4th Aug 2026 07:59
(Alliance News) - BP reports a surge in first-half profit while announcing further divestments, and Prologis reaches agreement on a recommended GBP14 billion takeover of Segro. XP Power posts sharply higher interim pretax profit on the back of strong order growth.
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 10,889.70
GBP: slighly higher at USD1.3427 (USD1.3425 at previous London equities close)
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BROKER RATINGS
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Goldman Sachs cuts Pearson to 'neutral' (buy) - price target 1,375 (1,365) pence
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Goldman Sachs raises Sainsbury to 'neutral' (sell) - price target 360 (325) pence
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COMPANIES - FTSE 100
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BP reports first-half revenue of USD123.49 billion, up from USD95.56 billion a year earlier, while pretax profit jumps to USD15.19 billion from USD6.01 billion and the interim dividend rises 4.0% to 16.98 US cents per share. Second-quarter upstream production falls to 2.20 million barrels of oil equivalent per day from 2.34 million in the first quarter and 2.30 million a year earlier, with third-quarter production expected at 2.10 million to 2.25 million boe/d. For 2026, BP guides for upstream production of 2.18 million to 2.27 million boe/d, reflecting disruption in the Middle East and the planned disposal of the Culzean gas field, and expects divestment and other proceeds of USD8 billion to USD9 billion, including USD6 billion from the previously announced sale of Castrol. The energy major also announces plans to market Archaea, its US biogas business, and intends to repay USD1.0 billion of perpetual subordinated hybrid securities. Chief Executive Officer Meg O'Neill, after her first full quarter at BP, says: "We are not making the most of our potential. Our performance over the past few years has not met our own expectations, let alone those of our shareholders. We have not delivered consistently; we have written off too much value; and our costs and liabilities are not resilient enough in a low price environment."
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Segro agrees to a recommended share offer with a partial cash alternative from US logistics property group Prologis, valuing its issued and to-be-issued share capital at around GBP14.0 billion. Under the terms, Segro shareholders will receive 0.0920 new Prologis shares for each Segro share, with the option to elect for up to 25% of the consideration in cash at 1,031.7 pence per share. Based on Prologis's closing share price of USD149.94 and a GBP-USD exchange rate of 1.3371 on July 21, the day before Prologis announced its best and final proposal, the offer values each Segro share at 1,031.7p. Shareholders electing for the basic cash entitlement would receive 258p in cash and 0.0690 Prologis shares per Segro share. The offer represents a 39% premium to Segro's closing price before the offer period and values each share at 1,054.3p including the potential 2026 final dividend. Segro shareholders also will be entitled to retain the 2026 interim dividend of up to 10.14p and any final dividend of up to 22.56p declared before completion. The Segro board intends unanimously to recommend the deal, which is expected to complete in the first half of 2027, subject to shareholder, court and regulatory approvals.
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Fresnillo reports first-half revenue of USD3.38 billion, up 75% from USD1.94 billion a year earlier, while pretax profit more than triples to USD2.16 billion from USD660.3 million and attributable profit jumps to USD1.29 billion from USD393.8 million, boosted by higher precious metals prices. The miner declares an interim dividend of 43.4 US cents per share, more than double the 20.8 cents paid a year earlier. First-half attributable silver production falls 11% to 22.0 million ounces, and gold production declines 7.3% to 290,885 ounces, reflecting lower grades and operational factors. Fresnillo maintains its existing full-year production guidance and its production targets for 2027 and 2028. CEO Octavio Alvidrez says: "Fresnillo delivered an exceptional financial performance in the first half of 2026. Through a combination of solid operational execution and cost discipline, we continued to capitalise on the historic strength of precious metals prices"
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Coca-Cola Europacific Partners reports first-half revenue of EUR10.72 billion, up 4.4% from a year earlier, or 6.1% on a comparable, constant-currency basis. Operating profit rises 6.9% to EUR1.46 billion, or 8.1% on a comparable, constant-currency basis, while profit after tax increases 5.8% to EUR991 million, up 7.5% on the same basis. The bottler reaffirms its 2026 guidance for revenue growth of 3% to 4% and operating profit growth of around 7%. It also notes that EUR593 million of its planned EUR1 billion share buyback for 2026 has been completed and confirms an interim dividend of EUR0.82 per share, equivalent to 40% of the total dividend paid for financial 2025. CEO Damian Gammell says: "While the consumer environment remains challenging, and the full impact of the ongoing situation in the Middle East remains uncertain, our first half performance demonstrates the resilience of our business and the strength of our growth model."
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COMPANIES - FTSE 250
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Domino's Pizza Group reports first-half revenue of GBP353.6 million, up 6.7% from GBP331.5 million a year earlier, while system sales rise 6.1% to GBP825.3 million from GBP777.8 million and underlying Ebitda increases 3.6% to GBP66.2 million from GBP63.9 million. Pretax profit edges up to GBP40.6 million from GBP40.5 million, and the interim dividend increases 2.8% to 3.7 pence per share from 3.6p. The pizza delivery chain says trading has remained positive in July, supported by the FIFA World Cup, and it remains confident of meeting full-year expectations, with all major cost lines hedged through 2026 and into 2027.
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Wizz Air reports that it carried 8.36 million passengers in July, up 32% from 6.35 million a year earlier, as capacity increases 30% to 8.91 million seats from 6.84 million. The airline's load factor improves to 93.7% from 92.8%. During the month, Wizz Air announces new bases in Madrid, Valencia and Prishtina, Kosovo, alongside the launch of its Wizz Holidays platform. The carrier also reports a 4.0% year-on-year reduction in CO2 emissions per passenger kilometre to 48.8 grams.
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XP Power reports first-half pretax profit of GBP5.1 million, up from GBP800,000 a year earlier, while diluted earnings per share increase to 14.2 pence from 0.4p. Revenue slips to GBP109.1 million from GBP110.9 million, but order intake jumps to GBP167.2 million from GBP112.7 million, lifting its book-to-bill ratio to 1.53x from 1.02x. The power control solutions provider says its medium-term outlook remains "very positive" and leaves full-year expectations unchanged, with its expanded order book supporting robust revenue growth in the second half. CEO Gavin Griggs says: "We enter this growth phase well positioned, with a focused portfolio, a well-invested manufacturing footprint and the balance sheet strength to invest behind future revenue. With our markets returning to healthy growth and an expanded order book, our focus is firmly on converting this demand into revenue as we deliver our unchanged long-term strategy."
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OTHER COMPANIES
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Capita reports first-half pretax profit of GBP4.1 million, up from GBP1.7 million a year earlier, while adjusted revenue rises 1.6% to GBP906.4 million from GBP892.2 million. Adjusted operating profit falls 32% to GBP32.2 million from GBP47.1 million, however, due to additional costs on the Civil Service Pension Scheme contract. The outsourcing firm says it secured GBP998 million of total contract value in the first half, up 15% year-on-year, with its pipeline expanding to GBP24.4 billion from GBP18.6 billion at the end of 2025. Following the completed disposal of its private sector contact centre business, Capita reiterates full-year guidance and expects to generate positive free cash flow, excluding business exits, in 2027.
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By Eva Castanedo, Alliance News senior economics reporter
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CapitaXp PowerWizz AirCoca-cola Euro.FresnilloBPSegroSainsbury'sPearson