17th Jul 2026 07:53
(Alliance News) - Burberry returns to first-quarter sales growth and raises its wholesale revenue guidance.
Also, Bridgepoint reports higher underlying first-half earnings as fundraising momentum continues, while fintech firm Wise posts higher first-quarter revenue and transaction volumes.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.1% at 10,564.44
GBP: lower at USD1.3471 (USD1.3483 at previous London equities close)
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ECONOMICS
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Andy Burnham is set to be confirmed as Labour leader on Friday before becoming UK prime minister on Monday, pledging to lead an "unashamedly Labour" government focused on economic renewal, reindustrialisation and devolving more power away from Westminster. In his first speech as party leader, Burnham is expected to argue Britain has taken "a series of wrong turns" over the past 40 years and call for a new economic path that puts "people and places at the heart of everything we do". Burnham succeeds Keir Starmer after securing the backing of 369 Labour MPs and eight affiliated trade unions, while committing to Labour's fiscal rules and manifesto pledges not to raise income tax, VAT or national insurance.
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BROKER RATINGS
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Deutsche Bank Research cuts Rotork to 'hold' (buy) - price target 503 (400) pence
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Deutsche Bank Research raises B&M European Value to 'hold' (sell)
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COMPANIES - FTSE 100
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Burberry reports a stronger first quarter, with retail revenue rising 5% to GBP455 million in the 13 weeks ended June 27 from GBP433 million a year earlier, or 4% at constant exchange rates, while comparable retail sales increase 5% despite a 1% drag from retail space. Comparable sales rise 12% in the Americas, 9% in Greater China and 3% in Asia Pacific, while EMEIA falls 3%, or 1% excluding the Middle East, as the US-Iran conflict weighs on the region. The luxury retailer says it records growth across womenswear, menswear, accessories and childrenswear for the first time in three years, led by double-digit growth in outerwear, while handbags return to growth and e-commerce sales increase by the mid-teens. Burberry raises first-half wholesale revenue guidance to high-single-digit growth following a positive response from partners, expects full-year revenue growth and margin expansion in line with expectations, and says retail space should remain broadly stable in financial 2027. CEO Joshua Schulman says: "For the first time in three years, we saw growth across our Women's, Men's, Accessories and Children's divisions, anchored by the outperformance of Outerwear. Our strategy is working. We are attracting a broad range of luxury customers across product categories, channels and geographies, reinforcing my confidence in the opportunities ahead."
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COMPANIES - FTSE 250
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Bridgepoint reports "record" first-half underlying results, with underlying management and other fees rising 23% to GBP254.1 million from GBP206.8 million and performance-related earnings more than doubling to GBP120.7 million from GBP57.6 million, lifting underlying Ebitda 78% to GBP227.3 million from GBP128.0 million. Assets under management increase 12% to USD97.3 billion from USD86.6 billion, while fee-paying assets under management jump 33% to USD58.4 billion from USD44.0 billion, supported by strong fundraising and deployment. The London-based private equity firm returns a record EUR16.6 billion to fund investors in the first half, compared with EUR8.1 billion in the whole of 2025, and says it has now raised EUR26 billion towards its increased EUR28 billion fundraising target by the end of 2026, underpinning confidence in delivering guidance. Reported pretax profit, however, falls 29% to GBP42.9 million from GBP60.6 million due to higher exceptional costs linked to acquisitions, while profit after tax declines 35% to GBP28.7 million from GBP44.1 million. It declares an interim dividend of 4.8 pence per share.
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London and Cape Town-based money manager Ninety One says assets under management rose 32% to GBP184.0 billion as at June 30 from GBP139.7 billion a year earlier, and were up 7.1% from GBP171.8 billion at March 31, 2026.
