10th Mar 2026 07:56
(Alliance News) - Persimmon reports higher annual profit and completions, Shell agrees to sell its US Jiffy Lube business for USD1.3 billion, and Edinburgh Worldwide Investment Trust proposes a tender offer for up to 100% of its share capital as it seeks to end a prolonged dispute with activist investor Saba Capital.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called 1.0% higher at 10,355.62
GBP: higher at USD1.3465 (USD1.3396 at previous London equities close)
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BROKER RATINGS
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UBS raises Admiral Group to 'buy' (neutral) - price target 3,550 (3,300) pence
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Canaccord cuts Clarkson to 'hold' (buy) - price target 4,400 pence
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COMPANIES - FTSE 100
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Persimmon reports higher earnings and completions for 2025, as revenue and profit grew despite a "challenging housing market". The York-based housebuilder says new home completions rose 12% to 11,905 from 10,664 a year earlier, while the average selling price increased 4% to GBP278,203 from GBP268,499. New housing revenue climbed 16% to GBP3.31 billion from GBP2.86 billion. Underlying operating profit rose 17% to GBP472.1 million from GBP405.2 million, while underlying pretax profit increased 13% to GBP445.6 million from GBP395.1 million. Total group revenue increased 17% to GBP3.75 billion from GBP3.20 billion, and statutory pretax profit rose 11% to GBP397.3 million from GBP359.1 million. Persimmon maintained its final dividend at 40 pence per share, and its total dividend at 60p. The company says early trading in 2026 has been strong, with the private sales rate per outlet up 9% in the first nine weeks of the year. Forward private sales rose 9% to GBP1.25 billion as of March 1, while total forward sales increased 6% to GBP1.80 billion. Persimmon expects to deliver between 12,000 and 12,500 completions in 2026 and anticipates underlying operating profit towards the upper end of current market consensus, assuming the impact of the conflict with Iran proves short-lived. Persimmon added: "The enduring aspiration for home ownership remains strong and provides the opportunity for growth into the medium term."
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Spirax Group reports modest revenue growth in 2025, though statutory profit declined due to restructuring costs, while adjusted earnings improved. The London-based property developer says revenue rose 2% to GBP1.70 billion from GBP1.67 billion, while organic growth was 5%, ahead of global industrial production growth [IP] of 2.1%. Statutory operating profit fell 13% to GBP265.4 million from GBP304.6 million, and pretax profit declined 13% to GBP226.5 million. Operating margin narrowed to 15.6% from 18.3%, reflecting one-off restructuring costs. On an adjusted basis, operating profit increased 2% to GBP339.9 million and adjusted pretax profit rose 4% to GBP301.0 million. Adjusted operating margin was broadly stable at 20%. The group says organic sales rose across all three divisions, with Electric Thermal Solutions up 11%, Watson-Marlow Fluid Technology Solutions up 6%, and Steam Thermal Solutions up 1%. Adjusted operating profit grew 6% organically, with margin improving 30 basis points. Spirax lifted its total dividend by 3% to 170.0 pence per share from 165.0p. The company expects continued organic growth and further margin improvement in 2026 as it builds on its 'Together for Growth' strategy. Chief Executive Officer Nimesh Patel says: "In 2025, we made good progress across the Group: STS achieved above IP organic growth in MRO and solution-sales globally; continued operational improvement in ETS drove increased throughput and sales growth; and in WMFTS, Biopharm sales growth accelerated through the second half as we had expected, while Process Industries continued to grow well ahead of IP."
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Shell says its US lubricants subsidiary, Pennzoil Quaker State Co, has agreed to sell Jiffy Lube International and its subsidiary Premium Velocity Auto to Monomoy Capital Partners for USD1.3 billion. The deal includes the Jiffy Lube brand and its network of franchised service centres, as well as Premium Velocity Auto, the second-largest Jiffy Lube franchisee with more than 360 locations across 20 US states. Jiffy Lube operates more than 2,000 franchised and company-owned service centres in the US, with additional licensees in Canada. Shell will retain its Pennzoil, Quaker State, Rotella and other lubricants brands, as well as its lubricants marketing, manufacturing and distribution businesses in the US and Canada. As part of the transaction, Pennzoil Quaker State has also entered into a long-term lubricants supply agreement with Monomoy. Shell says the sale will allow it to monetise a non-core asset and reinvest in higher-return opportunities. The transaction is expected to complete in the second half of 2026, subject to regulatory approvals and customary closing conditions.
