15th Dec 2025 07:59
(Alliance News) - Hikma Pharmaceuticals announces the departure of its chief executive, while Elementis completes a GBP40 million buyback and Filtronic secures a major defence contract. Building society Nationwide forecasts steadier UK house price growth in 2026.
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MARKETS
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FTSE 100: called higher 0.4% at 9,687.93
GBP: slightly higher at USD1.3361 (USD1.3356 at previous London equities close)
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ECONOMICS
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Nationwide says the UK housing market proved "resilient" in 2025, with mortgage approvals holding near pre-pandemic levels despite subdued sentiment and higher borrowing costs. Annual house price growth slowed to 1.8% by November but remained close to 2022's record highs, supported by easing affordability as incomes outpaced prices and mortgage rates drifted lower. Looking ahead, the lender expects activity to "strengthen a little further" in 2026 and forecasts annual house price growth of 2% to 4%. Nationwide adds that changes to property taxes in last week’s UK budget are unlikely to significantly affect the market. A planned council tax surcharge on high-value homes, due in 2028, will affect less than 1% of English properties, while higher taxes on property income may further dampen buy-to-let activity and restrict rental supply, potentially sustaining upward pressure on rents. Robert Gardner, Nationwide's chief economist, says: "House prices evolved broadly in line with our expectations. Annual price growth slowed steadily from 4.7% at the end of 2024 to 2.1% in the middle of 2025 and then to 1.8% in November."
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BROKER RATINGS
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Jefferies cuts Tesco to 'hold'- price target 450 pence
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Jefferies cuts AB Foods to 'underperform' - price target 1,800 pence
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Goldman Sachs starts Magnum Ice Cream with 'neutral' - price target 13.70 EUR
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COMPANIES - FTSE 100
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Hikma Pharmaceuticals says Chief Executive Officer Riad Mishlawi steps down on Monday "by mutual agreement," also leaving the board. Executive Chair Said Darwazah - who previously served as CEO -immediately assumes all CEO responsibilities. The London-based pharmaceutical company says Darwazah will lead alongside Chief Financial Officer Khalid Nabilsi, who joins the board and takes on expanded management duties. Hikma thanks Mishlawi for his long service, while the board says it is "confident" in the group's growth prospects under Darwazah's "experienced leadership" and will begin a search for a new CEO in due course. Hikma reiterates that 2025 guidance is unchanged from its November 6 trading update and will report full-year results on February 26.
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HSBC despatches the scheme document for its proposed takeover and privatisation of Hang Seng Bank, with shareholders due to vote at meetings on January 8. The lender outlines the full terms of the offer, including the recommended "fair and reasonable" opinion from Hang Seng's independent board committee. If approved by disinterested shareholders and sanctioned by the Hong Kong court, the scheme is expected to become effective on January 26, with Hang Seng's listing withdrawn the following day.
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COMPANIES - FTSE 250
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Elementis says it has completed its share buyback programme, purchasing 24.6 million shares for a total GBP40 million at an average price of 162.75p. The London-based chemicals maker cancels around 23.0 million shares, about 4.2% of issued capital.
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OTHER COMPANIES
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Filtronic says a major European defence prime has authorised it to begin work on the next phase of a long-running electronic sensor programme. The Sedgefield, England-based maker of advanced micro electronics says the initial authorisation to proceed is worth around GBP7 million ahead of full purchase-order conversion expected in the first quarter of 2026, with the total contract valued at about GBP11 million over two years. Production will take place at the company's new secure microelectronics facility in Sedgefield. CEO Nat Edington says: "This latest win deepens our engagement with a key European defence customer and strengthens Filtronic's position in the defence sector, a growing market for the group. As we invest in capability and capacity, Filtronic is increasingly well positioned to support long-term demand for advanced RF solutions in the defence market."
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Environmental and specialist filtration technology firm Porvair says it expects operating profit and margins for the year ended November 30 to come in ahead of the prior year, with adjusted earnings per share set to be marginally above market expectations. Revenue is expected to grow around 1%, or 2% at constant currency. The firm reports net cash of GBP23 million at year-end, up from GBP13.7 million a year earlier. Full-year results will be published on February 9.
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DBAY Advisors, which owns just under 25% of TT Electronics, says it will not make an offer for the company ahead of Monday's deadline, confirming it will instead vote against the agreed takeover by Switzerland's Cicor Technologies. The decision follows DBAY's earlier move to explore a rival bid, having labelled Cicor's 150p-per-share offer "unattractive". The takeover panel had required DBAY to declare its intentions after TT Electronics delayed a shareholder vote on the Cicor deal to December 22, giving investors more time for talks. DBAY says it remains restricted under Rule 2.8 but reserves the right to return under certain circumstances, such as if Cicor's bid lapses or a third party emerges.
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Zinnwald Lithium, the Europe-focused developer of the integrated Zinnwald lithium project, in Saxony on the German-Czech border, says the German federal government has formally endorsed its integrated Zinnwald lithium project, describing it as aligned with national strategic raw materials priorities and confirming it will advocate for its recognition at European level. The support follows a site visit by Parliamentary State Secretary Stefan Rouenhoff from the Federal Ministry for Economic Affairs & Climate Protection, who highlighted the project as evidence that modern extraction of strategic raw materials is possible in Germany and could benefit from the EU's new RESourceEU framework. The State of Saxony also reiterates its backing, calling domestic raw-materials development increasingly important amid geopolitical tensions and supply chain risks.
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Conroy Gold & Natural Resources says drilling has commenced on a 2,000-metre programme at its Clontibret gold project, marking the start of a systematic campaign to test deeper mineralisation as part of its "Discs of Gold" strategy. The first hole is now under way and is designed to reach more than 500 metres vertically, which is the deepest test undertaken at the deposit, targeting the major stockwork zone beneath the historic Tullybuck antimony mine and intersecting more than ten known lodes. The Ireland and Finland-focused gold explorer and developer says follow-up holes will assess strike extensions of the antimony-bearing lode system and several central gold lodes, with a second drill rig to be mobilised before year-end to accelerate work. Chair John Sherman says: "This initial package of drilling follows on from the insights into plunge controls at the Clontibret target gained from the re-logging effort. The aim of this body of work is to begin to assess the potential for gold in the system at depth, as well the contribution of antimony to the attractiveness of Clontibret."
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By Eva Castanedo, Alliance News reporter
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Related Shares:
TescoAB FoodsHikma PharmaceuticalsHSBC HoldingsElementisFiltronicPorvairZinnwald LithiumConroy Gld&nresTt Electronics