Author: Fiona Craig

Rémy Cointreau (EU:RCO) reported better-than-expected third-quarter sales, exceeding market forecasts on organic growth and prompting an early rally of around 8% in its share price in Paris trading, while management left full-year guidance unchanged.

Organic sales in the third quarter increased by 2.8%, comfortably ahead of consensus expectations of 1.6%. Reported revenue reached €245.8m, surpassing the €242.7m anticipated by the market. Performance was driven primarily by the cognac division, where organic sales rose 3.2%, well above consensus forecasts of 1.3%.

Liqueurs and spirits delivered organic growth of 2.8%, broadly in line with market expectations of around 3%. Partner Brands remained the weakest area of the portfolio, with organic sales declining 9.3%, although this was marginally better than consensus estimates, which had pointed to a 10% drop.

The group reiterated its fiscal 2026 (F26) outlook, continuing to guide for organic sales to be stable to down at a low single-digit rate and for EBIT to decline by low double digits to the mid-teens percentage range. This guidance was unchanged from the first-half update, despite consensus expectations for organic sales growth of roughly 0.4% and an EBIT decline of 12.8%.

Commenting on the update, Jefferies analyst Edward Mundy highlighted early signs of stabilization in China during the quarter. He noted that mainland China sales were down at a low double-digit rate in Q3, but that, once adjusted for timing effects, performance was “almost stable,” supported by a normalization in duty-free activity.

“Unchanged guidance was expected but should be enough, in particular given technical benefit to 4Q from shift in CNY,” he said in a note.

“Whilst recent weakening of US$ vs EUR could lead to some pressure on F27 given U.S. is 1/3rd of sales, reiteration of F26 guidance and a sense that China, whilst tough, is finding a bottom should be positive for sentiment,” he added.

Looking further ahead, the analyst said transformation planning is underway and is expected to be rolled out from April, marking the start of the next financial year.

Glencore plc (LSE:GLEN) said it expects full-year 2025 marketing adjusted earnings before interest and tax to land around the midpoint of its upgraded guidance range, as a strong recovery in second-half copper output offset weaker production earlier in the year.

The miner and commodities trader reported improved operational performance across several copper assets in the second half of 2025 after mine sequencing challenges had weighed on volumes in the first half. Chief executive Gary Nagle said Glencore delivered full-year production within guidance for its key commodities for a second consecutive year, reflecting the benefits of a more streamlined and optimised operating structure.

Own-sourced copper production for 2025 totalled 851,600 tonnes, down 11% year on year, largely due to lower ore feed at Collahuasi and weaker output at Antamina and Antapaccay earlier in the year. However, second-half copper production surged 48% to 507,700 tonnes, driven by improved grades and recoveries at KCC, Mutanda, Antapaccay and Antamina.

Zinc output increased 7% to 969,400 tonnes, supported by higher production at Kazzinc and McArthur River, with second-half volumes rising to 504,200 tonnes from 465,200 tonnes in the first half. Cobalt production fell 5% to 36,100 tonnes due to export restrictions in the Democratic Republic of Congo. Glencore confirmed it did not export cobalt in the fourth quarter of 2025 following the introduction of quotas after the lifting of the export ban, which delayed shipments. Unused quotas can be carried forward until 31 March 2026, and the group said it plans to export cobalt in line with allocations during 2026 and 2027.

Steelmaking coal production rose sharply to 32.5 million tonnes, reflecting the inclusion of Elk Valley Resources, compared with 12.5 million tonnes in 2024. In contrast, energy coal output fell 2% to 98.0 million tonnes, following the closure of the Cerrejón operation in Colombia in March 2025, partly offset by stronger Australian production. Attributable ferrochrome output declined 63% to 436,000 tonnes after smelting operations at Boshoek and Wonderkop were suspended in mid-2025.

Glencore reiterated its longer-term copper growth ambitions, referencing updated guidance provided at its capital markets day in the fourth quarter of 2025. The company also published its 2025 resources and reserves report, highlighting additions to its copper mineral resource base, including increases at Lomas Bayas and El Pachón.

Henry Boot PLC (LSE:BOOT) reported a solid performance for 2025 despite a challenging operating backdrop, with profit before tax expected to come in broadly in line with market consensus, supported by exceptionally strong residential land activity.

The group’s Hallam Land division delivered a record year, selling 3,957 residential plots, comfortably ahead of its long-term target of 3,500 plots per annum. Planning success was also strong, with 4,159 plots securing consent during the year, reinforcing the quality and depth of the land pipeline. Net debt increased to £108m as a result of higher investment in land and planning activity, moving modestly above the group’s target gearing range of 10–20%.

