16th Jun 2026 07:56
(Alliance News) - Rathbones flags a GBP60 million regulatory remediation charge, while International Workplace Group and Hilton Food Group unveil leadership changes. Meanwhile, boohoo, now trading as Debenhams Group, narrows losses and reports improving trading momentum.
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 10,435.92
GBP: lower at USD1.3403 (USD1.3436 at previous London equities close)
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ECONOMICS
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UK Prime Minister Keir Starmer will seek to step up pressure on Russia with a package of new sanctions as he attends the G7 summit in France. Starmer is also expected to hold bilateral meetings with India's Prime Minister Narendra Modi and Ukrainian President Volodymr Zelensky on Tuesday. The measures, to be announced as the prime minister discusses Ukraine with G7 counterparts at the summit in Evian-les-Bains, will target Russia's shadow fleet and the finance networks the country uses to circumvent western sanctions. They will also sanction several vessels identified as moving banned Russian liquefied natural gas. It will bring the number of sanctioned shadow fleet and Russian LNG vessels to more than 600. They are also expected to target a network involved in covertly procuring western technology for Russia's military, and third country suppliers helping Moscow move money internationally. British troops seized a Russian shadow fleet vessel in the Channel for the first time at the weekend.
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BROKER RATINGS
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JPMorgan cuts Persimmon price target to 1,430 (1,800) pence - 'overweight'
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JPMorgan cuts Barratt Redrow price target to 350 (520) pence - 'overweight'
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RBC cuts Frasers group to 'underperform' - price target 750 (720) pence
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COMPANIES - FTSE 100
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LondonMetric Property and Schroder Real Estate Investment Trust say they are progressing towards a firm offer for Picton Property Income following the consortium's indicative all-share proposal announced in May. The consortium says due diligence is advancing well and transaction documentation is being finalised ahead of a potential Rule 2.7 offer. Based on Monday's closing prices, the proposed terms value Picton at GBP396 million, or 76.9 pence per share, a 9.0% premium to Picton's closing share price. The consortium says the deal would deliver an immediate 46.2% uplift in dividend income for Picton shareholders and earnings accretion of 37.7%, while LondonMetric would acquire a portfolio of mainly industrial assets and SREIT would take a mix of industrial, office and retail warehouse properties.
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Reckitt Benckiser Group completes the third and final tranche of its GBP1 billion share buyback programme announced in July 2025. Between March 9 and June 15, the consumer goods company repurchases 11.1 million shares at an average price of GBP48.55 per share, with all shares held in treasury. Reckitt says the programme is now complete and expects to provide an update on any future buyback plans alongside its half-year results on July 29.
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COMPANIES - FTSE 250
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JPMorgan India Growth & Income reports that its net asset value per share falls 16.5% in the six months to March 31, underperforming the MSCI India Index's 12.4% decline, as Indian equities are hit by weaker earnings, high valuations and concerns over rising oil prices. NAV per share declines to 906.2p at March 31 from 1,108.2p at September 30, while the share price falls 18%. The investment trust says it plans a fourth quarterly dividend of 11.08p per share, bringing the total payout for financial 2026 to 44.32p per share under its policy of distributing at least 4% of prior-year NAV. Chair Jeremy Whitley says: "Despite the market's recent setbacks, the board remains convinced that the investment case for Indian equities is compelling. Our conviction is based on India's very positive long-term growth trajectory, which is underpinned by several major structural trends."
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Rathbones Group says a skilled person review conducted following engagement with the Financial Conduct Authority identifies areas for improvement in its UK wealth management business, including the implementation of Consumer Duty and aspects of compliance and oversight. The wealth manager will undertake a two-year remediation programme, review a portion of client outcomes and temporarily pause onboarding new clients requiring enhanced due diligence. It also pauses certain inflows from some existing enhanced due diligence clients, affecting around 4,700 clients, or 4% of its client base. Rathbones expects related costs of around GBP60 million, net of insurance recoveries, over the next two years. Separately, it will stop charging investment management fees on cash held in discretionary portfolios from July 1, reducing 2026 underlying pretax profit by around GBP9 million. The company says its dividend policy is unchanged and its previously announced GBP20 million share buyback will begin shortly.
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Hilton Food Group says Mark Clare will become independent non-executive chair from July 1, while current executive chair Mark Allen will assume the role of group chief executive. Clare joins with extensive listed company board experience, having previously served as chair of companies including Grainger, and as chief executive of Barratt Developments.
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International Workplace Group announces leadership changes, with founder and chief executive Mark Dixon becoming executive chair and Christian Schmitz appointed chief executive officer. Current non-executive chair Douglas Sutherland will become deputy chair. IWG says Schmitz, who joined last year as chief transformation officer and later became global head of regions, has helped improve execution and performance.
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OTHER COMPANIES
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boohoo, now trading as Debenhams Group, reports a narrowed pretax loss for the twelve months to February 28, as its turnaround strategy boosts profitability despite lower sales. Pretax loss shrinks to GBP108.6 million from GBP352.5 million a year earlier, while adjusted Ebitda rises 35% to GBP53.3 million from GBP39.6 million. Revenue falls 25% to GBP917.0 million from GBP1.22 billion and gross merchandise value declines 22% to GBP1.82 billion from GBP2.32 billion, although the company says trading improved throughout the year and returned to growth in the first quarter of financial 2027. Debenhams brand GMV rises 12% to GBP730.0 million and every brand is now profitable at the adjusted Ebitda level. The company does not recommend a dividend and guides for a double-digit improvement in adjusted Ebitda in financial 2027, with GMV expected to return to year-on-year growth and net debt targeted at below one times adjusted Ebitda. CEO Dan Finley says: "Our focus now shifts to growth, and the turnaround continues at pace, with momentum in our multi-year strategy accelerating since year end. I am pleased to report that the company has returned to growth in financial 2027, with Q1 Group GMV up 0.5% year-on-year and May 2026 trading particularly strong at approximately 8% GMV growth."
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Jardine Matheson Holdings sets out new 2030 targets at its first-ever investor day in Hong Kong, including at least 9% annual total shareholder return and dividend growth of at least 5% per year. The Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships also announces a new USD500 million share buyback programme running through to the end of 2027. Jardines aims to recycle at least USD4 billion of capital from its portfolio by 2030 and generate at least USD200 million of additional profit after tax and minority interests through acquisitions of new growth businesses. Chief Executive Lincoln Pan says: "Over the past year, we have accelerated our capital allocation programme, including recycling capital from lower yielding assets to supporting buyback programs, a growing dividend and the control acquisition of I‑MED."
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Everyman Media Group reports strong trading for the 21 weeks to May 28, with admissions rising 23% to 2.2 million, revenue up 27% to GBP58.5 million and adjusted Ebitda increasing 45% to GBP9.4 million. Market share improves to 6.7% from 5.9%, while average net debt falls 24% to GBP17.6 million. The London-based premium cinema chain says its current film slate has performed well, but notes uncertainty over the full-year outlook due to the challenging economic environment and the importance of fourth-quarter trading. Everyman expects 2026 performance to be marginally ahead of 2025 and is assessing projects that could affect second-half profitability. Separately, the board says it is discussing a potential AIM delisting with shareholders after directors controlling 45.6% of the company backed the move, with further investors holding at least 11% also believed to be supportive.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
Picton PropLondonMetricSchroder Real Estate Investment TrustReckittJPMorgan IndianRathboneHilton FoodsGrainger plcInternational Workplace GroupBoohooJardine Math.srEveryman MediaFrasers GroupPersimmonBarratt Redrow