17th Nov 2025 07:49
(Alliance News) - DCC announces plans for a tender offer to return GBP600 million to shareholders, while investors HICL Infrastructure and Renewables Infrastructure Group have agreed to join forces. Elsewhere, THG announced a Snickers-themed partnership with confectionery firm Mars.
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 just 2.9 points at 9,695.47
GBP: up at USD1.3170 (USD1.3158 at previous London equities close)
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ECONOMICS
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UK Chancellor Rachel Reeves will reportedly freeze thresholds for an extra two years after abandoning her plans to hike income tax in the budget. She could also bring in a new levy on high-value properties, in the measures to be announced on November 26. The chancellor had been expected to raise income tax in the face of a gap in spending plans, hinting as recently as Monday that the alternative would be "deep cuts" to public investment. Reeves is understood to have pivoted after improved forecasting from the Office for Budget Responsibility, but other tax rises have not been ruled out, such as limits to salary sacrifice schemes and new tax measures for electric vehicles.
There are reports the chancellor will extend the freeze on income tax thresholds for two years until 2030, in a move that could raise some GBP8 billion a year for the UK treasury. Reeves could also introduce a new levy on some of the most valuable homes, which would mainly affect properties in London and the South East, according to The Telegraph. A treasury spokesperson said: "We do not comment on speculation around changes to tax outside of fiscal events."
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BROKER RATINGS
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Rothschild & Co Redburn raises RS Group to 'buy' (neutral) - price target 760 (560) pence
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COMPANIES - FTSE 100
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DCC has proposed a GBP600 million return to shareholders, following the sale of its Healthcare arm. The sales, marketing and distribution services provider to the energy sector says the return will come in the form of a tender offer. It will acquire just under 12.0 million shares, some 12% of its issued share capital. "The price to be paid for those shares will be set as part of the tender offer process. DCC is inviting shareholders to tender their existing shares within a range of specified prices between GBP50.20 per share and GBP53.20 per share," it adds. "DCC has concluded that a tender offer represents the most effective means of returning a significant amount of capital to shareholders in a short space of time and in a manner that provides shareholders with a suitable degree of optionality as to the number and value of shares that they may elect to offer for purchase."
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Informa is sizing up "faster" profit growth in the years ahead, the events, digital services, and academic publishing business says ahead of a capital markets day. The event is to be held in Dubai, where Informa is hosting a business-to-business commercial airshow. The Dubai Airshow is "one of Informa's most dynamic B2B brands", it adds. Informa says: "The theme for the capital markets day is Compounding Growth, underlining the range of forward growth opportunities for the group." Informa is aiming for "consistent" underlying revenue growth of at least 5%, as well as "faster underlying profit and underlying earnings growth". Free cash flow during the 2025-2028 period is expected to amount to over GBP3.5 billion.
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COMPANIES - FTSE 250
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HICL Infrastructure says it has agreed a combination with Renewables Infrastructure Group, creating an investment firm with net assets above GBP5.3 billion. The deal will see the voluntary winding up of Renewables Infrastructure, with its assets transferred to HICL. HICL will issue new shares to Renewables Infrastructure shareholders, but there is also a cash option. HICL's portfolio includes transport, utilities, social and communications infrastructure. TRIG is a renewable energy investment company. InfraRed Capital Partners manages both. The number of shares issued will be based on the duo's respective September 30 net asset values. The latest published NAVs would suggest HICL issues just over 0.7 shares to TRIG shareholders. HICL's last reported NAV was for the end of March, but TRIG's was for September 30. The cash option, meanwhile, is worth up to GBP250 million, representing around 11% of TRIG's issued share capital. It will be priced at a 10% discount to TRIG's September 30 NAV per share. In addition, the combination has received backing from Sun Life, the parent company of InfraRed Capital Partners. It will buy GBP100 million worth of shares when the deal is done. HICL shareholders will own 56% of the combined firm, assuming the cash exit option is taken in full and based on the last published NAVs of the duo. InfraRed will remain the investment manager. "It is anticipated that documentation in connection with the combination will be posted to shareholders later this week and general meetings are expected to be held in December 2025. Completion of the scheme is expected to occur in Q1 2026," HICL adds.
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THG reports its Myprotein offering has teamed up with confectionery brand Mars. The "exciting new collaboration" will see the launch of a range of Snickers flavoured protein powders. The Snickers and Snickers White Impact Whey Protein through the Myprotein site, and through UK retailers. "The launch expands Myprotein's best-selling range of popular, established flavour collaborations, with further Mars brand varieties to follow," THG adds. "The partnership will also see Mars-branded protein bars range available through Myprotein websites, adding further variety and convenience to protein fans. Mars joins a growing list of international collaborations for Myprotein, which already includes Muller, Iceland, Chupa Chups, Vimto and Jimmy's Coffee. These partnerships have seen the brand enter new markets alongside established category leaders, helping to bring Myprotein products to a wider audience across multiple lifestyle and nutrition categories."
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OTHER COMPANIES
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Paper and packaging firm James Cropper reports a swing to half-year profit, as it reaps the rewards of "the execution of our revised strategic plan". Pretax profit in the half-year to September 27 totals GBP2.7 million, swinging from a loss of GBP606,000 a year prior. Revenue rises 3.7% to GBP51.8 million from GBP49.9 million. "We are now starting to see benefit from the execution of our revised strategic plan, with performance in the year to date consistent with expectations under our revised strategy. In the longer term, we are targeting underlying double-digit revenue growth in the Advanced Materials business, as we continue to deepen customer relationships and develop opportunities across both established and nascent markets," James Cropper says. Trading since the half-year end has been "robust", it adds.
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Stelrad says trading has remained "subdued" during the second half of 2025. The radiator manufacturer, in a trading update for the 10 months to October 31, says "uncertainty has continued to suppress volumes, resulting in lower revenues versus the prior year". There has been a "degree of stability in the rate of volume declines" in the second half when compared to the first, Stelrad adds. "The group continues to implement proactive margin management initiatives and cost reduction activities, with continued operational excellence playing an important role in offsetting declines in volumes. These actions, combined with our focus on higher added value products, are expected to result in another increase in contribution per radiator relative to prior year," the firm adds. For 2025, it now expects adjusted operating profit within a range of GBP32 million to GBP33 million, up from GBP31.5 million in 2024. Chief Executive Trevor Harvey says: "Stelrad continues to deliver a strong operational performance and remains on track to achieve growth in adjusted operating profit and margin expansion year-on-year, despite the subdued volume environment. Whilst the continued delay in end-market recovery remains frustrating, Stelrad's flexible, low-cost manufacturing footprint, outstanding customer service and unmatched product availability means that the group remains well-positioned for the eventual recovery in our end markets, and I remain confident in our ability to deliver long-term value for our stakeholders."
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By Eric Cunha, Alliance News news editor
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Related Shares:
DCCInformaRenewables Infrastructure GroupHICL InfrastructureThgCropper (J)Stelrad Grp