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  • FTSE 100 Falls as Oil Prices Rise and UK Unemployment Holds at 4.9%

    FTSE 100 Falls as Oil Prices Rise and UK Unemployment Holds at 4.9%

    The FTSE 100 fell 0.60% on Tuesday as investors assessed higher oil prices, UK labour-market data and developments in the Middle East.

    Elsewhere in Europe, Germany’s DAX declined 0.36% and France’s CAC 40 fell 0.64%. Sterling was down 0.21% against the US dollar at $1.3472.

    UK unemployment remained at 4.9% in the three months to July, below the 5% forecast. However, HMRC-based data from the Office for National Statistics showed the number of payrolled employees fell by 101,000 year on year in July, with retail and hospitality recording the largest declines.

    Vacancies decreased to 702,000, their lowest level outside the pandemic period in more than a decade, while annual total pay growth slowed to 3.9% from 4.2%.

    Liz McKeown, ONS director of economic statistics, said: “The labour market remains broadly stable… however, payrolled employee numbers continue to edge down.”

    Oil Prices Rise Above $107

    Brent crude rose 1.67% to $107.42 per barrel, while WTI increased 1.7% to $103.09 amid continued disruption to Saudi Arabia’s East-West pipeline and uncertainty over Middle Eastern energy supplies.

    ING’s Warren Patterson said Brent had reached an intraday high of close to $110 on Monday and that prices were “likely to remain well supported” until there was greater clarity over the extent of the pipeline damage, which was reportedly expected to keep it offline for several weeks.

    Separately, Kpler data cited by Reuters showed vessel transits through the Strait of Hormuz fell to four on Monday from ten previously. Iran’s Islamic Revolutionary Guard Corps also claimed that it had downed a US MQ-1 drone near the strait.

    Pakistan and the International Atomic Energy Agency discussed the regional situation, with Pakistan’s foreign ministry saying both sides continued to view the stalled June 17 Iran-US memorandum as the preferred route for reducing tensions.

    ExxonMobil executive Andrew Barry said at the Gastech 2026 conference that he expected disruption to Middle Eastern LNG supplies to be short-term. Shell separately estimated that approximately 36 million tonnes of LNG supply from the region had been lost this year.

    Gold Falls Ahead of Fed Decision

    Gold prices moved lower, with futures declining 0.52% to $4,328.87 and spot gold falling 0.23% to $4,288.93.

    ING said gold could face pressure ahead of Wednesday’s Federal Reserve decision as investors assess the potential inflationary effects of higher oil prices.

    AI Development Debate Continues

    Investors were also monitoring a debate over the development and oversight of advanced artificial intelligence systems.

    Anthropic Chief Executive Dario Amodei called for additional safeguards, including independent third-party assessments, and warned about potential risks associated with increasingly capable AI models.

    OpenAI Chief Executive Sam Altman and Elon Musk also expressed support for a more measured approach, while US President Donald Trump opposed slowing AI development, arguing that doing so could affect US competitiveness with China.

    UK Company Updates

    Wickes Group (LSE:WIX) reported a 1.1% increase in first-half adjusted pre-tax profit to £27.6 million, with revenue growth offsetting higher costs. The retailer said it remains on track for approximately 10% growth in adjusted pre-tax profit in 2026.

    Trustpilot (LSE:TRST) reported a 23% increase in first-half revenue to $151.4 million, while adjusted EBITDA rose 46% to $26.3 million. The company maintained its full-year guidance for high-teens revenue growth.

    Kier Group (LSE:KIE) reported a 7.5% increase in full-year revenue to £4.39 billion and a 6.7% rise in adjusted operating profit to £169.8 million. Its order book stood at £11.9 billion entering fiscal 2027.

  • Trustpilot Shares Fall 18% as H1 Results Show $1 Million Net Loss

    Trustpilot Shares Fall 18% as H1 Results Show $1 Million Net Loss

    Trustpilot (LSE:TRST) shares fell more than 18% in early London trading after the company reported a $1 million net loss for the first half of 2026, compared with a $2 million profit a year earlier.

