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Aviva (LSE:AV.) delivered a confident third-quarter update, raising its financial ambitions after reporting broad-based momentum and early gains from its acquisition of Direct Line. The insurer said it now expects to meet its 2026 objectives in 2025—one year ahead of schedule.

Despite the upbeat message, the stock fell more than 4% in early London trading.

The company introduced upgraded medium-term goals, including average annual operating EPS growth of 11% between 2025 and 2028. It also aims to push its IFRS return on equity above 20% by 2028 and generate over £7 billion in cash remittances during the 2026–2028 period.

“Over the last five years we have transformed Aviva, delivering again and again for our customers and shareholders. We continue to make excellent progress and now expect to achieve our financial targets in 2025, one year early,” said Amanda Blanc, CEO of Aviva.

Aviva noted that the integration of Direct Line is moving ahead faster than anticipated. The group raised its cost-synergy target to £225 million—almost double the original figure—and expects more than £500 million in capital synergies after regulatory approval is secured.

Management also reiterated that share buybacks will resume next year, with a larger programme planned due to the increased share count.

Aviva expects operating profit of roughly £2.2 billion for 2025 and said solvency remains strong, ending Q3 with a shareholder cover ratio of 177%. Blanc added that the company’s outlook has “never been better,” pointing to accelerating growth, rising returns, and a plan for more than 75% of its business mix to be capital-light by 2028.

The general insurance division remained a standout performer, with premiums rising 12% to £10 billion in the first nine months. Growth included a 17% jump in the U.K. and Ireland and steady improvements in Canada.

The combined operating ratio improved to 94.4% on an undiscounted basis thanks to stronger pricing and reduced weather-related losses. In wealth, Aviva recorded £8.3 billion in net flows, taking assets to £224 billion, while retirement sales held firm despite difficult comparisons.

QinetiQ Group PLC (LSE:QQ.) delivered first-half results ahead of market forecasts on Thursday, with underlying operating profit reaching £96.0 million—topping expectations even as organic revenue declined 3%.

The company held firm on its full-year outlook, defying investor concerns that a guidance cut might be on the horizon.

For the six months to September 30, 2025, QinetiQ reported revenue of £900.4 million, down from £946.8 million a year earlier. Despite the revenue dip, the underlying operating margin came in at 10.7%, outperforming the 10% margin signaled in its first-quarter trading update.

Underlying earnings per share were unchanged at 14.2p, supported by the company’s accelerated share buyback programme.

Order intake remained strong, reaching £2.4 billion, including a major £1.5 billion Long Term Partnering Agreement (LTPA) extension to enhance the UK’s Test & Evaluation capabilities for future defence needs. The book-to-bill ratio stood at 0.9x, reflecting softer near-term demand in the UK market.

Group Chief Executive Steve Wadey said: “Operational performance in the half has been in line with our expectations. Despite tough market conditions, we delivered against our record order backlog and implemented our restructuring activities, including disposal of the US Federal IT business.”

The company reiterated its guidance for the year, forecasting about 3% organic revenue growth before FX and the US Federal IT disposal, an operating margin of around 11%, and cash conversion near 90%. Earnings per share growth is expected to be in the range of 15–20%.

The board announced an interim dividend of 3.0p per share—an increase of 7% from the prior year’s 2.8p—consistent with its progressive dividend policy.

With 89% of second-half FY26 revenue already covered and a robust £4.8 billion backlog (funded and unfunded), QinetiQ said it remains confident in its long-term growth prospects despite ongoing market challenges.

Persimmon PLC (LSE:PSN) reported a 15% rise in forward sales to £2.79 billion as of November 2, 2025, signalling resilience amid a difficult housing market. The homebuilder reiterated that it remains on course to meet full-year expectations, even as market conditions softened following the summer.

The company posted a 9% increase in its net private sales rate, reaching 0.76 per outlet per week versus 0.70 a year earlier. Excluding bulk deals, the figure edged up 3% to 0.63. Persimmon operated an average of 272 outlets during the period—4% more than last year—helping drive a 14% rise in total weekly sales to 208 units.