Within the HBD development business, Henry Boot completed schemes with a total gross development value of £119m, of which the group’s share was £33m. Around 32% of these developments were pre-let or pre-sold, providing a degree of income visibility. The company also expanded its Origin joint venture, which now comprises three schemes totalling 449,000 square feet, further strengthening its development platform.

Operational progress was complemented by several significant planning milestones, including advancement at Golden Valley and new consents at Duxford and FREEPORT 36. In contrast, the Stonebridge Homes housebuilding arm completed 185 homes, below expectations, although it continued to invest for the future by expanding its land bank to 2,572 plots.

Looking ahead, Henry Boot struck a more cautious tone, warning that profit before tax in 2026 is expected to be “significantly below current market expectations”. Management cited subdued transaction activity, broader macroeconomic uncertainty, a lower forward sales position and the expiry of the profitable Road Link contract in March as key headwinds.

Chief executive Tim Roberts said that while near-term market conditions remain soft, the fundamentals across the group’s core markets remain attractive. He added that Henry Boot is well positioned to capitalise on opportunities embedded within its portfolio, supported by a strong balance sheet and a disciplined approach to capital allocation.

More about Henry Boot PLC

Henry Boot PLC is a UK-based property and construction group operating across three core segments: land promotion through Hallam Land, property development via HBD, and housebuilding under the Stonebridge Homes brand. The group focuses on long-term value creation through disciplined land investment, development expertise and selective exposure to residential, commercial and industrial property markets across the UK.

Crest Nicholson Holdings plc (LSE:CRST) reported fiscal year 2025 results broadly in line with guidance and outlined an FY26 outlook that matches current market expectations, as the UK housebuilder continues to reset its operating model and product mix.

In FY25, the group completed 1,691 homes at an average selling price of £323,000, a 6% decline reflecting changes in sales mix. Total revenue reached £610m, including £78.8m from land sales. Adjusted operating profit was £34.7m, while adjusted profit before tax came in at £26.5m, which management described as meeting guidance at the lower end of its previously stated £28m–£38m range. Net debt at year end stood at £38.2m, below the company’s prior guidance range of £40m–£90m.

Looking ahead to FY26, Crest Nicholson expects to deliver 1,100–1,200 open market homes alongside 450–500 bulk and affordable units. The group anticipates a reversal of the adverse mix impact seen in 2025, with average selling prices projected to rise by around 6%. Land revenue is forecast in the range of £75m–£110m, adjusted gross margin at 15–16%, and adjusted profit before tax of £32m–£40m. Net debt is expected to fall within a range of £15m–£65m.

Operationally, the company completed the planned closure of its Chiltern division in December 2025. From January 2026, all new planning submissions will incorporate Crest Nicholson’s refreshed housing product, with production rollout scheduled to begin in 2027. During the year, the group also settled a legal claim relating to a fire-damaged block broadly in line with existing provisions, alongside a £4.1m increase in its Building Safety Provision.

Since Boxing Day, management has seen early signs of improving market activity, including higher website traffic, increased customer enquiries and stronger appointment conversion rates. January sales rates have recovered to levels comparable with the early weeks of 2025. The forward order book for FY26 stands at 848 units, down from 1,051 a year earlier, although it now contains a higher proportion of open market homes following a weaker second half in 2025.

Crest Nicholson reported a short-term land bank of 11,083 plots, equating to 6.3 years of supply, alongside a strategic land bank of 18,461 plots. The proportion of strategic land allocated or at draft allocation stage has risen to 66%, up from 50%, supporting longer-term delivery visibility.

More about Crest Nicholson Holdings plc

Crest Nicholson Holdings plc is a UK-based residential property developer focused on building high-quality homes across the South of England and the Midlands. The group operates across open market, affordable housing and bulk sales, with an emphasis on design-led developments, disciplined land investment and capital management to support sustainable returns through the housing cycle.

ITM Power plc (LSE:ITM) reported further operational and financial progress for the six months to 31 October 2025, with revenue increasing to £18m from £15.5m a year earlier and the adjusted EBITDA loss narrowing to £11.9m. The group ended the period with a strong cash position of £197.8m, providing headroom to support ongoing growth initiatives.

