23rd Oct 2026 07:55
(Alliance News) - boohoo says its turnaround has progressed, with the retailer posting its first interim profit in five years, miner Rio Tinto announces an investment in a Queensland project, while gambling firm Evoke says customer-friendly results kept a lid on quarterly revenue.
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 0.1% at 10,736.73
GBP: higher at USD1.3389 (USD1.3365 at previous London equities close)
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ECONOMICS
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UK retail sales were weaker than expected in September, declining on month and growing at a slower pace on-year, numbers from the Office for National Statistics showed on Friday. The ONS said retail sales volumes fell 0.4% in September from August. They had risen 0.7% in August from July, upwardly revised from an initially reported 0.5% climb. September's monthly reading fell short of the consensus, with a smaller 0.1% decline forecast, according to FXStreet. On-year, retail sales rose 0.8% in September, slowing markedly from a 2.7% climb in August. Consensus cited by FXStreet had expected a 1% rise for last month. It represents the weakest annual retail sales performance since a 0.3% fall in April. For the whole of the third quarter, retail sales rose 1.5% on-year, the ONS said. They were up 0.7% from the second quarter.
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BROKER RATINGS
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Barclays cuts Lancashire Holdings to 'underweight' - price target 530 (560) - pence
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COMPANIES - FTSE 100
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Rio Tinto will invest USD1.9 billion to develop the Kangwinan bauxite project on Western Cape York Peninsula in Queensland. The miner says the project will establish a new bauxite production centre 15 kilometres south-east of its Amrun mine, which itself is 40 kilometres south of the town of Weipa. Early works at Kangwinan began in 2025. Rio Tinto adds: "This brownfield investment will leverage Rio Tinto's project execution capability and reflects continued application of the company's disciplined capital allocation framework. It will add 20 million tonnes of annual bauxite production capacity in Weipa, leveraging some existing infrastructure, with first output targeted in 2029 and full production expected by 2032."
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Shell and Exxon Mobil are looking to sell Infineum, their 50-50 chemicals joint venture in the UK, the Financial Times reported on Thursday. In recent days, Abingdon, Oxfordshire-based Infineum has asked advisers at Bank of America Corp to run a sale of the business, the FT said, citing "people familiar with the matter". The owners are seeking a USD8 billion valuation for Infineum, the people said, adding that the process is at an early stage and may not result in a transaction. Infineum International Ltd makes specialty chemicals focused on transport, e-mobility and decarbonisation, according to its website. Outside the UK, it has business centres in the US, China and Singapore. It has six manufacturing plants: in New Jersey, US; in Rio de Janeiro, Brazil; in Cologne, Germany; in Vado Ligure, Italy; in Singapore; and in Zhangjiagang, China. It also has two partner-operated plants in France.
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COMPANIES - FTSE 250
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Student accommodation provider Unite Group says it has struck a deal to sell an academy school at the Hawthorne House development in London for around GBP41 million. Unite says it retains ownership of the 719-bed student accommodation part of the site. "The disposal is in line with our business plan for the development and is part of the group's disposal strategy, which includes the release of value from non-purpose-built student accommodation assets," Unite adds. The GBP40.7 million price tag is a 2% discount to the June 2026 book value. The sale is "expected to complete shortly". "The academy school was included in the GBP225 million of assets under offer in the group's Q3 trading update. Proceeds from the sale will initially be applied to reducing leverage," it says.
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Eurowag shareholder TA Associates Management has sold its stake in the provider of payment and data services to trucking companies. TA Associates has sold 88.5 million shares at GBP1.00 each, transaction bookrunner Peel Hunt says. The stock, sold for GBP88.5 million in total, represents a 13% chunk of Eurowag. "On completion of the placing, the selling shareholder will hold no ordinary shares in the company," Peel Hunt confirms. Eurowag will not receive any proceeds from the transaction. TA Associates initially invested in the company back in 2016 and helped take the business public through an initial public offering on the London Stock Exchange in 2021. It sold an around 4.3% interest back in July. Eurowag shares closed at 109.40p on Thursday.
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OTHER COMPANIES
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Debenhams owner boohoo group reports its first statutory pretax profit in five years, as its "turnaround continues at pace". The fashion retailer says pretax profit in the six months to August 31 amounted to GBP28.3 million, swinging from a GBP17.9 million loss a year prior. Profit was supported by a GBP40.6 million non-cash credit from the sublease of a US distribution centre. Revenue, however, fell 3.0% to GBP409.6 million from GBP422.4 million. Gross merchandise value was up 1.8% on-year to GBP863.8 million, rising 3.7% to GBP619.5 million after returns. Earnings before interest, tax, depreciation and amortisation totalled GBP19.7 million, swinging from a loss of GBP3.5 million a year prior. On an adjusted basis, the Ebitda grew 15% to GBP24.0 million from GBP21.0 million. "The turnaround continues at pace. The group has returned to GMV growth, gross margins are expanding and returns rates lowering," Chief Executive Officer Dan Finley says. "This is the first time the group has delivered positive profit before tax since August 2021. I am pleased to report that net debt is expected to be negligible at year-end. This is significantly ahead of our original guidance provided at the start of the year. I see material opportunities ahead and we are fully focused on maximising them." The firm says trading in September "continued to be good". Looking ahead, it still sees adjusted Ebitda of GBP59 million for the year, which would represent an 11% increase from GBP53.3 million the year prior. Net debt, which it expects to be "negligible" at year-end, stood at GBP98.5 million at the half-year end, trimmed from GBP111.1 million a year prior.
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Evoke says its third quarter was hurt by punter friendly results, while the 888 and William Hill owner's buyout by Bally's Intralot is now just months away. Revenue in the third quarter of the year fell 7% annually on a reported basis to GBP406 million, declining 2% like-for-like at constant currency. "Particularly customer-friendly sports results in the beginning of the football season were an approximately 1-2ppt headwind to year-over-year revenue growth on a group basis, meaning revenue was broadly stable on a normalised basis," Evoke says. In June, the betting firm agreed to a GBP243 million takeover offer from Bally's Intralot. The offer will see Evoke investors receive 0.537 of a new Intralot share for each Evoke share, with the new shares being listed on Euronext Athens, valuing Evoke at 52p per share. Evoke CEO Per Widerstrom says: "On an underlying basis the business continues to show resilience and reflects our continued emphasis on profitability and cash generation following the substantial increases in gaming duties, particularly in the UK. The closure of 270 shops over the past year shows the real impact on jobs and livelihoods from higher industry taxation, and we urge the UK government to carefully consider any further increases ahead of its forthcoming autumn budget. We remain focused on disciplined execution and operational efficiency as we progress towards completion of the acquisition, which continues to progress as planned towards completing in late Q4 2026 or early Q1 2027."
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By Eric Cunha, Alliance News news editor
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Related Shares:
Evoke PlcLancashire HoldingsRio TintoShellUniteBoohoo