26th Sep 2025 07:56
(Alliance News) - London's FTSE 100 is set to open higher on Friday, as investors look to this afternoon's US personal consumption expenditures data, the US Federal Reserve's preferred inflation gauge.
In early corporate news, Pennon remains on track for a "strong return" to profitability during its current financial year, while Ceres Power posts a widened half-year loss.
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 0.2% at 9,231.38
GBP: up at USD1.3358 (USD1.3348 at previous London equities close)
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BROKER RATINGS
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Barclays raises Croda to 'overweight' (equal weight) - price target 3,100 (3,600) pence
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UBS raises Petershill Partners price target to 310 (260) pence - 'neutral'
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Berenberg raises DFS Furniture price target to 241 (233) pence - 'buy'
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COMPANIES - FTSE 100
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Reckitt Benckiser intends to begin the second tranche of its ongoing GBP1 billion share buyback programme, to return a further GBP250 million to shareholders. The tranche will begin on the day after the first tranche completes, which is expected during October, and is expected to end no later than January 30. The first tranche was also for up to GBP250 million. BNP Paribas will manage the second tranche on the company's behalf.
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COMPANIES - FTSE 250
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Pennon says it remains on track for "a strong return to profitability" for the year ending March 31, with high demand for clean water during the summer due to hot weather. This is offset in revenue, however, by "increased meter optants and profiling of tariffs to smooth customer bills", deferring revenue into financial 2027. Hot weather also results in higher operational costs, Pennon notes. The company expects earnings before interest, tax, depreciation and amortisation to rise by around 60% on-year, net of revenue deferred into financial 2027, and says it is on track to deliver its 7% return on retained earnings target. "Despite the pressures of a hot summer, we've maintained resilient water supplies and continued to improve services for our customers," says Chief Executive Officer Susan Davy. "Whilst there is more to do, our pollution reduction plans are delivering tangible benefits, halving the number of pollutions and spills from storm overflows, reducing our impact on the environment." Construction is underway on all four of Pennon Power's major projects, with Dunfermline in Fife and Cullerlie in Aberdeenshire both fully constructed and scheduled to be connected to the grid and generating power during October. Half-year results are due to be released on November 27.
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JTC extends the 'put up or shut up' deadline for Permira Advisers to make a firm takeover offer for the company to October 24, from its prior deadline on Friday. JTC in mid-September revised a fourth revised proposal from Permira, following three unanimously rejected proposals, the third of which it received at the end of August. JTC notes there can be no certainty that any offer will be made, nor on the terms of any offer. The company in mid-September was also in early-stage talks with Warburg Pincus regarding a potential offer.
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OTHER COMPANIES
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Ceres Power reports pretax loss of GBP19.0 million for the six months that ended June 30, widened from GBP10.8 million the year before, as revenue sank 26% to GBP21.1 million from GBP28.5 million. This is driven by "significant" one-off licence revenue under the firm's Delta agreement in 2024. Looking ahead, Ceres expects revenue for 2025 at around GBP32 million, which would be down 38% from GBP51.9 million in 2024. The company is in a later-stage negotiation regarding a new manufacturing licence agreement, but notes that completion and timing of revenue recognition are uncertain. If successful, any revenue would be in addition to the provided guidance. "We are seeing an unprecedented change in the market with an acute need for power to service the demand of AI-data centres and increased electrification of society, which represents a major market opportunity for the business," says CEO Phil Caldwell. "The emergence of this market has coincided with Doosan's start of mass manufacture of Ceres-based products and marks a key inflection point as we transition from being an R&D-led organisation to a commercially focused business. We have to adapt to the changing market opportunities and we are implementing a business transformation programme to ensure we are in the best shape to drive the next exciting phase of the company's growth."
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All Things Considered posts pretax loss of GBP2.4 million for the six months that ended June 30, widened from GBP1.3 million a year earlier. This is driven by increased investment in headcount and infrastructure, acquisition-related and finance costs, and the timing of touring and events, the company explains. Revenue grows 13% to GBP22.1 million from GBP19.6 million, while administrative expenses increase 38% to GBP8.3 million from GBP6.0 million. ATC notes revenue and profit are traditionally weighted towards the second half of the year, reflecting the seasonal timings of its core activities, including major events, festivals and touring. "The music industry continues to evolve, driven by changing consumer preferences and a growing demand for immersive, direct-to-fan experiences. Our integrated services model places us as the centre of this shift, enabling artists to grow their audiences and careers with greater control and transparency and to communicate more directly and effectively with their fans," says CEO Adam Driscoll. "The second half of the year is progressing well and we are energised by the opportunities ahead and encouraged by the progress made to date. With strong momentum, a focused management team with a clear strategy, and a robust financial position, the group is well positioned to deliver sustained, long-term growth and continue creating meaningful value for artists, fans and stakeholders."
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By Emily Parsons, Alliance News reporter
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