Pricing remained firm, with the private average selling price in the forward order book holding at around £295,150, up 1.5% year-on-year.

Group Chief Executive Dean Finch said: “Persimmon has performed well during 2025, in a challenging market, with increased sales rates, more sales outlets, and robust pricing. This demonstrates the benefit of the investment made in the business in recent years.” He added: “Our forward sales are up 15% and we remain on track to deliver our 2025 performance in line with market expectations.”

The builder noted that 83% of expected private completions for the year are already exchanged or delivered, a slight dip from 85% at the same point in 2024. The company also highlighted pressure on consumer confidence due to lingering uncertainties, including the upcoming Government budget.

Persimmon’s land holdings rose 3% to roughly 83,800 plots as of September 30, 2025. The group invested £127 million in land during the third quarter, bringing year-to-date land spending to £336 million. Planning activity also improved, with 7,753 plots gaining detailed or reserved matters approval in the year to September 30, up from 7,175 a year ago.

The company expects to close the financial year with a cash position between £0 and £200 million as it continues to fund future growth initiatives into 2026.

United Utilities (LSE:UU.) reported a sharp increase in first-half profitability on Thursday and reiterated its full-year guidance, supported by a notable reduction in finance costs.

The company posted operating profit of £562 million for the first half of FY26, a 67% year-on-year increase and around 6% ahead of its own consensus forecast. Revenue rose 21% to £1,309 million, matching analysts’ expectations.

Profit before tax surged to £361 million, up from £183 million in the same period of FY25, driven in part by finance expenses that were 30% lower than last year. Earnings per share reached 52.8p, topping consensus estimates by 3%. The interim dividend was set at 17.88p, an increase of 3.5%, consistent with the company’s CPIH-linked dividend policy.

Regulatory capital value gearing remained steady at 60%, unchanged from the full-year 2025 level.

United Utilities reiterated its outlook for FY26, guiding for revenue in the £2.5–2.6 billion range. The company expects lower operating costs but forecasts £50 million increases in both depreciation and amortisation and financial expenses.

For the first time, the group issued full-year earnings per share guidance of approximately 100p, in line with market expectations. Capital expenditure is now projected to be around £1.5 billion, a slight refinement from its previous expectation of spending “over £1.5 billion.”

The water company also continues to anticipate a net penalty under its Outcome Delivery Incentives (ODI) framework for the full year.

Rolls-Royce Holdings Plc (LSE:RR.) reaffirmed its full-year 2025 guidance on Thursday, citing strong trading through October and sustained demand across its Civil Aerospace and Power Systems divisions, as well as steady progress in Defence.

The aero-engine manufacturer said group performance remained aligned with its expectations, leaving it on course to deliver an underlying operating profit of £3.1–£3.2 billion and free cash flow of £3–£3.1 billion for the year.

“Strong performance across the Group, driven by our actions and strategic initiatives, was in line with our expectations,” chief executive Tufan Erginbilgic said. “This builds further confidence in our Full Year 2025 guidance … despite continued supply chain challenges.”

Civil Aerospace continued to be a major driver of growth, supported by notable large-engine orders from IndiGo, Malaysia Airlines, and Avolon in the second half of the year. Rolls-Royce reported rising interest in its Trent XWB-97 engine for the Airbus A350F, particularly among customers in Greater China and the broader Asia-Pacific region, including Air China Cargo and Korean Air.

Large-engine flying hours increased 8% year on year in the 10 months to Oct. 31, reaching 109% of 2019 levels. Airbus recognised the company’s operational performance with a supplier award in the “Ramp up and Operational Excellence” category — marking the first time an engine manufacturer has achieved this distinction.

Rolls-Royce also highlighted the impact of its upgraded Trent 1000 high-pressure turbine blade, certified in June, which has more than doubled time on wing and is now being incorporated into both new engines and those undergoing maintenance. Further durability upgrades for the Trent 1000 and Trent 7000 remain on track for certification by the end of 2025 and are expected to extend time on wing by around 30%.

