5th Aug 2026 08:00
(Alliance News) - Glencore reports a surge in first-half profit, announces USD1.5 billion of additional shareholder returns and plans an Australian listing, while Next lifts its annual profit guidance after stronger-than-expected second-quarter sales. Coca-Cola HBC also upgrades its 2026 outlook following first-half revenue and earnings growth.
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 0.3% at 10,906.08
GBP: higher at USD1.3466 (USD1.3445 at previous London equities close)
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BROKER RATINGS
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Barclays cuts Smith & Nephew to 'underweight' - price target 1,050 (1,290) pence
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Exane BNP cuts HSBC to 'underperform'
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Citigroup cuts HSBC to 'neutral' (buy) - price target 1,570 (1,640) pence
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LBBW cuts Vodafone to 'hold' (buy) - price target 125 (120) pence
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COMPANIES - FTSE 100
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Glencore swings to a first-half pretax profit of USD4.89 billion from a USD1.13 billion loss a year earlier as revenue surges 49% to USD174.43 billion from USD117.40 billion, driven by what it describes as a “significant repricing” of energy and related markets. Adjusted Ebitda jumps 86% to USD10.12 billion from USD5.43 billion, while the miner says average first-half copper prices rose 39% year-on-year and zinc prices increased 22%. Glencore announces a USD1.5 billion top-up shareholder return, comprising a special cash distribution of 8.5 US cents per share, payable in September, and a new USD500 million share buyback to run until February 2027, taking total announced 2026 shareholder returns to around USD3.5 billion. The company also announces plans for a secondary listing on the Australian Securities Exchange from October, saying the move would strengthen its profile, broaden its investor base and improve trading liquidity. Glencore says it has made a strong start to 2026, remains confident in the long-term fundamentals of the business despite expecting market volatility to stay high, continues to advance its “significant” copper growth pipeline, and now expects first production at the Alumbrera project in the second half of 2027, ahead of previous guidance for the first half of 2028.
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Next raises its full-year pre-tax profit guidance by GBP25 million to GBP1.24 billion, representing growth of 7.3% from 2025, up from previous guidance of GBP1.22 billion and 5.2% growth. The retailer also lifts its earnings per share forecast to 812.9 pence, up 9.2% year-on-year, from prior guidance of 792.9p and 6.5% growth. The upgrade follows second-quarter full-price sales growth of 9.2%, materially ahead of 4.0% guidance, with sales GBP70 million above forecast due to warm UK weather, the release of pent-up demand in the Middle East and Northern Europe, and stronger-than-expected marketing returns. Next says the sales outperformance contributed GBP15 million to profit, while a GBP70 million outperformance from equity investments adds a further GBP10 million. The company maintains guidance for 5.0% full-price sales growth in the remainder of the year, with second-half UK sales expected to rise 2.8% versus 3.6% growth in the first half and international sales to increase 14% versus 24% in the first half. Full-year guidance now assumes total full-price sales growth of 6.3%, comprising UK growth of 3.2% and international growth of 19%, up from previous overall guidance of 5.0%.
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Coca-Cola HBC raises its 2026 guidance after reporting strong first-half growth driven by higher volumes. Net sales revenue rises 11% to EUR6.23 billion from EUR5.62 billion, with organic revenue growth of 9.6%, while volume increases 7.5% to 1.57 billion unit cases from 1.46 billion. Pretax profit climbs 12% to EUR723.3 million from EUR644.6 million, and net profit grows 11% to EUR524.4 million from EUR470.6 million. Comparable earnings before interest and tax increase 17% to EUR760.1 million from EUR649.8 million, with the comparable Ebit margin improving to 12.0% from 11.5% a year earlier. Following the performance, Coca-Cola HBC now expects 2026 organic revenue growth at the top end of its 6% to 7% range and raises its organic Ebit growth guidance to 8% to 10% from 7% to 10% previously. The company also says it remains on track to complete its acquisition of Coca-Cola Beverages Africa in the second half of 2026, having secured antitrust clearance in four of the six required jurisdictions to date. CEO Zoran Bogdanovic says: "Successful FIFA World Cup activations with our customers, including unique fan experiences and special-edition Coca-Cola and Powerade packs, were among the highlights of the period. Innovation played a key role in driving growth, with exciting activity across Sparkling, Monster and Powerade."
