30th Oct 2026 07:56
(Alliance News) - AstraZeneca, BP and NatWest report higher third-quarter pretax profits on Friday, while UK house price growth slows to its weakest pace since January 2024, according to figures from Nationwide.
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 0.3% at 10,752.87
GBP: higher at USD1.3402 (USD1.3369 at previous London equities close)
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ECONOMICS
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UK annual house price growth slows to 0.5% in October from 0.8% in September, marking its weakest pace since January 2024, according to Nationwide. On a seasonally adjusted monthly basis, prices are unchanged following a 0.3% decline in September, beating FXStreet-cited expectations of a 0.2% fall. The average unadjusted UK house price falls to GBP273,566 in October from GBP274,251 in September. Nationwide Chief Economist Robert Gardner says economic uncertainty, geopolitical tensions and higher energy prices have weighed on the housing market, while inflation concerns and expectations of Bank Rate increases have pushed up mortgage costs. He warns that weak buyer enquiries and deteriorating consumer confidence point to further softness in the near term.
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BROKER RATINGS
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Deutsche Bank Research raises Haleon to 'hold' (sell) - price target 310 (320) pence
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BofA raises Bridgepoint to 'buy' (neutral) - price target 490 (320) pence
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COMPANIES - FTSE 100
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BP reports third-quarter profit attributable to shareholders of USD4.70 billion, up sharply from USD1.16 billion a year earlier, while underlying replacement cost profit jumps to USD8.46 billion from USD2.21 billion, supported by higher oil and gas prices, stronger refining margins and improved operational performance. Operating cash flow rises to USD14.83 billion from USD7.79 billion, helping reduce net debt to USD13.87 billion from USD22.25 billion at the end of the second quarter. BP declares an interim dividend of 8.66 US cents per share, unchanged quarter-on-quarter but up from 8.32 cents a year earlier. Looking ahead, the oil major expects fourth-quarter upstream production of between 2.09 million and 2.23 million barrels of oil equivalent per day, compared with 2.22 million in the third quarter. BP anticipates seasonally lower gas demand, continued disruption in the Middle East and the impact of a weather event in the Gulf of America, while warning that heightened oil and gas price volatility could affect production-sharing agreement contracts.
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AstraZeneca reports third-quarter pretax profit rising 22% to USD3.96 billion from USD3.24 billion a year earlier, as revenue increases 6.7% to USD16.21 billion from USD15.19 billion. Operating profit climbs 23% to USD4.39 billion from USD3.58 billion, while earnings per share rise 23% to USD2.02 from USD1.64. For the first nine months, revenue grows 8.0% to USD46.88 billion, or 7.0% at constant exchange rates, supported by double-digit growth in Oncology, Respiratory & Immunology and Rare Disease. Core EPS increases 14% to USD8.00. The pharmaceutical company highlights 47 approvals in major regions since its 2025 results, including four new medicines, alongside 12 positive phase III trial readouts. AstraZeneca maintains its full-year guidance for revenue growth of a mid-to-high single-digit percentage and core EPS growth of a low double-digit percentage at constant exchange rates.
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NatWest Group reports third-quarter operating pretax profit rising 1.9% to GBP2.23 billion from GBP2.18 billion a year earlier, as total income increases 7.1% to GBP4.64 billion from GBP4.33 billion. Net interest income grows 8.9% to GBP3.56 billion from GBP3.27 billion, while profit attributable to ordinary shareholders falls 4.1% to GBP1.53 billion from GBP1.60 billion. The bank reports a third-quarter return on tangible equity of 21.6%, compared with 22.3% a year earlier, while its common equity tier one capital ratio improves to 13.5%. For the first nine months, pretax profit climbs 13% to GBP6.54 billion from GBP5.77 billion, with total income up 9.6% to GBP13.50 billion. NatWest reaffirms its full-year outlook and now expects risk-weighted assets of around GBP210 billion on January 1, 2027, including the impact of Basel 3.1.
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Tesco announces the proposed sale of its businesses in the Czech Republic and Slovakia to Ahold Delhaize, for a total enterprise value of around GBP1.5 billion on a cash and debt free basis. Completion of the sale is expected to occur in the second half of 2027.
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OTHER COMPANIES
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MHA expects revenue for the six months ended September 30 to rise 11% to approximately GBP134.6 million from GBP121.3 million a year earlier, comprising 4.0% organic growth and a 7.0% contribution from acquisitions. The audit, tax and advisory services provider says revenue growth, operating margins and cash conversion are in line with board expectations, with recurring revenue accounting for around 87% of the total. Demand remains resilient, particularly for audit and assurance services, while the acquisitions of Baker Tilly South-East Europe and Moore Stephens UAE are performing as expected. MHA remains on track to meet full-year market expectations of GBP275.9 million in revenue and GBP50.8 million in underlying adjusted Ebitda. It also reiterates its medium-term ambition of annual revenue exceeding GBP500 million. Interim results are due on November 19.
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Filtronic secures its first contract with a US manufacturer of geostationary Earth orbit satellites, worth an initial USD300,000 for development work, with further orders expected as the project moves towards production. The radio frequency technology specialist says the award follows the development of its first 200-watt solid-state power amplifier system, designed for medium and geostationary Earth orbit satellite constellations. Filtronic also highlights its record USD68.1 million, or GBP51.3 million, order from SpaceX earlier in October, alongside two additional satellite contracts worth a combined USD16.0 million, or GBP11.1 million. In defence, it secures three contracts worth GBP2.1 million in total for airborne radar technology and a GBP2.0 million UK Defence Innovation grant. Filtronic says its contracted order book provides significant revenue cover for the current financial year and maintains confidence in delivering results in line with market expectations.
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Permanent TSB Group Holdings PLC reports total operating income rising 7.0% in the first nine months of 2026, with net interest income up 9.0% and operating costs down 2.0%. The Irish bank's net interest margin improves to 2.14% from 2.01%, while its cost-to-income ratio falls to 70% from 77%. Gross customer loans increase by more than 4.0% year-on-year to EUR23.4 billion, supported by a 10% rise in new mortgage lending, a 16% increase in new business banking lending and a 90% surge in new personal term lending. Customer deposits rise 2.0% to EUR25.8 billion, while its pro-forma common equity tier one capital ratio stands at 17.9%, compared with 17.5% at the end of 2025 on a like-for-like basis. The bank remains on track to deliver a return on tangible equity exceeding 9.0% in 2026. Its proposed sale to BAWAG is progressing as planned, with completion expected in the fourth quarter of 2026 or first quarter of 2027, subject to court and regulatory approval.
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Cryptocurrency exchange Binance confirms a cyberattack affecting an estimated USD6.3 billion in assets, with around USD3.0 billion frozen on blockchain networks so far to prevent further losses. The world's largest cryptocurrency exchange by daily trading volume says it has temporarily suspended deposits and withdrawals while investigating the breach and working with law enforcement. An initial investigation suggests hackers compromised a DevOps engineer's laptop to execute unauthorised withdrawals, although Binance says it has found no evidence of private wallet key leaks and insists customer funds are safe. Blockchain investigation firm TRM Labs says it has high confidence that North Korea-linked hacking group TraderTraitor was responsible. Tether and Circle separately report freezing around USD1.6 billion and more than USD800 million respectively in assets linked to the attack. Binance says it will cover all losses.
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By Eva Castanedo, Alliance News senior economics reporter
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BridgepointHaleonBPNatwestAstrazenecaMha PlcFiltronicTesco