25th Sep 2025 08:01
(Alliance News) - London's FTSE 100 is set to open lower on Thursday following a slump in Wall Street stocks on Wednesday, as investors cautiously look to a US economic growth data reading later in the day.
In early corporate news, Halma upgrades its full-year guidance following growth in its Environmental & Analysis segment, while Petershill Partners plans to delist from the London Stock Exchange.
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 0.2% at 9,235.43
GBP: up at USD1.3455 (USD1.3452 at previous London equities close)
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BROKER RATINGS
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Bernstein raises Centrica price target to 174 (165) pence - 'market-perform'
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JPMorgan places Computacenter on 'positive catalyst watch', raises price target to 3,000 (2,900) pence - 'overweight'
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Berenberg raises Kistos price target to 235 (230) pence - 'buy'
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COMPANIES - FTSE 100
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Halma reports "strong progress" in the six months to September 30, despite a "challenging economic and geopolitical environment". The firm now expects low double-digit percentage organic constant currency revenue growth for the full year, upgraded from its prior guidance for upper single-digit growth. The increase is driven primarily by stronger-than-expected growth in photonics within its Environmental & Analysis sector. Order intake also remains ahead of revenue in the year to date and the year before. Halma leaves its full-year adjusted earnings before interest and tax margin guidance unchanged, anticipating it "modestly above" the middle of a 19% to 23% target range. Full-year cash conversion is expected in line with a KPI of 90%. The company notes that the appreciation of sterling is having a negative currency translation effect on its results, however, which is expected to continue into the second half of the year. Halma says it continues to have a "healthy" acquisition pipeline, having completed two takeovers in the year to date and one disposal, of AAI, for around GBP10 million. Halma is due to release its half-year results on November 20.
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COMPANIES - FTSE 250
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Petershill Partners proposes a de-listing of the company, with a capital return of 415 cents per share, totalling USD921 million, and cancellation of shares for all free-float shareholders. The return of capital will be funded by cash, deferred disposal proceeds and new debt. Including an interim dividend of 5.2 cents, the total payout will be 420.0 cents per share, a 35% premium to the previous close's share price. The firm also reports pretax profit of USD287.4 million for the six months to June 30, jumping 75% from USD163.9 million a year earlier. Total income grows 29% to USD188.1 million from USD146.3 million, while movement in financial assets and liabilities held at fair value totals USD185.2 million, more than doubling on-year from USD72.3 million. "We are pleased that our Partner-firms have raised USD19 billion of gross fee-eligible assets in the first half, despite volatile markets earlier in the year," says Ali Raissi-Dehkordy and Robert Hamilton Kelly, co-heads of Goldman Sachs Petershill Group. "This in part reflected the bring forward of asset raising previously expected in the second half of the year. Year to date, we have acquired two stakes in mid-market private equity firms to generate fee-paying [assets under management] and completed two disposals." Regarding the proposed de-listing, Raissi-Dehkordy and Kelly explain: "The board and the operator believe the company has been consistently undervalued despite strong delivery of its strategy and that this is a unique opportunity to return significant near-term value to free-float shareholders."
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Future remains on track to meet market expectations for adjusted operating profit for the year ending September 30, with organic revenue performance "broadly as expected". A company-compiled consensus puts revenue at GBP743.2 million, which would be a 5.7% decline from GBP788.2 million, and adjusted operating profit at GBP205.6 million, down 7.5% on-year from GBP222.2 million. Within its business-to-consumer arm, direct digital advertising is set to grow during the second half in both the US and the UK, "despite continued volatility and challenging market backdrop". Programmatic advertising "continues to be soft", but with performance improved in the second half. eCommerce affiliates revenue declined in the second half, impacted by lower audience, while magazines revenue remained "resilient". Performance at Future's Go.Compare brand moderated following a "standout" financial 2024, which reflected an expected slowdown in the car insurance and weaker home insurance market. The firm's business-to-business arm delivers a "soft" performance, though Future notes an "improving trend" compared to the first half. "Alongside good strategic progress, the group continues to maintain its strong financial characteristics of attractive profit margin and good cash generation," the company says. Future will release its full-year results on December 4.
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OTHER COMPANIES
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Glenveagh Properties posts pretax profit of EUR32.5 million for the six months that ended June 30, jumping from EUR1.0 million the year before. Revenue more than doubles to EUR341.6 million from EUR152.2 million, as the firm completes more than 900 units during the first half, doubled from 424 units a year earlier. Glenveagh is on track to complete around 2,600 units during the full year, 1,500 of which will be comprised within its Homebuilding arm. The firm also anticipates around EUR400 million in Partnerships revenue, compared to EUR120.0 million a year prior and EUR123.2 million during the first half. This six-month period is the first in which the Partnerships segment has made a "material contribution" to group revenue, the company notes. Full-year earnings per share guidance of 19.5 cents is reiterated, which would be up 15% from 17.0 cents in financial 2024. "The first half of this year marks another period of successful execution against Glenveagh's long-term strategy with a focus on scaling delivery, deepening public-private partnerships, and enhancing operational efficiency through innovation," says Chief Executive Officer Stephen Garvey. "These strategic pillars continue to deliver the strong performance we expect - with revenue, profitability and margin all in line with guidance - while maintaining discipline in capital deployment and risk management across the business." The group's landbank continues to support 2,600 to 3,600 units every year through to 2030 in both its Homebuilding and Partnerships segments.
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By Emily Parsons, Alliance News reporter
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Related Shares:
CentricaComputacenterKistos HoldingsHalmaFutureGlenveaghPetershill