12th Jan 2026 07:59
(Alliance News) - British Land CEO Simon Carter will step down after five years in the role, as Plus500 reports revenue and Ebitda ahead of expectations and Oxford Nanopore posts stronger-than-guided full-year sales growth, while Heathrow celebrates a record 84 million passengers in 2025.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called lower 0.2% at 10,105.2
GBP: higher at USD1.3440 (USD1.3407 at previous London equities close)
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BROKER RATINGS
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Bernstein cuts AB Foods to 'market-perform' (outperform) - price target 1,800 (3,100) pence
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Exane BNP cuts Prudential to 'neutral' (outperform)
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Berenberg raises Kistos price target to 285 (280) pence - 'buy'
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COMPANIES - FTSE 100
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British Land announces that Chief Executive Officer Simon Carter will step down after more than five years in the role. Carter is leaving to become CEO of P3 Logistics Parks, a European logistics property investor and developer owned by GIC. Carter, who first joined British Land in 2004 and returned as CFO in 2018 before becoming CEO in 2020, will serve a 12-month notice period. Chair William Rucker thanks him for "significant contribution" and says he leaves the business with a "a very strong management team and an exceptional London office campus and retail park platform". Carter says "there is never a perfect time to move on" but notes British Land is well positioned for long-term success following "contrarian calls" made after the pandemic. The board of the London-based commercial property developer and investor will now run a full process to appoint his successor.
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COMPANIES - FTSE 250
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Plus500 posts revenue of around USD792 million and Ebitda of about USD348 million for 2025, both ahead of market expectations. The Haifa, Israel-based contracts-for-difference trading platform operator says Ebitda is about 8% higher year-on-year at constant currency, while cash balances ended the year at roughly USD800 million despite returning USD380 million to shareholders. The group onboarded about 104,500 new customers, down from 118,010 a year earlier, and says its average customer acquisition cost fell more than 10%. Active customers remained steady at about 242,000, with around half of OTC revenue now generated by users who have been with the platform for more than five years. Plus500 highlights two new US partnerships: becoming clearing partner for CME Group's prediction-market platform launched with FanDuel, and acting as exclusive clearing and tech provider for Topstep Brokerage. It also secured new licences in the UAE and Canada and regulatory approval to establish a representative office in Colombia. The company said it remains "strategically well-positioned to capitalise on both short-term market trends and longer-term, structural growth drivers in its addressable markets", and will report full-year results on February 9.
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Oxford-based specialist in DNA and RNA sequencing technologies Oxford Nanopore reports on 2025 performance, with revenue expected to rise to GBP223 million–GBP224 million, up from GBP183.2 million a year earlier. This represents 22% reported growth and 24% at constant currency, slightly above its 20%–23% growth guidance range. The company says sales increased across all regions, with each of EMEAI, APAC and the Americas delivering "more than" 20% constant-currency growth. All customer end markets expanded, led by Clinical revenue up around 60%, BioPharma up 30%, Applied Industrial up 27%, and Research up 15%. Growth was "delivered across all product type", driven by the PromethION range, which saw revenue climb more than 40% year-on-year. Oxford Nanopore ended 2025 with around GBP302 million in cash and liquid investments, ahead of expectations due to improved working capital but below GBP403.8 million in 2024. The company will report full-year results on March 2.
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OTHER COMPANIES
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Heathrow Airport reports a "record year" in 2025, with annual passenger numbers surpassing 84 million for the first time and December setting a new monthly high at nearly 7.2 million travellers. The London hub says highlights included its busiest day ever on August 1, when over 270,000 passengers passed through the airport, helping Heathrow outperform 2024 in nine of twelve months. Operational performance also strengthened, with Heathrow named Europe's most punctual hub airport in December. More than 97% of passengers cleared security in under five minutes, while baggage load rates exceeded 98% for the year. Cargo volumes totalled 138,000 tonnes in December. Heathrow says total cargo weight rose by 12,600 tonnes year-on-year in 2025. CEO Thomas Woldbye says: "December's record-breaking performance shows the strength of demand for Heathrow. With the government's support for our expansion plans, and the right regulatory framework from the [UK's] Civil Aviation Authority to secure private investment, we can unlock even more of that connectivity, trade and economic growth for the UK."
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Porvair says it will complete its acquisition of Drache Umwelttechnik later on Monday, after agreeing to buy the German molten-metal filtration specialist for EUR20.5 million in cash. The Diez, Germany-based firm will join Porvair's Metal Melt Quality division, which the group says operates in "attractive end markets" supported by growing global demand for aluminium. Drache, expected to report EUR20 million in 2025 revenue, brings complementary products, engineering expertise and a new European base alongside Porvair's existing US and Asian operations. The deal, funded from cash and borrowing facilities, is expected to be earnings enhancing in financial 2026.
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FitzWalter Capital has issued a statement intensifying its criticism of London-based auction market operator Auction Technology Group, accusing the board of "extreme shareholder value destruction" and mismanagement, days after ATG revealed it had unanimously rejected eleven unsolicited takeover proposals from the investor. ATG most recently turned down a 360p-per-share cash approach on December 23, saying the bids "fundamentally undervalue" the company and were "highly conditional". FitzWalter notes ATG shares have fallen between 51% and 82% over one to four years, arguing the board's stated confidence in its prospects "rings hollow". FitzWalter says ATG had not run a formal sales process for its I&C division – representing around 45% of adjusted Ebitda – despite indicating to FitzWalter that a disposal was its preferred alternative to engaging on a possible takeover proposal. It also claims the company had made little progress on essential separation planning while pursuing further acquisitions despite investor backlash. The fund says it maintained its possible offer to prevent "frustrating actions" under the Takeover Code and protect shareholders from value-eroding deals. FitzWalter adds that the board has largely failed to engage meaningfully with its proposals, criticising what it describes as the board's "detached" assessment of ATG's performance.
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Guernsey-based investor in the life sciences sector RTW Biotech Opportunities says portfolio company Aktis Oncology has completed a USD318 million IPO in New York's Nasdaq, the first biotech listing of 2026. Aktis offered 17.65 million shares at USD18 each, a 12.6% uplift to RTW Biotech's last holding value and an 18.3% step-up from cost. Shares began trading on January 9 and closed up 24% at USD22.40. As of November 30, Aktis represented 0.6% of RTW Bio's net asset value. The clinical-stage company is developing targeted radiopharmaceuticals, including a Nectin-4 radioconjugate with multi-tumour potential. RTW CIO Rod Wong says: "We are thrilled to have supported the first biotech IPO of the year, which marks a significant milestone for Aktis and for the field of targeted radiopharmaceuticals. Aktis' rapid progress reflects the transformative potential we seek in our portfolio companies and underscores our commitment to identifying and supporting assets that drive meaningful advances in patient care."
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By Eva Castanedo, Alliance News reporter
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Related Shares:
Oxford Nanopore TechnologiesBritish LandPlus500Auction Technology GroupKistos HoldingsPorvairRtw BiotechPrudentialAB Foods