Category: Market News

British equities edged lower on Thursday morning, even as the pound held its ground against the dollar following gains in the previous session and most major European indices traded higher.

By 0822 GMT, the FTSE 100 was down 0.1%, while the GBP/USD pair was unchanged at 1.33. Over in Europe, Germany’s DAX advanced 0.8%, and France’s CAC 40 added 0.4%.

UK corporate highlights

Rio Tinto PLC (LSE:RIO) lifted its 2025 copper output forecast to 860–875 kt, an increase from its previous outlook of 780–850 kt. The miner also lowered its projected unit costs to 80–100 c/lb, compared with earlier guidance of 110–130 c/lb.

During its 2025 Capital Markets Day, the Anglo-Australian group presented a restructuring blueprint built around three core divisions—Iron Ore, Copper, and Aluminium & Lithium. Chief Executive Simon Trott said in a filing to both the Australian and London stock exchanges: “We are building from a position of strength for Rio Tinto’s next chapter, sharpening and simplifying the business to deliver leading returns.”

In earnings news, AJ Bell PLC (LSE:AJB) delivered another year of record performance. Revenue climbed 18% to £317.8 million, while profit before tax rose 22% to £137.8 million, marginally surpassing market expectations. Earnings per share reached 25.6 pence, and the group’s profit before tax margin improved to 43.4%, up from 42% a year earlier.

Frasers Group PLC (LSE:FRAS) reaffirmed its full-year profit outlook of £550 million to £600 million despite posting a 2.8% decline in half-year adjusted profit to £290.9 million. The retailer absorbed an £82.3 million increase in impairments and a rise in interest expenses of £11.3 million to £48.1 million. Still, retail trading profit grew 12.2% to £411.4 million.

Watches of Switzerland Group PLC (LSE:WOSG) reported a strong first half, with pretax profit up to £61 million from £41 million the year before. Revenue reached £845 million, representing 10% growth at constant currency, and adjusted EBITDA edged higher to £91 million from £87 million.

Infrastructure firm Balfour Beatty PLC (LSE:BBY) expects its order book to expand about 20% in 2025, rising to roughly £22.1 billion from £18.4 billion in 2024. The company attributed the increase largely to robust demand in the UK energy sector, which contributed more than £3.5 billion in new commitments. Balfour Beatty also adjusted its 2025 average monthly net cash outlook to the top of its previously stated range, £1.1 billion to £1.2 billion, significantly higher than the £766 million recorded in FY2024.

SSP Group PLC (LSE:SSPG) posted a 6% rise in annual revenue to £3.64 billion, supported by underlying operating profit growth of 8.4% to £223 million. Like-for-like sales improved 3.7%, and earnings per share increased 19% to 11.9 pence.

Baltic Classifieds Group PLC (LSE:BCG) delivered a solid first half, reporting a 7% gain in revenue to €44.8 million for the six months ending October 31, 2025. EBITDA margin held steady at 78%, while profit surged 22% to €26.4 million. The board declared an interim dividend of 1.3 euro cents per share, an 8% increase year on year.

Meanwhile, Morgan Advanced Materials Plc (LSE:MGAM) revised its medium-term targets, now aiming for EBITA margins of 12% by 2028, slightly below its previous ambition of 12.5%–15%.

Elsewhere, Ofgem approved a £28 billion investment programme to strengthen the UK’s energy infrastructure, with total funding expected to rise to an estimated £90 billion by 2031. Within the package, £17.8 billion is earmarked for gas network maintenance and £10.3 billion for upgrades across the electricity transmission grid.

ITM Power (LSE:ITM) has reported first-half 2025 revenue of £18.0 million, the highest in its history, even as the company recorded an adjusted EBITDA loss of £11.9 million. Cash reserves remain strong at £197 million. Demand continues to grow for the company’s NEPTUNE V and ALPHA 50 electrolyser platforms, and ITM has made meaningful progress on large-scale projects, including the 100 MW PEM plant under development for RWE in Lingen. With a healthy sales pipeline and ongoing product innovation, ITM is positioning itself as a dependable partner in Europe’s fast-expanding hydrogen sector, supported by accelerating investment in green-energy infrastructure.

The outlook remains mixed. While revenue momentum and strategic progress highlighted during the earnings call are encouraging, persistent profitability challenges and cash-flow pressures continue to weigh on sentiment. Technical indicators point to a bearish trend, and valuation metrics reflect ongoing concerns over the path to sustainable earnings.

