5th Nov 2025 07:44
(Alliance News) - Housebuilder Barratt Redrow affirmed its outlook, retailer M&S posted a first half profit slump, while pub firm JD Wetherspoon says a stretch of market outperformance has continued though it is "mindful" of the upcoming UK government budget.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.2% at 9,693.16
GBP: lower at USD1.3024 (USD1.3045 at previous London equities close)
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BROKER RATINGS
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Barclays raises AB Foods price target to 2,500 (2,150) pence - 'equal weight'
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COMPANIES - FTSE 100
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Barratt Redrow says it has left its annual outlook unchanged after a "resilient performance" during the first few months of the housebuilder's financial year. Barratt's guidance for guidance for total home completions remains unchanged at between 17,200 and 17,800 homes for the financial year ending June 28, while it is focused on reaching 22,000 home completions per year over the medium term. Around 40% of this will be completed during the first half, "reflecting the typical seasonality of our completions". "Our FY26 performance remains dependent on normal seasonal trading patterns for the remainder of the financial year and the impact of the upcoming budget on demand," it adds. During the 17 weeks to October 27, the firm has seen a "resilient performance" in the face of tough tricky conditions and uncertainty ahead of this month's UK government budget. The net private reservation rate per week in the period faded to 0.57 from 0.59 a year prior, it says. The forward order book stands at 10,669 homes, down on-year from 10,706. Total home completions during the 17-week period were 3,665, up 7.9% on-year.
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Marks & Spencer says its profit slumped during a first-half that saw the retailer suffer from "substantial disruption" due to a cyber incident. In the half year to September 27, revenue improved 23% to GBP7.94 billion, M&S says, though pretax profit slumped 99% to GBP3.4 million from GBP391.9 million. M&S says it booked GBP101.6 million in costs associated with the cyber incident in April that disrupted its online offering. "The first half of this year was an extraordinary moment in time for M&S. However, the underlying strength of our business and robust financial foundations gave us the resilience to face into the challenge and deal with it. We are now getting back on track," Chief Executive Stuart Machin says. "Today, we are regaining momentum. In Food we continue to outperform the market, with three years of consecutive monthly volume growth. Our obsession with quality and innovation is paying off, underpinned by a relentless focus on trusted value, with value ranges growing year-on-year. In Fashion, Home & Beauty, the recovery curve has been slower than Food, but we are making progress every day," the CEO adds. For the second half, M&S expects profit to be at least in line with the prior year. Machin continues: "The retail sector is is facing significant headwinds – in the first half, cost increases from new taxes were over GBP50 million - but there is much within our control and accelerating our cost reduction programme will help to mitigate this." M&S says it has lifted its interim dividend by 20% to 1.2p per share from 1.0p.
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COMPANIES - FTSE 250
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JD Wetherspoon says its sales increased in the pub firm's first quarter, as it extended its streak of outperforming a market tracker. Like-for-like sales in the 14 weeks to November 2, its first quarter plus one more week, expanded 3.7% on-year. Total sales rose 4.2%, Wetherspoon adds. The firm says it has outperformed the CGA RSM Hospitality Business Tracker for "37 consecutive months". "The CGA RSM Hospitality Business Tracked reports monthly LFL sales for a number of multi-outlet pub and restaurant companies. In September, the latest month for which information is available, the tracker reported industry sales of +0.2%, compared to +3.4% for Wetherspoon," the FTSE 250 listing adds. Looking ahead, Chair Tim Martin says: "The company is pleased with the continued sales momentum but is mindful of the chancellor's budget statement later this month and, as a result, is slightly more cautious in its outlook for the remainder of the year."
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Trainline says it has lifted its annual outlook after reporting first half growth. The rail ticketing platform says pretax profit in the six months to August 31 rose 42% to GBP66.2 million from GBP46.5 million a year prior. Revenue improved 2.5% to GBP234.7 million from GBP229.1 million. Looking ahead, Trainline expects annual revenue to be between flat on the year prior or up 3%. It lifts its adjusted earnings before interest, tax, depreciation and amortisation outlook to growth between 10% and 13%, from its prior outlook of 6% to 9% growth. "We are already Europe's number one most downloaded rail App and now we are expanding our business travel sales too, with Trainline Solutions Distribution business growing 55% in Europe. Each of our businesses are leaders in their respective markets with significant scope for future growth as we innovate to make travel simpler, better value and more sustainable for millions of people. Given the strength of our first half performance, we are again raising our Ebitda guidance for the full year," CEO Jody Ford says.
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OTHER COMPANIES
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Floor coverings distributor Headlam says market dynamics remain "challenging" and its performance so far in the second half of the year has been below forecast. Headlam says revenue in the four months to October 31 has fallen 5%. "This performance is below our expectations outlined at the interim results in September 2025, and therefore the board expects full year performance to be below expectations," it adds. "In response, the board has already initiated a comprehensive programme of restructuring, cost reduction and operational improvements and is accelerating the implementation of these measures. Further details of the programme will be presented on 11 November." Headlam says the actions are aimed at retuning the firm to profit and boosting its market footing, even if the wider environment is "subdued". "The board is confident that these measures, combined with the group's market position and established relationships with suppliers and customers, provides a platform for a return to sustainable profitability and growth," Headlam says.
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By Eric Cunha, Alliance News news editor
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Related Shares:
AB FoodsHeadlamTrainlineWetherspoon (J.D)Marks & SpencerBarratt Redrow