6th Aug 2026 08:00
(Alliance News) - Persimmon reports higher first-half profit and completions despite challenging housing market conditions, while Metlen Energy & Metals posts record interim results and reaffirms guidance. Harworth, meanwhile, receives a GBP582.9 million cash takeover offer from Peel Holdings.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: opened 0.1% higher at 10,888.30
GBP: lower at USD1.3459 (USD1.3461 at previous London equities close)
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BROKER RATINGS
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JPMorgan cuts Smith & Nephew to 'neutral' - price target 1,290 (1,438) pence
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RBC cuts Rotork to 'sector perform' (outperform) - price target 503 (400) pence
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COMPANIES - FTSE 100
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Persimmon reports higher first-half profit and completions, and says it remains on track to deliver 2026 growth in line with market expectations despite affordability pressures in the UK housing market. Revenue rises 15% to GBP1.73 billion from GBP1.50 billion a year earlier, while pretax profit increases 15% to GBP168.0 million from GBP146.7 million. Underlying operating profit grows 10% to GBP189.1 million from GBP172.0 million and underlying pretax profit rises 3.2% to GBP170.1 million from GBP164.9 million. New home completions increase 13% to 5,189 from 4,605, while the interim dividend is unchanged at 20p per share. The forward sales position at June 30 improves to GBP1.60 billion across 7,075 homes from GBP1.56 billion across 7,005 homes a year earlier, rising further to GBP1.91 billion across 8,200 homes at August 2 from GBP1.86 billion across 8,098 homes. Persimmon says it expects to deliver growth in line with current market expectations for 2026, which imply around 12,242 homes, underlying operating profit of GBP491 million and underlying pretax profit of GBP454 million, though it now expects build cost inflation to increase in 2027 due in part to the conflict in Iran. The York-based housebuilder says the UK housing market continues to face affordability constraints and a long-term undersupply of homes, adding that government planning reforms need to translate into faster progress on the ground, but believes it remains well placed to drive further growth.
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Metlen Energy & Metals reports record first-half results and reiterates both its full-year and medium-term earnings guidance. Revenue rises 11% to EUR3.99 billion from EUR3.61 billion a year earlier, while pretax profit increases 25% to EUR363.1 million from EUR290.7 million. Earnings per share climb 20% to EUR2.18 from EUR1.81, while earnings before interest, tax, depreciation and amortisation grow 24% to a record EUR550 million from EUR445 million. The company reaffirms its 2026 Ebitda guidance of EUR1.00 billion to EUR1.15 billion and its medium-term target of EUR1.92 billion to EUR2.08 billion, saying it has returned to its medium-term growth trajectory. Adjusted net debt falls by EUR728 million during the half, reducing net leverage to 1.7 times from 3.1 times at the end of 2025, supported by strong operating cash flow and asset rotation.
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Admiral Group reports first-half pretax profit from continuing operations of GBP429.2 million, down 18% from GBP521.0 million a year earlier, while earnings per share fall to 109.0p from 132.5p and return on equity declines to 45% from 57%. Turnover is broadly flat at GBP3.11 billion versus GBP3.10 billion. The insurer cuts its interim dividend to 70.5p per share from 115.0p, but also announces a GBP45.0 million share buyback, taking total shareholder distributions linked to first-half earnings to GBP258.8 million, down from GBP348.9 million a year prior. Admiral says travel insurance profit rises year-on-year despite the adverse impact of the Middle East conflict, which disrupted energy supplies, shipping routes and aviation. The group adds that customer numbers continue to grow, with total risks increasing 5% to 12.0 million, while Admiral Money gross loan balances rise 39% to GBP1.88 billion.
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Tritax Big Box REIT PLC raises GBP350 million through a placing, retail offer and director subscription to fund its expanded data centre development pipeline. The company issues 213.4 million new shares at 164 pence each, representing around 7.9% of its existing share capital. The placing price is at a 4.5% discount to Wednesday's closing price of 171.7p and an 11.8% discount to its June 30 net tangible assets per share of 185.9p. Net proceeds of around GBP343 million will fund data centre developments, support logistics acquisitions and developments, and enhance financial flexibility.
