Author: Fiona Craig

Inchcape PLC (LSE:INCH) reported 8% organic revenue growth for the third quarter of fiscal year 2025, meeting expectations and benefiting from softer comparators. Total revenue for the period came in at £2.3 billion, reflecting a 7% increase on both a constant currency and reported basis.

Vehicle volumes grew 13% during the quarter, significantly outpacing the 5% rise in total industry volumes across Inchcape’s markets. This represents a marked improvement from the first half of the year, when industry volumes declined 2%. The company reaffirmed its full-year 2025 guidance, projecting another year of growth at prevailing currency rates.

“We are pleased with our performance in the third quarter, which was in line with our expectations,” said Duncan Tait, Group Chief Executive. “Inchcape’s organic revenue growth was supported by market growth, a contribution from distribution contract wins and on-going product launches.”

Regional performance showed clear momentum. The Americas posted results ahead of the market, while Asia-Pacific improved compared to the first half, with key product launches remaining on track despite lingering headwinds. Europe & Africa continued to deliver solid growth and market outperformance.

As part of its Accelerate+ strategy, Inchcape secured a new distribution agreement with GAC AION in Greece, exited several non-material contracts, completed the acquisition of Askja in Iceland to expand into a new market, and divested a non-core retail-only business in Australia representing about £100 million in annualized revenue.

The company anticipates stronger momentum in the second half of 2025, supported by the rollout of planned product launches and disciplined cost management. It also expects earnings per share growth to outpace profit growth, consistent with its medium-term EPS CAGR target of more than 10%.

InterContinental Hotels Group PLC (LSE:IHG) reported a slight 0.1% year-on-year increase in global RevPAR for the third quarter of 2025, bringing year-to-date growth to 1.4%, as the group continues to navigate uneven market dynamics across its key regions.

Performance varied by geography: EMEAA delivered solid RevPAR growth of 2.8%, while the Americas saw a 0.9% decline and Greater China contracted by 1.8%. Business travel revenue rose 4% on a comparable basis, but this was offset by weaker leisure demand (down 2%) and group bookings (down 4%).

Despite some softer trading conditions, IHG maintained a strong development pace, opening 14,500 rooms across 99 hotels in Q3—a 17% year-on-year increase excluding NOVUM conversions. It also signed 22,600 rooms across 170 hotels, marking an 18% increase compared to the same period in 2024.

“We are pleased with our performance and the continued growth of our brands to date in 2025, and we remain on track to meet full year consensus profit and earnings expectations,” said Elie Maalouf, Chief Executive Officer of IHG Hotels & Resorts. “Overall, we continue to benefit from the power of our globally diverse footprint.”

The company also unveiled plans to introduce a new premium collection brand targeting the upscale to upper-upscale segment, with its initial rollout focused on the EMEAA region.

IHG has completed $700 million of its $900 million 2025 share buyback program, cutting its share count by 3.9%. Including dividends, the company expects to return over $1.1 billion to shareholders this year.

The group’s gross system growth reached 7.2% year-on-year, with net system growth of 5.2% after adjusting for the removal of rooms formerly affiliated with The Venetian Resort Las Vegas. IHG’s global pipeline now includes 342,000 rooms across 2,316 hotels—representing 4.7% year-on-year growth.

Legal & General Group Plc (LSE:LGEN) has outlined a strategic plan to capitalize on growth opportunities in the UK’s Defined Contribution (DC) pensions and Annuities markets over the coming decade.

Leveraging its position as the country’s largest DC asset manager and annuity provider, the company is targeting £40–50 billion in Workplace DC net flows and a 4–6% compound annual growth rate in Retail operating profit between 2024 and 2028. This strategy aims to shift its profit mix toward more stable, fee-based earnings while increasing operating leverage—positioning its Retail segment as a key engine of future growth.

While this long-term plan presents meaningful opportunities, the company’s near-term outlook is tempered by financial challenges, including declining revenue and profitability as well as liquidity concerns. Technical analysis points to a bearish trend, and the stock currently screens as overvalued. However, a high dividend yield continues to offer appeal to income-focused investors.

