17th Mar 2026 07:55
(Alliance News) - Trustpilot says its profitability in 2025 is ahead of expectations, Close Brothers moves its cost savings target forward, and Travis Perkins lowers its dividend as earnings fall.
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 0.1% at 10,307.79
GBP: higher at USD1.3309 (USD1.3293 at previous London equities close)
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BROKER RATINGS
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Barclays cuts Unite Group to 'equal weight' - price target 520 (615) pence
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COMPANIES - FTSE 100
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Tritax Big Box REIT says it expects a decision from the UK government on the Manor Farm data centre planning application on or before June 9. The real estate investment trust, which focuses on logistics properties, says it now expects practical completion of the data centre between October 2027 and March 2028, delayed from between July and December 2027 previously. It expects income recognition to start at the same time as practical completion of the building. Tritax Big Box REIT notes the revision to timings but maintains its confidence in growing adjusted earnings by 50% by 2030. The firm says it is confident in the "long-term strategic and financial merits" of the Manor Farm development for shareholders. It says the probability of securing planning consent is unchanged.
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COMPANIES - FTSE 250
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Trustpilot says 2025 profitability is ahead of expectations. The consumer review platform reports pretax profit of USD14.1 million in 2025, almost tripled from USD5.2 million a year earlier. Revenue climbs 22% to USD291.4 million from USD239.0 million, or 20% at constant currency. Adjusted earnings before interest, tax, depreciation and amortisation advance 69% to USD40.7 million from USD24.1 million, with the margin up to 15.6% in 2025 from 11.4% in 2024. Looking ahead, Trustpilot says it expects its revenue to grow a "high-teen" percentage at constant currency "reflecting strong 2025 bookings" with a two to three percentage point improvement in the adjusted Ebitda margin. Trustpilot adds that it is at an advanced stage in recruiting a successor for Chief Financial Officer Hanno Damm. "We enter the new financial year with clear strategic momentum and continued confidence in our growth roadmap," says Chief Executive Officer Adrian Blair. Trustpilot says it will start a GBP22.5 million share buyback programme after the completion of the 2025 buyback programme.
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Close Brothers reports a narrower pretax loss for the first half of its financial year, amid lower operating expenses. The merchant bank says its operating pretax loss narrows to GBP65.5 million in the six months to the end of January 2026 from a GBP102.2 million loss a year earlier. Operating income falls 6.1% to GBP333.8 million from GBP355.4 million, with net interest income alone down 6.5% to GBP274.4 million from GBP293.6 million. The net interest margin narrows to 7.1% from 7.3%, while the CET1 capital ratio is up to 14.3% at the end of January from 13.8% at the end of July. Close Brothers says it is "well placed" to "absorb a range of potential outcomes" from the UK Financial Conduct Authority's proposed motor finance commission redress scheme. Close Brothers reports operating expenses of GBP399.3 million for the half year, down 13% from GBP457.6 million a year earlier. "In the first half of the 2026 financial year, the group delivered a resilient trading performance reflecting cost discipline, solid credit performance and a robust net interest margin. We have repositioned the business to focus on markets where we see strong and sustainable opportunities," says Chief Executive Mike Morgan. "As a result, and given current market conditions, the loan book has marginally reduced in the first half, while a number of our core businesses continued to grow. We are well positioned for future growth as a specialist banking group." It now expects to deliver GBP25 million of annualised savings in the current financial year, and a total of GBP60 million annualised savings by the end of 2027 rather than 2028. "This positions us well to reach double-digit returns by the 2028 financial year, rising thereafter," says CEO Morgan.
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Travis Perkins lowers its dividend as it reports lower revenue and a wider pretax loss for 2025. The building materials company says its loss widens to GBP134.7 million in 2025 from GBP38.4 million in 2024. The total basic loss per share widens to 83.3 pence from 36.6p a year prior. Revenue falls 0.9% to GBP4.56 billion from GBP4.61 billion. Adjusting items administrative expenses increase 60% to GBP222.2 million from GBP139.1 million. The firm declares a final dividend of 7.5p per share, down 17% from 9.0p a year ago. This gives a full year dividend of 12.0p per share, down 17% from 14.5p. Travis Perkins says this is in line with its policy to pay a dividend between 30% and 40% of adjusted earnings. Adjusted earnings per share for the year fall 16% to 30.8p from 36.6p. Travis Perkins says its "sharper competitive proposition" in the second half offset the impact of operational challenges at the start of the year, with like-for-like revenue growth of 0.3%. It says the overall decline in revenue was driven by the Merchanting segment, with subdued activity across the majority of end markets. Travis Perkins says the trading environment since the start of the year remains subdued. "We have made significant operational progress over the past year. We have a fully resourced senior management team in place, have successfully overcome the difficulties associated with implementing a new IT system and have taken action to reduce the administrative overheads in our central and regional teams," says Chief Executive Officer Gavin Slark. "However, it is the strength of our balance sheet that now provides the necessary resilience and flexibility to underpin our competitiveness in what remains a challenging market backdrop for UK construction activity."
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Wickes reports higher earnings for 2025 and launches a new GBP10 million share buyback programme. The home improvement retailer says pretax profit more than doubles to GBP48.7 million in 2025 from GBP23.2 million a year prior. Revenue climbs 5.9% to GBP1.64 billion from GBP1.54 billion. Wickes reports "continued strong volume growth" in Retail, with revenue up 6.5%. Adjusted pretax profit climbs 14% to GBP49.9 million from GBP43.6 billion, reflecting "operating leverage". The firm declares an unchanged final dividend of 7.3 pence per share, giving a stable full year dividend of 10.9p. Wickes launches a new GBP10 million share buyback programme. The firm says it remains comfortable with consensus expectations for adjusted pretax profit of GBP57.6 million in 2026. "This has been another year of strong progress against our strategy. We've achieved volume-driven growth across all three areas of the business, as the strength of our proposition continues to resonate with customers," says Chief Executive David Wood.
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OTHER COMPANIES
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Old Mutual reports sharply higher annual profit, and announces the retirement of its Chair Trevor Manuel. The Anglo-South African financial services firm delivers a 47% surge in pretax profit to ZAR22.71 billion, around GBP1.02 billion, in 2025 from ZAR15.49 billion in 2024. The company says its 2025 results reflect improved operating performance in its life & savings business and Old Mutual Insure. Total insurance revenue for the year was ZAR81.57 billion, up 12% from ZAR72.66 billion. Old Mutual declares a final dividend of 56 rand cents, up 7.7% from 52 cents, bringing the total payout for 2025 to 93 cents, up 8.1% from 86 cents. Basic earnings per share rise 12% to 197.0 cents from 176.2 cents, but headline EPS earnings per share fall 0.5% to 201.6 cents from 202.7 cents. Old Mutual says that it has picked Roger Jardine as chair designate. Jardine, who was appointed as non-executive director in September last year, will assume the chair position at the company's annual general meeting to be held on June 5. Manuel will retire at the close of the AGM. "Mr Jardine will work alongside Mr Manuel during a three-month handover period from March to June 2026 to ensure continuity of strategic leadership, structured stakeholder engagement, and an orderly transition," the company says. Looking ahead, Old Mutual says it remains committed to restoring its value of new business margin by focusing on enhancing business mix, retention and collections, supported by cost savings.
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By Michael Hennessey, Alliance News reporter
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Related Shares:
UniteTritax Big BoxTrustpilotClose BrosTravis PerkinsWickes Group P.Old Mutual Lim.