwinds. - ICG (LSE:ICG)
Shares advanced sharply after the alternative asset manager posted first-half fiscal 2026 results that beat expectations on all major metrics. The firm also announced a decade-long global distribution agreement with Amundi. Fund Management Company pre-tax profit came in at £325 million—23% ahead of consensus—while total fundraising reached $9 billion, well above forecasts of $5.4 billion. - WPP (LSE:WPP)
WPP shares moved lower after the Havas Group publicly dismissed media stories claiming there were merger or investment discussions taking place between the two advertising giants. Reports from outlets including The Times had suggested Havas and private-equity firms such as Apollo Global Management and KKR had looked at potential deals involving WPP. - Diploma (LSE:DPLM)
The specialist distributor posted another strong year, with revenue rising to £1.52 billion from £1.36 billion. Organic growth accelerated to 11% from 6% the prior year. Adjusted operating profit increased to £342.7 million from £285 million, while statutory operating profit also improved substantially. - Greencore (LSE:GNC)
Greencore reported FY2025 results showing revenue up 7.7% to £1.95 billion and a 28.9% jump in adjusted operating profit to £125.7 million. EBITDA rose nearly 18% to £181.2 million, and pre-tax profit climbed 29.3% to £79.5 million. - Softcat (LSE:SCT)
The IT services provider delivered a strong start to fiscal 2026, recording double-digit growth in gross profit and underlying operating profit. The company reported strength across a wide range of technology products and customer types. - Crest Nicholson (LSE:CRST)
The housebuilder warned its full-year profit will likely land at the lower end of—or slightly below—its prior guidance of £28–38 million. The company pointed to a sluggish housing market and uncertainty surrounding tax policy ahead of the Budget. Completions are expected to total around 1,691 homes for FY2026, near the bottom of guidance. - TT Electronics (LSE:TTG)
Swiss group Cicor Technologies submitted a fully revised takeover proposal, adding a 150p-per-share all-cash alternative alongside its share offer. TT Electronics’ board has unanimously recommended the updated bid. - Bank of England
The central bank is preparing to relax parts of the U.K.’s ring-fencing regime but will stop short of the broader overhaul sought by major lenders. Ring-fencing rules require banks with more than £35 billion in retail deposits to separate their consumer operations from riskier activities, affecting Lloyds, NatWest, HSBC, Barclays and Santander UK.
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