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COMPANIES - FTSE 250
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Harworth Group receives a 172.5 pence-per-share cash takeover offer from Peel Pepper, a company owned by Peel Holdings Group Ltd, valuing its entire equity at around GBP582.9 million. Peel already owns just under 30% of Harworth through its Goodweather subsidiary and says the offer provides shareholders with certainty of value in cash. The price represents a 20% premium to Harworth's closing share price of 143.60p on Wednesday and a 36% premium to its three-month volume-weighted average price. Peel says it has not been given access to Harworth to conduct due diligence and is basing its plans on public information and its existing knowledge of the business. The bidder says it believes Harworth would be better managed under private ownership and intends to review its strategy, assets, cost base and workforce if the offer succeeds.
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WPP reports first-half revenue of GBP6.37 billion, down 4.4% from GBP6.66 billion a year earlier and 3.2% lower like-for-like, while revenue less pass-through costs falls 5.6% to GBP4.75 billion from GBP5.03 billion, down 4.7% like-for-like. Headline operating profit declines 3.4% to GBP398 million from GBP412 million, though the margin improves to 8.4% from 8.2%. Statutory pretax profit rises 8.2% to GBP106 million from GBP98 million, while headline pretax profit falls 7.7% to GBP277 million from GBP300 million. The advertising group holds its interim dividend at 7.5p and confirms plans for a total 2026 dividend of 15.0p per share. WPP says first-half trading is in line with expectations and that sequential like-for-like growth improves in the second quarter, while its Elevate28 stabilisation plan remains on track. It expects second-half like-for-like revenue less pass-through costs to decline by a low-to-mid single-digit percentage and guides for a full-year headline operating margin of 12% to 13%, with the second-half margin down by up to around 200 basis points year-on-year.
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Hikma Pharmaceuticals reports first-half revenue of USD1.73 billion, up 4.2% from USD1.66 billion a year earlier, with branded revenue rising 15% while Injectables and Hikma Rx sales are flat. Core operating profit increases 8.6% to USD405 million from USD373 million, while reported operating profit jumps 30% to USD336 million from USD259 million, reflecting an easier comparison after last year's legal settlement related to sodium oxybate. Profit attributable to shareholders falls 6.3% to USD223 million from USD238 million, though core profit rises 2.6% to USD277 million. Operating cash flow improves 33% to USD214 million, the interim dividend increases 5.6% to 38 US cents per share, and Hikma says its USD250 million share buyback is progressing, with USD227 million repurchased as of August 5. The drugmaker reiterates 2026 guidance for constant-currency revenue growth of 2% to 4% and core operating profit of USD720 million to USD770 million. CEO Said Darwazah said: "We are building greater agility across the group - directing capital and management attention to the areas where we have sustainable competitive advantage and where we can respond quickly to changing market dynamics, while maintaining the stability and quality that underpin our business."
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OTHER COMPANIES
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YouGov says it expects full-year results for the financial year ended July 31 to be in line with guidance issued at its interim results. The market research firm says it has extended its term loan and revolving credit facility to April 2028, replacing a full repayment due in September 2027 with a EUR20 million instalment due in October 2027, providing greater flexibility while it conducts its strategic review of the Shopper business. YouGov also confirms plans to launch a discretionary share buyback after its full-year results in October, in place of a final dividend, subject to the share price continuing to trade below intrinsic value. Separately, the company appoints former Kantar executive Wayne Levings as chief executive officer-elect from November 1. He will succeed founder Stephan Shakespeare as CEO by February 1, 2027, with Shakespeare remaining on the board as a non-executive director and chairing a new innovation committee.
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By Eva Castanedo, Alliance News senior economics reporter
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Related Shares:
PersimmonTritax Big BoxMetlen EnergyHarworth GpWPPHikma PharmaceuticalsAdmiralYouGovSmith & NephewRotork