Category: Market News

United Utilities (LSE:UU.) posted a sharp rise in first-half earnings, powered by higher allowed revenues and continued momentum across its AMP8 investment programme. Group revenue increased 21% to £1.31 billion, reflecting regulatory uplifts including a real increase in wholesale income and a CPIH-linked rise to the revenue cap.

Underlying operating profit climbed 67% to £562 million, supported by the stronger revenue base and a higher capital allocation of infrastructure renewals expenditure, which helped ease inflationary pressure on operating costs. Underlying EPS nearly doubled year-on-year, reaching 52.8p.

The company continued to ramp up investment across the region, with net regulatory capex rising 22% to £568.5 million. Regulatory capital value expanded 6.9% to almost £16 billion. Gearing remained steady at 60%, backed by over two years of liquidity and solid credit ratings, while net debt rose modestly to £9.61 billion as AMP8 delivery accelerated. United Utilities increased its interim dividend by 3.5% to 17.88p.

Chief Executive Louise Beardmore highlighted “strong operational and financial performance” in the first half of 2026, noting continued progress on the company’s £13 billion five-year investment plan. She added that the programme is bolstering regional economic growth and supporting around 30,000 jobs across the business and its supply chain. Beardmore also pointed to environmental gains, with storm overflow spills down roughly 40% so far this year—around 10,000 fewer spills attributable to operational improvements.

Looking ahead, United Utilities expects FY26 revenue between £2.5 billion and £2.6 billion. Underlying operating costs are forecast to decline as more expenditure is capitalised. EPS for FY26 is projected to reach around 100p, while capital expenditure is set to be about £1.5 billion. Depreciation and net finance costs are both anticipated to increase by approximately £50 million due to a growing asset base and higher debt requirements.

The British pound came under pressure after reports suggested UK Chancellor Rachel Reeves may abandon previously expected income tax increases, according to analysis from ING. Markets had anticipated that higher income taxes would deliver a degree of fiscal tightening without adding to inflation, a view that had helped fuel a rally in UK gilts and supported expectations for Bank of England rate cuts in December and beyond.

The potential shift has introduced fresh uncertainty, with investors now questioning how Reeves intends to close the estimated £30 billion fiscal gap. One option reportedly under consideration is freezing income tax thresholds—a move that could generate similar fiscal tightening to raising tax rates and might be more palatable to markets.

At the time of writing, EUR/GBP was trading around 0.887. ING analysts warned that a sharp sell-off in gilts could widen the pound’s risk premium and push the cross above 0.890. Even so, the bank does not interpret the latest developments as a sign that Reeves is straying from her broader commitment to fiscal discipline. Historically, the government has acted quickly to reassure investors when gilt markets have reacted unfavourably.

While near-term downside risks for sterling have risen, ING expects the current EUR/GBP upswing to partially unwind as conditions stabilize.

Foresight Group (LSE:FSG), a regional private equity and real assets investor, has announced a new investment in Mclaggan + Co, joining existing shareholder N4 Partners. Mclaggan, known for more than five decades of collaboration with artists and designers, produces screen-printed, decorated, and kiln-fired bone china mugs and other ceramics from its facility near Loch Lomond. The company has reported strong growth in recent years as it expanded its giftware portfolio, earning a reputation for high-quality products.

Foresight’s investment will fund Mclaggan’s strategic acquisition of Customworks, a giftware business founded in 1997 with operations in Bo’ness and Malaga. Customworks brings a complementary range of bespoke products, including items designed for museums, galleries, and heritage attractions, broadening Mclaggan’s offering and strengthening its presence in key customer segments.

The acquisition is expected to accelerate growth for both businesses by supporting expansion into new markets and product lines. The combined group will employ more than 100 people and anticipates further acquisitions as part of its longer-term development strategy. Leadership will be overseen by Executive Chair Keith Mitchell, with Brian Macpherson stepping in as CEO.

“This is an exciting investment, and we look forward to working with the teams at Mclaggan and Customworks to build on their success and support further growth,” said Harry Staples, Investment Manager at Foresight Group. “We are committed to backing high-potential companies across Scotland, and this deal demonstrates our ability to provide flexible funding and exit solutions.”

