9th Sep 2026 07:55
(Alliance News) - Victrex says it has lifted its annual profit view, Harworth has affirmed its rejection of a takeover proposal, while Gym Group expects annual earnings at the top end of market expectations. Meanwhile, Aberdeen has named a new chair.
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 0.6% at 10,749.56
GBP: higher at USD1.3557 (USD1.3548 at previous London equities close)
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ECONOMICS
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The UK debt office sold a 30-year gilt at the highest yield since the body was established, according to results published on Tuesday, highlighting the pressure on public sector finances. The Debt Management Office re-opened the 5.375% Treasury gilt 2056 through a syndication at a yield of 5.8168%. Proceeds from the sale are expected to amount to some GBP4.0 billion, though total orders topped GBP87 billion, suggesting investor demand was strong. "Today the UK DMO successfully re-opened its benchmark 30-year gilt, originally launched via syndication on 20 May 2025, reflecting the continued importance of this maturity sector to investors seeking long-dated sterling assets," DMO Chief Executive Officer Jessica Pulay said on Tuesday.
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The head of an air traffic control provider will speak to UK Transport Secretary Heidi Alexander on Wednesday as disruption is set to continue after a technical issue grounded flights. Flight monitoring website Flightradar24 said 1,300 flights had been cancelled to and from UK airports on Tuesday after a system issue hit Nats, which provides air traffic control services to 15 UK airports. Tens of thousands of passengers were caught up in the chaos, which continued on Wednesday with cancellations and delays expected as airlines deal with the knock-on impacts at airports including Heathrow, Gatwick, Manchester and Stansted. According to FlightRadar, 246 flights had been cancelled at Heathrow Airport by 0600 BST on Wednesday, while Gatwick passengers faced 33 cancellations. Nats' Chief Executive Officer Martin Rolfe said he "always accept[s] full responsibility" when asked if he was considering his position after the incident.
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BROKER RATINGS
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HSBC cuts Burberry to 'hold' - price target 1,200 pence
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COMPANIES - FTSE 100
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Aberdeen Group has named Torbjorn Magnusson as its next chair, with the former boss of Nordic insurer Sampo the permanent replacement for Douglas Flint. Flint stood down from the position after Aberdeen's April annual general meeting and Jonathan Asquith has served as chair in the interim. Asquith will stay on as interim chair until Magnusson's appointment takes effect. Magnusson will become chair "following relevant regulatory approvals, and a further announcement will be made in due course", the wealth and asset manager says. Magnusson has served as chair of Nordea Bank and UK insurer Hastings. "During a highly successful executive career Magnusson served as chief executive officer and president of Sampo for nearly six years, stepping down in 2025 after developing the business into one of the Nordic region's largest financial services groups. He also led Sampo's GBP1.7 billion acquisition of Hastings, strengthening the group's presence in the UK market," Aberdeen adds.
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COMPANIES - FTSE 250
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Victrex has lifted its annual guidance, as the polymer solutions provider says "strong momentum" has continued into its fourth quarter. Victrex, which serves industries including the aerospace, medical and automotive sectors, is seeing "good growth across all regions". The firm's financial year runs to September 30. "Since our Q3 trading update on 7 July 2026, strong momentum has continued into Q4, with year-on-year growth across our end markets driven by aerospace, value added resellers and electronics," Victrex says. "The previously announced 10% reduction in our headcount has been completed, with the initial benefits being seen during Q4 and contributing to at least GBP10 million of annualised savings from our wider profit improvement plan expected to be delivered in FY 2027." As a result, it now expects underlying pretax profit in the range of GBP45 million and GBP47 million, ahead of a prior forecast of GBP42 million to GBP44 million. In addition, it says Chris Gilbert joined the firm as interim finance chief at the start of September. "Chris brings extensive sector experience, including at Elementis PLC, as well as proven capability of delivering large-scale finance transformation projects with Deloitte LLP. As this is an interim appointment, Chris will not be appointed as a director or join the board of the company," Victrex adds.
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Land regeneration company Harworth affirms its "unanimous and unequivocal" rejection of a takeover proposal lodged by its largest shareholder Peel Holdings. Peel's 172.5 pence proposal values the firm's issued and to be issued share capital at around GBP582.9 million, the Harworth shareholder said in August. Harworth shares closed at 176.50p on Tuesday, so above the offer price. Peel owns just over 29% of Harworth. "As previously announced, the board is unanimous and unequivocal in its rejection of the unrecommended offer, which, in its view, fundamentally undervalues Harworth and its near- and longer-term prospects," Harworth says. It also believes its EPRA net reinstatement value of 214.8p at the end of June "does not fully capture the additional embedded value with the group". "Harworth has a substantial hyperscale data centre pipeline in the UK, with 0.8GW of accepted power offers in place and has identified opportunities across its existing land bank to increase its total powered land pipeline to 1.9GW," it adds. "Harworth's strategy to dispose of sites at the powered land stage allows it to deliver and monetise returns to Harworth shareholders in a capital-efficient way and at an early stage, well before power-on dates." The EPRA NDV declined from 224.4p at the end of 2025 and from 223.7p year-on-year, Harworth says in its interim results also out Wednesday. Net assets per share, meanwhile, fall to 206.5p as at the end of June, from 215.6p in December. "Harworth has made good operational and strategic progress during the first half of 2026 and into the second, against a challenging macroeconomic backdrop that has weighed on valuations, particularly in residential. Since 2021 we have successfully repositioned our land and development portfolio, shifting the weighting to 71% industrial & logistics and developing a significant powered land bank, in turn positioning the business to deliver strong returns to shareholders into the medium term," Chief Executive Lynda Shillaw says. Harworth's half-year dividend is 10% higher at 0.592 pence, from 0.538p.
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OTHER COMPANIES
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Gym Group says it expects annual profit at the top end of market forecasts, amid a more favourable outlook for costs. The gym operator says pretax profit in the first half of 2026 rose 48% to GBP4.9 million from GBP3.3 million, while revenue climbed 10% to GBP133.1 million from GBP121.0 million. Adjusted earnings before interest, tax, depreciation and amortisation grew 10% to GBP53.0 million from GBP48.3 million, and less normalised rent, it amounted to GBP30.8 million, up 12% from GBP27.4 million. Gym Group says it is on track for 3% like-for-like revenue growth for the full year. Like-for-like cost growth is now expected to be at the lower end of a guided range of 3% to 4%. As a result, it sees adjusted Ebitda less normalised rent at the top end of the current analysts' forecasts, which it puts at GBP60.5 million to GBP62.0 million. This would represent an improvement from GBP56.7 million in 2025.
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By Eric Cunha, Alliance News news editor
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Related Shares:
BurberryVictrexAbrdnGym GrpHarworth GpElementis