11th Feb 2026 08:01
(Alliance News) - Barratt Redrow reports higher statutory interim profit and maintains full-year guidance, Severn Trent says trading is in line with expectations as it eyes record capital investment, and Edinburgh Worldwide Investment Trust urges shareholders to take no action after Saba Capital proposes new AGM resolutions.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: opened 0.3% higher at 10,386.85
GBP: higher at USD1.3670 (USD1.3661 at previous London equities close)
----------
BROKER RATINGS
----------
Citigroup raises easyJet to 'buy' (neutral) - price target 600 (490) pence
----------
Citigroup cuts Drax Group to 'neutral' (buy) - price target 923 (850) pence
----------
JPMorgan raises Dunelm to 'overweight' (neutral) - price target 1,225 (1,240) pence
----------
COMPANIES - FTSE 100
----------
Barratt Redrow reports a "resilient" first-half performance, with statutory pretax profit rising to GBP156.2 million in the 26 weeks to December 28 from GBP113.4 million reported a year prior. Adjusted pretax profit before the impact of purchase price allocation adjustments slips 0.3% to GBP210.2 million from GBP210.8 million on an aggregated basis. Revenue increases 11% to GBP2.63 billion from GBP2.38 billion aggregated and GBP2.28 billion reported, as housing completions rise 4.7% to 7,444 from 7,107 aggregated. The Coalville, Leicestershire-based housebuilder declares an interim dividend of 5.0 pence per share, down from 5.5p a year prior. Net cash at December 28 totals GBP173.9 million, down from GBP458.9 million a year earlier. The net weekly private reservation rate between December 29 and February 1 is 0.59, compared with 0.60 a year prior, while forward sales at February 1 increase to 11,168 homes from 10,903, with a value of GBP3.41 billion. Barratt Redrow expects full-year 2026 home completions of 17,200 to 17,800, in line with previous guidance, and anticipates adjusted pretax profit for the year to be within the current consensus range. Chief Executive David Thomas says: "During the first half we delivered a resilient performance in a subdued market while making strong progress integrating Redrow. As that integration nears completion, our focus is on disciplined execution. We are embedding our proven operating model across the enlarged group, delivering operational excellence, strengthening efficiency, and positioning Barratt Redrow to deliver volume growth, margin progression, and capital returns through the cycle."
----------
Severn Trent says trading to February 10 is in line with expectations, as it establishes strong momentum in the first year of the regulatory period, which ended Tuesday. The water utility expects to deliver capital investment towards the top end of its GBP1.7 billion to GBP1.9 billion guidance range in financial 2026, marking its highest-ever year of investment. It remains on track to deliver at least GBP40 million of reward from outcome delivery incentives and price control deliverable performance, and expects to achieve all associated milestones. Severn Trent Chief Executive James Jesic says it welcomes the UK government's white paper on the water sector as a "step in the right direction" and looks forward to further clarity in the transition plan later this year.
----------
COMPANIES - FTSE 250
----------
Renishaw reports first-half revenue growth but lower statutory profit, as it "enters the second half with momentum". Revenue in the six months to December 31 rises 7.1% to GBP365.6 million from GBP341.4 million. Adjusted operating profit increases 11% to GBP57.5 million from GBP51.6 million, with the adjusted operating margin improving to 15.7% from 15.1%. However, statutory operating profit falls 22% to GBP40.1 million from GBP51.6 million, with the statutory margin declining to 11.0% from 15.1%, reflecting GBP18.0 million of restructuring and other one-off costs. Adjusted pretax profit climbs to GBP64.1 million from GBP57.5 million, while statutory pretax profit declines to GBP46.0 million from GBP57.5 million. The interim dividend is maintained at 16.8 pence per share. Renishaw says second-quarter revenue was a record and 14% higher than the first quarter. It expects financial 2026 revenue between GBP740 million and GBP780 million, compared with GBP713.0 million in financial 2025, and adjusted pretax profit of GBP132 million to GBP157 million, versus GBP127.2 million. The company says positive momentum has continued into the early part of the third quarter, with strong demand across specific sectors and product lines offsetting more subdued conditions in general industrial markets. CEO Will Lee says: "We have made strong progress in the first half, with a notable pick-up in revenue and order intake in Q2 and improving profitability. It is pleasing to see revenue growth in all three business segments, with significant progress in our emerging product lines. Our markets present significant structural growth opportunities, and we are excited about the prospects for the innovative products that we have recently launched. We enter H2 with momentum and we expect to achieve strong revenue and profit growth in the remainder of the year."
