26th Aug 2026 07:59
(Alliance News) - Ofgem, energy regulator for Great Britain, will increase its price cap by 4% in October, and London Gatwick has reported increased revenue despite processing fewer passengers.
Also, AEW UK will not be making an offer for Alternative Income REIT, which remains in staunch opposition to shareholder Glenstone's own takeover attempt, while on the FTSE 250 Hochschild Mining's revenue, profit and dividend have increased significantly.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: called up 24.1 points, 0.2% at 10,910.26
GBP: higher at USD1.3634 (USD1.3632 at previous London equities close)
----------
ECONOMICS
----------
Ofgem, the energy regulator for Great Britain, on Wednesday announced a 4% increase in the energy price cap for the three months from October 1 to December 31, slightly below expectations. The current price cap for a typical household paying by direct debit for gas and electricity is GBP1,663. Ofgem said the cap in October will reach GBP1,723, equivalent to an increase of GBP60 per year or GBP5 per month. "This increase reflects higher wholesale gas prices as a result of the ongoing conflict in the Middle East, with volatile global gas markets remaining the dominant driver of price changes," Ofgem said. "However, prices remain 52% below the height of the energy crisis in 2022 when the government stepped in to cap bills at GBP2,500. Cornwall Insight had forecast the cap rising to a slightly higher GBP1,729.31 for the October to December period. The new price cap will be the highest in three years, Bloomberg notes.
----------
BROKER RATINGS
----------
Jefferies raises Whitbread price target to 2,250 (2,050) pence - 'hold'
----------
Berenberg raises Ithaca Energy price target to 315 (270) pence - 'buy'
----------
COMPANIES - FTSE 100
----------
easyJet and Ithaca Energy are likely to join the FTSE 100, with Entain and Persimmon set to be relegated, FSTE Russell says. The likely changes are based on data as of August 21. The actual quarterly index review will be announced after market close on September 2, based on data to September 1. easyJet is currently finalising a GBP5.7 billion takeover by Apollo Management X LP.
----------
COMPANIES - FTSE 250
----------
Pinewood Technologies is set to be promoted to the FTSE 250, having this month agreed to a 448 pence per share, or GBP545 million, US private equity buyout. The same goes for Volex, which on Tuesday reported organic revenue growth of 28% at constant currency in the first four months of its financial year. Set to be relegated from the FTSE 250 are Gaydon, England-based luxury sports car maker Aston Martin Lagonda Global Holdings and Chester, England-based identity and location technology provider GB Group.
----------
Hochschild Mining announces results for the first six months of 2026. Revenue climbs 62% to USD844.4 million from USD520.0 million the year before, and pretax profit surges to USD365.8 million from USD109.3 million. Adjusted earnings before interest, tax, depreciation and amortisation more than double to USD491.5 million from USD224.5 million. Hochschild also makes a "significant increase" to the interim dividend, raising it to 4.0 US cents from 1.0 cents per share. Attributable production decreases to 151,830 gold equivalent ounces or 11.7 million silver equivalent ounces, from 165,176 gold equivalent ounces or 12.7 million silver equivalent ounces. Company reiterates its attributable production target of 300,000 to 328,000 gold equivalent ounces for the full year, but increases its operations attributable all-in sustaining costs target to between USD2,380 and USD2,500 per gold equivalent ounce, from between USD2,157 and USD2,320.
----------
Applied Nutrition releases a trading update for the financial year ended July 31. It says that since June 1 trading has continued to be strong with sustained demand across all markets and channels, and that it now expects full-year adjusted Ebitda to surpass market consensus, which currently forecasts GBP42.0 million. Its revenue for the year has increased 50% on-year to GBP160 million from GBP107 million, beating consensus of GBP148.4 million. Applied Nutrition says it now expects adjusted Ebitda to rise around 13% to approximately GBP49 million for financial 2027, and for revenue to rise to around GBP205 million, both beating market guidance of GBP47.7 million and GBP186.2 million, respectively.
----------
OTHER COMPANIES
----------
Saba Capital urges Gore Street Energy Storage Fund shareholders to back its two resolutions at the firm's annual general meeting in September. Resolution 16 is a continuation proposal and 17 concerns "follow-on proposals on the company's future". "Saba wrote privately to the board twice this year, first asking it to run a tender for a new manager, then warning that its revised strategy would not fix the discount," Saba said. "Both requests were ignored. Six months later, even after the board cut NAV by 27% over the year, the shares still trade at a discount of around 35% to that reduced figure, and the dividend is covered just 0.28 times by operational earnings. That is the record the board asks shareholders to endorse." Saba also criticises the "cherry-picked sale of the Kilmannock and Mucklagh projects was to another fund managed by the company's own investment manager" for which Gore Street "will not disclose the price", saying: "If the process was as robust as the board says, disclosure costs it nothing."
----------
AEW UK REIT confirms that it does not intend to make a firm offer for Alternative Income REIT, saying that rival bidder and major AEW shareholder Glenstone's support is "fundamental to the orderly implementation of any scheme or offer". Alternative Income, for its part, again reiterates its opposition to Glenstone's offer, saying it remains at a material discount to AIRE's latest published net asset value, and that Glenstone "is seeking control of AIRE without paying an appropriate premium", among other complaints. Adds that "a possible offer from AEWU has the potential to deliver a more attractive outcome for AIRE shareholders," only for AEW to release its 'no intention to bid statement' at the same time. AEW also releases a trading update, reporting an NAV of 107.80 pence per share as at June 30, down from 108.38p at March 31. NAV total return for the quarter is plus 1.31%, up from plus 0.96% for the prior quarter. Reaffirms an interim dividend of 2.00p per share for the quarter, in line with its full-year target of 8.00p in total. "The Company concluded several key transactions this quarter that will secure future earnings for shareholders, completing new lettings on vacant accommodation in the portfolio totalling approximately 3% of total ERV...Together with a strong lease renewal at Walkers Lane in St Helen's...these new lettings are reflected in an improved EPRA EPS figure of 1.89p for the quarter, representing a dividend cover of 94.5%," Portfolio Manager Laura Elkin commented. "Despite NAV falling by 0.5%, the Company's underlying portfolio experienced a modest valuation gain of 0.11%, marking the thirteenth quarter of like-for-like capital growth out of the past 14 quarters and continuing to outperform valuation indices, albeit marginally."
----------
Vinci-owned London Gatwick airport handled 19.1 million passengers in the first half of 2026, Gatwick Funding reports, reflecting a 4.7% on-year decline due to the US-Iran conflict and lower budget carrier capacity. However, revenue increases 4.8% to GBP515.2 million and Ebitda increases 5.5% to GBP276.5 million. "Despite a challenging geopolitical and economic backdrop, London Gatwick has continued to perform well, grow its network and deliver a world-class service for passengers," London Gatwick Chief Executive Pierre Hugues-Schmit says. "We are also excited about our longer-term growth opportunities and with the legal process for the Northern Runway Programme now complete, we can turn our focus from planning to detailed design work and delivery. This is one of the UK's largest privately financed infrastructure projects and, alongside our existing GBP1.9 billion capital investment programme, demonstrates our confidence in Gatwick's future and our commitment to continuing to invest in our infrastructure while supporting jobs, trade, tourism and the regional economy."
----------
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
WhitbreadIthaca EnergyHochschildApplied Nutrition PLCAew Uk ReitAlternative IncGore Street En.easyJetPinewood Technologies GroupGb GroupVolexEntainPersimmonAston Martin Lagonda