In business aviation, the first Gulfstream G800 powered by the Pearl 700 engine entered service in August, with the engine performing “seamlessly in service.”

Defence operations also remained robust. The Global Combat Air Programme deepened its partnership in September to accelerate power and propulsion system development, and Rolls-Royce conducted tests of a new combustor built using additive layer manufacturing to enhance efficiency. The company also noted an October agreement between Türkiye and the United Kingdom to export 20 Eurofighter Typhoon jets, powered by its EJ200 engines.

Rolls-Royce said its work on Project Pele — a U.S. initiative to develop a transportable microreactor — is advancing as planned. It continues to expand its nuclear-energy collaborations in the U.S., where Defence may become one of the first application areas.

In Power Systems, both order intake and revenue strengthened, driven by robust demand from data centre operators and government customers. Development of the next-generation engine for the data-centre backup market is progressing, with multiple units undergoing parallel testing ahead of a planned 2028 entry into service. The company also introduced a new fast-start gas generator in October, scheduled for availability in 2026, aimed at customers awaiting grid connections.

During the period, Rolls-Royce successfully tested the first 100% methanol high-speed marine engine, describing it as an important step toward carbon-neutral propulsion.

Its Small Modular Reactor (SMR) business advanced to the final stage of Sweden’s technology selection process and continued progress in the U.K. after being chosen as the preferred technology supplier by Great British Energy-Nuclear in June. Commercial terms for the U.K. agreement are expected to be finalised later this year, and the SMR division has now entered the U.S. regulatory review process.

The company said its operational simplification efforts under the Group Business Services programme continue, supported by the launch of a new global capability and innovation centre in Bengaluru, India. Rolls-Royce also noted further balance sheet strengthening: it increased cash generation, repaid a $1 billion bond maturing in October, and completed £0.9 billion of its £1 billion share buyback programme by the end of the month.

ASOS PLC (LSE:ASC) saw its shares climb 3.9% on Thursday after the online fashion group revealed that it had successfully completed a refinancing package that delivers improved terms and boosts liquidity.

The company has arranged a new five-year funding structure that includes a £150 million term loan and an £87.5 million deferred drawdown term loan from a group of private lenders, both due to mature in November 2030. This deal replaces the retailer’s former asset-backed lending facility.

ASOS said the refinancing provides an additional £87.5 million of liquidity, increases financial flexibility, and will trim annual cash interest costs by roughly £5 million compared with the previous Bantry Bay arrangement.

The move comes as the business enters what it calls “the final phase of its multi-year turnaround”, following steady strategic progress in building “sustainably profitable and resilient foundations.”

“I am pleased to announce the further strengthening of our balance sheet and financial flexibility through this strategic refinancing,” said Aaron Izzard, Chief Financial Officer of ASOS. “In addition to providing better financial terms, this positions us better to execute the final phase of our turnaround strategy and growth plans with greater confidence and resilience.”

Under the new agreement, ASOS will effectively retire its existing £75 million revolving credit facility and £50 million accordion facilities, which were due to mature in 2027 and had not been drawn during the previous reporting period.

Founded in 2000, the retailer serves 18 million active customers across more than 200 markets, offering its own labels—such as ASOS DESIGN, ARRANGE, COLLUSION, Topshop and Topman—alongside products from third-party brands.

B&M European Value Retail S.A. (LSE:BME) reported interim results for the first half of FY26, delivering a 4% increase in group revenue to £2,749 million. However, the top-line gains were offset by a sharp decline in profitability, with adjusted EBITDA falling 30.2% and adjusted operating profit down 31.5%. Management is advancing its ‘Back to B&M Basics’ programme, aimed at strengthening retail execution and restoring sustainable like-for-like growth in the UK. Ongoing store expansion across both the UK and France continues to underpin revenue momentum, while recent senior leadership appointments are expected to bolster operational capabilities. The group also confirmed that its proposed redomicile would facilitate future share buybacks.