Contracted backlog expanded sharply to £152m and is now largely made up of profitable contracts, reflecting improved project economics as lower-margin legacy work continues to roll off. Commercial momentum was supported by several new equipment and engineering awards, significant capacity reservation agreements with utilities including RWE, and selection for large-scale green hydrogen projects across Europe and the Asia-Pacific region. Since the period end, ITM has also launched its ALPHA 50, a 50MW full-scope plant, while demand for the NEPTUNE V platform has continued to build, further strengthening the group’s medium-term pipeline.

ITM is also moving into recurring, asset-backed revenue through Hydropulse, its newly established build-own-operate business focused on decentralised green hydrogen production for industrial customers. The initiative is intended to leverage government funding frameworks in markets such as the UK and Germany, diversifying revenue streams beyond pure equipment sales.

On the operational side, the company is investing in automation with the introduction of a new autostacker manufacturing line, advancing development of its next-generation CHRONOS stack platform, and transitioning parts of its portfolio to percentage-of-completion revenue recognition. Management said these measures are designed to lift margins, improve revenue visibility and reinforce ITM’s competitive position as global investment and policy support for green hydrogen continues to gather pace.

Despite the progress, the outlook remains constrained by ongoing losses and cash flow challenges, with technical indicators and valuation metrics suggesting a cautious near-term view. However, strong revenue growth, a significantly larger backlog and clear strategic execution provide longer-term support as the green hydrogen market develops.

More about ITM Power

ITM Power is a Sheffield-based specialist in proton exchange membrane (PEM) electrolysers used to produce green hydrogen from renewable electricity and water. Founded in 2000 and listed on London’s AIM market since 2004, the company focuses on industrial-scale decarbonisation and plays a role in the emerging global clean hydrogen economy.

Saga plc (LSE:SAGA) said it now expects underlying profit before tax for 2025/26 to be higher than both the prior year and its earlier half-year guidance, supported by strong trading across its Ocean and River Cruise, Holidays and Insurance Broking divisions.

Cruise operations benefited from higher load factors and improved per diem pricing, while the Holidays business delivered double-digit growth in both revenues and passenger numbers. In Insurance Broking, policy sales exceeded expectations, contributing to stronger trading EBITDA across the group. These performances have supported a reduction in net debt, with leverage falling below 4.0x, and management said further deleveraging is anticipated in the next financial year.

Strategically, Saga has continued to simplify and strengthen its operations by bringing its travel businesses under a single management structure and completing the disposal of its insurance underwriting arm. The group has also launched new partnerships, including with Ageas in insurance and NatWest Boxed in savings, broadening its product offering. Combined with robust forward bookings for 2026/27, management believes these initiatives position the business for ongoing growth and progress toward longer-term profitability and leverage targets.

Overall, Saga’s outlook reflects a blend of improving operational momentum and lingering balance-sheet challenges. Cash generation is strong and recent trading updates have been constructive, but profitability remains under pressure and leverage is still elevated. Technical indicators point to a strong share price trend, although overbought signals suggest some risk of near-term consolidation, while valuation remains constrained by negative earnings and the absence of a dividend.

More about Saga plc

Saga plc is a UK-based provider of products and services designed specifically for people aged over 50. Operating under a well-established consumer brand, the group’s activities span ocean and river cruises, package holidays, insurance broking, personal finance products and publishing, with a focus on premium offerings and high standards of customer service for its core demographic.

Smiths News PLC (LSE:SNWS) said trading for the financial year ending 29 August 2026 remains in line with market expectations, reflecting a solid start to the year and continued stability in its core newspaper and magazine distribution operations.

The board reiterated its strategy of maintaining attractive shareholder returns while investing in the development of additional revenue streams that leverage the group’s nationwide logistics infrastructure. Subject to approval at the upcoming AGM, Smiths News plans to pay a final dividend of 3.8p per share for FY2025 alongside a special dividend of 3.0p per share. This would bring total dividends for the year to 8.55p per share, underlining management’s confidence in the company’s cash generation and its ability to fund growth into adjacent markets.

Overall, the outlook is supported by favourable valuation metrics, including a low earnings multiple and a high dividend yield, as well as positive technical indicators that point to constructive market sentiment. These strengths are balanced against more moderate underlying financial performance, with ongoing concerns around leverage levels and negative equity remaining areas to monitor.

More about Smiths News PLC

Smiths News PLC is the UK’s largest news wholesaler and a leading provider of early-morning, end-to-end supply chain services. The group distributes newspapers and magazines for major national and regional publishers and, by leveraging its dense delivery network and logistics expertise, has expanded into additional services such as waste recycling collections and the distribution of books and home entertainment products, serving more than 22,000 customers across England and Wales.