10th Feb 2026 08:05
(Alliance News) - BP suspends its share buyback programme as the oil major seeks to strengthen its balance sheet, while Barclays posts higher annual profit and earnings per share, and AstraZeneca lifts revenue and profit for 2025 while guiding for further growth in 2026.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: opened 0.2% lower at 10,362.59
GBP: higher at USD1.3672 (USD1.3668 at previous London equities close)
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BROKER RATINGS
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BofA cuts Anglo American to 'neutral' (buy) - price target 3,600 (3,500) pence
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Deutsche Bank Research raises Mitchells & Butlers to 'buy' (hold) - price target 325 (300) pence
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Barclays cuts Safestore to 'equal weight' (overweight) - price target 870 (740) pence
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COMPANIES - FTSE 100
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Barclays reports 2025 pretax profit of GBP9.14 billion, up from GBP8.11 billion a year earlier, with basic earnings per share of 43.8 pence versus 36.0p and return on tangible equity of 11.3% compared with 10.5%. Total income rises to GBP29.14 billion from GBP26.79 billion, while fourth-quarter net interest income is GBP3.73 billion, up from GBP3.50 billion. The bank says it meets all 2025 guidance and sets new targets through 2028, including RoTE above 14% and capital distributions of more than GBP15 billion between 2026 and 2028. Barclays announces GBP3.7 billion of capital returns for 2025, comprising an 8.6p dividend and GBP2.5 billion of buybacks, alongside plans for an additional GBP1.0 billion buyback. The common equity tier 1 ratio is 14.3%, or 14.0% after accounting for the latest buyback. CEO CS Venkatakrishnan says: "Barclays achieved all financial guidance in 2025. RoTE was 11.3% as all divisions delivered double-digit RoTE. We distributed GBP3.7 billion to our shareholders, including the GBP1.0 billion share buyback announced today, up from GBP3.0 billion in 2024. Our progress in the past two years provides a strong foundation to deliver more for our customers, clients and shareholders. As we outline in our plan for the next three years, we will invest further to improve customers' experience and deepen relationships, while harnessing new technology, including AI, to improve efficiency and build segment-leading businesses and drive further growth."
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BP suspends its share buyback programme, saying excess cash will be directed to strengthening the balance sheet, alongside reduced capital expenditure, cost cuts and a USD20 billion disposal programme. For 2025 BP reports underlying replacement cost profit of USD7.49 billion, down from USD8.92 billion, while profit attributable to shareholders falls to USD55 million from USD381 million. The oil major posts a replacement cost profit of USD1.07 billion for the year, compared with USD750 million in 2024. In the fourth quarter, underlying replacement cost profit rises to USD1.54 billion from USD1.17 billion, but BP records a replacement cost loss of USD2.76 billion, wider than USD1.95 billion a year earlier, and a USD3.42 billion loss attributable to shareholders, compared with a USD1.96 billion loss in the prior year. BP declares a fourth-quarter dividend of 8.32 US cents, unchanged from the third quarter and up from 8.00 cents a year ago. Net debt stands at USD22.18 billion at year-end, with BP maintaining its USD14–18 billion target for end-2027. Capital expenditure totals USD14.53 billion in 2025, down from USD16.24 billion, with plans to spend USD13–13.5 billion in 2026. For 2026, BP expects upstream production to be slightly lower than in 2025. It guides for broadly flat first-quarter upstream output relative to the 2,344 mboe/d delivered in the fourth quarter. The company expects seasonally lower volumes in its customers division in the first quarter and lower industry refining margins versus the fourth quarter. Interim CEO Carol Howle says: "We are also taking decisive action to high-grade our portfolio and strengthen our company, including the execution of our USD20 billion disposal programme and the decision to suspend the share buyback and fully allocate excess cash to our balance sheet. These decisions position us to progress long term value growth through the distinctive opportunity set we are creating in our upstream business, including the Bumerangue discovery in Brazil, where our initial estimates indicate around 8 billion barrels of liquids in place." Meg O'Neill will join in April as CEO.
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AstraZeneca reports 2025 total revenue of USD58.74 billion, rising from USD54.07 billion, and pretax profit of USD12.40 billion, up from USD8.69 billion. The company raises its total dividend to USD3.20 per share, a 3% year-on-year increase. AstraZeneca says business momentum is carrying into 2026 and expects full-year revenue to grow by a mid-to-high-single-digit percentage and core EPS to rise by a low double-digit percentage. CEO Pascal Soriot says: "In 2025 we saw strong commercial performance across our therapy areas and excellent pipeline delivery. We announced the results of 16 positive phase 3 studies during the year and now have 16 blockbuster medicines. The momentum across our company is continuing in 2026 and we are looking forward to the results of more than 20 phase 3 trial readouts this year." AstraZeneca has over 100 phase 3 studies ongoing and from February 2 shares trade on the NYSE, alongside London and Stockholm.
