13th Jan 2026 07:58
(Alliance News) - Games Workshop posts record half-year earnings, Whitbread delivers quarterly sales growth and updates guidance, while Persimmon reports higher 2025 completions and expects underlying profit at the top end of forecasts.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called flat at 10,140.70
GBP: slightly higher at USD1.3469 (USD1.3468 at previous London equities close)
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BROKER RATINGS
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Morgan Stanley cuts AB Foods price target to 1,650 (1,800) pence - 'underweight'
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Barclays cuts Auto Trader group price target to 825 (965) pence - 'overweight'
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COMPANIES - FTSE 100
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Games Workshop reports a "record" first half performance, delivering higher revenue and profit. Revenue for the 26 weeks to November 30 rises to GBP332.1 million from GBP299.5 million a year earlier, driven by core revenue of GBP316.1 million, up from GBP269.4 million. Pretax profit increases to GBP140.8 million from GBP126.8 million, while earnings per share climb to 319.9 pence from 288.9p. The group declares a dividend of GBP1.10 per share, taking taking dividends declared so far in financial 2026 to GBP4.85 per share, up from GBP4.20 in financial 2025. The Nottingham, England-based fantasy game figurine maker and retailer says growth is broad-based across trade, retail and online channels, supported by weekly miniature releases and rising engagement with the Warhammer brand. Games Workshop continues to expand its own-store footprint and is seeking a new location for its cafe-format store on the east coast of North America. Regarding the impact of US tariffs, CEO Kevin Rountree says: "We reported in the 2025 annual report that new tariffs could impact profit before tax by around GBP12 million in 2025/26. We have incurred around GBP6.0 million in the period reported as a direct consequence of US tariff changes. The impact on our gross margin has been more than offset by efficiencies, price rises of around 3.5% on our miniatures and books, more stable commodity prices and lower stock write offs."
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Whitbread reports "continued strong trading momentum" in the third quarter, with group sales up 2% year-on-year to GBP781 million, supported by accommodation growth in both the UK and Germany. Premier Inn UK delivers 2% accommodation sales growth and a 3% rise in RevPAR. Food & beverage sales fall 3% as "expected" due to the group's strategy to convert lower-returning restaurants into hotel extensions. In Germany, Whitbread sees accommodation sales rising 16% in sterling and 12% in local currency, driven by a maturing estate and commercial initiatives. RevPAR for established hotels increases 9%, "significantly" outperforming the wider German market. Looking ahead, the Bedfordshire-based hotel and restaurant owner, whose lead business is the Premier Inn chain, raises its financial savings target to GBP75 million–GBP80 million, up from GBP65 million–GBP70 million. It also now expects the cost impact of business rates changes in financial 2027 to be around GBP35 million, lower than its earlier GBP40 million–GBP50 million estimate. Current trading sees UK accommodation sales and RevPAR both up 4% in the six weeks to January 8, and Germany accommodation sales up 11%.
CEO Dominic Paul says: "Our vertically integrated model means we are well-positioned to adapt to shifts in the trading and fiscal environment and can continue to deliver sustainable and long-term value for shareholders. As previously announced, in response to the recent UK budget, we are exploring a variety of options in order to further drive profits, margins and returns and will provide an update to the market regarding our five-year plan at the time of our financial 2026 results on April 30."
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LondonMetric says it acquires nine additional Premier Inn hotels from Whitbread for GBP89.0 million, reflecting a net initial yield of 5.3% on newly signed 30-year leases. The portfolio generates GBP5.0 million in annual rent for the London-based real estate investment trust, subject to five-yearly CPI-linked uplifts. The 955-room portfolio comprises mature, purpose-built hotels across the South East. Following the deal, Whitbread becomes LondonMetric's fourth-largest occupier, contributing GBP11.3 million of annual rent, or around 2.7% of the group's total. Chief Executive Andrew Jones says the acquisition adds "high quality and mission critical assets" that provide "long, strong and growing triple-net income". It follows LondonMetric's recent GBP44 million purchase of a separate Premier Inn portfolio, taking its ownership of the brand's hotels to 22.
