11th Mar 2026 07:59
(Alliance News) - Legal & General launches a GBP1.2 billion share buyback following a strong 2025 performance, while 4imprint reports slightly lower earnings amid a challenging market environment. Meanwhile, the New Year fitness rush appears to be continuing to benefit Gym Group, which reports strong early-2026 trading momentum following a year of solid growth in revenue and earnings.
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 0.5% at 10,360.84
GBP: lower at USD1.3435 (USD1.3458 at previous London equities close)
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BROKER RATINGS
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Citigroup raises Centrica to 'buy' (neutral) - price target 218 (200) pence
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Bernstein cuts Aston Martin to 'market-perform' (outperform) - price target 50 (110) pence
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COMPANIES - FTSE 100
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Legal & General Group reports higher operating earnings for 2025 and announces plans to launch a GBP1.2 billion share buyback, while new business profit declined year-on-year. The London-based insurer and asset manager says core operating profit rose 6% to GBP1.62 billion from GBP1.53 billion in 2024. Core operating earnings per share increased 9% to 20.93 pence from 19.20p, while operating return on equity improved to 54.4% from 34.8%. Total new business profit fell to GBP426 million from GBP562 million a year earlier. Legal & General reported IFRS pretax profit of GBP807 million. The company says it will begin a GBP1.2 billion share buyback programme this week, the largest in its history, as part of plans to return around GBP2.4 billion to shareholders over the next year. The company proposes a final dividend of 15.67 pence per share, taking the total dividend for 2025 to 21.79p, up from 21.36p in 2024. Chief Executive Officer Antonio Simoes says: "Today we're reporting a strong financial performance for 2025, and meaningful progress in reshaping L&G. We have addressed legacy complexities, strengthened our foundations and we are driving forward our growth strategy across our core businesses. As a sharper, more focused business, we are well-positioned to capitalise on the structural, growing demand for long-term investments and retirement income."
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COMPANIES - FTSE 250
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4imprint Group reports slightly lower revenue and profit for 2025 but maintains its dividend, as the London-based direct marketer and distributor of promotional merchandise cites resilient performance despite a challenging market environment. The company says revenue fell 2% to USD1.35 billion from USD1.37 billion a year earlier, while pretax profit declined 2% to USD150.8 million from USD154.4 million. Operating profit also fell 2.0% to USD145.2 million from USD148.1 million. The group proposes a total dividend of 240 US cents per share for 2025, unchanged from the previous year. Cash and bank deposits stood at USD132.8 million at year-end, compared with USD147.6 million a year earlier. 4imprint says trading in the first two months of 2026 has been in line with expectations, though orders and revenue are slightly below the same period last year amid continued market uncertainty. Despite the softer start to the year, the company says its long-term prospects remain unchanged. Chair Paul Moody says: "Trading results in the first two months of 2026 have been in line with the board's expectations. Orders and revenue are slightly down compared to the same period in 2025, reflecting continued uncertainty in the market. As anticipated, tariff-related costs are being phased in by suppliers and tariff policy continues to evolve. Whilst these factors may influence revenue and margins in 2026, the business will continue to be managed to deliver solid financial results in the near term, and best position us to take advantage of opportunities that will present themselves as economic and market conditions improve.
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Hill & Smith reports higher profit and revenue for 2025, raises its dividend and announces a US acquisition as it continues to expand its presence in infrastructure markets. The Solihull, West Midlands-based provider of infrastructure products says revenue rose 2% to GBP868.8 million from GBP855.1 million a year earlier. Pretax profit increased 7% to GBP111.3 million from GBP104.5 million, while operating margins improved. The company proposes a total dividend of 53.0 pence per share, up 8% from 49.0p. Hill & Smith also agrees to acquire an 80% stake in US-based Freeberg Industrial Fabrication Corp for USD36 million, with a plan to purchase the remaining 20% for up to USD50 million depending on performance through 2031. Freeberg designs and manufactures engineered enclosures and solutions for infrastructure sectors including data centres and power generation. Hill & Smith expects trading momentum in the US to remain strong in 2026 but says it remains cautious about the pace of recovery in the UK market and levels of project activity. CEO Rutger Helbing says: "Our US platform businesses have delivered another year of excellent growth and margin expansion. We remain in a very robust financial position, with the group highly cash generative and continuing to deliver strong returns for shareholders....Our focus on structurally growing niche end markets, together with our disciplined approach to capital allocation and the benefits of our agile operating model, provide confidence that the group will continue to make further good progress in 2026 and beyond."
