18th Nov 2025 07:53
(Alliance News) - Imperial Brands hails "consistently strong operational and financial delivery", Diploma says annual growth beat expectations and ICG announces a deal with Amundi, which sees the latter buy a stake in the asset manager. Elsewhere, Crest Nicholson warns profit may fall short 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 down 1.1% at 9,568.03
GBP: lower at USD1.3156 (USD1.3169 at previous London equities close)
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BROKER RATINGS
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RBC starts Rolls-Royce with 'outperform' - price target 1,275 pence
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COMPANIES - FTSE 100
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Imperial Brands says it has increased its annual dividend and it hails "strong operational momentum". The tobacco company says pretax profit in the year to September 30 rose 3.3% to GBP3.13 billion from GBP3.03 billion the year prior. Revenue, however, slipped 0.7% to GBP32.17 billion from GBP32.41 billion. "Our consistently strong operational and financial delivery provides a firm platform on which to build as we embark on the next phase of our strategy," Chief Executive Officer Lukas Paravicini says, "Our performance in FY25 adds to our track record of consistent growth, demonstrating the sustainability of our tobacco business and the exciting growth opportunities in next generation products." Imperial says revenue in its Tobacco & next generation products segment rose 1.9% to GBP8.32 billion, with growth at constant currency coming in at 4.1%. Imperial Brands announced a final dividend of 40.08 pence per share. It gives a total dividend of 160.32p per share, up 4.5% from 153.42p. In the year just ended, Imperial's payout structure was four equal dividends, unlike the prior year when it paid two dividends. Imperial recently completed a GBP1.25 billion share buyback for financial 2025. A GBP1.45 billion programme for the new financial year, which it had unveiled in October, has kicked off. Looking ahead, it says: "Our expectations for the coming year are in line with the medium-term guidance set out at our capital markets day in March 2025. On a constant currency basis, we expect to deliver low-single-digit tobacco and double-digit NGP net revenue growth. Tobacco pricing will continue to more than offset cigarette volume declines, and in NGP we will continue to grow through consumer-focused innovation and disciplined execution." It expects adjusted operating profit for financial 2026 to rise between 3% and 5% at constant currency, from GBP3.99 billion in the year just ended. Adjusted operating profit in financial 2025 rose 2.0% on a reported basis, or 4.6% at constant currency.
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Asset manager ICG has received investment from Amundi, and the duo have launched a long-term partnership. ICG also announces half-year results, showing assets under management surged 14% on-year to USD124.3 billion at September 30, from USD106.3 billion. AUM advanced 11% from USD112.36 billion at the start of the April, with fundraising of USD9.03 billion and market movements of USD5.09 billion more than offsetting USD4.78 billion of realisations. The net asset value per share climbed 14% to 900 pence at the end of September from 788p a year prior. Asset manager Amundi, majority owned by Paris-listed Credit Agricole, will become the "exclusive global distributor in the wealth channel for ICG's evergreen" and some other of the FTSE 100 listing's products. "This partnership creates exciting new opportunities for both parties. It allows Amundi to benefit from ICG's investment expertise and performance track record to accelerate its distribution of private assets, one of the most dynamic markets in asset management. ICG will benefit from Amundi's international distribution capacity in the wealth channel and its structuring capability in designing investment solutions for wealth clients, a high-growth segment in private markets," ICG says. Amundi is to acquire a 9.9% stake in ICG, which at current prices is valued at around GBP555.7 million. ICG has a market capitalisation of GBP5.57 billion.
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Specialised technical products and services Diploma says its annual results were "ahead of expectations". Diploma says its pretax profit in the year to September 30 shot up 40% to GBP248.3 million from GBP176.6 million. Revenue improved 12% to GBP1.52 billion from GBP1.36 billion. Organic growth was 11% and "exceeded our expectations", it says. "These strong results demonstrate how we balance ambitious earnings growth and disciplined returns – in good times and bad – to build on our long track record of sustainable quality compounding," CEO Johnny Thomson says. "We have great momentum into the new year. The quality and diversity of our portfolio positions us well for structural organic growth. Our acquisition pipeline is healthy. And the team is in great shape." Looking to the new year, it predicts organic revenue growth of 6%. Diploma lifts its final dividend by 5.0% to 44.1p per share from 42.0p. Its total dividend is 5.1% higher at 62.3p from 59.3p.