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Coca-Cola HBC posts a "strong" set of 2025 results, delivering higher profit, revenue and shareholder returns. The Zug, Switzerland-based soft drinks bottler reports net profit of EUR940.4 million, rising 15% from EUR820.6 million in 2024, while pretax profit increases 16% to EUR1.31 billion from EUR1.13 billion. Net sales revenue climbs to EUR11.60 billion, up from EUR10.75 billion, driven by organic revenue growth of 8.1%, with volumes up 2.8% and continued strength in Sparkling and Energy categories. Comparable Ebit rises 14% on a reported basis to EUR1.36 billion, with margins expanding to 12%. All segments deliver organic revenue growth, led by Emerging markets, where Ebit jumps 23%. Coca-Cola HBC proposes a EUR1.20 dividend, up 17%, reflecting higher earnings, strong free cash flow of EUR700 million and a balance sheet with net debt at 0.7x adjusted Ebitda.The company reports net sales revenue per unit case of EUR3.87, up from EUR3.69. Coca-Cola HBC guides for 2026 organic Ebit growth of 7% to 10%, and expects organic revenue to rise 6% to 7%, in line with its medium-term target range. The group says it expects to make further progress against those targets, though it anticipates macroeconomic and geopolitical pressures to persist in 2026.
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COMPANIES - FTSE 250
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Dunelm reports a mixed first half but says full-year profit remains on track, reiterating guidance for financial 2026 pretax profit in line with market expectations of about GBP214 million. The homewares retailer posts sales for the 26 weeks to December 27 of GBP926.3 million, up 3.6% from GBP893.7 million a year prior, while pretax profit declines 7.5% to GBP114.0 million from GBP123.2 million due to softer trading in the second quarter and the timing of certain costs. Dunelm says sales growth in the early weeks of the third quarter has improved and is now more in line with the first half overall. The company declares an interim dividend of 17.0 pence, up from 16.5p, and a special dividend of 25.0p, down from 35.0p a year prior. Digital participation rises to 41% from 39%. Dunelm says Q3 trading so far has strengthened after the weaker Q2, but it continues to see a challenging consumer backdrop with variable patterns. The company maintains that FY26 pretax profit will meet consensus expectations, supported by planned initiatives including the full launch of its new app in the spring. CEO Clo Moriarty says: "We delivered a solid first‑half performance despite a softer second quarter, and we are seeing stronger sales growth in early Q3 following a good Winter Sale and an encouraging response to our new Spring ranges. What I've seen so far gives me real confidence in our future. With only 7.9% market share and clear opportunities to enhance and expand our assets, we have significant headroom for growth."
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Bellway reports higher completions but a lower order book and softer reservation rates in the six months to 31 January. The Newcastle upon Tyne-based housebuilder completes 4,702 homes, up from 4,577 a year earlier, with the average selling price at around GBP322,000, compared with GBP310,581. The private reservation rate per outlet per week is 0.47, down from 0.51 including bulk sales. Excluding bulk sales, the rate edges up to 0.46 from 0.45. The forward order book comprises 4,442 homes, down from 4,726, with a value of GBP1.24 billion versus GBP1.31 billion. Bellway says it is on track to deliver around 9,200 homes for the full year, ahead of 8,749 completions in the year to July 2025. The group contracts to purchase 4,721 plots, compared with 5,246 a year prior, as it maintains a selective approach to land buying. Bellway ends the period with net debt of GBP72 million, compared with GBP8.0 million, while adjusted gearing including land creditors is around 10%, up from 8.5%.
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OTHER COMPANIES
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Smurfit Westrock announces the permanent closure of one of the paper machines at its La Tuque mill in Quebec, citing ongoing scale and cost challenges. The machine has an annual production capacity of 127,000 tons of solid bleached sulfate. The Dublin-based packaging maker will also close its extrusion facility in Pointe-aux-Trembles, which converts grades produced at La Tuque. The shutdowns will lead to a workforce reduction of about 30 roles at La Tuque and around 60 at Pointe-aux-Trembles. Smurfit Westrock says the decision is part of its plan to strengthen its solid bleached sulfate portfolio and improve the long-term competitiveness of its paperboard operations. Laurent Sellier, CEO of Smurfit Westrock, North America region, says the move is "difficult but necessary" to align with market conditions.
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By Eva Castanedo, Alliance News reporter
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Coca-Cola HBCBPAstrazenecaBarclaysAnglo AmericanMitchells & ButlersSafestoreDunelmSmurfit WestBellway