About Legal & General Group Plc

Legal & General is one of the UK’s leading financial services companies and a major global investment manager, overseeing £1.1 trillion in assets. Its core business areas include Workplace, Annuities, Lifetime Mortgages, and Protection. The group serves approximately 12.4 million customers in the UK and ranks among the top providers in its key markets.

Lloyds Banking Group (LSE:LLOY) has reported solid financial results for the first nine months of 2025, delivering a statutory profit after tax of £3.3 billion and a 6% increase in net income.

While the Group absorbed an £800 million charge related to motor finance commission arrangements, it maintained strong capital generation and asset quality. A major strategic milestone was the acquisition of Schroders Personal Wealth, a move expected to accelerate Lloyds’ wealth strategy and strengthen its position in a high-value market segment.

The Group also revised its 2025 guidance, projecting continued growth in net interest income and capital generation, supported by disciplined cost management and stable asset quality.

Lloyds’ outlook is supported by strong technical indicators and a fair valuation, complemented by bullish momentum and a reasonable dividend yield. However, pressure on profitability and cash flow highlights the need for careful execution to sustain long-term growth.

About Lloyds Banking Group

Lloyds Banking Group is one of the UK’s leading financial services institutions, providing retail, commercial, and corporate banking solutions. The company is focused on deepening customer relationships and expanding its wealth management capabilities, underscored by its acquisition of Schroders Personal Wealth to bolster its strategic market position.

Shield Therapeutics plc (LSE:STX) has delivered its strongest quarterly performance to date, with net revenues reaching $13.1 million and a 15% increase in prescriptions for its flagship product ACCRUFeR compared to the previous quarter.

The company credits this momentum to targeted marketing strategies and a focused sales push, which have accelerated product uptake. Shield remains on course to achieve cash flow breakeven by the end of 2025—an important operational milestone in its growth trajectory.

While strong technical performance reflects solid market momentum, the company continues to face financial challenges, including negative profitability and cash flow constraints. Valuation pressures, such as a negative P/E ratio and the absence of a dividend, also weigh on investor sentiment.

About Shield Therapeutics plc

Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on treating iron deficiency with its innovative oral therapy ACCRUFeR® (also marketed as FeRACCRU®). The product is distributed in the U.S. through a partnership with Viatris, with additional licensing agreements covering Europe, China, Japan, and other international markets.

Bloomsbury Publishing (LSE:BMY) has reported a robust first-half performance for 2025, delivering £160 million in revenue and £24 million in profit despite a challenging market backdrop.

A key highlight of the period was the strong performance of the Academic & Professional division, boosted by a new AI licensing agreement that enhanced recurring revenue streams. The company also completed the integration of Rowman & Littlefield, further strengthening its academic publishing portfolio.

In the Consumer division, results were in line with expectations, supported by standout successes including the bestseller by Gillian Anderson and a multi-film deal for works by Katherine Rundell. International expansion remains a core growth pillar, with the opening of a new office in Singapore marking a step forward in its Asian strategy. Reflecting confidence in its outlook, Bloomsbury increased its interim dividend by 5%.

The company’s financial performance remains its strongest asset, underpinned by consistent revenue growth, healthy profit margins, and a conservative balance sheet. While technical indicators suggest a neutral trend, fair valuation levels and an attractive dividend yield support a stable investment case.

About Bloomsbury Publishing

Bloomsbury Publishing is a leading independent global publisher with a diverse portfolio spanning academic, professional, and consumer titles, as well as digital content. The company is focused on monetizing its intellectual property through innovative strategies such as AI licensing and expanding its international footprint, with established operations in the UK and US and growing presence in Asia.

AJ Bell PLC (LSE:AJB) has delivered a strong year-end performance, reporting a 19% increase in customer numbers to 644,000 and reaching a record £103.3 billion in assets under administration (AUA).

Both its advised and direct-to-consumer platforms contributed to this growth, supported by strong net inflows and favorable market conditions. The company’s CEO emphasized the scalability of its business model and the impact of strategic investments that have strengthened AJ Bell’s long-term growth trajectory.

