3rd Oct 2025 07:55
(Alliance News) - Princes Group plans to list in London, JD Wetherspoon reports higher earnings while FW Thorpe lifts its dividend.
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 0.1% at 9,440.73
GBP: up at USD1.3441 (USD1.3415 at previous London equities close)
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BROKER RATINGS
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Goldman Sachs raises Bunzl to 'neutral' (sell) - price target 2,510 (2,375) pence
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Citigroup raises Schroders to 'buy' (neutral) - price target 435 (420) pence
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RBC raises Diploma to 'outperform' (underperform) - price target 6,000 (4,500) pence
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Barclays cuts Tate & Lyle to 'equal weight' - price target 430 (650) pence
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Deutsche Bank Research raises Polar Capital to 'buy' (hold) - price target 600 (550) pence
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Goldman Sachs raises Ceres Power to 'buy' (neutral) - price target 190 (138) pence
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COMPANIES - FTSE 250
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JD Wetherspoon says earnings climbed in the 12 months to July 27. Revenue rises 4.5% to GBP2.13 billion from GBP2.04 billion while pretax profit jumps 10% to GBP81.4 million from GBP73.9 million. In the full-year, like-for-like sales expand 5.1%. Basic earnings per share climb 4.5% to 50.8 pence per share from 48.6p. The pub operator maintains its annual dividend at 12.0p per share after an 8p final payout. In the nine weeks to September 28, it says like-for-like sales were up 3.7%, outperforming industry like-for-like sales which grew 0.5%. As previously announced, Wetherspoon confirms national insurance and labour rate hikes will up costs by GBP60 million per year, while non-commodity energy costs will add GBP 7 million. A new levy on packaging will cost GBP2.4 million. "The company currently anticipates a reasonable outcome for the financial year, although government-led cost increases in areas such as energy may have a bearing on the outcome," says Chair Tim Martin.
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Partners Group Private Equity says CVC Strategic Opportunities will buy a 20% stake in school platform International Schools Partnership. ISP is the sixth largest investee company in PGPE's portfolio. It says the transaction values its stake in line with the latest published net asset value at around EUR45 million. As part of the transaction, PGPE will sell 20% of its exposure to ISP, amounting to around EUR9 million. The deal is expected to closed by the first quarter of 2026. "Partners Group, one of the largest firms in the global private markets industry, will remain the majority shareholder and OMERS, which acquired a minority stake in ISP in 2021, will also remain a shareholder," the firm says. In a separate release, PGPE says NAV declined by 0.7% in August to EUR13.80 per share from EUR13.90.
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OTHER COMPANIES
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Princes Group says it intends to float on the Main Market of the London Stock Exchange. It is an international platform in the UK and European food and beverage sector, which generated GBP2.1 billion pro-forma revenue in 2024. The Liverpool, England-based company has five business units: Foods, Fish, Italian, Oils and Drinks. The firm's portfolio includes recognisable brands such as Princes Tuna, Branston, Flora and Crisp 'N Dry. It is considering applying fr admission of its ordinary shares to the equity shares (commercial companies) category of the official list of the Financial Conduct Authority, and to trading on the Main Market in London. It generated pro-forma adjusted earnings before interest, tax, depreciation and amortisation of GBP122.3 million at a margin of 6.0%. In the six months to the end of June, it delivered pro-forma adjusted Ebitda of GBP71.0 million at a margin of 7.4%, on pro-forma revenue of GBP964.2 million. "Whilst we are renowned for our iconic Princes tuna, through a combination of organic growth and focused M&A, we have built an international GBP2 billion food and drink portfolio, leading across five complementary categories, food, fish, Italian, oils and drinks, with operations spanning seven countries," says CEO Simon Harrison. "A listing on the London Stock Exchange is a natural next step in our journey. Beyond providing access to capital to execute our M&A ambitions, it will provide a platform to accelerate growth by expanding our product portfolio and expertise, extending our international reach, and attracting top talent as we continue building for the future."
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Beauty Tech says it kicks off its "milestone" stock market debut with a valuation of around GBP300 million. The Cheshire-based firm – which owns beauty gadget brands CurrentBody, ZIIP Beauty and Tria Laser – set its initial public offering price at 271 pence a share. It marks the mid-point of the share price range previously, for between 251p to 291p, valuing it around GBP280 million and GBP320 million. Laurence Newman, founder & chief executive of Beauty Tech, said: "From establishing ourselves as a global leader in the fast growing at-home beauty technology market to successfully completing this milestone listing on the London Stock Exchange, the group continues to go from strength to strength. As we enter the next stage of our growth journey, this IPO provides the perfect platform to increase awareness of our three distinct, premium brands and take the group to the next level, while delivering sustained and profitable growth."
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FW Thorpe lifts its full-year dividend as profit rises despite flat revenue. The Redditch-based lighting systems firm says pretax profit was up 5.9% to GBP31.6 million in the 12 months to the end of June from GBP29.9 million a year ago. Revenue falls 0.3% to GBP175.2 million from GBP175.8 million. Basic earnings per share rise 4.6% to 21.69p from 20.73p. The company declares a final dividend of 5.36p, up 5.5% from 5.08p a year ago, to give a total dividend of 7.12p for the year. This is 5.0% higher than 6.78p last year. The firm says it has made a "solid start" to the new year, with operating performance in line with the prior year. "The group's focus is switching from the smaller UK companies to Lightronics and SchahlLED; plans are in place to improve or restore these businesses to the profit levels expected. This will take time and some investment, particularly in sales related activities," says Chair Mike Allcock. "The board remains acquisitive, albeit on a selective basis, to support modest growth if the right opportunities are forthcoming."
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By Michael Hennessey, Alliance News reporter
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BunzlSchrodersDiplomaTate & LylePolar CapitalCeres PowerWetherspoon (J.D)Partners Grp EThorpeBeauty Tech Grp