    Revenue increased 23% to $151.4 million, or 19% at constant currency, while bookings rose 22% to $171.2 million.

    Adjusted EBITDA increased 46% to $26.3 million from $18.0 million, with the adjusted EBITDA margin rising 2.8 percentage points to 17.4%.

    On a statutory basis, operating profit declined 18% to $4.4 million. The results included $6 million of non-recurring items, comprising an AGCM antitrust fine and a provision relating to historical US sales taxes.

    Annual Recurring Revenue Reaches $313 Million

    Trustpilot reported annual recurring revenue of $313 million, an increase of 15%, while net dollar retention declined to 101% from 103%.

    Enterprise new customer additions increased 41% year on year, with Expedia, Halfords and Bending Spoons among the customers added during the period.

    North American bookings increased 27%, while revenue in the region rose 23%. Bookings in Europe and the Rest of World also increased 27%, with UK bookings up 15%.

    Adjusted free cash flow increased 5% to $16 million.

    Chief Executive Adrian Blair said the company delivered a strong first half, with bookings increasing 18% at constant currency. He also identified artificial intelligence as a potential source of demand, saying Trustpilot’s data is increasingly being used in how AI systems evaluate and recommend companies.

    Trustpilot Reaffirms Full-Year Guidance

    Trustpilot maintained its full-year guidance following the first-half results.

    The company continues to expect high-teens percentage revenue growth at constant currency and an expansion in its adjusted EBITDA margin of between two and three percentage points.

    Marcus Roy Takes Over as Chief Financial Officer

    Trustpilot also confirmed that Marcus Roy became Chief Financial Officer and joined the board on September 14, as previously announced in March.

    Hanno Damm stepped down from the board on the same date. He is expected to remain with the company until October 2026 to assist with the transition.

  • hVIVO H1 Revenue Falls to £16.3 Million as Contracted Order Book Reaches £72 Million

    hVIVO H1 Revenue Falls to £16.3 Million as Contracted Order Book Reaches £72 Million

    hVIVO (LSE:HVO) reported revenue of £16.3 million for the first half of 2026, down from £24.2 million a year earlier, while recording an adjusted EBITDA loss of £4.5 million.

    The clinical development services group attributed the first-half performance to the planned weighting of activity towards the second half and the timing of contract revenue.

    Cash stood at £13.0 million at the end of the period. hVIVO said proposal volumes increased by approximately 45%, while around three-quarters of revenue was generated from repeat customers.

    The company has also consolidated its operations under a single brand covering four service areas.

    Contracted Order Book More Than Doubles

    hVIVO’s weighted contracted order book more than doubled to £65 million as of 30 June 2026.

    Including the subsequently acquired CRS Berlin business, the order book reached £72 million, which the company described as a record level. The contracts provide revenue coverage extending into 2027 and 2028.

    Management expects second-half revenue to be approximately twice the level recorded in the first half and is forecasting full-year revenue of around £47 million.

    The company also expects to return to positive adjusted EBITDA during the second half, while forecasting a small adjusted EBITDA loss for the full year.

    hVIVO Acquires CRS Berlin

    hVIVO acquired CRS Berlin under a transaction structure that is largely based on a revenue-linked earn-out.

    The acquisition adds Phase I and Phase II clinical trial capabilities in areas including dermatology and women’s health. hVIVO expects the transaction to be immediately earnings accretive.

    The company said the acquisition is intended to expand its clinical development services beyond its existing human challenge trial operations and increase the range of services available to customers.

    hVIVO Targets Growth in 2027

    Management expects the increased contracted order book, CRS Berlin acquisition and demand for human challenge trials to support growth in 2027.

    The company is also seeking to increase cross-selling across its Consulting, Clinical Trials, Human Challenge Trials and Laboratories service lines.

    hVIVO operates clinical development facilities in the UK and Germany. Its services cover preclinical consulting, early-stage clinical studies, human challenge trials and specialist virology and immunology laboratory work.

  • Sylvania Platinum FY26 PGM Output Reaches Record 95,885 Ounces as Revenue More Than Doubles

    Sylvania Platinum FY26 PGM Output Reaches Record 95,885 Ounces as Revenue More Than Doubles

    Sylvania Platinum (LSE:SLP) reported record 4E platinum group metals production of 95,885 ounces for FY2026, supported by output from its dump operations and the ramp-up of the Thaba Joint Venture.

