20th Nov 2025 07:51
(Alliance News) - Halma says it has raised its earnings outlook, while JD Sports expects an outcome at the lower end of expectations.
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 0.5% at 9,549.81
GBP: lower at USD1.3063 (USD1.3076 at previous London equities close)
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BROKER RATINGS
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Goldman Sachs starts Tate & Lyle with 'neutral' - price target 410 pence
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COMPANIES - FTSE 100
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Safety products manufacturer Halma says it made "excellent progress in the first half" and it has upped its annual outlook. In the first half to September 30, pretax profit shot up 39% to GBP241.8 million from GBP174.0 million, on revenue that increased 15% to GBP1.24 billion from GBP1.07 billion. "We made excellent progress in the first half, further extending our track record of delivering strong and compounding growth and return," Chief Executive Marc Ronchetti says. "The strength and breadth of our first half performance and our current expectations for the remainder of the year support a further upgrade to our guidance." Halma expects mid-teens organic constant currency revenue growth for the full year, upped from its previous aim of a low double digit rise. An adjusted earnings before interest and tax margin of around 22%, excluding one-off profit in the first half, is now forecast. It had previously predicted an adjusted Ebit "modestly above" the middle of a 19% to 23% target range. Halma upped its interim dividend by 7.0% to 9.63 pence per share from 9.00p.
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JD Sports Fashion says it expects annual profit at the lower end of market expectations, with the athleisure and sporting goods retailer "mindful of weaker near-term consumer indicators". Like-for-like sales in the third quarter to November 1 fell slightly, but organic sales were higher. JD Sports puts consensus for annual adjusted pretax profit at a range of GBP835 million and GBP888 million. Adjusted pretax profit in financial 2025 totalled GBP923 million, so the lower end of the consensus range suggests a 7.6% fall. In the third quarter, like-for-like sales shrunk 1.7% on-year. Organic sales were 2.4% higher, however. UK sales fell 3.3% like-for-like, declining 2.0% organically. North America sales fell 1.7% like-for-like but rose 3.0% organically. In Europe, like-for-like sales fell 1.1%m while in Asia Pacific, they increased 3.9%. Organically, Europe sales rose 4.0% and APAC sales surged 13%. JD Sports says that including acquisitions, its total sales climbed 8.1% on-year at constant currency during the third quarter. JD Sports notes a "solid performance in apparel reflecting strength of the product range", but "continued softness in footwear". "Mindful of incrementally weaker macro and consumer indicators in recent weeks, we are taking a pragmatic approach to the FY26 outlook ahead of our peak trading period in Q4," it cautions. It says it is on track for "strong free cash flow and complete GBP200 million of share buybacks" this financial year.
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COMPANIES - FTSE 250
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Speciality chemicals maker Johnson Matthey says it has backed its annual outlook, and it hails its "leaner, more focused" offering. The company also announces Alastair Judge as chief financial officer from the start of the year, replacing Richard Pike who becomes chief operating officer. Johnson Matthey says revenue in the half-year to September 30 edged up 0.8% to GBP5.35 billion from GBP5.31 billion, though pretax profit slumped 83% to GBP86 million from GBP506 million. Underlying operating profit, however, climbed by 34% to GBP142 million from GBP106 million a year prior. For the full year, it still expects underlying operating profit growth "at the higher end of a mid single digit percentage range". The outlook excludes the Catalyst Technologies and Value Businesses. It puts the baseline from financial 2025 at GBP298 million. In May, Johnson Matthey struck a GBP1.8 billion deal to its Catalyst Technologies business to Honeywell International. "Following the agreement to sell Catalyst Technologies, we are transforming Johnson Matthey into a more highly focused, lean and cash generative business," CEO Liam Condon says. "The carve out of Catalyst Technologies is progressing well and we remain on track to complete the transaction by the first half of calendar year 2026." Johnson Matthey says it has maintained its interim dividend at 22.0p per share. Johnson Matthey says its leadership team has been streamlined to six people, from nine. Judge, who becomes CFO from January 1, joined the company back in July 2018, holding "several key leadership positions" since then. Pike became CFO at the start of April, joining from DS Smith where he was finance director.
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Components and systems manufacturer Senior expects a full-year outturn "comfortably above the board's previous expectations". In the 10 months ended October, revenue climbed 5.9% on-year at constant currency, the firm says. "Aerospace growth is being driven by increasing production rates of commercial aircraft, higher defence spending and improved pricing, which we expect to continue for the full year and beyond. In Flexonics, aftermarket demand for our nuclear and downstream oil & gas products remains robust, and we have continued to outperform land vehicle markets, which have softened in the second half of the year as anticipated and are predicted to remain soft in 2026. Based on Flexonics division trading in the period, we now expect Flexonics 2025 performance to be slightly better than 2024," it adds. "With the continuing strong performance in Aerospace, and improved trading in Flexonics, the board anticipates overall group performance for the full year to be comfortably ahead of previous expectations."
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OTHER COMPANIES
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Liontrust Asset Management says its assets under management declined in the first half of its financial, with a return to net inflows taking "longer than we expected". Assets under management and advice at the end of September stood at GBP22.01 billion, declining 2.6% from GBP2.59 billion at the start of April. Liontrust says it suffered GBP2.32 billion of net outflows during the six months, more than offsetting a positive market and investment performance of GBP1.74 billion. Net outflows accelerated from the GBP2.07 billion reported for the first half of its prior financial year. "The return to net inflows has taken longer than we expected. Yet, below the headline flow numbers, it has been pleasing to see the broadening of clients who are investing across our fund range," Chief Executive Officer John Ions says. "We have been hosting face-to-face discussions and presentations throughout the UK, as well as participating at partner events, culminating in our investment conference in London last week. This activity enables us to provide clients with access to all our investment teams and present the full range of our capabilities, which is especially important given the UK continues to be out of favour." Liontrust says pretax profit during the first half declined 42% to GBP7.3 million from GBP12.5 million. Revenue fell 21% to GBP69.1 million from GBP87.0 million. It declared a first interim dividend of 7.0p per share, down markedly from 22.0p a year prior. It also announces a GBP10 million share buyback over the period to June 30. The CEO adds: "We are confident that the flows will be turned and the excellent delivery for clients from across Liontrust will be rewarded."
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By Eric Cunha, Alliance News news editor
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Related Shares:
Tate & LyleLiontrust Asset ManagementSeniorJohnson MattheyHalmaJD Sports