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Persimmon says it delivers 12% growth in completions in 2025 to 11,905 homes and expecting to report full-year underlying pretax profit at the upper end of its GBP415 million to GBP440 million market expectations. The average selling price rises around 4% to GBP278,000, while the group notes its underlying housing operating margin will be towards the lower end of its guided 14.2%–14.5% range. Forward sales increase 2% to GBP1.17 billion from GBP1.15 billion a year prior, with private forward sales up 4% to GBP680 million from GBP653 million. The housebuilder operates from an average of 271 outlets during the year, supported by land that brings owned and controlled holdings to around 84,750 plots. The group ends 2025 with about GBP116 million in net cash, after returning GBP192 million to shareholders and spending roughly GBP60 million on building safety remediation. Looking ahead, Persimmon says it enters 2026 with a "robust" order book and expects to meet current market expectations for the new year, citing compiled consensus for underlying pretax profit of GBP461 million to GBP487 million.
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COMPANIES - FTSE 250
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THG reports second-half revenue rising 6.7% year-on-year, around 14% ahead of the top end of its guidance range. Beauty and Nutrition both contribute, with THG Beauty delivering 5.5% second-half growth and THG Nutrition up 9.2% (13% excluding Asia). The group reiterates that adjusted Ebitda expectations for 2025 remain unchanged and in line with the current consensus range. Fourth-quarter is THG's strongest quarter of 2025, with total revenue up 3.9% to GBP527.4 million, or 7.0% at constant currency. Beauty sees 2.2% revenue growth to GBP370.2 million, helped by strong cosmetics and skincare demand and a standout quarter for Lookfantastic in the UK and Ireland. Nutrition revenue rises 8.1% in fourth-quarter to GBP157.2 million. On a full-year basis, the Manchester, England-based online retailer of sports nutrition and beauty products delivers its first annual revenue increase at constant currency since 2021, up 2.3% to GBP1.72 billion. The group says it enters 2026 with high confidence in trading momentum across both Beauty and Nutrition following roughly 8% revenue growth over November and December.
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Trustpilot expects bookings up 22% to USD291 million in 2025, annual recurring revenue rising 28% to USD296 million, and revenue up 24% to USD261 million. On a constant-currency basis, bookings grow 18% and ARR 19%. Adjusted Ebitda is set to come in ahead of market expectations, supported by improved gross retention of 87% and accelerating H2 momentum, particularly in enterprise new business. The Copenhagen-based consumer review platform highlights strong cash generation, ending 2025 with USD48 million after completing USD72 million in share buybacks. Trustpilot plans to extend its existing buyback programme by up to USD10 million due to confidence in future cash flow. The company says it receives a draft "statement of objections" from Italy’s competition authority regarding an alleged breach of the Italian Consumer Code. Trustpilot is submitting a "robust response" and expects the process to conclude by the end of March, adding that Italy contributes less than 5% of revenue and it foresees no material operational impact.
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OTHER COMPANIES
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Gym Group expects full-year results to come in slightly above the top end of market forecasts. Revenue rises 8% to GBP244.9 million for the year ended December 31, with like-for-like growth of 3%. Average membership increases 4% to 945,000, up from 906,000 a year prior, ending the year with 923,000 members, while average revenue per member per month climbs 4% to GBP21.60 from GBP20.81. Sixteen new sites open during the year, taking the estate to 260 locations, with 40 gyms now trading in the new enhanced format. Net debt falls to GBP59.3 million, around GBP5 million better than analyst expectations and below GBP61.3 million as of December 31, 2024. Adjusted Ebitda less normalised rent for 2025 is expected to come in slightly above the consensus top end of GBP54.9 million, with 2026 also anticipated to exceed the current guidance range of GBP55.2 million to GBP59.3 million. The group now targets around 75 new sites over the next three years, funded from free cash flow, including around 20 openings in 2026. Alongside reinvestment in its estate and technology, the board plans to launch a share buyback of up to GBP10 million, expected to be completed by the end of 2026.
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By Eva Castanedo, Alliance News reporter
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