    The Thaba JV also produced 50,317 tonnes of attributable chrome concentrate during the financial year.

    Sylvania commissioned a centralised PGM filtration plant and new tailings facilities during the period. The company also progressed its Aurora Project, including a 4,000-metre drilling programme.

    Revenue Rises to $226.3 Million

    Net revenue more than doubled year on year to $226.3 million, while EBITDA increased to $114.2 million.

    Net profit reached $66.4 million, with the company attributing the year-on-year improvement in financial performance partly to a higher PGM basket price.

    Sylvania ended the period with cash of $67.2 million and no debt.

    The group declared a total dividend of six pence per share for the financial year and also carried out share buybacks.

    Sylvania Targets Up to 95,000 PGM Ounces in FY27

    For FY2027, Sylvania is targeting PGM production of up to 95,000 ounces and chrome production of up to 140,000 tonnes.

    These figures represent the company’s current production targets and remain subject to operational performance during the financial year.

    Sylvania Platinum Operations

    Sylvania Platinum is an AIM-listed producer of platinum group metals and chrome in South Africa.

    Its operations include the Sylvania Dump Operations and the Thaba Joint Venture, with activities covering tailings retreatment and concentrate production. Its portfolio also includes the Aurora exploration project.

    The company continues to invest in infrastructure including tailings facilities and filtration capacity alongside its exploration and development activities.

  • Alumasc FY26 Revenue Falls 6% as Order Book Rises 56% in Early FY27

    Alumasc FY26 Revenue Falls 6% as Order Book Rises 56% in Early FY27

    Alumasc (LSE:ALU) reported a 6% decline in revenue to £107.1 million for the year ended 30 June 2026, as lower commercial construction demand and project delays affected trading.

    Underlying profit before tax declined to £10.0 million, while the group’s margin was 10.5%.

    Performance varied across Alumasc’s three divisions. Housebuilding Products revenue increased 16%, while Building Envelope maintained revenue at the prior year’s record level.

    Water Management revenue declined, reflecting the absence of a major airport contract that contributed to the previous year’s results.

    Alumasc Maintains Dividend and Renews Bank Facilities

    Alumasc maintained its dividend at the prior year’s record level and reported low leverage during the period.

    The group also renewed its banking facilities on what it described as improved terms. Alumasc said the financing provides capacity for investment in production, international expansion and measures intended to increase supply-chain resilience.

    Early FY27 Revenue Rises 5%

    Trading during the early part of FY27 showed a 5% year-on-year increase in revenue, while Alumasc’s order book was 56% higher than at the comparable point a year earlier.

    The company attributed the order-book increase partly to new airport projects. Cost savings from restructuring within Water Management are also expected to contribute to margins.

    The board expects margins to improve, although management remains cautious about near-term levels of UK construction activity.

    Alumasc Reports Leadership Changes

    The group also underwent management changes during the year. Paul Hooper retired as chief executive in March after a long tenure with the company.

    His successor, Pamela Bingham, left Alumasc in August. Vijay Thakrar is serving as interim executive chair, supported by the group’s executive directors.

    Alumasc Group Operations

    Alumasc supplies building products, systems and related solutions through its Water Management, Building Envelope and Housebuilding Products divisions.

    The company’s products address areas including water management, energy efficiency and other building requirements. More than 80% of sales are linked to building regulations and specifications, according to the company.

    Alumasc has also expanded the number of products carrying Environmental Product Declarations, with these products accounting for approximately one-third of group revenue.

  • Everplay H1 Revenue Falls 8% as Company Raises Full-Year Outlook

    Everplay H1 Revenue Falls 8% as Company Raises Full-Year Outlook

    Everplay (LSE:EVPL) reported an 8% year-on-year decline in revenue to £66.9 million for the first half of 2026, while adjusted EBITDA also fell as the games developer and publisher prepared for a larger second-half release schedule.