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OTHER COMPANIES
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Valterra Platinum expects first-half headline earnings of between ZAR18.5 billion and ZAR22.2 billion, compared with ZAR1.2 billion a year before, while basic earnings are forecast at ZAR18.6 billion to ZAR22.3 billion, up from ZAR600 million. The miner says earnings are supported by an 18% increase in platinum group metals sales volumes and an 85% rise in the PGM dollar basket price during the half. In the second quarter, total PGM production rises 1% on-year to 775,400 ounces, while PGM sales volumes fall 4% to 945,600 ounces.
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Wise reports first-quarter net revenue of USD714.0 million, up 25% from USD573.3 million a year earlier, as cross-border volume rises 26% to USD69.3 billion from USD55.0 billion and active customers increase 21% to 11.9 million from 9.8 million. Customer holdings grow 31% to USD41.2 billion, while the cross-border take rate falls to 0.50% from 0.52% as the company lowers prices to strengthen its competitive position. Wise reiterates financial 2027 guidance, expecting constant-currency net revenue growth around the middle of its medium-term 15% to 20% target range. CEO Kristo Kaarmann says: "This quarter almost 12 million people and businesses used Wise to move USD69.3 billion across the world. These customers paid an average fee of just 50bps - the lowest it has ever been on Wise...More customers are trusting Wise for their everyday money - their holdings grew 31% to USD41.2 billion. We recently expanded our product offering in Latin America."
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Alumasc suspends Chief Executive Pamela Bingham pending an investigation into her "professional conduct", with Non-Executive Chair Vijay Thakrar assuming the role of executive chair on an interim basis while the company conducts a full investigation with external advisers. Separately, the Kettering, Northamptonshire-based supplier of building products for water and energy management says full-year revenue is expected to fall to around GBP107 million from GBP113 million, and underlying pretax profit to about GBP10 million from GBP14 million, reflecting continued delays in the order book and pipeline conversion amid strengthening demand headwinds. Housebuilding Products revenue rises around 16%, and Building Envelope revenue is flat, while Water Management revenue falls around 16%, or 3% excluding the CLK airport project. The company says it ends the year with an order book 49% above a year earlier.
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Biotech Growth Trust says portfolio company AtaiBeckley has agreed to be acquired by Eli Lilly in a deal worth around USD2.8 billion, or USD6.75 per share in cash, a 26% premium to its prior closing price. The offer also includes up to USD1 billion in contingent value rights linked to development and regulatory milestones, taking the potential value to USD3.8 billion, or USD9.25 per share, a 73% premium. AtaiBeckley accounted for 1.1% of the trust's net asset value before the announcement, and the transaction will be reflected in its Thursday NAV. The trust says the acquisition is the latest in a series of successful portfolio takeovers this year, reinforcing its strategy of investing in innovative small and mid-cap biotechnology companies. Biotech Growth Trust Portfolio Manager Geoff Hsu says: "Eli Lilly's acquisition represents another successful outcome for BIOG and further validates our investment strategy. We continue to focus on identifying innovative biotechnology companies capable of delivering important new medicines and creating substantial value for shareholders, whether through clinical success, commercial execution or strategic transactions such as this."
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Eagle Eye says trading for the year ended June 30 is ahead of recently upgraded market expectations, with annual recurring revenue rising 31% to GBP44.5 million from GBP34.0 million and underlying revenue, excluding the lost Neptune Retail Solutions contract, increasing 21% to GBP46.1 million from GBP38.1 million. Adjusted Ebitda is GBP9.8 million, down from GBP12.2 million but ahead of market expectations of GBP7.0 million, while net cash grows 31% to GBP16.1 million from GBP12.3 million, supported by strong second-half cash generation. The AI-powered loyalty software provider says major customer wins, expansion with existing clients and the first contracts from its global OEM partnership leave it well placed to return to double-digit revenue and Ebitda growth in financial 2027.
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By Eva Castanedo, Alliance News senior economics reporter
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B&MRotorkBurberryBridgepointNinety OneValterra PlatinumWise GroupAlumasc GroupEagle EyeBiotech Gwth