More about ITM Power

Founded in 2000 and listed on AIM in 2004, ITM Power designs and manufactures PEM electrolysers that generate green hydrogen from renewable energy and water. Headquartered in Sheffield, the company plays a key role in the emerging clean-hydrogen economy by supplying technology for industrial decarbonisation and net-zero energy systems.

Future plc (LSE:FUTR) reported a 6% decline in revenue for the year ended September 2025, reflecting ongoing organic softness, adverse currency movements, and the impact of selected business closures. Despite these headwinds, the company maintained a robust adjusted operating margin of 28% and announced both a meaningful dividend increase and a new share buyback programme. Management continues to prioritise strategic initiatives aimed at reigniting growth, including deeper monetisation of creator-led content and enhancing audience engagement. The group remains cautiously optimistic, targeting modest organic revenue growth in FY26 and sustainable expansion over the medium term.

The outlook is supported by steady financial performance and an appealing valuation, though tempered by bearish technical indicators. Strong cash generation and disciplined cost control are notable positives, while slow revenue growth, margin pressure, and subdued market momentum continue to present challenges.

More about Future plc

Future plc is a global content and media platform that produces and distributes specialist, trusted content across roughly 175 brands. Its diversified monetisation mix spans digital advertising, ecommerce affiliate revenue, subscriptions, newsstand sales, and live events. Content is delivered through multiple formats, including websites, newsletters, video, magazines, and in-person experiences, with the company holding leading positions across several niche verticals.

Anglo Asian Mining (LSE:AAZ) has begun commercial copper concentrate sales from its newly developed Demirli mine, completing the shipment of 2,055 wet tonnes to Trafigura Pte Ltd and generating provisional gross revenue of USD 3.6 million. A new logistics hub near Ganja has streamlined transportation and export processes, further strengthening the company’s partnership with Trafigura. In parallel, Anglo Asian achieved record ore extraction volumes at Demirli, marking an important milestone in its strategy to scale production across its asset base.

The outlook for the company remains weighed down by broader financial underperformance. Although technical indicators show pockets of positive momentum, a negative P/E ratio and the absence of a dividend reduce valuation appeal. With no recent earnings-call commentary or corporate updates, these elements have limited influence on forward expectations.

More about Anglo Asian Mining

Anglo Asian Mining plc is a copper and gold producer operating in Azerbaijan, with a portfolio of producing, development, and exploration-stage assets. The company is executing a strategy to become a multi-asset, mid-tier producer by 2030, primarily centred on copper, with targeted annual output of 50,000–55,000 tonnes.

Duke Capital Limited (LSE:DUKE) has reported interim results for the six months to 30 September 2025, demonstrating resilience in the face of challenging economic conditions. Recurring cash revenue rose 3% to £13.2 million, while free cash flow held firm at £5.9 million. The company continued to deploy capital strategically, investing more than £15 million into its existing partner portfolio to support acquisitions and organic growth initiatives. Looking ahead, Duke expects recurring cash revenue to grow by around 5% in Q3 FY26 and highlighted recent investment activity, including the acquisition of Galway Bay FM. Despite headwinds, the business remains committed to long-term value creation through disciplined capital allocation and maintaining a strong balance sheet.

The outlook is shaped by mixed financial signals. Pressures on revenue and profitability weigh on sentiment, and technical indicators show limited momentum. Although the shares trade on a high P/E ratio, the elevated dividend yield provides an element of support. The absence of earnings-call detail and corporate developments constrains further insight.

More about Duke Capital

Duke Capital Limited provides hybrid capital solutions to small and mid-sized businesses across Europe and North America, blending elements of equity and debt in long-term financing structures that avoid refinancing risk. Since 2017, the company has focused on generating attractive, risk-adjusted returns for shareholders. Duke is listed on AIM under the ticker DUKE and is headquartered in Guernsey.

Premier Miton Group plc (LSE:PMI) delivered a stable financial performance for the year ended 30 September 2025, reporting Assets under Management of £10.3 billion, a modest 3% year-on-year decline. The firm generated an adjusted profit before tax of £11.5 million and maintained a healthy cash position of £31.3 million. As part of its long-term strategy, the group is expanding its investment capabilities and assessing inorganic growth opportunities to strengthen shareholder value. The board has also appointed Christopher Williams as Non-Executive Director and Chair Designate, bringing deep corporate-finance and financial-services experience to the company’s leadership.

The outlook reflects a mix of strengths and challenges. Robust cash generation and a solid balance sheet support the investment case, although softer revenue trends and pressured profitability weigh on sentiment. Technical indicators point to a bearish pattern, and a high P/E ratio signals possible overvaluation. Even so, the elevated dividend yield offers an appealing counterbalance.