    The company attributed the first-half performance to the absence of major new releases and increased investment ahead of planned launches during the remainder of the year.

    Back-catalogue sales were supported by a portfolio of more than 150 titles, while operating cash conversion increased to 128%. Everplay ended the period with cash of £57.1 million.

    The company said its cash position provides capacity for continued organic investment and potential acquisitions.

    New Releases Support Second-Half Trading

    Everplay reported increased activity following the end of the first half, including the releases of Hell Let Loose: Vietnam and Wardogs. The company said the titles have generated record sales and player numbers, although specific comparative figures were not provided in the supplied information.

    StoryToys, Everplay’s children’s edutainment business, recorded a 43% increase in revenue, supported by higher subscriber and download metrics.

    The group also increased its investment in Super Media Group and appointed a Chief Growth Officer as part of changes to its leadership team.

    Everplay declared an interim dividend for the period.

    Everplay Raises 2026 Expectations

    Following its second-half releases and subsequent trading, Everplay said it now expects full-year 2026 revenue and adjusted EBITDA to be materially ahead of current market expectations.

    The revised guidance represents management’s current expectation and remains subject to trading during the remainder of the financial year.

    Everplay Group Operations

    Everplay operates through its Team17, Astragon and StoryToys divisions.

    Team17 develops and publishes video games and works with independent developers, while Astragon focuses on simulation games. StoryToys develops children’s educational and entertainment applications.

    The group’s portfolio includes titles and franchises such as Hell Let Loose, Worms, Wardogs, Overcooked!, Construction Simulator and Police Simulator, alongside children’s applications including LEGO Bluey and Disney Coloring World.

  • MJ Gleeson FY26 Revenue Rises 12.1% as Adjusted Profit Declines

    MJ Gleeson FY26 Revenue Rises 12.1% as Adjusted Profit Declines

    MJ Gleeson plc (LSE:GLE) reported a 12.1% increase in group revenue to £410.0 million for the year ended 30 June 2026, while adjusted profit before tax fell by approximately half.

    The housebuilder completed 1,968 homes during the financial year. The group recorded a statutory loss for the period, with results affected by lower margins and reduced activity in its Gleeson Land division.

    MJ Gleeson also reduced its total dividend for the year as part of measures intended to preserve balance sheet capacity.

    The company said its Project Transform programme delivered operational improvements during the period, while it also tightened its land pipeline.

    Gleeson Homes Starts FY27 With 848-Plot Order Book

    Gleeson Homes entered the new financial year with a forward order book of 848 plots, slightly higher than at the same point a year earlier.

    Average selling prices increased 3.8% during FY26, while the company reported higher reservation rates, partly supported by partnership agreements.

    Management said subdued housing market conditions, planning constraints and cost inflation are expected to affect the pace of margin recovery. The group nevertheless expects its FY27 results to be in line with current market expectations.

    Gleeson Land Reports Operating Loss

    Gleeson Land completed fewer transactions during the financial year as developers remained cautious and planning uncertainty continued. The division reported an operating loss for the period.

    Its portfolio increased to 82 sites with the potential to provide 22,749 residential plots.

    Gleeson Land acquires and promotes land through the planning process before seeking to sell consented sites to residential developers.

    MJ Gleeson Operations

    MJ Gleeson operates through Gleeson Homes and Gleeson Land.

    Gleeson Homes develops residential properties across the Midlands and North of England, with a focus on lower-priced housing. Its developments include properties ranging from one-bedroom apartments to five-bedroom houses.

    The company aims to price a proportion of its homes at levels affordable to households earning the National Living Wage.

  • Wickes H1 Revenue Rises 2.1% as Design & Installation Sales Increase 5.7%

    Wickes H1 Revenue Rises 2.1% as Design & Installation Sales Increase 5.7%

    Wickes Group (LSE:WIX) reported a 2.1% increase in revenue to £865.3 million for the 26 weeks ended 27 June 2026, while adjusted profit before tax rose 1.1% to £27.6 million.

    The home improvement retailer reported the increases despite product price deflation and higher costs during the period.

    Retail revenue increased 0.8%, supported by higher volumes, while Design & Installation revenue rose 5.7% as project activity increased.

