30th Apr 2026 07:55
(Alliance News) - DCC rejects a takeover approach, Unilever launches a EUR1.5 billion share buyback after a mixed quarter, and Weir Group announces a chief executive transition while reiterating guidance.
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 10,203.81
GBP: higher at USD1.3476 (USD1.3467 at previous London equities close)
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BROKER RATINGS
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Citigroup cuts Schroders to 'neutral' ('buy') - target 590 (460) pence
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UBS raises Lloyds Banking to 'buy' (neutral) - price target 115 (110) pence
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COMPANIES - FTSE 100
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DCC rejects a GBP58.00-per-share cash takeover approach from a consortium comprising Energy Capital Partners and KKR, saying the proposal "materially undervalues" the company and its future prospects. The board unanimously dismisses the unsolicited, indicative and conditional offer, which assumed no further dividends or distributions. The Dublin-based provider of sales, marketing and distribution services to the energy sector says the consortium must, under Irish takeover rules, confirm a firm intention to make an offer or walk away by June 10. DCC notes there is no certainty that any firm offer will be made.
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Unilever reports a fall in first-quarter turnover to EUR12.6 billion, down 3.3% year-on-year due to currency headwinds, despite underlying sales growth of 3.8%, driven by strong volume gains. The company highlights robust performance in emerging markets, particularly India, alongside a recovery in Latin America. Unilever maintains its full-year 2026 outlook, expecting underlying sales growth at the lower end of its 4% to 6% range. It declares a quarterly dividend of EUR0.4664, unchanged from the prior quarter and up 3.0% year-on-year. The consumer goods group also launches a new share buyback programme of up to EUR1.5 billion, expected to be completed by July 6. Chief Executive Officer Fernando Fernandez says: "We have started the year well with volume-led growth driven by our Power Brands and a positive performance across all business groups. We continue to move at speed to build a simpler, sharper Unilever with a structurally higher growth profile and a brand portfolio fit for the future."
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Glencore says first-quarter production is largely in line with expectations and leaves its full-year 2026 production guidance unchanged. Glencore says the impact of the Iran conflict on its industrial business was limited in the first quarter, but is now appearing through higher input costs, particularly diesel and sulphuric acid. However, it expects stronger commodity prices to more than offset these pressures and support margin expansion. Its energy marketing arm has also supported fuel supply to mining assets. The miner says extrapolating its first-quarter Marketing performance would mean full-year Ebit "comfortably exceeding" the top end of its long-term adjusted Ebit guidance range of USD2.3 billion to USD3.5 billion per year. Own-sourced copper output rises 19% year-on-year to 199,600 tonnes, helped by improved grades at African copper and higher throughput and grades at Antamina. However, cobalt production falls 39% to 5,800 tonnes, while zinc and lead output both decline 17%. Nickel output falls 9%. Steelmaking coal production drops 22% to 6.5 million tonnes, mainly due to pit sequencing, wet weather in Queensland and a planned longwall move at Oaky Creek. Energy coal output is broadly steady, down 2% to 22.9 million tonnes.
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United Utilities reports sharply higher full-year results, with revenue rising to GBP2.62 billion from GBP2.15 billion, pretax profit increasing to GBP779.0 million from GBP355.0 million, and operating profit climbing to GBP1.10 billion from GBP631.5 million. Earnings per share more than double to 86.1 pence from 38.8p. The water utility proposes a final dividend of 35.78p, up from 34.57p a year earlier. United Utilities also announces an equity raise of GBP800 million, intended to fully fund the equity component of a GBP2.5 billion programme. Looking ahead, the company expects revenue to rise further in financial 2027 to between GBP2.7 billion and GBP2.8 billion.
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Weir Group announces that Chief Executive Officer Jon Stanton will step down on August 1, to be succeeded by Andrew Neilson, currently president of the minerals division, who has been appointed CEO designate. Alongside the leadership change, Weir reports first-quarter trading in line with expectations, with order growth on track and full-year 2026 guidance reiterated. The company backs its targets for constant currency revenue, operating profit and margin growth, as well as free operating cash conversion of 90% to 100%. The group says markets remain positive, supported by strong mining activity and a growing pipeline of projects, while acquisition integration is progressing as planned. It adds that its order book is encouraging, although it notes uncertainty related to the Middle East conflict. Weir also says geopolitical volatility has had a "limited impact" on its supply chain so far.
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COMPANIES - FTSE 250
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Ceres Power says its partners Delta Electronics and Centrica have signed an infrastructure partnership to target the data centre market and energy-intensive industries across the UK and Europe. The collaboration will launch with solid oxide fuel cells for off-grid power generation. Delta, a manufacturing licensee of Ceres, builds fuel cell stacks and systems, while Centrica has a strategic partnership with the company to accelerate the deployment of the technology.
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Edinburgh Worldwide Investment Trust says it expects a major board overhaul at its AGM on Thursday, with resolutions backed by activist investor Saba Capital Management likely to pass. The company says it expects Saba's three board nominees to be approved, while resolutions to reappoint existing directors are set to fail. As a result, six current board members are expected to depart following the meeting. It adds that opposition to the board has grown, with four US investment funds now voting against it, representing more than 40% of issued share capital. Chair Jonathan Simpson-Dent calls the situation a "disappointing day for our long-standing shareholders," as the trust anticipates a shift in control.
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OTHER COMPANIES
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Magnum Ice Cream reports a "solid" start to 2026, with organic sales growth of 4.5% in the first quarter, driven by volume growth of 2.9% and price growth of 1.6%. Reported revenue falls 1.2% year-on-year to EUR1.77 billion from EUR1.79 billion, reflecting a negative foreign exchange impact. The Amsterdam-based ice cream company spun off from Unilever, and owner of Magnum, Ben & Jerry's and Cornetto brand says growth was broad-based across regions, supported by strong performance in the US and Europe, alongside continued gains in Asia, the Middle East and Africa. It also highlights progress in its productivity programme and confirms completion of its India and Portugal acquisitions. Looking ahead, the group reaffirms its full-year guidance, expecting organic sales growth of 3% to 5% with underlying margin improvement, despite ongoing macroeconomic uncertainty, including in the Middle East.
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Kerry Group reports a "solid" start to 2026, with first-quarter volume growth of 3.1% and Ebitda margin expanding by 60 basis points, driven by efficiencies from its Accelerate 2.0 programme. Pricing falls 1.3% in the quarter, reflecting input cost deflation, while reported revenue declines due to currency headwinds. Kerry maintains its full-year constant-currency-adjusted earnings-per-share guidance for 6% to 10% growth, citing continued strong volume momentum and margin expansion despite macroeconomic and geopolitical uncertainty.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
UnileverDCCGlencoreUnited UtilitiesWeir GroupCeres PowerCentricaLloydsSchroders