More about Premier Miton Group plc

Premier Miton Group plc is an AIM-listed asset manager offering a broad suite of actively managed strategies spanning equities, fixed income, multi-asset, and absolute-return products. The group focuses on delivering strong long-term outcomes for UK savers and investors through its diversified investment platform.

Watches of Switzerland Group PLC (LSE:WOSG) has reported a strong first half for FY26, supported by exceptional performance in the United States, which now contributes nearly 60% of overall profitability. Group revenue rose 10% on a constant-currency basis, accompanied by higher adjusted EBIT and a solid improvement in free cash flow. The business also benefitted from reduced U.S. tariffs on Swiss imports and continued to expand both its retail footprint and ecommerce offering. Management maintains a positive view for the second half, with trading tracking expectations and FY26 guidance reaffirmed with confidence.

The company’s financial and technical profile points to ongoing strength, with consistent revenue gains and supportive market momentum. However, the shares appear overbought in the near term, raising the possibility of a short-lived pullback. Valuation remains reasonable, and with an emphasis on growth rather than income, effective debt management and improved profitability will be central to sustaining long-term expansion.

More about Watches of Switzerland Group PLC

Watches of Switzerland Group PLC is a leading luxury retailer specialising in high-end timepieces and jewellery. The company represents many of the world’s premier watch brands and operates an extensive network of showrooms across the UK and the United States, complemented by a growing ecommerce platform and ongoing investment in premium retail environments.

Frasers Group (LSE:FRAS) posted a resilient first-half performance for FY26, supported by its Elevation Strategy, which prioritises margin improvement, cost efficiencies, and international expansion. Revenue grew by 5% year on year, with notable momentum in overseas markets. The company continued to invest in brand partnerships and strategic property acquisitions, strengthening its competitive positioning and laying the groundwork for long-term growth. Although management remains cautious about the remainder of the year given ongoing sector headwinds, they express confidence in the group’s strategic direction and ability to navigate a challenging retail environment.

Frasers Group’s outlook is underpinned by supportive technical indicators and a robust financial base. Strong operational efficiency and healthy cash generation are key positives, though modest revenue growth and pressured profitability margins present ongoing challenges. A reasonable valuation adds to the investment appeal, even in the absence of a dividend.

More about Frasers Group

Frasers Group PLC is a diversified retail group specialising in sports, lifestyle, and premium fashion. Best known for its Sports Direct chain, the company also operates luxury-focused Flannels stores and continues to expand its international footprint through strategic property investments and high-profile brand partnerships.

AJ Bell PLC (LSE:AJB) has announced record full-year results for the period ended 30 September 2025, reporting an 18% rise in revenue to £317.8 million and a 22% increase in profit before tax to £137.8 million. Growth in customer numbers and assets under administration remained strong, supported by healthy net inflows and favourable market conditions. To reward shareholders, the company has proposed a higher dividend and launched a new share buyback programme. Despite ongoing challenges in the UK investment environment, AJ Bell remains upbeat about its long-term prospects and plans to continue investing in its brand and product offering to capture future market opportunities.

The company’s outlook is bolstered by robust financial performance and supportive technical indicators. Strong revenue expansion, solid profitability, and a stable financial position underpin its appeal, although a relatively high valuation tempers the picture. Even so, the stock’s technical momentum contributes to a constructive near-term view.

More about AJ Bell PLC

AJ Bell PLC is one of the UK’s largest investment platforms, offering investment services through both advised and direct-to-consumer channels. Known for its low-cost, easy-to-use propositions and strong customer service, the company has built a trusted brand within the UK retail investment market.

GEO Exploration Limited (LSE:GEO) has received approval for Exploration Licence E08/3792, awarded to its subsidiary Juno Gold Limited, expanding the footprint of the Juno project in central Western Australia. With the new licence, the project now covers 644 square kilometres, strengthening GEO’s strategic land position for Intrusion-Related Gold System (IRGS) targets. The additional ground is expected to enhance the company’s exploration potential and reinforce its status as an early mover in a highly prospective region, creating fresh opportunities for future development and stakeholder value.

More about GEO Exploration Limited

GEO Exploration Limited is a gold-focused exploration company specialising in identifying and advancing Intrusion-Related Gold Systems in Western Australia. Its strategy centres on securing sizeable land packages and progressing high-potential gold targets, with the Juno project forming a key pillar of its exploration portfolio.