    Wickes ended the period with net cash of £151.6 million. The company increased its interim dividend by 2.8%.

    TradePro Sales Rise 5%

    Wickes said its retail market share increased during the first half, while Design & Installation recorded its fifth consecutive quarter of revenue growth.

    The number of active TradePro members reached 671,000, with sales through the programme increasing 5% during the period.

    The company also continued its store refit programme and plans for additional locations as it works towards its longer-term target of 300 stores. Wickes currently operates 229 stores.

    Investment in the group’s digital operations also continued during the period. The company has additionally undertaken a campaign focused on tool theft affecting trade customers.

    Wickes Reports Faster Retail Growth in Early Q3

    Wickes said its trading trend improved during the early part of the third quarter, with retail like-for-like revenue growth increasing to the mid-single-digit percentage range.

    The company also plans to implement a productivity programme during the second half and expects to benefit from lower business rates.

    Management expects its customer proposition across the DIY and trade markets to support its aim of outperforming the wider market, although the company noted continued uncertainty in the consumer environment.

    Wickes Group Operations

    Wickes is a UK home improvement retailer serving DIY customers and independent tradespeople through its store network and digital channels.

    Its operations include retail products for building and decorating, the TradePro programme for tradespeople and Design & Installation services covering areas including kitchens, bathrooms and home energy efficiency.

  • European Stocks Fall as AI Safety Warnings and Rate Expectations Weigh on Markets: DAX, CAC, FTSE100

    European Stocks Fall as AI Safety Warnings and Rate Expectations Weigh on Markets: DAX, CAC, FTSE100

    European equities moved lower on Monday as investors prepared for a week of major central bank decisions, while higher oil prices, delayed Middle East diplomatic talks and warnings over advanced artificial intelligence development weighed on markets.

    The pan-European STOXX 600 fell 0.3%, remaining close to its lowest level in nearly two months. Germany’s DAX declined 0.5%, France’s CAC 40 lost nearly 1%, Italy’s FTSE MIB dropped 1.3% and Spain’s IBEX 35 fell 1.6%.

    London’s FTSE 100 moved in the opposite direction, gaining 0.72%.

    Technology Stocks Fall Following AI Development Warnings

    European semiconductor and technology shares declined after the leaders of OpenAI and Anthropic called for a temporary slowdown in the development of advanced AI models.

    BE Semiconductor (EU:BESI) fell 5.2%, while ASML (EU:ASML) declined 4.4%. STMicroelectronics (BIT:STMMI) lost 3.4%, Soitec (EU:SOI) fell 13.7% and Infineon (TG:IFX) declined 8%.

    The moves came as investors assessed the potential implications of the AI development debate for technology and semiconductor companies.

    Brent Rises as Hormuz Talks Are Postponed

    Brent crude futures rose about 3% to trade near $112 a barrel, extending gains that have taken oil prices nearly 40% higher since early July.

    The move followed further attacks on Saudi Arabian infrastructure, including a major oil pipeline, while Houthi activity near Red Sea shipping routes added to concerns about wartime supply disruptions.

    A diplomatic meeting in Oman between Iran and Gulf Arab states concerning the reopening of the Strait of Hormuz to maritime traffic was also postponed.

    Markets Price 86% Probability of Fed Rate Increase

    Investors are also preparing for several monetary policy decisions during the week.

    Following last week’s European Central Bank interest rate increase to 2.50%, money markets were pricing an 86% probability that the US Federal Reserve would raise its benchmark rate by 25 basis points at its September 15-16 meeting. Swaps markets were also indicating expectations of another quarter-point increase in December.

    ECB policymaker Peter Kazimir said on Monday that Eurozone inflation risks could move above existing forecasts as natural gas and electricity prices increase.

    While not explicitly calling for another rate increase, Kazimir said that “keeping an open mind should not be mistaken for hesitation”, adding that the central bank would act decisively when supported by the evidence.

    The Bank of Japan is widely expected to raise interest rates on September 18, while investors are also awaiting the Bank of England’s policy decision.