Executive Chair Keith Mitchell added: “Partnering with Foresight marks an important milestone for both companies. With their support, we are well positioned to accelerate growth, enhance operational capability, and deliver long-term value for customers, employees, and stakeholders.”

Land Securities Group (LSE:LAND) reported a strong set of interim results for the half year to 30 September 2025, delivering solid income growth despite a challenging macroeconomic backdrop. EPRA earnings per share rose 3.2% to 25.8 pence, supported by a 5.2% like-for-like increase in net rental income and a 6% reduction in overhead costs. This performance allowed the company to raise its interim dividend by 2.2% to 19.0 pence.

Portfolio metrics remained resilient, with occupancy improving 40 basis points to 97.7%—its highest level in nearly a decade. Rental uplifts on relettings and renewals averaged 10%, underscoring the group’s reversionary potential. “We continue to see clear positive momentum across every part of our business, notwithstanding the wider economic environment. Owning the right real estate has never been more important,” said Chief Executive Mark Allan.

Landsec has upgraded its like-for-like net rental income growth guidance for FY26 to around 4–5%, up from 3–4%, and now expects EPRA EPS growth to come in at the upper end of its 2–4% range, excluding the effects of the Queen Anne’s Mansions disposal. The company continued its capital recycling programme during the period, completing £644 million of disposals—mainly lower-returning assets—which resulted in a £67 million loss on sale and a 1.3% decline in EPRA Net Tangible Assets per share.

Medium-term earnings prospects have also improved. Landsec now targets EPS of approximately 62 pence by FY30, implying 4–4.5% compound annual growth from FY25, driven by stronger retail income growth, additional overhead efficiencies, and reduced development exposure.

Operationally, the office portfolio delivered 6.8% like-for-like rental growth with occupancy at 98.8%, while the retail-led segment achieved 5.0% rental growth alongside a 7.7% increase in retail sales. The group now aims to cut its net debt-to-EBITDA ratio to below 7x within two years—tightening its previous goal of below 8x—and expects its loan-to-value ratio to trend below 35% over time.

Wishbone Gold Plc (LSE:WSBN) has reported strong exploration progress at its Red Setter Gold Project, confirming a mineralised strike extending more than 3km. Recent drilling has uncovered encouraging gold and copper mineralisation, pointing to the potential scale of a significant gold system. The company plans to advance its work program with additional diamond drilling next year, aiming to refine its geological model and build a clearer picture of the project’s mineral potential.

More about Wishbone Gold

Wishbone Gold Plc is a mining exploration company focused on gold and copper assets. Its flagship Red Setter Gold Project lies within Western Australia’s Paterson Range, a region known for major discoveries and located near the established Telfer gold mine.

MJ Gleeson plc (LSE:GLE) reported a 22% rise in net reservation rates for its Gleeson Homes division, even as broader housing demand remains muted due to economic uncertainty. Since the start of FY26, the company has opened six new build sites and launched sales at five additional locations. Gleeson Land completed the disposal of two smaller sites and remains on track with its growth targets, including plans to submit 18 planning applications in the first half of the financial year. The Board expects full-year results to meet market expectations and will provide a trading update in January 2026.

The company’s outlook is supported by a solid balance sheet and a fair valuation profile, though profitability margin pressures and fluctuating cash flow temper overall confidence. Technical indicators offer a mixed picture, showing short-term positive momentum alongside potential emerging downside risk.

More about MJ Gleeson plc

MJ Gleeson plc operates two core divisions: Gleeson Homes, which builds affordable, high-quality homes across the Midlands and North of England, and Gleeson Land, which promotes and sells land for residential development across southern and central regions. The group emphasizes affordability, designing homes accessible to buyers earning the National Living Wage, while its land division focuses on unlocking value through planning and strategic site sales.

MicroSalt (LSE:SALT) delivered an upbeat trading update, posting unaudited sales of $1.66 million for the first ten months of 2025—exceeding initial expectations. The company has deepened its relationship with a major North American customer, forecasting material sales increases in 2026 and 2027, and has signed a non-binding term sheet for a Joint Development Agreement aimed at lowering sodium levels in food products. MicroSalt also entered a strategic partnership with plant-based producer Daiya Foods, further strengthening its growth outlook for the years ahead. Together, these initiatives highlight the company’s strategy to scale sustainably while promoting healthier food solutions and enhancing long-term investor value.