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Supermarket Income REIT reports stable net asset value and a slightly higher interim dividend, while reiterating its full-year dividend target and highlighting a strong investment pipeline. The London-based real estate investment trust investing in property leased to grocery retailers says EPRA net tangible assets per share increased to 87.5 pence at December 31 from 87.1p at June 30, while IFRS net asset value per share was broadly unchanged at 88.4p from 88.5p. For the six months to December 31, the company declares a dividend of 3.09 pence per share, up slightly from 3.06p a year earlier. Supermarket Income REIT reiterates its minimum dividend target of 6.18p for the 2026 financial year. The group says it has a "compelling" pipeline of more than GBP500 million of grocery real estate opportunities, supported by strong structural demand for supermarket assets. However, the company notes it remains mindful of broader macroeconomic uncertainty despite positive sector fundamentals. CEO Rob Abraham says: "Our shareholders will directly benefit through the introduction of our new sustainable dividend growth target of a minimum 2% per annum for financial 2027 onwards, as we continue to build on our leading position. The growth opportunity within grocery real estate remains highly compelling with supermarket sales reaching record highs in December 2025."
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OTHER COMPANIES
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Gym Group PLC reports higher revenue and profit for 2025, citing strong member growth and site performance, as it continues to expand its low-cost gym network. The low-cost gym chain says revenue rose 8.2% to GBP244.9 million from GBP226.3 million a year earlier. Adjusted pretax profit increased sharply to GBP10.6 million from GBP3.6 million, while statutory pretax profit climbed to GBP7.4 million from GBP2.5 million. Group adjusted earnings before interest, tax, depreciation and amortisation rose 13% to GBP98.9 million, while adjusted Ebitda less normalised rent increased 19% to GBP56.7 million. Adjusted diluted earnings per share jumped 83% to 5.3 pence. The company says it opened 16 new sites during the year and generated free cash flow of GBP38.3 million, up 10%. Non-property net debt declined to GBP59.3 million from GBP61.3 million. Gym Group says trading momentum remained strong at the start of 2026, with revenue in January and February up 9% year-on-year. It plans to accelerate expansion with around 75 new gyms over the next three years, including at least 20 openings in 2026, and expects 2026 Ebitda less normalised rent to be at the top end of analyst forecasts.
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Canal+ reports higher revenue and profit for 2025 and outlines plans for further growth following its acquisition of MultiChoice Group. The media and entertainment firm says revenue rose to EUR6.95 billion in 2025 from EUR6.42 billion a year earlier. Pretax profit increased to EUR153 million from EUR78 million, while pretax profit from continuing operations was EUR40 million compared with a loss of EUR77 million in 2024. Adjusted earnings before interest and tax before exceptional items, excluding MultiChoice, amounted to EUR701 million for the year. Canal+ proposes a dividend of EUR0.022 per share, up 10% year-on-year. Looking ahead, the company expects adjusted Ebit to rise to around EUR735 million in 2026 and says it anticipates listing on the Johannesburg Stock Exchange "soon". Canal+ completed the takeover of Johannesburg-based MultiChoice Group in October, describing 2025 as a transformational year following the acquisition.
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The UK Competition & Markets Authority clears CRH's acquisition of Gibson Bros, concluding its review of the proposed takeover of the Northern Ireland-based quarry business. The regulator had launched an investigation in February to assess whether the deal could harm competition in the UK building materials market. At the time, the CMA said it would determine by April 7 whether the transaction required a deeper phase-two probe. The acquisition involves Dublin-based building materials firm CRH purchasing Gibson Bros through its subsidiary CRH UK Ltd. The deal had already received approval from Ireland's Competition & Consumer Protection Commission in December.
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Heathrow airport recorded its busiest ever February with 5.8 million passengers. The figure was 110,000 more than the same month last year, with the west London airport attributing it to a "bumper half-term combined with Chinese New Year travel". Heathrow says the 1.9% increase was driven by airlines operating larger and fuller aircraft. It warns that its two runways are "full" and expresses concern its growth is "trailing the European average" of 4.6%, saying it has lost its position as the continent's busiest airport to Istanbul. Heathrow says its plan to build a third runway will "ensure the country gets the infrastructure it needs to stay competitive". It adds that it is working with airlines and other airports to "facilitate additional flight requests" amid the conflict in the Middle East. Heathrow Chief Executive Thomas Woldbye says: "Every day during February, Heathrow continued to provide excellent service whilst passenger numbers climbed to new heights. Our passengers are at the heart of everything we do and we're focused on supporting those affected by the unfolding events in the Middle East. We continue to monitor the situation closely and stand ready to minimise the operational impact, and assist our airline partners as they navigate this challenging operational environment."
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By Eva Castanedo, Alliance News reporter
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Legal & General4ImprintHill & SmithSupermarket IncomeGym GrpCRHCanal+Aston Martin LagondaCentrica