    Elsewhere, Antofagasta (LSE:ANTO) fell 4% and Aurubis (TG:NDA) declined 3.2% amid lower metal prices.

  • Nasdaq Futures Drop 1.5% as AI Debate and Hormuz Delay Shape Market Trading: Dow Jones, S&P, Nasdaq, Wall Street

    Nasdaq Futures Drop 1.5% as AI Debate and Hormuz Delay Shape Market Trading: Dow Jones, S&P, Nasdaq, Wall Street

    US equity futures declined on Monday, led by technology stocks, as investors considered calls from artificial intelligence executives to slow the development of advanced AI models and monitored renewed uncertainty surrounding Middle East energy supplies.

    Nasdaq 100 futures were down 431 points, or 1.5%, at 03:04 ET (07:04 GMT). S&P 500 futures fell 46 points, or 0.6%, while Dow futures declined 63 points, or 0.1%.

    Markets were also preparing for the Federal Reserve’s upcoming interest rate decision. US data showing stronger-than-expected underlying consumer price growth in August contributed to expectations for an interest rate increase this week.

    Wall Street had finished the previous week higher as investors monitored diplomatic efforts involving Gulf countries and Iran over tanker traffic through the Strait of Hormuz. A planned regional meeting on the issue has since been delayed.

    AI Development Debate Weighs on Technology Shares

    Anthropic CEO Dario Amodei called for companies developing advanced artificial intelligence models to reduce the pace of progress, citing risks surrounding the potential misuse of the technology.

    “Progress will still seem fast, and we must make wise use of the time we gain,” Amodei wrote in an essay published on Saturday.

    The essay followed Anthropic’s disclosure that its Claude AI models had been used by several actors for activities including weapons development and fraud.

    Comments supporting concerns about the pace of AI development from OpenAI CEO Sam Altman and xAI chief Elon Musk also drew market attention because of the potential implications for technology-sector capital expenditure.

    Deutsche Bank analysts said any changes could affect the “composition of AI capex rather than its scale,” potentially resulting in a greater share of spending being directed towards safety, monitoring and governance.

    Altman also said OpenAI would not pursue a possible initial public offering this year because of safety concerns.

    SoftBank declined in Japan, while Taiwan Semiconductor Manufacturing Company (NYSE:TSM) traded lower. South Korea’s SK Hynix (NASDAQ:SKHY) and Samsung Electronics (USOTC:SSNHZ) also fell, alongside declines in European technology shares.

    Trump Comments on AI Competition With China

    US President Donald Trump said the United States should maintain its position relative to China in artificial intelligence.

    “We’re leading China in AI. We’re the most sophisticated country in the world and, frankly, I want to keep it that way — because whoever wins AI wins,” Trump told reporters in Ireland.

    “We can put guardrails, we can do this and that, but I think you have a lot of negative forces that are bringing it up that shouldn’t be bringing it up, and they’re bringing up things that won’t happen,” Trump added.

    Hormuz Meeting Delayed as Regional Supply Risks Continue

    A meeting between Gulf countries and Iran over the Strait of Hormuz was postponed after previously contributing to expectations that tanker traffic through the waterway could resume.

    Oman’s foreign minister said the meeting had been delayed “in the interests of consensus.”

    Iran’s foreign ministry said Tehran would work with Oman to arrange another suitable date, according to Fars news agency.

    Iranian officials had previously said an agreement with Oman concerning the reopening of Hormuz would be presented to Gulf Arab states. Before the latest Middle East conflict began in late February, around one-fifth of global oil and liquefied natural gas flows passed through the strait.

    Regional energy supply risks also increased after attacks by Iran-backed Houthi militants in Yemen led to the closure of a Saudi east-west oil pipeline. Separate attacks on vessels in the Gulf added to disruption affecting shipping routes.

    Oil Prices Rise Following Meeting Delay

    Brent crude futures rose sharply on Monday and briefly traded above $108 a barrel. US West Texas Intermediate crude futures also advanced.

    ANZ analysts said Saudi Arabia “has now lost the option to use western exports if the Strait of Hormuz deteriorates again.”

    “This is likely to put further upward pressure on oil prices this week,” the analysts said.