29th Aug 2025 07:48
(Alliance News) - Frasers promotes new chair, Apax Global Alpha's net asset value slips ahead of its takeover while John Wood sells a transmission and distribution business.
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 8.5 points, 0.1%, at 9,225.32
GBP: lower at USD1.3494 (USD1.3513 at previous London equities close)
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BROKER RATINGS
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Deutsche Bank Research raises Keller Group to 'buy' (hold)
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Peel Hunt cuts ITM Power to 'hold'
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COMPANIES - FTSE 250
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Frasers Group says Jon Thompson will succeed David Daly as chair on Monday. Daly is stepping down from the board after eight years on September 24. The owner of the House of Fraser, Sports Direct and Flannels brands also appoints Andy Lyon as a non-executive director and aims to make a further announcement regarding a second "well-advanced candidate" for another non-executive director position. These roles will succeed David Daly, Ger Wright and Helen Wright who are not seeking re-election. Thompson joined the board in June 2024 as a non-executive director. Thompson was formerly the head of the UK Financial Reporting Council, which oversees corporate governance matters. "Jon's deep experience in corporate governance and strategic leadership will be invaluable as we continue to grow as a leading global retail business," says Chief Executive Officer Michael Murray.
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Apax Global Alpha says its net asset value at the end of June was GBP1.97 per share, down from GBP2.08 per share at the end of December. The closed-ended investment company says total NAV return was negative 6.1% for the six months to the end of June, primarily due to the depreciation of the US dollar against the dollar. Apax says on a constant current basis, total NAV return was positive 2.5%. Chair Karl Sternberg says the trading performance of the underlying private equity portfolio companies was "encouraging" in the first half of the year. In July, Apax said it reached an agreement to be acquired in a deal which valued the fund at around GBP794.5 million. The buyer, Janus Bidco Ltd, is a newly-formed company owned by an investment vehicle to be advised by Apax Partners. It is set to be funded through equity from funds and investors managed or advised by Ares Management LLC. "Assuming shareholders vote in favour of the Bidco proposal, this will be my final chairman's statement," says Sternberg. "The board shares my regret at the loss of one of the UK's listed private equity funds; we remain firm believers in the value of the closed-ended listed structure for holding illiquid assets which offer substantial advantages over long-term asset funds. Despite the lull in performance over the last few years, we believe that Apax remains a high-quality private equity advisor."
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OTHER COMPANIES
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John Wood sells North American Transmission & Distribution engineering business to Qualus for USD110 million. The oilfield services and engineering consulting says North America T&D is a provider of comprehensive power infrastructure engineering for substations, transmission, distribution and renewable generation across Canada and US. Wood says the sale contributes to a total of around USD275 million of disposal proceeds agreed so far in 2025. The firm expects the deal to complete in the third or fourth quarter of 2025. It says proceeds will be used to reduce net debt and retained for general corporate purposes. "We are now on track to exceed our previously announced target for disposal proceeds as we continue to simplify our portfolio," says CEO Ken Gilmartin.
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Carclo swings to a profit for the 12 months to the end of March despite fall in revenue. The provider of precision components swings to a pretax profit of GBP2.7 million from a loss of GBP3.9 million a year ago. The firm says revenue fell due to strategic exit from short-run product lines in the US and Design & Engineering revenue reduction to focus on margin enhancing portfolio optimisation. Underlying operating profit increases to GBP9.8 million from GBP6.6 million due to manufacturing process optimisation. "The board expects the group to continue this positive trajectory through [financial 2026] with continued margin expansion and positive cash generation, notwithstanding an increasingly complex global backdrop," the firm says. CEO Frank Doorenbosch says: "We have a clear plan in place and remain focused on the delivery of our strategy and taking advantage of the significant opportunities we have that will drive profitable growth. With a substantial market opportunity and the progress made, we remain well positioned to realise our exciting potential."
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By Michael Hennessey, Alliance News reporter
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Related Shares:
Apax Global AlphaFrasers GroupWood Group (J)CarcloKellerItm Power