大象视频

The Serious Fraud Office (SFO) has launched a criminal investigation into the past management of troubled social housing trust Home Reit, arresting six people and raiding sites across the UK on suspicion of bribery and fraud.

The agency said the 鈥渟uspected offending鈥� is estimated to involve 拢300mn. Investigators searched seven sites and made arrests at homes in Altrincham, Maidenhead and London, as well as a commercial site in Manchester, with assistance from the National Crime Agency.

Home Reit floated on the London Stock Exchange in 2020 at the height of the ESG boom, pitching itself as the first London-listed property fund focused on tackling homelessness. The company raised 拢850mn from 大象视频, including institutions such as BlackRock and M&G (MNG), alongside retail shareholders.

Investors were told their money would be used to buy and refurbish properties, which would then be leased on a block basis to publicly funded charities and community interest companies. These groups were meant to house rough sleepers, veterans and people struggling with addiction. Rental income would then flow back to shareholders.

However, in November 2022, short seller Viceroy Research published a highly critical report questioning its property valuations and the ability of its tenants to pay rent, following Investors鈥� Chronicle reporting about Home Reit. Trading was suspended in January 2023, and the company has been under investigation by the Financial Conduct Authority since February 2024.

In a brief statement, Home Reit said it had been made aware of reports of the SFO鈥檚 arrests and raids. 鈥淣aturally, the company will provide any assistance it is able to the SFO in pursuing its investigations,鈥� it added.

Essentra (ESNT) reported 4.7 per cent like-for-like revenue growth on a constant currency basis in the fourth quarter, helped by easier comparatives, and said adjusted operating profit for the 2025 financial year would fall in line with expectations.

The small components manufacturer and distributor expects full-year like-for-like revenue to grow by 2.5 per cent at constant currency, but stay flat year-on-year when including the impact of foreign exchange.

The EMEA region reported high-single-digit growth year-on-year in the quarter, driven by a strong showing in Turkey, while the Americas delivered low-single-digit growth. The APAC region saw a slight decline in the final quarter due to large one-off projects a year earlier driven by market dynamics in China.

Brooks Macdonald (BRK) disclosed its first quarter of net inflows since 2023, with 拢50mn of inflows in its second quarter, aided by a much improved performance from its higher-margin bespoke portfolio service (BPS) products.

For the three months to 31 December, group funds under management and advice (FUMA) were up 3 per cent from the previous quarter to 拢20.1bn. Gross BPS inflows were 拢345mn in the second quarter, up 拢200mn from the prior three months. The group鈥檚 managed portfolio service (MPS) funds delivered net inflows of 拢149mn, a 6 per cent rise on the last quarter. 

The shares rose 2 per cent in early trading.

Distribution Finance Capital (DFCH) shares rose 5 per cent in early trading as the market responded positively to the Aim-traded specialist bank鈥檚 new medium-term guidance, which it set out alongside an annual trading update.

DF Capital is aiming for a loan book in excess of 拢1.5bn by 2030, compared to the 拢846mn position at the end of last year, and a return on required equity of around 20 per cent.

Management also confirmed that it expects trading for the year to 31 December 2025 to beat market forecasts, with adjusted pre-tax profit of at least 拢17.5mn up 22 per cent on the year before and tangible net assets per share of at least 75p up by a fifth.

Shares in Savills (SVS) jumped 6.5 per cent this morning after the property broker said 2025 growth will be 鈥渁t least in line with expectations鈥� after a pick-up in transactional activity during the fourth quarter.

In a trading statement, the firm said its transactional business, which includes investment and leasing advisory services, had built 鈥渟trong transactional pipelines across all our markets鈥� despite macroeconomic uncertainty.

Savills鈥� less transaction businesses, including property management, consultancy and investment management, had also performed well, it added. Analysts expect the company to deliver profit before tax of 拢141mn on sales of 拢2.5bn in 2025. 

Shares in smaller peer Foxtons (FOXT) fell 4 per cent, meanwhile, after it reported a falling sales pipeline in its own trading statement.

Wound care specialist Advanced Medical Solutions (AMS) is on track to deliver full-year revenue of approximately 拢229mn, with cash profits of 拢49.5mn-拢50mn.

The company has been busy integrating acquisitions over the past 12 months, and said performance was driven by growth across key surgical product categories and a good recovery in wound care, which has offset some destocking in the Peters Surgical business.

Management expects savings from its integrated acquisitions to come through by next year. The company announces its full-year results on 18 March.

