4th Nov 2026 07:58
(Alliance News) - Marks & Spencer reports a sharp rise in half-year profit and maintains its full-year outlook, while Coca-Cola HBC raises its annual revenue growth guidance. Barratt Redrow reports a decline in home completions amid challenging market conditions and affordability pressures, but leaves its full-year guidance unchanged.
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 0.4% at 10,591.43
GBP: higher at USD1.3484 (USD1.3416 at previous London equities close)
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BROKER RATINGS
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Jefferies cuts Haleon to 'hold' (buy) - price target 320 (400) pence
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LBBW raises Shell price target to 4,300 (3,600) pence - 'buy'
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COMPANIES - FTSE 100
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Marks & Spencer Group reports a sharp rise in half-year pretax profit to GBP355.1 million from GBP3.4 million a year earlier, as revenue increases 15% to GBP9.17 billion from GBP7.94 billion. Adjusted pretax profit more than doubles to GBP403.2 million from GBP184.1 million, while adjusted operating profit rises 94% to GBP486.5 million from GBP251.4 million. Food sales grow 14% year-on-year, with adjusted operating profit of GBP288.6 million and a margin of 5.6%. Fashion, Home & Beauty sales increase 18%, delivering adjusted operating profit of GBP150.5 million at a margin of 7.5%. Adjusting items total GBP51.7 million, down from GBP167.8 million a year earlier. The retailer declares an interim dividend of 1.4 pence per share, up 17% year-on-year from 1.2p. Looking ahead, Marks & Spencer expects full-year 2027 adjusted pretax profit to be in line with market expectations. It says trading conditions in Fashion, Home & Beauty remain challenging, although it expects second-half performance to improve from the first half.
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Coca-Cola HBC raises its full-year 2026 organic revenue growth guidance to slightly above its previous 6.0% to 7.0% range, following strong third-quarter trading, while maintaining its outlook for organic earnings before interest and tax growth of 8.0% to 10%. The drinks bottler reports third-quarter net sales revenue rising 9.6% to EUR3.50 billion from EUR3.20 billion a year earlier, with organic revenue growth of 9.0%. Organic volumes increase 5.4%, driven by 4.5% growth in Sparkling drinks and 25% growth in Energy, while organic revenue per unit case rises 3.4%. Organic revenue grows 8.0% in Established markets, 8.7% in Developing markets and 9.8% in Emerging markets. Coca-Cola HBC says it expects the macroeconomic and geopolitical backdrop to remain dynamic but is confident in its portfolio and growth opportunities. It also remains on track to complete its acquisition of Coca-Cola Beverages Africa by the end of 2026, having received antitrust clearance in five of six jurisdictions, with approval in Tanzania still pending.
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Smith & Nephew cuts its full-year 2026 guidance as weaker-than-expected growth in its US Orthopaedics business weighs on its outlook, while confirming that discussions with Johnson & Johnson over a potential combination involving its Orthopaedics division have ended. The medical technology company reports third-quarter revenue rising 3.4% to USD1.55 billion from USD1.50 billion a year earlier, supported by strong Sports Medicine performance and improving Advanced Wound Management trading. Sports Medicine & ENT revenue increases 8.0% to USD507 million, while Orthopaedics revenue rises 2.3% to USD590 million and Advanced Wound Management revenue remains broadly flat at USD454 million. Smith & Nephew now expects full-year underlying revenue growth of around 3.0%, down from 4.0%, and trading profit of approximately USD1.25 billion, representing growth of around 4.0%, compared with previous guidance of USD1.30 billion and 8.0% growth. Free cash flow guidance is reduced to USD750 million from USD800 million, while adjusted return on invested capital is now expected to be around 9.0%, down from more than 10%. The company says it approached Johnson & Johnson earlier this year as part of a strategic review of its Orthopaedics business, but discussions have since ended. It continues to explore strategic options for the division. Smith & Nephew also says its USD500 million share buyback remains on track, with USD250 million completed by the end of September.
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Barratt Redrow reports a decline in home completions during the first 17 weeks of its financial year, as challenging market conditions and affordability pressures weigh on demand, but maintains its full-year guidance. The housebuilder completes 3,223 homes in the period to October 25, down 12% from 3,665 a year earlier. Its underlying private reservation rate falls to 0.53 homes per outlet per week from 0.57, although stronger demand from the private rental sector and other multi-unit sales lifts the total reservation rate to 0.59 from 0.57. The forward order book increases to 11,086 homes from 10,669, with a value of GBP3.32 billion, up from GBP3.28 billion. Barratt Redrow is 56% forward sold for financial 2027 private home completions, compared with 60% a year earlier. Chief Executive Dean Banks describes trading as resilient despite continued affordability pressures and welcomes the UK government's 'Your First Home' scheme, although he says it is too early to assess its impact on first-time buyer activity this financial year. The company maintains its full-year guidance and says it remains focused on cost efficiencies, disciplined land investment and managing work in progress.
