9th Nov 2026 07:57
(Alliance News) - IMI completes the sale of its Truflo Marine business for GBP225 million, while Kainos reports a sharp rise in half-year earnings. Meanwhile, RTW Biotech Opportunities expands its capital allocation plan, earmarking a further USD42.8 million for share buybacks.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called marginally lower at 10,672.44
GBP: higher at USD1.3386 (USD1.3362 at previous London equities close)
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ECONOMICS
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China will maintain its suspension of additional tariffs on US imports for another two months, officials said. The 24% additional tariff will be suspended, but a tariff of 10% will remain, the Commerce Ministry said. The 24% tariff was first introduced in April 2025 on certain US imports but then paused shortly after several rounds of negotiations. US President Donald Trump and Chinese President Xi Jinping then reached a broader trade truce in Busan in October. Trump and Xi could meet for the third time this year on the sidelines of the Asia-Pacific Economic Cooperation, APEC, summit in Shenzhen, southern China, next week. Russian President Vladimir Putin has also announced his attendance, leading to speculation about a joint meeting between the three leaders. Trump said on Sunday that he would be travelling to China for the meeting that begins on November 18. "One of the meetings, I think, will be with President Putin and President Xi, and that'll be interesting," Trump told reporters.
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Foreign ministers from the G7 nations meet in Paris for two days of talks focused on efforts to end Russia's war in Ukraine and prevent renewed US military action against Iran. European powers are expected to press Washington to secure a fair peace settlement for Kyiv ahead of US-mediated talks with Russia and Ukraine in Abu Dhabi on Tuesday and Wednesday. US Secretary of State Marco Rubio is attending the meeting, which comes amid concerns over President Donald Trump's approach to negotiations with Moscow and the possibility of further strikes against Iran. European governments are also seeking a diplomatic resolution to tensions with Tehran and the restoration of normal shipping through the Strait of Hormuz.
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BROKER RATINGS
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Berenberg raises Autotrader to 'buy' (hold) - price target 660 (510) pence
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Barclays raises Pets At Home to 'equal weight' - price target 265 pence
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COMPANIES - FTSE 100
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easyJet is planning to cut around 50 jobs at its Luton headquarters ahead of a shareholder vote on its GBP5.7 billion takeover by US private equity firm Apollo Global Management, according to The Times. The newspaper reports that the budget airline has launched a consultation on the proposed redundancies before a 12-month moratorium on job cuts takes effect following completion of the deal. A source close to easyJet says the reductions are unrelated to Apollo, which has offered 715 pence per share. The proposed takeover, backed by founder Stelios Haji-Ioannou, faces concerns from pilots' unions over job security and plans to add GBP3 billion of debt to the airline. easyJet says the proposals affect a small proportion of head-office roles and are intended to support its future growth plans.
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Engineering firm IMI completes the sale of its Truflo Marine business to Fairbanks Morse Defense for an enterprise value of GBP225 million. The company says the disposal, first announced in November 2025, completed on November 6. Chief Executive Officer Roy Twite says: "The sale of Truflo Marine further aligns IMI to the three powerful megatrends that will underpin the delivery of sustainable growth - Energy, Automation and Healthcare."
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COMPANIES - FTSE 250
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Kainos Group reports a 26% rise in pretax profit to GBP35.8 million for the six months ended September 30 from GBP28.4 million a year earlier, as revenue jumps 37% to GBP268.8 million from GBP196.1 million. Adjusted pretax profit increases 30% to GBP41.7 million from GBP32.0 million, while diluted earnings per share rise to 23.1 pence from 16.7p. The IT services provider raises its interim dividend by 6.0% to 10.4p per share from 9.8p. Bookings grow 27% to GBP402.3 million from GBP317.0 million, while its contracted backlog increases 26% to GBP853.0 million from GBP679.3 million, supported by major multi-year contract wins. Digital Services revenue surges 57% to GBP162.5 million, driven by strong demand from UK government and healthcare clients, although its gross margin narrows by 3.9 percentage points to 31.9% due to increased use of contractors. Workday Products revenue rises 22% to GBP48.0 million, with annual recurring revenue reaching GBP96.0 million, while Workday Services revenue grows 9.0% to GBP58.3 million. Looking ahead, Kainos expects further revenue and adjusted pretax profit growth in the second half, in line with current market expectations, and anticipates surpassing its GBP100 million Workday Products annual recurring revenue target during the current quarter.
