1st Dec 2025 07:58
(Alliance News) - Shell completes the creation of Adura with Equinor as HICL and TRIG scrap their proposed merger, while Melrose sets out its CFO succession plans.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called lower 0.2% at 9,704.31
GBP: slightly lower at USD1.3234 (USD1.3236 at previous London equities close)
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BROKER RATINGS
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Barclays raises Reckitt Benckiser to 'overweight' - price target 7,000 pence
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Deutsche Bank Research raises discoverIE to 'buy' (hold) - price target 850 (735) pence
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COMPANIES - FTSE 100
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Shell and Equinor complete the formation of Adura, a new joint venture that will become the UK's largest independent North Sea producer. Adura is owned 50% by Shell and 50% by Equinor and combines both companies' UK offshore oil and gas operations into a single business headquartered in Aberdeen. The new company assumes interests in 12 producing assets and projects including Mariner, Rosebank, Buzzard, Shearwater and Penguins, and is expected to produce more than 140,000 barrels of oil equivalent per day in 2026. Neil McCulloch, who has more than 30 years' industry experience, is appointed CEO.
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Melrose Industries says Chief Financial Officer Matthew Gregory will step down from the role in 2026. He will remain in the company during 2026 to assist with the transition. The board appoints Ross McCluskey as CFO and executive director from May 2026. Melrose notes that McCluskey previously served as Intertek's CFO from 2018 to 2021 and is currently Executive Vice President for EMEA and Government & Trade Services at Intertek. Melrose Chief Executive Officer Peter Dilnot thanks Gregory for his "invaluable contribution" during Melrose's transformation into a global aerospace and defence technology business. He says McCluskey's financial and operational expertise will be "invaluable" as the company executes its growth strategy. Incoming CFO McCluskey says he looks forward to joining Melrose "at such an exciting time".
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easyJet says it completes required software updates on all operational aircraft after Airbus issues a directive for certain A320-family aircraft requiring modification. The airline says its flying programme operates as normal over the weekend and is expected to continue without disruption. It adds that its financial outlook remains in line with prior expectations.
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COMPANIES - FTSE 250
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Renewables Infrastructure Group and HICL Infrastructure say their proposed combination will not proceed, as HICL withdraws from the deal. TRIG says it regrets that investors will not have the chance to vote on the planned merger, which it believed would have created the largest listed UK infrastructure investment company. TRIG says it now refocuses on its standalone strategy, citing a "well-established platform", "high-quality assets" and a strong pipeline across renewables and energy storage. TRIG Chair Richard Morse says the company is "uniquely placed" to benefit from growing demand for low-carbon, reliable power as economies electrify and decarbonise. TRIG adds that shareholder engagement will continue ahead of its 2026 annual meeting as it oversees future strategy and capital allocation.
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Wizz Air says it completes required software amendments on all 83 operational A320-family aircraft affected by an Airworthiness Directive issued on Friday. The airline says testing is finalised and the maintenance programme is carried out with no flight cancellations.
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TR Property reports a 7.4% rise in net asset value per share to 351.36p at September 30, from 327.16p at March 31, alongside a stronger income performance. Revenue earnings per share increase 23% to 10.07p from 8.16p, and the trust lifts its interim dividend to 5.75p per share, up from 5.65p a year earlier. It says full-year earnings are expected to be ahead of the prior year. The trust says: "Whilst it is pleasing to report a shareholder total return of +12.4% for the first six months of the financial year, the ongoing lack of enthusiasm for the sector by generalist investors has resulted in only a modest narrowing of discounts and this, in our view, presents further upside from here, particularly if the cost of borrowing continues to fall." Fund Manager Marcus Phayre-Mudge describes the period as a "tug-of-war" in which positives "quietly pulled ahead," helping deliver a double-digit NAV return.
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Serco says it wins a GBP500 million contract to continue operating HMP Dovegate prison in Staffordshire, England, after a "competitive" procurement process. The new agreement runs for 12 years, with options for three one-year extensions, and includes service enhancements. The company has managed the category B adult male prison since 2001. The facility near Uttoxeter holds around 1,160 prisoners. Chief Executive Officer Anthony Kirby says Serco is "delighted" to continue its role and adds that the new contract will support rehabilitation and create local employment.
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OTHER COMPANIES
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Tullow Oil appoints Roald Goethe as independent non-executive chair, effective today, replacing Phuthuma Nhleko, who steps down immediately. Tullow says three other non-executive directors - Genevieve Sangudi, Martin Greenslade and Mitchell Ingram - also leave the board with immediate effect. The company plans to replace positions while retaining a smaller, more focused board to reduce costs.
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Delta Gold Technologies PLC begins trading on the Aquis Growth Market, with dealings in its shares commencing under the ticker DGQ. The company has 59.0 million shares in issue, giving it a market capitalisation of about GBP5.9 million on admission. The listing follows a GBP2.5 million fundraising through a placing and subscription of 25.0 million new shares at 10 pence each. Around 50% of the shares are subject to a 12-month lock-up. Delta develops intellectual property for the quantum computing sector in collaboration with a University of Toronto research team. Chief Executive Officer Michael Jones says the admission marks an important step in building and commercialising its technology portfolio.
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Sterling Digital begins trading on the Access segment of the Aquis Stock Exchange Growth Market under the ticker ASIC. The bitcoin mining company lists 149.6 million shares, giving it a market capitalisation of around GBP7.5 million on admission. The IPO includes a GBP4.0 million placing of 80.0 million new shares at 5 pence each. Sterling plans to use the proceeds to develop a 3MW bitcoin mining facility in Texas powered by flared natural gas, to purchase new mining hardware, and to provide working capital. Chair Guy Winterflood says the listing enables the company to scale its model of converting stranded gas into lower-cost bitcoin production.
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By Eva Castanedo, Alliance News reporter
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