Robert Walters (RWA) reported a 14 per cent drop in year-on-year net fee income in the fourth quarter, with strong growth in the UK offset by stubbornly weak conditions in Europe. 

Specialist recruitment, which accounts for 82 per cent of group net fee income, fell 15 per cent during the period, despite 25 per cent growth in the UK.

Recruitment outsourcing fell 12 per cent, including 29 per cent growth in the rest of the world.

The recruitment firm said conditions in northern Europe remain challenging but stable, against a backdrop of 鈥渞egulatory, macro and political uncertainty鈥�. Chief executive Toby Fowlston said the initial planning assumption is for 2026 net fee income to be 鈥渟lightly below鈥� 2025. 

Robert Walters鈥� monthly cost run rate closed the year below 拢24mn, with progress made towards delivering at least 拢10mn of annualised structural cost savings by 2027.

The firm cut 5 per cent of its headcount quarter-on-quarter, taking the total year-on-year reduction to 12 per cent. The shares fell 3.3 per cent to 132p.

Self-storage operator Safestore (SAFE) reported mixed results for the year ended 31 October this morning.

Like-for-like revenue rose 3 per cent year on year to 拢229mn, but underlying profit before tax fell 4 per cent to 拢93mn due to higher financing costs.

Looking ahead to 2026, the company said first-quarter trading to date has continued last year鈥檚 like-for-like growth across all markets. It added this year鈥檚 outlook is 鈥渃autiously optimistic鈥� about returning to earnings growth.

鈥淪afestore is now at an inflection point, where the significant investment we have made [鈥�.鈥�.鈥�.鈥塢 is set to translate into meaningful growth in earnings and long-term value creation,鈥� said chief executive Frederic Vecchioli.

Shares rose 2 per cent in early trading.

Despite reporting marginally higher second-quarter sales, weaker than expected December trading and a slow Black Friday period drove a downgrade to profit guidance from homeware retailer Dunelm (DNLM). The share price tumbled 18 per cent in early trading. 

The homewares company reported sales growth of 1.6 per cent for the quarter, but said that profit before tax in the first half is now expected to come in between 拢112mn and 拢114mn, which Peel Hunt said was 拢4mn behind its original estimate.

The group also steered the market to the lower end of its 拢214mn to 拢227mn guidance range for the full year, as a result of soft consumer demand and issues with furniture availability.

鈥淭he performance reflected a strong first quarter followed by a more challenging close to the half,鈥� said new chief executive Clo Moriarty.

Broker Panmure Liberum downgraded Dunelm to a sell rating, citing 鈥渁naemic top-line growth鈥� which is currently 鈥渘ot reflected in the valuation鈥�. Dunelm鈥檚 interim results are expected on 10 February.

CAB Payments (CABP) shares rose 9 per cent in early trading after the business-to-business cross-border payments and foreign exchange operator said it expects its results for the year to 31 December 2025 to come in ahead of market expectations.

The company, which focuses on emerging markets and listed in 2023, expects to post revenue of 拢119mn and adjusted Ebitda 鈥渢o be slightly above鈥� the top of company-compiled consensus. The top-end of that consensus is for revenue of 拢113mn and Ebitda of 拢33.8mn. 

Management said that 鈥渋ncreased transaction volumes, an expanded client base, and new product capabilities have all contributed to growth鈥�. 

CAB attracted much interest at its IPO but the shares have crashed by more than 75 per cent since then after a profit warning and shareholder accusations of disclosure failures in the prospectus.

Alumasc (ALU) has appointed Pamela Bingham as its new chief executive. She will start work at the group in early March and then take charge once current chief executive Paul Hooper retires at the end of March.

Bingham has more than 20 years of industrial experience. She has previously been chief executive of industrial services group Eriks UK & Ireland and before that ran Glen Dimplex鈥檚 heating and ventilation business.

Schroders (SDR) shares gained 8 per cent in early trading after a surprise trading update from the asset manager guided for annual profit to come in well ahead of market expectations.

The FTSE 100 active manager expects adjusted operating profit for the year to 31 December 2025 to be 鈥渁t least鈥� 拢745mn, compared to market consensus of 拢663mn and a posting of 拢603mn the year before.

The new outlook is driven by increased assets under management (AUM), up by 10 per cent to around 拢730bn, and 鈥渂roadly flat鈥� adjusted operating expenses. AUM benefited from both positive market movements and net new business of around 拢11bn. Management expects adjusted net operating income to rise 6 per cent to 拢2.58bn.