26th Aug 2025 07:47
(Alliance News) - Stocks were called to open lower on Tuesday, while in corporate news British American Tobacco's chief financial officer is stepping down.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 33.9 points, 0.4% at 9,287.50
GBP: lower at USD1.3462 (USD1.3539 at previous London equities close)
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ECONOMICS
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Businesses in England are to face an "unavoidable double hit" to their property tax payments next year, which will see total payments surge by about GBP2.5 billion, according to new figures. Analysis from global tax firm Ryan indicated that inflation and a government tax change will combine to drive up business rates bills further. From April next year, a nationwide revaluation process will take place on business rates in England, linking payments to values in the property market from April 2024. However, despite this revaluation, business rates yields will still rise in line with inflation from April. The Bank of England earlier this month predicted that inflation would rise to 4% in September, above previous projections. This would add GBP1.11 billion to the business rates burden in England, according to analysis by Ryan. On top of this, from April 2026 the government will introduce a supplementary multiplier of up to 10p on properties with a rateable value above GBP500,000, estimated to affect 17,000 properties nationwide.
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BROKER RATINGS
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Jefferies raises NatWest price target to 615 (530) pence - 'buy'
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Jefferies raises Paragon Banking price target to 1015 (930) pence - 'hold'
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RBC raises Oxford Biomedica price target to 930 (800) pence - 'outperform'
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COMPANIES - FTSE 100
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Bunzl reports pretax profit of GBP250.1 million for the half-year ended June 30, down 11% from GBP279.4 million. Revenue however increases 0.8% to GBP5.76 billion from GBP5.71 billion, and rose 4.2% at constant exchange rates despite "a challenging operating environment". Operating profit fell 14% to GBP300.5 million from GBP349.6 million and Bunzl's operating margin declined to 7.0% from 8.0%, "driven by specific large businesses in North America and Continental Europe". Bunzl reiterates its 2025 outlook, stating that it has taken action to improve operational performance in both regions for the second half and expects the operating margin to decline at a "moderated" rate in that half compared to the first. Also, Bunzl announces its fourth and fifth acquisitions this year, of Southern Spain-focused Quindesur in July and of Mexico's Guantes Internacionales in August. It has also completed the previously announced acquisitions of Solupack in Brazil and Hospitalia in Chile.
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British American Tobacco announces that Chief Financial Officer Soraya Benchikh is stepping down with effect from Tuesday. She "will remain available to support the transition" until December 31. BAT names Digital & Information Director Javed Iqbal as interim CFO, and says the recruitment process for Benchikh's successor is being launched.
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COMPANIES - FTSE 250
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Workspace Group has signed a new lease agreement with Wild Cosmetics, following its acquisition by Unilever. The company, which has been a Workspace customer since 2019, is almost doubling its footprint with Workspace to 14,000 square feet of space. Workspace said the five-year deal comes with net rent of GBP42 per square foot.
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OTHER COMPANIES
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Ashtead Technology says its revenue increased 23% to GBP99.1 million for the six months ended June 30, from GBP80.5 million the year before. Pretax profit rose 0.8% to GBP17.8 million from GBP17.6 million. Ashtead Technology's return on invested capital decreased to 24.2% from 29.6%. Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation rise 20% to GBP27.0 million from GBP22.6 million, driven by a focus "on high quality rental activities". Ashtead Technology says its outlook remains in line with expectations set out in its trading update from mid-July. "Following our previous announcements and after extensive shareholder consultation, the board is pleased to confirm its intention to move the company's listing to the Main Market of the London Stock Exchange expected on 6 October 2025," notes Chief Executive Allan Pirie.
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Pri0r1ty Intelligence shares have been approved to trade on the OTCQB Venture Market in the US, with trading to commence on Wednesday. Trading of the firm's existing shares on the AIM market in London will not be impacted. "Pri0r1ty is operating at the intersection of the fast-growing markets of AI and data, with a complementary crypto treasury policy," says CEO James Sheehan. "Increasing access for US investors who are well tuned to these developing sectors is a natural step for the business and we are delighted to debut on OTCQB market tomorrow alongside AIM."
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By Emma Curzon, Alliance News reporter
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Related Shares:
BunzlPri0r1ty IntNatwestParagon GroupOxford BiomedicaWorkspaceUnilever