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RTW Biotech Opportunities expands its capital allocation plan, earmarking a further USD42.8 million for share buybacks, equivalent to 4.9% of its net asset value at September 30. The life sciences investment company says it has returned USD42.3 million of its previous USD45 million commitment to shareholders through share buybacks, including the repurchase of 7.2 million shares in the year to November 5. Under the revised policy, RTW may allocate up to 20% of realised gains from mergers and acquisitions to a liquidity pool for shareholder returns. The additional allocation brings the total available pool to USD45.5 million, or 5.3% of net asset value, including the outstanding USD2.7 million from its previous commitment. The company says the new allocation reflects successful acquisitions involving portfolio companies and will be deployed through net asset value-accretive share buybacks over time at the board's discretion.
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Meridian Mining says its Cabacal copper, gold and silver project in Mato Grosso, Brazil, has entered the pre-construction phase as it advances towards a final investment decision. The mining company appoints engineering firm AFRY as its engineering, procurement and construction management contractor and says it has committed USD30.9 million to pre-construction investments, including power transformers, road upgrades and processing equipment. Meridian has secured an installation licence for a planned 24.3-kilometre power line and awarded engineering contracts for improvements to heavy vehicle access roads. On financing, the company says it has received more than 20 indicative proposals, including several fully funded packages totalling USD400 million covering project debt, cost overruns and any required equity contribution. Meridian is assessing the proposals to shortlist preferred financing partners. The project's definitive feasibility study estimates a net present value of USD2.1 billion and an internal rate of return of 108%.
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OTHER COMPANIES
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Vaalco Energy says it has completed the first exploration phase at block CI-705 offshore Ivory Coast and received government approval to proceed to the second phase. The oil and gas producer, which operates the block with a 70% working interest, says the next phase includes further seismic reprocessing, relinquishing 25% of the exploration area and drilling an exploration well by the end of 2028. CEO George Maxwell says: "We see encouraging prospectivity on the block in the play types proven throughout the Ivoirien Basin including both structural and stratigraphic traps in the Upper Cretaceous and Albian sections."
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Custodian Property Income REIT acquires a GBP11.0 million portfolio of eight retail and industrial properties from investment vehicles managed by Lincoln Property Syndicates. The deal is funded through the issue of 10.6 million new shares and GBP400,000 in cash. The fully occupied portfolio, primarily located in the East Midlands, generates annual rental income of GBP800,000 and has a net initial yield of 6.7%. The property investor says the acquisition will reduce net gearing by around 0.2 percentage points, keeping it close to its 25% target, and offers opportunities to improve earnings per share and dividend cover through rental growth.
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Potter & Moore appoints James Robinson as non-board chief financial officer, effective January 11, 2027. The beauty and well-being brand owner says Robinson joins from health and wellness retailer Holland & Barrett, where he has served as head of finance since 2024. He previously held the CFO role at home interiors brand Buster and Punch, alongside finance positions at Comparethemarket, AB Agri and Thomas Cook. CEO Pippa Clark thanks outgoing finance chief Qadeer for his contribution over the past four years.
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DNO ASA confirms that its revised cash offer for Capricorn Energy has lapsed after conditions relating to the required shareholder meetings were not satisfied by the November 7 deadline. The Norwegian oil and gas company says its acquisition vehicle, DNO Bidco AS, has invoked the deadline condition, bringing the proposed takeover to an end. The offer was announced in September and was to be implemented through a court-sanctioned scheme of arrangement. The lapse comes as Genel Energy's rival takeover of Capricorn approaches completion.
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By Eva Castanedo, Alliance News senior economics reporter
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