Despite the strong performance, uncertainty around government pension taxation policy remains a key risk factor for the company and its customers.

The outlook is supported by robust financial results, strong profitability, and positive technical momentum. While the valuation remains elevated, market sentiment toward the stock is favorable.

About AJ Bell PLC

AJ Bell PLC is one of the UK’s largest investment platforms, serving both advised and direct-to-consumer (D2C) clients through a dual-channel model. Known for its low-cost and user-friendly investment solutions, the company combines scale, technology, and customer service to maintain a leading position in the UK investment platform market.

Dunelm Group plc (LSE:DNLM) has reported a solid start to its 2025 financial year, with total sales up 6.2% to £428 million in the first quarter. Digital channels accounted for 40% of total sales, reflecting the company’s continued success in expanding its online presence.

Gross margin improved during the period, supported by favorable foreign exchange movements and operational efficiencies. Dunelm also advanced its strategic initiatives with the launch of a new mobile app and its “Home of Colour” campaign, aimed at strengthening brand engagement and customer reach.

Despite a challenging consumer environment, the company remains confident in delivering sustainable and profitable growth, targeting a 10% market share over the medium term.

The outlook is underpinned by strong financial performance, efficient operations, and an appealing dividend yield. While high leverage and technical indicators signal some caution, positive earnings call sentiment and expansion plans offer additional upside potential.

About Dunelm Group plc

Dunelm Group is the UK’s leading homewares retailer, offering a wide range of products including home furnishings and furniture, along with services such as made-to-measure window treatments. Founded in 1979 and headquartered in Leicester, the company operates 202 stores across the UK and Ireland and runs a growing online platform. Dunelm focuses on value, quality, and style to strengthen its position in the homewares market.

Hunting PLC (LSE:HTG) has reported a 15% year-on-year increase in EBITDA for Q3 2025, reaching approximately $100.5 million with a 13% margin. Backed by net assets of around $907 million and liquidity of $336.5 million, the company continues to execute its acquisition-led growth strategy.

The North America segment outperformed expectations, supported by strong demand for its TEC-LOCK™ connections, while the Subsea division delivered a positive outlook as the integration of Flexible Engineered Solutions moves forward. Although restructuring activities in the EMEA region created some disruption, Hunting expects to realize $11 million in annualized cost savings by June 2026.

For the full year, the company anticipates EBITDA at the lower end of its guidance range, maintaining a strategic focus on subsea and well completion acquisitions to drive future growth.

Hunting’s outlook remains broadly positive, supported by revenue expansion, a solid balance sheet, and favorable corporate developments. However, profitability pressures, bearish technical trends, and valuation concerns—reflected in a negative P/E ratio—temper sentiment.

About Hunting PLC

Hunting PLC is a global precision engineering group established in 1874 and listed on the London Stock Exchange. The company provides premium equipment and services across five operating segments and five product groups, including OCTG and Subsea Technologies. With operations spanning the UK, USA, China, and Saudi Arabia, Hunting serves a global customer base in the energy and engineering sectors.

Wickes Group (LSE:WIX) has reported a 6.9% year-on-year increase in total revenue for the third quarter of 2025, driven by solid performances in both its Retail and Design & Installation divisions.

The company has continued to grow its market share through initiatives such as faster Click & Collect services and the rollout of Wickes Rapid delivery, aimed at enhancing customer convenience and service levels. Ongoing investments in new store openings and digital capabilities are expected to support future profitability and strengthen Wickes’ market leadership position.

While the company demonstrates strong cash flow and stable financial health, challenges remain around revenue growth momentum and elevated leverage. Technical signals indicate potential resistance and bearish trading sentiment, though valuation metrics suggest fair value complemented by an attractive dividend yield.

About Wickes Group

Wickes is a digitally led, service-oriented home improvement retailer operating 230 stores across the UK. Through its Retail and Design & Installation divisions, it serves both DIY customers and trade professionals, supported by a growing online presence and strategic investment in customer experience enhancements.