17th Sep 2026 07:53
(Alliance News) - Retailer Next raises its annual profit guidance, while Wizz Air sets new medium-term targets and ups its second-quarter revenue outlook after a good summer period. Baillie Gifford US Growth Trust urges shareholders to reject Saba's board nominees.
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 0.3% at 10,723.97
GBP: lower at USD1.3393 (USD1.3449 at previous London equities close)
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BROKER RATINGS
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BofA reinitiates Standard Life with 'neutral' - price target 970 pence
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Berenberg starts Ocado with 'buy' - price target 330 pence
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COMPANIES - FTSE 100
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Next raises its full-year profit guidance after a better-than-expected first half. Statutory pretax profit rises 11% to GBP566 million in the 26 weeks to August 1 from GBP509 million a year earlier, as revenue increases 9.6% to GBP3.45 billion from GBP3.14 billion. Group pretax profit rises 10% to GBP569 million, while full-price sales increase 7.7% and total group sales rise 9.0%. Cost of sales increases to GBP1.94 billion from GBP1.77 billion and distribution costs to GBP541.0 million from GBP482.7 million. Next lifts its full-year group pretax profit guidance by GBP12 million to GBP1.26 billion, citing slightly higher sales expectations and additional cost savings, mainly in warehousing. Next moderates its UK sales growth forecast for the second half to 2.0% from 2.8%, saying it expects a slow and steady decline in consumer spending, though not a "precipitous" fall. It cites rising inflation, higher mortgage interest costs and a weak employment market as its main UK concerns. Next Brand Online UK sales growth is expected to slow to 3.4% in the second half from 7.4% in the first, while Next Brand UK sales growth is expected to ease to 1.0% from 2.1%. For the full year, Next expects Next Brand Online UK sales growth of 1.5% and non-Next Brand Online UK growth of 10%. The retailer declares an interim dividend of 98 pence per share, up 13% from 87p a year earlier. It says it has bought back GBP355 million of shares so far this year and has a further GBP180 million of surplus cash available to return to shareholders.
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COMPANIES - FTSE 250
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Wizz Air Holdings sets medium-term targets for financial 2030 including revenue of EUR10.00 billion, an Ebit margin of 10% and ex-fuel cost per available seat kilometre of EUR3.00 cents, as it outlines a path towards sustained profitability at its capital markets day. The airline also targets an investment-grade balance sheet and plans to operate an all-neo fleet of 335 aircraft carrying 127 million passengers by financial 2030, while refocusing growth on its core Central and Eastern European and selected growth markets. Wizz Air also upgrades its second-quarter revenue outlook following a stronger-than-expected summer, now expecting revenue per available seat kilometre to be flat year-on-year compared with previous guidance for a low-single-digit decline. Capacity and first-half ex-fuel unit cost guidance are unchanged. Wizz says liquidity remains above EUR2.20 billion and it has cut its originally planned second-half capacity by 5% in response to geopolitical and fuel-price volatility. It does not provide guidance for financial 2027.
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Baillie Gifford US Growth Trust PLC reports a net return before tax of GBP226.6 million for the year ended May 31, up from GBP135.4 million a year earlier. Net asset value per share rises to 346.35 pence from 264.48p, while its NAV total return is 31.0%, compared with a 29.8% sterling total return for the S&P 500. The trust's share price total return is 44.5%. Private companies account for 45.0% of total assets at year-end, with new investments including Anthropic and OpenAI. Separately, the trust calls its annual general meeting for October 23, which will include three resolutions requisitioned by Saba Capital Management LP to appoint three Saba-linked nominees to the board. The board urges shareholders to vote against all three Saba resolutions, arguing the appointments would compromise its independence and could lead to changes to the trust's existing US growth strategy.
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Unite Group says 95% of beds in its Unite Students portfolio are reserved for the 2026/27 academic year, unchanged from a year earlier and within its 94% to 96% guidance range. The student accommodation provider expects like-for-like income growth of 0.5% to 1.0%, reflecting a modest increase in occupancy and broadly flat rents, compared with previous guidance for income growth of 0% to 2% and rental growth of 1% to 2%. It says UK undergraduate acceptances are up 1%, while acceptances at high-tariff universities rise 6%. Unite reiterates guidance for adjusted earnings per share of 41.5p to 43.0p for financial 2026, saying trading through the first eight months is in line with expectations. Meanwhile, 91% of beds in the Empiric Student Property's Hello Student portfolio are reserved, up from 84% a year earlier, with Unite targeting 92% occupancy in the coming weeks. Its new 719-bed Hawthorne House development in Stratford is fully let for 2026/27 following its opening.
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OTHER COMPANIES
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Beauty Tech Group reports pretax profit of GBP17.5 million for the six months ended June 30, more than tripling from GBP5.0 million a year earlier, as revenue jumps 44% to GBP79.7 million from GBP55.2 million. Adjusted Ebitda rises 53% to GBP21.3 million from GBP13.9 million, with its margin improving to 26.7% from 25.2%. The company proposes no interim dividend. Beauty Tech says it enters its seasonally stronger second half with accelerating momentum and remains confident it will deliver full-year revenue of at least GBP170 million, in line with upgraded guidance issued in July. Following stronger first-half margins, it now expects 2026 adjusted Ebitda to exceed its previous guidance and be at least GBP48.5 million.
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boohoo Group says its turnaround is continuing "at pace", with gross merchandise value rising 1.8% year-on-year to GBP864 million in the six months ended August 31. Growth accelerates to 2.9% in the second quarter from 0.5% in the first, led by a 14% increase at Debenhams, which now represents around 41% of group GMV. Marketplace GMV rises to 39% of the group total from 33%, while gross margin improves to 54% from 52%. Adjusted Ebitda rises 14% to GBP24 million from GBP21 million, while reported Ebitda improves to GBP20 million from a GBP3 million loss. Exceptional costs fall to GBP4 million from GBP24 million and net debt declines to GBP102 million from GBP111 million. Following the GBP90 million Sheffield distribution centre disposal and USD16 million Nasty Gal sale, boohoo expects net debt to be negligible at year-end. It reiterates guidance for full-year adjusted Ebitda of at least GBP59 million, alongside GMV growth, positive pretax profit and free cash flow generation.
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RWS Holdings appoints Patrick De Smedt as chair, effective October 8. De Smedt previously served as non-executive chair of Bytes Technology Group and spent 23 years at Microsoft, where he served as chair of its Europe, Middle East and Africa operations. Andrew Brode will step down as interim chair after nine months but remain a non-executive director. The Maidenhead, England-based technology-enabled language services provider says De Smedt's international technology experience will support the group's push to accelerate growth in AI products and services.
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By Eva Castanedo, Alliance News senior economics reporter
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