15th Jul 2025 07:54
(Alliance News) - Rio Tinto made its iron ore boss its next chief executive from next month, Experian affirmed its guidance, while Barratt Redrow said home completions fell short of its forecast. In M&A news, Dalata Hotel Group agreed to be taken over by a consortium suitor.
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 9,914.96
GBP: lower at USD1.3441 (USD1.3446 at previous London equities close)
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BROKER RATINGS
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JPMorgan places CRH on 'positive catalyst watch'
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COMPANIES - FTSE 100
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Rio Tinto named its iron ore boss Simon Trott as its next chief executive, replacing Jakob Stausholm from August 25. Trott has previously served as the miner's chief commercial officer, the first person to hold that role. "Simon, currently iron ore chief executive, has a track record of exceptional delivery over 25 years in roles across a wide range of commodities and geographies, with a strong focus on values-based performance culture and strengthening partnerships with stakeholders. As iron ore chief executive, Simon has strengthened the business and improved operational performance, underpinned by safety and financial discipline; reset partnerships with key stakeholders; and secured the future growth of the business with new mine developments," Rio Tinto said. The planned departure of Stausholm, he was appointed CEO at the start of 2021, was announced in May. Rio Tinto at the time said Stausholm would leave "later this year". The company said on Tuesday that he will leave the role once Trott takes on the position. Stausholm added: "It has been an absolute privilege to lead Rio Tinto for nearly five years, during an important chapter in its history. Working together, our brilliant people across the group have built genuine momentum, setting out a pathway to a decade of profitable growth. As the chief executive of our largest business during this time Simon has been an integral part of the journey; I am certain that under his leadership the group will continue to thrive and deliver value for its stakeholders."
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Experian left its financial outlook unchanged on the back of a "strong" first quarter. The provider of consumer credit score checking, fraud detection and credit application processing said revenue in the quarter to June 30 rose 12% on-year. At constant currency, growth was also 12%. Organic growth was 8% at constant currency. The strongest organic revenue came in North America, at 9%. In Latin America, organic revenue growth was 5%, while in the Europe, the Middle East & Africa and Asia Pacific grouping, it 7% higher. In the UK & Ireland division, it edged up 1%. On its North America arm, it said: "Excluding data breach services, Consumer Services delivered 11% organic growth. Premium subscription performed well, and our marketplace business continued recent momentum. The credit marketplace reflected strong growth across both credit cards and personal loans, as our partners leverage our Activate capability and shift more investment toward our platform driven by high quality leads. As expected, Partner Solutions performance reflected the lower data breach services revenue." Back in its May annual results, the firm predicted total revenue growth of 9% to 11% for the current year, and 6-8% growth on an organic basis.
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Barratt Redrow reported a "solid" full-year performance and it predicts profit in line with market expectations, though home completions fell short of its guidance. The housebuilder reported "fewer international and investor completions than expected" in its London business. Total home completions for the year ended June 30 amounted to 16,656, down from last year's 17,972, a figure which includes the performance of the legacy Redrow. Barratt Developments alone achieved 14,004 completions in financial 2024. Barratt Developments acquired housebuilding peer Redrow in August of last year. Barratt Redrow had predicted home completions between 16,800 and 17,200 for the year just ended. The firm expects to reported adjusted pretax profit, before Redrow purchase price allocation adjustments, in line with the market view. It puts consensus at GBP582.6 million. "Integration is continuing at pace with our new divisional structure in place. We have confirmed GBP69 million of cost synergies against our target of at least GBP100 million. Approximately GBP15 million of cost synergies are included in FY25 profits with a further benefit of GBP45 million expected in FY26," it said. Chief Executive David Thomas added: "Against a challenging market backdrop, we have delivered a solid performance this year. Our adjusted profits are in line with market expectations, despite home completions being slightly below our guided range, mainly due to the impact of fewer international and investor completions than expected in our London businesses. We are already seeing tangible benefits from the Redrow acquisition, with cost synergies being delivered ahead of schedule, a new divisional structure in place and revenue synergies progressing well." Barratt Redrow releases annual results on September 17. The company also announced a share buyback up to GBP100 million to be completed by the end of June next year.
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COMPANIES - FTSE 250
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B&M European Value Retail reported an increase in first quarter sales, with its performance in the UK supported by warmer weather. Revenue in the first quarter to June 28 rose 4.4% on-year to GBP1.41 billion. In the UK alone, revenue rose 4.7% to GBP1.13 billion, while in France, it increased 7.6% to GBP136 million. At Heron Foods, it fell 0.4% to GBP138 million. UK like-for-like sales rose 1.3%, "driven by a good performance in April from our general merchandise outdoor ranges assisted by drier weather and Easter timing," the variety goods discount retailer said. CEO Tjeerd Jegen said: "My early days spent listening to and learning from our passionate colleagues and customers have underlined for me the strength of our value-focused model, which is more crucial than ever in the current challenging economic climate. While B&M UK's like-for-like sales are growing, I see a significant opportunity and requirement to sharpen our commercial and operational execution as we move towards and beyond the golden quarter." B&M will release half-year results on November 13. It will provide annual profit guidance at that point. The firm explained its redomicile process is progressing as planned, with completion expected this calendar year.
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Trustpilot Group upped its annual outlook, with the consumer reviews platform "pleased" by its first-half. Trustpilot expects to report revenue of USD123 million for the six months to June 30, up 23% on-year from USD100 million. Bookings rose 19% to USD140 million. "The broad nature of our SaaS business model continues to prove its resilience, enabling us to deliver good growth and retention, particularly in the enterprise segment, combined with strong cash generation and operating leverage. We are pleased with our first half performance and as we continue to annualise the package migration which benefited last year's bookings," CEO Adrian Blair said. Trustpilot now expects an adjusted earnings before interest, tax, depreciation and amortisation margin of 14% for the full-year. Trustpilot had previously expected a 2 percentage point improvement in its 2024 adjusted Ebitda margin of 11.4%.
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OTHER COMPANIES
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Dalata Hotel Group agreed to a takeover which values it at EUR1.4 billion. A vehicle owned by Hotel developer Pandox and real estate firm Eiendomsspar will buy shares in Dalata at EUR6.45 each in cash, a 35% premium to Dalata's closing price on March 5, the day before the operator of the Maldron and Clayton hotel chains began a strategic review. "The Dalata board believes that the acquisition is in the best interests of Dalata shareholders and represents the most effective route to enhance value for shareholders, relative to Dalata's other strategic options which have been considered as part of the strategic review, the company said. The consortium already owns roughly 9.8% of Dalata. On completion of the deal, it is expected that acquisition vehicle Pandox Ireland Tuck will be roughly 92% owned by Pandox, with Eiendomsspar owning 8.5%. Eiendomsspar itself owns around 36% of the voting shares in Pandox. Pandox and Eiendomsspar in June proposed an all-cash offer for Dalata. The proposal was for EUR6.05 per Dalata share, valuing the Irish firm at around EUR1.3 billion. The takeover is expected to become effective in the fourth quarter of 2025.
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Troubled Thames Water revealed it slumped to a GBP1.65 billion annual loss and saw its debt mountain balloon to GBP16.79 billion. The struggling utility tumbled to the pretax loss in the year to March 31 from profit of GBP157 million the previous year after it booked a GBP1.27 billion bad debt provision on intercompany loans and set aside GBP122 million for fines from Ofwat, among other costs.
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By Eric Cunha, Alliance News news editor
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Related Shares:
CRHRio TintoExperianBarratt RedrowB&MTrustpilotDalata Hotel Gp