26th Mar 2026 07:53
(Alliance News) - Next reports annual profit growth, Intertek reshuffles its leadership with a new chief financial officer, and Centrica and Ceres Power strike a strategic clean energy partnership.
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 0.3% at 10,075.04
GBP: lower at USD1.3354 (USD1.3377 at previous London equities close)
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BROKER RATINGS
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Deutsche Bank Research cuts Reckitt Benckiser target to 5,460 (5,500) pence - 'hold'
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Goldman Sachs reinitiates HSBC with 'buy' - price target 1,675 pence
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UBS raises Close Brothers to 'buy' - price target 555 pence
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COMPANIES - FTSE 100
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Next reports strong full-year growth, with revenue for the 52 weeks to January 31 rising to GBP6.90 billion from GBP6.12 billion a year prior, and pretax profit increasing to GBP1.19 billion from GBP987.0 million, supported by robust full-price sales and improved clearance activity. Attributable profit climbs to GBP888.5 million from GBP736.1 million, while diluted earnings per share also show growth to 745.4 pence from 605.5p. The retailer proposes a final dividend of 181p per share, up from 158p a year prior, continuing its track record of shareholder returns. It adds that it expects to return around GBP500 million to shareholders in financial 2027 through share buybacks, special dividends or other capital returns. Looking ahead, Next maintains guidance for further growth, with expectations for continued sales momentum, though it flags potential cost pressures and demand uncertainty linked to geopolitical tensions, particularly in the Middle East, which could affect supply chains and pricing if sustained. Next says: "Sales in the first eight weeks of the year were encouraging in the UK; they were also strong overseas up to the point the conflict began in the Middle East. Looking forward, we have not yet reached the period of unusually strong UK trading we experienced last year and, perhaps more importantly, instability in the Middle East – which represents around 6% of our total turnover – may continue to restrain growth in that region. It is also likely to have knock-on effects on costs, selling prices and consumer demand in the rest of the business."
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The UK Competition & Markets Authority says its inquiry into Associated British Foods's proposed acquisition of Hovis Group has provisionally found the deal would not substantially reduce competition in Great Britain. The regulator notes that, absent the transaction, ABF's Allied Bakeries business would likely exit the market and would not continue competing with Hovis under new ownership, meaning competition between the two would be lost regardless. However, the CMA has identified competition concerns in Northern Ireland, where it believes an alternative buyer could have maintained competition with Hovis. The inquiry group will now seek feedback on its interim findings, with a deadline of April 16, and aims to reach a final decision by June 24.
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Intertek announces a change to its senior leadership, with Group Chief Financial Officer Colm Deasy stepping down to take an operational role in Asia Pacific. Deasy will become executive vice president for Asia Pacific, based in Vietnam, from April 10, and will cease to be an executive director and CFO on the same date. The company says no payment will be made in connection with his departure from the board. Intertek appoints Laura Crespi as its new group chief financial officer, effective April 10. Crespi, currently regional CFO for Europe, the Middle East and Africa, will join the board as an executive director and become a member of the group executive committee. Intertek Chief Executive Officer Andre Lacroix says: "I am delighted with these two organisational changes. Colm has been with the Group for over 9 years and in that time has been an excellent contributor in both operational and finance roles with a strong track record of delivering quality growth on a consistent basis for all our stakeholders."
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COMPANIES - FTSE 250
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Ceres Power says it has signed a strategic partnership with FTSE100-listed Centrica to deploy multi-gigawatt on-site fuel cell power solutions across the UK and Europe. The collaboration aims to address growing electricity demand and grid connection delays by offering high-efficiency, low-carbon, grid-independent power for commercial and industrial users, including data centres and manufacturing.
Under the agreement, Ceres will provide its solid oxide fuel cell and electrolysis technologies, while Centrica will leverage its energy supply and trading capabilities to deliver integrated power solutions. The partnership will initially focus on developing a service-led model covering installation, monitoring and lifecycle support, with potential to expand into hydrogen production using Ceres' electrolysis technology. Separately, Ceres reports a decline in 2025 revenue to GBP32.6 million from GBP51.9 million, while its pretax loss widens to GBP46.3 million from GBP25.9 million, despite operating costs falling to GBP70.1 million from GBP74.3 million. The company says it has laid a "strong" foundation for 2026, with contracted revenue of GBP45 million already secured ahead of any new business. Ceres CEO Phil Caldwell says: "In 2025 our first partner achieved scaled production, unlocking Ceres' first royalties, a significant milestone for the business."
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Currys confirms its outlook remains on track as it announces that Chief Executive Alex Baldock will step down after eight years in the role. Baldock will remain in position during a transition period while the board conducts a formal search for a successor. The retailer says trading since its January update has been in line with expectations and continues to guide for adjusted pretax profit of GBP180 million to GBP190 million for the year to early May, up 11% to 17% year-on-year. It also expects to end the year with net cash above its GBP100 million target. Chair Ian Dyson says: "I want to thank Alex for his exceptional contribution to Currys. During his eight years here, he has achieved a huge amount, transforming the business in the face of some difficult headwinds. Currys is very well positioned for future success with a strategy that is clearly working, great financial health and a very strong leadership team."
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THG says pretax loss in 2025 narrows significantly to GBP69.4 million from GBP202.4 million, while the group swings to a post-tax profit of GBP54.1 million compared with a GBP326.1 million loss the prior year, supported by disposals and a significant reduction in exceptional costs. Operating profit also turns positive at GBP8.1 million from a GBP147.9 million loss. Revenue edges down to GBP1.72 billion from GBP1.75 billion, with a strong second-half performance and record second-half trading helping to offset a softer first half. The Manchester, England-based online retailer of sports nutrition and beauty products says it exits the year with improving momentum, including 7.2% growth in the fourth quarter, driven by recovery in THG Beauty and continued expansion in THG Nutrition. Adjusted Ebitda comes in at GBP76.6 million, ahead of guidance of GBP74.0 million and consensus, though down from GBP83.3 million a year earlier. The nutrition division benefits from omnichannel expansion and retail partnerships, while beauty sees improving trends in key markets including the UK and US. The balance sheet strengthens during the year, with gross debt reduced by GBP162 million and total borrowings down significantly, supported by GBP103 million in proceeds from the sale of Claremont Ingredients. The group ends the year with around GBP333 million of cash and available facilities, with debt facilities extended to 2029. Looking ahead, THG says trading has started strongly in 2026 and maintains its outlook in line with market expectations. It expects free cash flow of GBP25 million to GBP50 million and anticipates net debt falling to between GBP110 million and GBP130 million, supported by cash generation and potential VAT repayments. CEO Matthew Moulding says: "THG Beauty has been a standout performer, which was especially pleasing after a slower start to the year. Lookfantastic led the charge in the UK, delivering outstanding growth...The refinancing of the group's balance sheet in the year was especially pleasing, resulting in significant deleveraging, ahead of any settlement of our GBP78 million claim with HMRC. We enter 2026 on the front foot with strong trading momentum and a focus on material free cash flow delivery."
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OTHER COMPANIES
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Reading, England-based technology company Cohort says its Portuguese subsidiary EID has been awarded a EUR42.3 million contract to supply integrated communication systems and networks to the Portuguese Navy. The systems will be deployed across new naval vessels, including supply and offshore patrol ships, with delivery scheduled through to 2029. Cohort says the contract strengthens its order book and improves visibility over future revenues, while highlighting the group's growing relationship with the Portuguese Navy following recent additional contract wins.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
Intertek GroupAB FoodsNextCeres PowerCentricaCurrysThgCohortClose BrosHSBC HoldingsReckitt