23rd Sep 2026 07:59
(Alliance News) - Airtel Africa's mobile money business plans what could be one of London's biggest IPOs in recent years. JD Sports reports a sharp fall in adjusted first-half profit but maintains its annual guidance, while Diageo appoints WPP's Joanne Wilson as its new chief financial officer.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.5% at 10,756.43
GBP: lower at USD1.3315 (USD1.3342 at previous London equities close)
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BROKER RATINGS
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JPMorgan raises BP to 'overweight' (neutral) - price target 675 (550) pence
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Berenberg raises Cranswick to 'buy' (hold) - price target 6,080 (5,770) pence
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COMPANIES - FTSE 100
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Airtel Africa says its mobile money business Airtel Mobile Commerce NV, or Airtel Money, intends to launch an initial public offering and seek admission to the Main Market of the London Stock Exchange. The proposed IPO will comprise a secondary offering of existing shares by current Airtel Money shareholders, with the business raising no new capital. Airtel Africa currently owns around 78% of Airtel Money and expects to remain a long-term strategic shareholder following the listing. The group says it will support Airtel Money's next phase of development as an independently listed business. The Financial Times reports on Tuesday that Airtel Money is targeting a valuation of USD8 billion to USD9 billion and that existing shareholders are seeking to raise at least USD800 million through the flotation, which would make it one of London's largest IPOs in recent years. The newspaper says Airtel Africa also considered listing the business in the Middle East before opting for London.
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JD Sports Fashion PLC reports pretax profit of GBP241 million for the 26 weeks ended August 1, up 75% from GBP138 million a year earlier, despite sales edging down 0.7% to GBP5.90 billion from GBP5.94 billion. Statutory operating profit falls 19% to GBP314 million from GBP389 million, while adjusted operating profit declines 21% to GBP294 million from GBP369 million. Profit before tax and adjusting items falls 20% to GBP282 million from GBP351 million. Gross margin slips to 46.8% from 47.0%. The sportswear retailer says organic sales decline 0.7% at constant currency and like-for-like sales fall 2.8%, as it navigates cost-of-living pressures, footwear product-cycle headwinds and a highly promotional market. Apparel and accessories sales grow around 4%, while footwear sales decline around 3%. Online sales increase to 20% of group sales from 19%, with organic online sales up 5.2%. JD says the trading environment remains "tough" but highlights improving momentum in performance running and newer footwear styles. JD Sports leaves its financial 2027 guidance unchanged from its second-quarter trading update, continuing to expect profit before tax and adjusting items of GBP700 million to GBP800 million and free cash flow of GBP460 million to GBP520 million. The group raises its interim dividend by 21% to 0.40 pence per share from 0.33p.
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Diageo appoints current WPP Chief Financial Officer Joanne Wilson as its new CFO, replacing Nik Jhangiani. Wilson will join Diageo's board and executive committee sometime in 2027, with Jhangiani remaining in the role until then to ensure a smooth handover. Wilson has previously held senior financial and commercial roles at Britvic, dunnhumby, Tesco and KPMG. Diageo Chief Executive Officer Dave Lewis says Wilson will help "accelerate the turnaround" of the drinks maker, citing her experience delivering transformations at previous companies. Jhangiani joined Diageo in September 2024 and served as interim CEO from July to December 2025.
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AstraZeneca says the European Commission approves Trixeo Aerosphere as a maintenance treatment for asthma in patients aged 12 years and older whose condition is not adequately controlled by dual inhaled therapy. AstraZeneca says Trixeo is the first and only triple-combination therapy approved in the EU for patients in this age group regardless of their history of asthma exacerbations. The approval is based on phase 3 Kalos and Logos trials, in which Trixeo demonstrates statistically significant improvements in lung function and a reduction in the annualised rate of severe asthma exacerbations compared with dual-combination therapies.
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Tritax Big Box REIT PLC completes a 1.0 million square foot logistics facility at Symmetry Park in Kettering in Northamptonshire, with a pre-let to Amazon commencing. The facility, which Tritax says is Amazon's largest UK cross-dock warehouse, is let on a 20-year lease with five-yearly index-linked rent reviews and secures GBP9.8 million of annual rental income. The development delivers a yield on cost at the top end of Tritax's 6% to 8% guidance range and ahead of its original expectations. Its completion means all three committed buildings at the 136-acre Symmetry Park have now been delivered.
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COMPANIES - FTSE 250
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Ceres Power Holdings reports a narrowed pretax loss of GBP15.4 million for the six months ended June 30 from GBP19.0 million a year earlier, as revenue rises 8.0% to GBP22.8 million from GBP21.1 million. Gross profit slips 3.0% to GBP16.1 million from GBP16.6 million, with gross margin falling to 71% from 79%, while operating costs decrease 14% to GBP30.7 million from GBP35.6 million. Its adjusted Ebitda loss narrows to GBP6.8 million from GBP11.3 million. The company reiterates that contracted group revenue for 2026 is around GBP45 million before any new business and says it remains confident of signing one new licensee partner during the year, which could provide additional revenue. Ceres says demand for power continues to grow and points to increasing commercial momentum across its partner network. Cash and short-term investments stand at GBP172.0 million at the end of June, boosted by a GBP102.6 million equity raise.
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Cordiant Digital Infrastructure says portfolio revenue rises 20% on a constant-currency basis to GBP106.6 million in the three months to June 30, while portfolio Ebitda increases 2.0% to GBP43.6 million. The digital infrastructure investor says growth is developing as anticipated, with Ebitda affected by project revenue phasing and customer churn, but expects momentum to build as new contracts commence.
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OTHER COMPANIES
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Judges Scientific swings to a pretax loss of GBP1.7 million in the six months ended June 30 from a GBP6.6 million profit a year earlier, as revenue falls 21% to GBP55.7 million from GBP70.2 million. Adjusted pretax profit drops 75% to GBP3.2 million from GBP12.6 million, while adjusted basic earnings per share falls 72% to 39.0 pence from 141.4p. The scientific instruments group raises its interim dividend by 10% to 36.0p from 32.7p. Judges describes its first-half performance as "very poor", citing reduced US research funding, delays in China, continued weakness in offshore wind and the expected absence of a Geotek coring expedition. It says it has taken further cost actions, while order intake has improved significantly in the second half and is now just 1% behind the prior year. Judges leaves its 2026 guidance unchanged and in line with market expectations for adjusted basic EPS of 200.5p, although it confirms that no Geotek coring expedition is expected in 2027. Separately, Chief Financial Officer Brad Ormsby plans to step down on September 23, 2027, after holding the role since 2015. He will remain with the group for the next 12 months while the Judges search for a successor and complete an orderly handover.
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Arkadian Strategic Metals says the new defence and security agreement between the US, Denmark and Greenland could support the future development of its 51%-owned Motzfeldt Critical Metals Project in southern Greenland. The agreement proposes additional US defence areas at Narsarsuaq and Mestersvig, with Narsarsuaq located around 20 kilometres from Motzfeldt and already used to support Arkadian's field operations. The company says future investment at Narsarsuaq could improve regional transport and logistics infrastructure relevant to Motzfeldt, although any benefit would depend on the scope of investment and arrangements for civilian and commercial access. Technical arrangements for the new defence areas remain to be agreed, while parliamentary procedures must also be completed before the agreement enters into force.
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By Eva Castanedo, Alliance News senior economics reporter
Comments and questions to [email protected]
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Related Shares:
Airtel AfricaAstrazenecaTritax Big BoxTescoDiageoWPPCeres PowerCordiant Digit.Judges ScientificArkadian Strategic MetalsCranswickBP