----------
Edinburgh Worldwide Investment Trust confirms it has received notice from Saba Capital Management seeking to appoint three nominated directors at its next annual general meeting and urging shareholders to vote against the re-election of the current board. The trust recommends shareholders take no action and await a further announcement. Edinburgh Worldwide Chair Jonathan Simpson-Dent says Saba is again seeking to replace the entire independent board despite shareholders rejecting similar resolutions on January 20, when 93% of non-Saba holders voted against the proposals. Edinburgh Worldwide says it will update shareholders on its plans ahead of its AGM, which is due to be held before the end of April, and adds that Saba is repeating "a number of misleading statements that have featured throughout its aggressive and personal campaign...Saba is evidently choosing not to listen and has, again, chosen not to engage with the board".
----------
Pan African Resources guides interim earnings sharply higher for the six months to December 31, citing a strong gold price and higher production. The Rosebank-based gold producer expects earnings per share of between 7.18 US cents and 7.43 cents, up from 2.50 cents a year earlier, while headline earnings per share is seen between 7.28 cents and 7.40 cents, up from 1.20 cents. The average gold price received rises 62% to USD3,812 per ounce from USD2,359, as gold output increases 51% to 128,296 ounces from 84,705. Pan African expects production to rise further in the second half, with full-year guidance of 275,000 to 292,000 ounces, compared with 196,527 ounces in financial 2025. The company declared a maiden interim dividend of 12 South African rand cents, or 0.74488 US cents, and plans to release its interim results on February 18.
----------
OTHER COMPANIES
----------
Fermi says it has secured a USD500 million non-recourse equipment loan from Mitsubishi UFJ Financial Group to support the build-out of its 11-gigawatt private energy campus in Texas. The financing will fund the purchase of three Siemens Energy SGT6-5000F gas turbines and support delivery of the first 2.3 gigawatts of power in the years ahead, with turbine deliveries expected from the first half of 2026. Fermi says the facility has a repeatable structure designed to support future gigawatt-scale equipment purchases ahead of project financing, and that part of the proceeds will also repay a pre-existing loan and support construction and deployment of additional turbines. The company reports a net loss of USD346.8 million in the third quarter ended September 30 and USD353.2 million for the January-to-September period, with net loss per share of USD0.84 in Q3 and USD0.95 for the January-to-September period. Fermi had USD183.0 million in cash at September 30, before raising USD731.4 million from its initial public offering.
----------
London-based Heathrow Airport says 6.5 million passengers travelled through the airport in January, up 2.2% from a year earlier and marking its busiest January on record. In the 12 months to January 2026, passenger numbers total 84.6 million, up 0.5% in the 12 months to January 2025. Cargo volumes total 124,529 tonnes in January, up 0.9%. In the 12 months to January 2026, cargo volumes reach 1.6 million tonnes, up 0.8% annually. Chief Executive Thomas Woldbye says: "Heathrow expansion is so critical. The decisions ministers and the Civil Aviation Authority take this year are essential to enable the delivery of the UK's flagship growth project, secure planning permission by 2029, and ensure the UK has the flight and cargo capacity that it deserves."
----------
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Barratt RedrowSevern TrentRenishawEdinburgh Worldwide Investment TrustFermi IncPan African ResourceseasyJetDraxDunelm