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COMPANIES - FTSE 250
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Funding Circle Holdings appoints Rob Straathof as chief executive officer, subject to regulatory approval, succeeding Lisa Jacobs, who announced her intention to step down in September. Straathof is expected to join the UK small business lending platform in the first half of 2027, with his appointment date to be confirmed. He currently serves as chief executive of Germany-based technology subscription platform Grover and previously spent a decade leading small business lender Liberis. Jacobs will remain in her role to oversee the transition before stepping down no later than September 2027.
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Trainline reports a decline in half-year pretax profit to GBP55.2 million from GBP66.2 million a year earlier, as revenue falls 1% to GBP233 million from GBP235 million, reflecting the impact of changes to UK rail industry refund rules. The rail ticketing platform says net ticket sales remain broadly flat at GBP3.26 billion, while adjusted earnings before interest, tax, depreciation and amortisation rise 7% to GBP99.7 million from GBP93.2 million. Operating profit falls 5% to GBP64.2 million from GBP67.9 million, while adjusted basic earnings per share increase 10% to 13.8 pence from 12.6p. Trainline says its International Consumer division becomes profitable for the first time, while business-to-business distribution net ticket sales grow 22%, driven by 45% growth internationally. The company maintains its financial 2027 guidance for net ticket sales of GBP6.2 billion to GBP6.45 billion, underlying revenue of GBP440 million to GBP455 million and adjusted Ebitda equivalent to around 2.9% of net ticket sales. It also confirms a new GBP100 million share buyback programme announced in September, following completion of its previous GBP150 million programme.
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JD Wetherspoon reports like-for-like sales growth of 8.2% in the first 14 weeks of its financial year to November 1, with total sales up 9.1%. Bar sales rise 9.4%, food sales increase 6.8% and slot and fruit machine sales grow 7.1%, while hotel room sales decline 1.4%. Like-for-like sales growth slows to 7.5% in the most recent five weeks from 8.6% in the first nine weeks. Says it has outperformed the NIQ RSM Hospitality Business Tracker for 49 consecutive months, with September like-for-like sales up 9.9% compared with industry growth of 2.7%. Net debt at the end of the first quarter falls to GBP736 million from GBP756 million a year earlier. Wetherspoon has opened six managed pubs and two franchised pubs so far this financial year, bringing its estate to 797 managed pubs and 25 franchises. Expects a further five to 10 managed pub openings and 10 to 15 franchised openings during the year. Chair Tim Martin says: "The company has had a good start to the financial year. There are still three quarters to go and profit forecasts are very dependent on the level of sales growth." Wetherspoon says it is comfortable with current market expectations, adjusted for its 53-week financial year. Company-compiled consensus from seven analysts forecasts pretax profit of GBP76.4 million for financial 2027.
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Metro Bank Holdings reports gross loans and advances to customers rising 5.0% to GBP9.43 billion in the third quarter of 2026 from GBP8.99 billion a year earlier, driven by 37% growth in target lending segments to GBP6.62 billion. Net loans increase 5.0% to GBP9.29 billion from GBP8.82 billion, while customer deposits decline 1.0% to GBP13.03 billion from GBP13.21 billion. Net interest margin expands by 42 basis points year-on-year to 3.45%, already within its full-year guidance range. Says credit quality remains strong, with low arrears, while its run-off loan portfolio shrinks 32% year-on-year. Reaffirms all guidance, including return on tangible equity above 13% in the fourth quarter of 2026, above 15% in 2027 and above 18% in 2028. Chief Executive Daniel Frumkin says: "We enter the final quarter of the year with confidence and clear momentum and reaffirm all guidance."
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OTHER COMPANIES
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AIB Group reports total income growth of 3.0% in the nine months to September, with net interest income up 2.0% to EUR2.87 billion and other income rising 7.0%. New lending increases 17% to EUR12.3 billion, while gross loans grow 5.6% to EUR76.3 billion from December 2025. Customer deposits rise 2.7% to EUR120.4 billion. Common equity tier 1 ratio stands at 15.7% at September, down from 16.1% in June. Raises full-year net interest income guidance to above EUR3.85 billion from above EUR3.80 billion, customer loan growth to 5% to 6% from around 5%, and deposit growth to 3% to 4% from around 3%. Reiterates all other guidance, including return on tangible equity above 20%. Chief Executive Colin Hunt says the bank delivered "another strong quarter reflecting the resilience of the Irish economy and the continued momentum in our business".
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Axies Ventures begins trading on London's AIM market under the ticker AXV. The copper and gold exploration and development company has projects in Cyprus and Canada, including its flagship Kokkinoantonis Complex in Cyprus, where drilling in 2025 intersected 137 metres at 0.34% copper, including approximately 72 metres at 0.50% copper. The project also contains historically dumped material estimated at between 8.7 million and 13.9 million metric tonnes, subject to further evaluation. In Canada, Axies has four exploration projects in Ontario, including Endikai Lake, where samples have returned copper grades of up to 6.44%. Executive Director Mike Whitlow says: "This marks an important milestone for Axies Ventures as we seek to unlock the potential of our copper and gold focused portfolio in Cyprus and Canada."
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By Eva Castanedo, Alliance News senior economics reporter
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Related Shares:
Marks & SpencerCoca-Cola HBCSmith & NephewBarratt RedrowFunding CircleTrainlineWetherspoon (J.D)Metro BankAib GroupAxies VenturesHaleonShell