10th Nov 2025 07:55
(Alliance News) - Dave Lewis will leave Haleon to become Diageo's chief executive on January 1, 2026, while Permira agrees a GBP2.3 billion deal to acquire financial services firm JTC.
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 0.8% at 9,759.67.
GBP: lower at USD1.3163 (USD1.3166 at previous London equities close)
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BROKER RATINGS
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Barclays cuts Mondi to 'underweight' - price target 760 (900) pence
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RBC raises Rightmove to 'outperform' (sector perform) - price target 775 (805) pence
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Citigroup raises IAG price target to 630 (620) pence - 'buy'
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COMPANIES - FTSE 100
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Brewer and distiller Diageo appoints Dave Lewis as chief executive officer, effective January 1, 2026. Lewis, former Tesco CEO and current Haleon chair, succeeds interim CEO Nik Jhangiani, who will return to his role as CFO after year-end. Diageo Chair John Manzoni says Lewis brings "proven leadership skills in building and marketing world-leading brands" following an extensive search. Lewis says he looks forward to leading the drinks group through market challenges and "realising opportunities in a way which creates shareholder value." He will step down as Haleon chair on December 31.
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Vindi Banga will succeed Dave Lewis as Haleon chair on January 1, 2026, following Lewis's departure to become Diageo's new chief executive. Banga, currently Haleon's senior independent director, has served on the board since the company's 2022 listing. The consumer health firm says the board was unanimous in its choice, citing Banga's extensive leadership experience, including 33 years at Unilever where he chaired Hindustan Unilever and held senior global roles. He currently chairs UK Government Investments Ltd and the Council of Imperial College London. Lewis will step down on December 31, saying Haleon is "well established as an independent listed company" and "has a bright future."
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COMPANIES - FTSE 250
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JTC agrees to an all-cash takeover by Permira at 1,340 pence per share, valuing its equity at GBP2.3 billion and implying an enterprise value of GBP2.7 billion. The offer represents a 49% premium to JTC's August 13 closing price and follows months of competing interest from both Permira and Warburg Pincus, with JTC having recently extended its "put up or shut up" deadline for the two suitors. JTC says Permira increased its offer on Sunday after both firms submitted matching bids. Shareholders representing 7.3% of JTC's shares, mostly directors, have already accepted the offer. Permira says it is "fully supportive of JTC's existing strategy and leadership and sees significant potential to build on this foundation and unlock further opportunities for growth."
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Kainos Group reports a 17% fall in pretax profit to GBP28.4 million for the six months to September 30 from GBP34.2 million a year earlier, as higher investment and staffing costs weighed on margins. Revenue rises 7.1% to GBP196.1 million from GBP183.1 million, supported by strong sales and a 27% increase in bookings to GBP227.9 million. The IT services provider raises its interim dividend by 5% to 9.8p from 9.3p, and announces a new GBP30 million share buyback. Chief Executive Officer Brendan Mooney says the group is "positioned for accelerated growth in the second half," with all three divisions expected to increase revenue, adding that Kainos remains on track to achieve its Workday Products annual recurring revenue targets of GBP100 million by 2026 and GBP200 million by 2030.
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RHI Magnesita reports "improved" performance between July and October, delivering adjusted Ebitda of EUR136 million and a 13% margin, up from 8.4% in the first half, supported by cost savings and two plant closures in Germany. The refractory products maker says steel demand remains subdued but stable, with growth in India and the Middle East offsetting weakness in Europe. It re-establishes market share in India and says the integration of the former Resco plants in North America is progressing well. RHI Magnesita remains on track to deliver full-year adjusted Ebitda of EUR370 million to EUR390 million and expects the second-half momentum to continue into the first half of 2026. Chief Executive Officer Stefan Borgas credits "systematic self-help actions" for the improvement and says cost reductions and innovation projects will continue to support performance.
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OTHER COMPANIES
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Ferrexpo says production and exports have been disrupted after missile attacks on Ukraine's energy infrastructure cut power to Horishni Plavni, the mining city where the Baar, Switzerland-based iron ore producer in Ukraine operates. The company says its subsidiaries Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining suspended operations following the strikes early Saturday, which also hit nearby Kremenchuk. There were no reports of fatalities or injuries. Ferrexpo says a limited amount of power has since been restored, allowing parts of the processing plant to resume, and efforts are ongoing to fully restore supply and production capacity.
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Sports nutrition brand Applied Nutrition reports pretax profit of GBP28.5 million for the year ended July 31, up 17% from GBP24.3 million, with revenue rising 24% to GBP107.1 million from GBP86.2 million. The sports nutrition and wellness brand says the results exceeded IPO guidance, supported by strong sales momentum in the final quarter that has continued into the new financial year. Adjusted Ebitda climbs 19% to GBP30.9 million, while free cash flow conversion more than doubles to 72%. Chief Executive Thomas Ryder says the company "over-delivered on targets set at IPO" and remains focused on expanding globally. "The performance reflects the strength of our strategy, disciplined execution, and growing traction in the market. In the year we have deepened our relationships with existing customers and secured new customers," he adds.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
MondiRightmoveInternational AirlinesHaleonUnileverTescoJtc PlcKainos GroupFerrexpoRHI MagnesitaApplied NutriDiageo