Despite the operational momentum, MicroSalt’s outlook continues to be weighed down by significant financial weaknesses, including ongoing losses and negative equity. Technical indicators also reflect persistent bearish pressure, with shares trading below major moving averages and flirting with oversold conditions. A negative P/E ratio and lack of dividend yield add to valuation concerns.

More about MicroSalt plc

MicroSalt is an innovator in the global salt market, offering a patented, full-flavour, low-sodium alternative designed for food manufacturers and consumers. Its technology uses micron-sized salt particles to deliver the same taste impact with about 50% less sodium, addressing a major global health challenge. Founded in 2018, the company holds a strong intellectual property portfolio—including a U.S. patent and 14 pending applications worldwide—positioning it for expansion as demand for healthier sodium solutions grows.

Georgina Energy plc (LSE:GEX) has raised £200,000 via the issuance of 4,000,000 new ordinary shares and has also agreed to a debt facility of up to £1,000,000 with an institutional investor. The combined funding package is expected to strengthen the company’s financial flexibility, enabling it to accelerate priority projects and pursue additional growth initiatives. Management views the investment as an important step in reinforcing Georgina Energy’s market position and supporting long-term value creation for shareholders.

Despite these strategic developments, the company continues to grapple with substantial financial pressures, including ongoing losses and strained cash flow. Technical indicators point to neutral momentum, but overall sentiment remains weighed down by the firm’s high-risk financial profile. Investors may want to exercise caution as the company works to stabilize its fundamentals.

More about Georgina Energy plc

Georgina Energy plc is an aspiring energy producer with a focus on helium and hydrogen. Through its wholly owned subsidiary, Westmarket O&G, the company holds two key onshore interests in Australia—one in the Officer Basin of Western Australia and another in the Amadeus Basin in the Northern Territory. Georgina aims to leverage rising global demand for helium and hydrogen by advancing these strategically located projects.

Shield Therapeutics (LSE:STX) has begun a Phase II clinical trial in Japan evaluating ACCRUFeR® (ferric maltol) as a potential treatment for Pulmonary Arterial Hypertension (PAH). The study, led by partner MEDLEAP Pharma, is intended to pave the way for a Phase III programme and prospective regulatory filings targeted for 2028. This marks an important step for ACCRUFeR®, addressing the complex needs of PAH patients who often struggle with long-term iron supplementation, and could position the therapy as a key option within this therapeutic area.

The company’s near-term outlook is shaped by strong technical momentum in its share performance, although substantial financial challenges—including persistent losses and constrained cash flow—continue to weigh on overall sentiment. A negative P/E ratio and absence of dividend yield further limit valuation appeal.

More about Shield Therapeutics

Shield Therapeutics plc is a commercial-stage specialty pharmaceutical company focused on innovative treatments for iron deficiency, with or without anemia. Its flagship product, ACCRUFeR®/FeRACCRU® (ferric maltol), is an oral iron therapy distributed across the U.S., Europe, and Asia through a network of strategic partnerships.

Halfords Group plc (LSE:HFD) has announced plans to publish its interim results for the 26 weeks ending 26 September 2025 on 27 November 2025. The company will release a pre-recorded results presentation online, followed by an in-person strategy update for analysts and institutional investors. Retail investors will also have access to a live Strategy Update through the Engage Investor platform, where they can submit questions directly. The initiative highlights Halfords’ commitment to open communication and deeper stakeholder engagement, steps that could strengthen its market positioning and investor relations.

Halfords’ broader outlook remains mixed. While the group maintains stable operations, profitability constraints remain a notable concern. Positive technical momentum hints at potential near-term upside, but a negative P/E ratio underscores ongoing earnings pressures—partially balanced by an appealing dividend yield. Investors may want to monitor the company’s progress in improving profitability and cash flow discipline.

More about Halfords

Halfords Group plc is the UK’s leading retailer and service provider for motoring and cycling. Its operations span 370 Halfords stores, two Tredz performance cycling outlets, 498 consumer garages, and 92 commercial fleet locations. The company also deploys around 250 mobile service vans and 500 commercial vans, complemented by online retail platforms halfords.com and tredz.co.uk, and its proprietary Avayler software offered on a SaaS basis.