B&M’s outlook reflects solid revenue performance and supportive valuation metrics, reinforced by positive sentiment from the latest earnings call. Even so, bearish technical indicators and financial risks—such as elevated leverage and weakening free cash flow growth—temper the overall picture.

More about B&M European Value Retail S.A.

B&M European Value Retail S.A. is a major discount retailer with a broad footprint across the UK and France. Its estate includes 786 B&M-branded stores in the UK, 344 sites operating under Heron Foods and B&M Express, and 140 B&M stores in France. Listed on the London Stock Exchange since 2014 and a member of the FTSE 250, the company specialises in value-led general merchandise and grocery products.

Wizz Air Holdings Plc (LSE:WIZZ) recorded solid first-half results for 2025, reporting higher passenger volumes and increased revenue despite operational disruptions, including select flight cancellations and the closure of certain bases. The airline is sharpening its strategic focus by optimising aircraft deliveries and expanding its footprint across Central and Eastern Europe—initiatives designed to support long-term growth and deliver meaningful cost efficiencies. These efforts align with management’s broader plan to strengthen network resilience and enhance operational performance.

Wizz Air’s outlook reflects a balance of positive financial recovery and attractive valuation, offset by ongoing operational challenges and weaker technical indicators. The company’s strong cash generation and commitment to reducing debt provide support, though geopolitical risks and near-term execution pressures temper expectations.

More about Wizz Air Holdings

Wizz Air Holdings Plc is a European ultra-low-cost carrier recognised as one of the region’s most emissions-efficient airlines. The company focuses on affordable air travel, with a core emphasis on Central and Eastern Europe. It continues to grow its network by opening bases at cost-efficient airports, reinforcing its competitive position and improving operational efficiency.

TheWorks.co.uk plc (LSE:WRKS) reported a marginal 0.3% decline in total sales for the first half of FY26, reflecting ongoing consumer pressures and a sharp fall in online revenue linked to operational challenges. However, the company delivered a 4% increase in store sales, supported by targeted marketing efforts and effective in-store initiatives. Management reiterated that the business remains on track to meet its full-year profit guidance, underpinned by stronger product margins and continued cost-saving actions. The Works is prioritising peak-season execution in its retail estate while working to resolve digital-channel issues to restore broader growth momentum.

The company’s outlook is mixed: while strong cash management supports stability, elevated leverage and profitability constraints weigh on performance. Technical indicators point to bearish sentiment, though the low P/E ratio hints at potential undervaluation. With limited updates from earnings calls or corporate developments, these financial factors remain the primary drivers of the assessment.

More about TheWorks.co.uk plc

TheWorks.co.uk plc is a UK retailer specialising in affordable, screen-free creative and educational products for families. Its range spans arts and crafts, books, toys, and other learning-oriented activities designed to encourage offline engagement.

Premier Foods (LSE:PFD) reported a strong first-half performance, posting a 1.9% increase in headline branded revenue and a 0.4% rise in trading profit. The company remains on course to achieve its full-year trading profit guidance, supported by robust growth in its Sweet Treats division and recent strategic acquisitions, including Merchant Gourmet. Premier Foods continues to leverage its Branded Growth Model to drive momentum, complemented by ongoing investment in capital projects and marketing to fuel its innovation pipeline. The business is also gaining traction internationally, with brands such as The Spice Tailor and FUEL10K delivering double-digit revenue growth.

Premier Foods’ outlook is anchored in its consistent revenue expansion and stable profitability. While technical indicators currently point to a bearish trend, valuation metrics suggest the shares are fairly priced, with a moderate dividend yield adding appeal. Limited earnings-call commentary and few major corporate events leave some context gaps, but overall financial performance remains the key driver of sentiment.

More about Premier Foods

Premier Foods plc is a major UK food manufacturer specialising in well-known branded grocery and sweet-treat products. The company places strong emphasis on innovation and brand development, and continues to broaden its global footprint with growing demand in markets such as Australia and the United States.