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COMPANIES - FTSE 250
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Shawbrook Group reports higher first-half earnings and reiterates its full-year guidance, while remaining on track to pay its maiden ordinary dividend in 2027 in respect of 2026 earnings. Underlying pretax profit rises 16% to GBP195.5 million from GBP168.6 million a year earlier, as net interest income increases 14% to GBP354.6 million from GBP310.9 million. Impairment losses climb 56% to GBP50.7 million from GBP32.6 million, reflecting additional provisions against a small legacy development finance portfolio. Customer deposits increase to GBP18.8 billion from GBP18.4 billion at the end of 2025, while the loan book, including originate-to-distribute assets, grows to GBP20.1 billion from GBP19.2 billion. The Essex, England-based digital banking platform reiterates its 2026 guidance, including a loan book of around GBP21 billion, a cost-to-income ratio below 38%, a CET1 ratio above 13.2%, and an underlying return on tangible equity of around 17%.
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4imprint Group reports lower first-half profit but says it expects full-year revenue and earnings to come in above current market expectations. Pretax profit falls 19% to USD59.6 million from USD74.0 million a year earlier, despite revenue rising 1.1% to USD666.4 million from USD659.4 million. The promotional products marketer keeps its interim dividend unchanged at 80.0 US cents per share, equivalent to 59.4p versus 60.1p a year ago due to exchange rate movements. Looking ahead, 4imprint says it is encouraged by first-half trading and expects 2026 revenue to come in slightly above USD1.35 billion, with adjusted pretax profit of around USD130 million, above the current range of analysts’ forecasts. Cash and bank deposits increase 34% to USD136.9 million from USD102.3 million a year earlier.
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Harworth Group says it is in advanced negotiations to sell a second hyperscale data centre site from its powered land portfolio, with the potential to generate value gains above its GBP106.6 million Microsoft land sale in 2024. The regenerator of land for sustainable development says the opportunity highlights the embedded value in its 0.8GW power-enabled land bank and has prompted it to accelerate capital allocation towards higher-return industrial, logistics and powered land projects. Harworth adds that it has completed, exchanged or is in legal negotiations on 60% of its budgeted full-year sales, including 952 residential plots, while progressing 1.5 million square feet of industrial and logistics lettings and land sale negotiations. It expects EPRA net disposal value at June 30 to be "modestly below" December 31 levels, reflecting weaker residential land valuations, while industrial and logistics valuations are expected to remain broadly unchanged. The group says it remains well funded, with available liquidity of GBP99.5 million and a pro forma loan-to-value ratio of 20.4% at June 30, falling to 15.6% currently.
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OTHER COMPANIES
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Ryanair Holdings says passenger traffic reaches a record 22.2 million in July, up 7.0% from 20.8 million a year earlier. The Dublin-based budget airline operates more than 120,800 flights during the month, while its load factor remains unchanged at 96%. On a rolling 12-month basis, passenger numbers increase 5.0% to 213.2 million from 203.1 million, with the load factor steady at 94%.
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1947 Oil & Gas confirms its intention to float on AIM later in August and announces the conditional acquisition of Houston-based Renaissance Offshore LLC. The newly incorporated US-focused oil and gas producer plans to raise GBP50 million through the issue of 500.0 million new shares at 10p each, implying a market capitalisation of GBP65 million on admission. Renaissance Offshore, which has interests in 11 shallow-water Gulf of Mexico fields, will become the company’s first producing asset upon admission. Net proceeds from the fundraising, alongside GBP7.2 million raised in an oversubscribed pre-IPO round, will fund the acquisition, working capital and listing costs. The company says it intends to adopt a progressive dividend policy, targeting its first interim payout after half-year results to June 2027. 1947 Oil & Gas's Co-President and Founder is Ivan Murphy, the current executive chair of London-listed Harena Rare Earths. Executive Chair of 1947 Oil & Gas will be Tim Duncan, who in the past served as chief executive officer of Talos Energy, listed on the New York Stock Exchange.
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By Eva Castanedo, Alliance News senior economics reporter
Comments and questions to [email protected]
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Related Shares:
Coca-Cola HBCShawbrook GroupGlencoreNext4ImprintHarworth GpRYA.LSmith & NephewHSBC HoldingsVodafoneHarena Rare Earths