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COMPANIES - FTSE 250
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Edinburgh Worldwide Investment Trust proposes a tender offer for up to 100% of its issued share capital, saying an ongoing campaign by activist investor Saba Capital Management has left it with "no alternative". The trust says the proposal would allow shareholders to elect a significant exit while preserving exposure to the potential future value of its largest holding, Elon Musk's SpaceX, which accounts for about 16.6% of total assets. Shareholders who tender would receive around 85% of proceeds in cash close to net asset value, funded through the sale of liquid assets, with the remaining roughly 15% paid later once the value of the SpaceX stake is realised. The board expects a potential liquidity event for SpaceX within the next 12 months. Chair Jonathan Simpson-Dent says the board has "exhausted every reasonable and equitable solution" in discussions with Saba, adding the activist investor's repeated attempts to influence the trust have created prolonged uncertainty, costs and disruption. The board is urging shareholders to vote in favour of the tender offer once the circular is published to bring an end to the situation. The board notes that shareholders have already rejected Saba's proposals to change the trust's board twice within the past year. It argues the proposed tender offer provides a clearer and fairer exit than Saba's alternative plan, which the trust says could force shareholders either to remain in a Saba-controlled vehicle or give up potential future upside from SpaceX. The tender offer will require approval by a simple majority of votes cast. If approved, the trust says it will pursue an orderly realisation of assets and return capital to shareholders at net asset value less costs.
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Genuit Group reports higher revenue and profit for 2025 and raises its dividend, while cautioning that market conditions remain subdued at the start of 2026. The Leeds, England-based provider of water, climate and ventilation systems for buildings and infrastructure says revenue rose 7.3% to GBP602.1 million from GBP561.3 million a year earlier. Pretax profit increased 26% to GBP58.2 million from GBP46.3 million, while operating profit climbed 18% to GBP69.7 million from GBP59.2 million. Underlying profit before tax rose 4.5% to GBP82.9 million, while underlying operating profit edged up 2.4% to GBP94.4 million. The company proposes a final dividend of 8.7 pence per share, up from 8.4p, taking the total dividend for the year to 12.9p, compared with 12.5p in 2024. Genuit says trading in the first quarter of 2026 continues to reflect subdued market conditions, though it has seen "some positive signs" in order intake early in the year. The group adds that the potential impact of the conflict in the Middle East on demand and costs is "difficult to assess at this time". CEO Joe Vorih says: "Our strategy remains unchanged despite uncertain market conditions. We remain focused on operational excellence, exposure to sustainability-led growth drivers and disciplined, strategic bolt-on M&A." The company reaffirmed its medium-term targets and says its strategy should support "continued market outperformance", citing its exposure to sustainability-driven growth markets and disciplined bolt-on acquisitions.
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OTHER COMPANIES
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Sabre Insurance Group reports higher profit and improved underwriting performance for 2025, while proposing a share buyback and raising its dividend. The Dorking, Surrey-based motor insurance underwriter says pretax profit rose 4.9% to GBP51.0 million from GBP48.6 million a year earlier, while net profit increased 5.3% to GBP37.9 million. The net insurance margin improved to 19.2% from 17.6%, as the net loss ratio fell to 54.1% from 58.7%. Gross written premiums declined 14% to GBP202.9 million from GBP236.4 million, though Sabre says pricing discipline and underwriting performance supported profitability. The combined operating ratio improved to 82.3% from 84.2%. Sabre proposes a total dividend of 13.5 pence per share for 2025, up 3.8% from 13.0p, and plans a GBP5 million share buyback. The company says premium momentum improved in the fourth quarter and has continued into early 2026, adding that progress remains on track toward its 'Ambition 2030' growth strategy. CEO Geoff Carter says: "With market pricing having lagged claims spend trends for much of the year, we maintained our underwriting discipline, executing robust cycle management and allowed volumes to reduce whilst delivering a strong and improving margin through the period, leading to a 4.9% increase in profit before tax. The benefits of this strong discipline position us well for the future. Having priced prudently for potential claims inflation throughout the period, we benefitted from positive experience as inflation moderated in the latter part of the year. This also allowed us to drive both premium and policy growth in Q4 and into 2026 - in the first two months of 2026, Motor Vehicle gross written premium is up over 5% year-on-year."
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By Eva Castanedo, Alliance News reporter
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Related Shares:
Spirax-SarcoPersimmonShellGenuit GroupEdinburgh Worldwide Investment TrustSabre Insurance GroupClarksonAdmiral