24th Nov 2025 07:53
(Alliance News) - IMI will sell an asset in a GBP225 million deal, BHP called time on its interest in Anglo American, while M&G and Phoenix Group have hailed results from a regulatory stress test. S4 Capital expects annual earnings below market 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 9,587.81
GBP: higher at USD1.3098 (USD1.3084 at previous London equities close)
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BROKER RATINGS
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Shore Capital Markets cuts JD Sports Fashion to 'hold' from 'buy'
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Goldman Sachs reinitiates Aston Martin Lagonda with 'neutral'
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COMPANIES - FTSE 100
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IMI says it has struck a GBP225 million deal to sell its Truflo Marine business to Fairbanks Morse Defense. The designer of engineering products in fluid and motion control applications says completion of the deal is expected in mid-2026, subject to certain regulatory and other approvals. "The sale of Truflo Marine, a leading provider of mission-critical valves and actuators to naval submarine programmes worldwide, reflects our role as active managers of the business and further aligns IMI to three powerful growth trends - energy, automation and healthcare," IMI adds.
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M&G and Phoenix Group hailed their financial resilience following a Prudential Regulation Authority stress test. M&G says that under the three-stage stress scenario, its shareholder ratio would declined to 171%, from 223% at the end of last year. The shareholder ratio is its "primary measure of financial strength". At 171%, it will remain within its long-term 160-190% target range. Phoenix Group says under the stress test, its shareholder capital coverage ratio will remain within a 140-180% target range, slipping to 155% from 177% at the end of 2024. "The stress test indicates that the sector and Phoenix Group is resilient to a severe financial market stress scenario," it adds.
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BHP Group confirms it will no longer pursue a potential tie-up with fellow miner Anglo American. The Melbourne, Australia-based diversified miner said it held preliminary discussions with the board of Anglo but decided not to proceed further with a possible combination. "Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy," BHP says in a statement. In May last year, BHP made a failed USD49 billion all‑share bid for Anglo, proposing that Anglo spin off its platinum and iron ore units before a merger. The board rejected the offer as highly conditional, and BHP later withdrew under UK takeover rules.
However, in September, Anglo announced plans to merge with Canada's Teck Resources to form Anglo Teck. Citing people familiar with the matter, the Financial Times reported Sunday that BHP had made a new approach for Anglo American.
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COMPANIES - FTSE 250
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Infrastructure investor International Public Partnerships has named Sarah Whitney as its next chair. She will succeed Mike Gerrard who will step down from the position at the end of the firm's annual general meeting. Whitney joins as independent non-executive director and chair designate with effect Monday. "Sarah will work closely with Mike and the board to ensure a smooth transition," INPP adds. She currently serves as a non-exec director at housebuilder Bellway and has had previously chaired the supervisory board of BBGI Global Infrastructure.
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OTHER COMPANIES
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S4 Capital warns that profit for the year will be below consensus. The advertising agency now sees 2025 like-for-like net revenue falling by just under 10%. It had previously predicted an upper-single-digits fall. "Despite the cost actions we have already taken this year, this decline in net revenue will impact our operational earnings before interest, tax, depreciation and amortisation," S4 adds. It now sees operational Ebitda at GBP75 million for 2025, below market expectations of GBP81.6 million. S4 says: "This is mainly as a result of lower project-based revenue, continued client caution and a slower ramp up of our new business wins than expected." Net revenue in 2024 amounted to GBP754.6 million, slumping 14% on a reported basis and down 11% like-for-like. Its operational Ebitda amounted to GBP87.8 million in 2024, so it expects a fall of around 15% this year.
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Walker Crips has agreed to a roughly GBP6.0 million buyout by PhillipCapital, an existing shareholder. Stockbroker Walker Crips deems the 14.0 pence per share cash deal "fair and reasonable". It values its entire issued and to be issued share capital of Walker Crips at just under GBP6.0 million. The price per share is an 87% premium to its 7.50p closing price on Friday. PhillipCapital and connected parties own 12.4 million shares in the company, a roughly 29% chunk of Walker Crips. In total, the bid has the support of around 31% of Walker Crips shareholders. Walker Crips separately says it has "commenced a comprehensive review of the business". This includes its "operating structure, risk management processes, and an assessment of strategic options to strengthen the balance sheet". "The continuing costs of addressing historic legacy issues and the changed regulations relating to interest paid on clients' cash deposits have meaningful negative effects on the outlook for the current year's profits. Whilst management have continued to make changes to the group's structure and cost base, the Walker Crips board does not anticipate a near-term improvement in financial performance," it adds.
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By Eric Cunha, Alliance News news editor
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Related Shares:
JD SportsAston Martin LagondaWalker CripsS4 Cap.International Public PartnershipsBHP GroupAnglo AmericanPhoenix Group HoldingsM&GIMI