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Novo Holdings sold its entire stake in medical products and technologies provider Convatec, raising GBP351 million. Novo Holdings sold 155 million shares in London-based Convatec at a price of 227p each, Goldman Sachs International, the joint global coordinator of the transaction, says. The shares represent around a 7.8% chunk of Convatec and were sold to institutional investors. Convatec received no proceeds from the offering. "Following settlement of the offering, Novo Holdings will have fully exited its position and will have no residual holding of ordinary shares in Convatec," Goldman says. Novo initially bought an around 20% stake in Convatec in 2017. Novo Holdings, is a vehicle for the Novo Nordisk Foundation which is the controlling shareholder of pharmaceutical firm, Novo Nordisk. Goldman Sachs International and Morgan Stanley & Co International acted as joint global coordinators.
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COMPANIES - FTSE 250
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Greencore says it has struck a deal to sell a Bristol site to get its buy of Bakkavor over the line, and the convenience food manufacturer reports growth in annual earnings. Greencore says pretax profit in the year to September 26 rose 29% to GBP79.5 million from GBP61.5 million, with revenue up 7.7% to GBP1.95 billion from GBP1.81 billion. "Greencore delivered an outstanding performance in FY25," CEO Dalton Philips says. "Momentum has continued into the new financial year and I'm excited for what's to come in FY26, a year that also marks Greencore's 100th year in business. As we celebrate that milestone, we will continue to invest into strengthening our customer partnerships and managing our cost base closely." Greencore has lifted its dividend to 2.6p from 2.0p. In addition, it says it has agreed a deal to its Bristol chilled soups and sauces manufacturing site to Compleat Food Group. Greencore earlier in November said it was to sell the unit to ease competition concerns connected to its buy of London-based Bakkavor, also a convenience food provider. The CMA was worried that the deal could "could result in a substantial lessening of competition in the supply of own-label chilled sauces" such as those for pastas and stir-fries, leading to higher prices for the consumer and a possible reduction in quality. Greencore says: "The disposal will enable Greencore to target completion of the transaction in early 2026, subject to the satisfaction of the outstanding conditions to the scheme of arrangement which include the CMA's approval of the disposal and the sanction of the scheme by the court."
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OTHER COMPANIES
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Crest Nicholson warns annual profit could land below guidance, as the housing market grapples with UK government budget uncertainty. The housebuilder says adjusted pretax profit for the year ended October 31 is expected to be at "the low end of, or marginally below" a guidance range of GBP28 million to GBP38 million. It is an outcome that reflects a "housing market that has remained subdued through the summer, and the continued uncertainty surrounding government tax policy ahead of the forthcoming budget". Adjusted pretax profit in financial 2024 totalled GBP22.4 million. Full year volumes of 1,691 units are expected, against a guidance range of 1,700 to 1,900. "While near-term market conditions are expected to remain challenging, our enhanced operating discipline, improved balance sheet and clear strategic direction provide a robust platform to navigate the current environment and deliver long-term, sustainable growth," Crest Nicholson says.
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Electronic components maker TT Electronics has agreed to a new takeover offer from Cicor Technologies. The all-cash bid will see Cicor acquire TT for 150p per share, or shareholders can opt to receive 0.0084 of a Cicor share. The prior bid, a cash and shares offer, was 100p in cash and 0.0028 of a share in the Bronschhofen, Switzerland-based developer of electronic components, devices, and systems. The latest deal values TT at around GBP267 million. The prior Cicor bid drew the ire of TT shareholder DBAY Advisors. DBAY Advisors Ltd, a Douglas, Isle of Man-based asset manager, owns around 16.5%. DBAY said in October: "DBAY does not intend to vote in favour of the scheme of arrangement at the court meeting, nor the resolutions to be proposed at TT Electronics' general meeting." TT said in October it received multiple takeover bids from DBAY. It said the offers were priced at 122p, 127p and 130p per share.
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By Eric Cunha, Alliance News news editor
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Related Shares:
ConvaTecDiplomaIcg PlcImperial BrandsCrest NicholsonTt ElectronicsRolls-RoyceGreencoreBakkavor