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Yorkshire-based pork and poultry producer Cranswick (CWK) delivered yet another strong half, defined by broad-based revenue growth across all divisions.

Sales were boosted by UK food volumes growing by 7 per cent overall, with revenue in its poultry unit notable for rising 18.5 per cent over the period. The division now makes up a fifth of group revenue.

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A solid tech rally is keeping things afloat in Europe with shares in London and Paris up slightly this morning, with the FTSE 100 hosting a battle of risk-on sentiment, Budget rumours and earnings updates from some of its biggest names.

Bank shares, though, are jumping again on reports that they will be spared from a tax raid in the Budget. Lloyds, NatWest, Barclays all rose about 3 per cent. They had come off in the last fortnight following a report suggesting a tax raid was back on the table, after the Financial Times had originally said they would be spared. 

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Shares in AO World (AO.) rose 4 per cent in early trading after the online electricals retailer raised its profit expectations for 2025, driven by double-digit revenue growth and despite higher wage and national insurance costs hitting the first half.

The group now expects full-year pre-tax profits to come in at the top end of its 拢45-50mn guidance, which it narrowed in September. In the six months to 30 September, pre-tax profits rose 10 per cent to 拢18mn, helped by a 14 per cent increase in total revenue to 拢586mn.

Sales in its core business-to-consumer retail business climbed 12 per cent to 拢423mn, with the business-to-business division down 23 per cent to 拢46mn as AO moved away from low-margin contracts. Re-commerce revenue soared 834 per cent to 拢56mn, thanks to last year鈥檚 acquisition of second-hand tech and electronics company musicMagpie.

musicMagpie鈥檚 losses have narrowed from around 拢6mn at acquisition to a forecast of 拢2mn for the 2026 financial year, with management targeting a break-even run-rate beyond that.

Intertek (ITRK) reported 4.6 per cent revenue growth in the third quarter at constant currency, most of that coming organically and driven by its higher-margin consumer products and corporate assurance divisions.

Still, the shares fell 5 per cent in early trading, as the FTSE 100 testing, inspection and certification group couldn鈥檛 match last year鈥檚 stronger growth rates. Management left its overall 2025 guidance unchanged, but made some tweaks to its net debt forecasts and the outlook for two divisions.

Guidance for the world of energy division was nudged down from low-single digit like-for-like growth to 鈥渟table鈥�, while the industry and infrastructure arm was upgraded from low single-digit to mid single-digit growth.

Net finance costs were revised slightly upward, and net financial debt guidance was increased from 拢820-870mn at the half-year mark to 拢925-975mn after completing two acquisitions in the second half. The currency drag to both revenue and profits was also left unchanged.

Domino鈥檚 Pizza鈥檚 (DOM) chief executive Andrew Rennie is stepping down with immediate effect after just over two years at the helm of the FTSE 250 business.

Chief operating officer Nicola Frampton is taking over on an interim basis, with the search process to identify a permanent successor under way. Shore Capital analyst Katie Cousins described the move as 鈥渦nexpected鈥� and a 鈥渓oss to the business鈥� given Rennie鈥檚 鈥渨ealth of experience鈥�.

Rennie had worked at Domino鈥檚 for over two decades, and his departure 鈥渂y mutual agreement鈥� marks the latest executive reshuffle at the struggling pizza group. The shares are down more than 50 per cent over the past year.

Interim finance boss Richard Snow is set to be replaced by Andy Andrea, who will join from drinks company C&C Group (CCR) in March. As a result, the company鈥檚 planned 9 December capital markets day has been postponed.

Hilton Food Group (HFG) also announced leadership changes this morning. CEO Steve Murrells is leaving with immediate effect too, after agreeing with the board that 鈥渘ow is the right time to search for a new leader to take the business forward鈥�.

Non-executive chair Mark Allen has been promoted to executive chair to oversee the search for a new boss. Murrell鈥檚 exit follows a profit warning earlier this month, which sent the shares down by more than a fifth on the day.

The company blamed ongoing operational issues at the group鈥檚 smoked salmon business, Foppen, and subdued demand for white fish hitting its UK seafood division. The outcome of a strategic business review is scheduled for 29 January.

Engineering services provider Renew Holdings (RNWH) delivered few surprises at full-year results this morning. Adjusted operating profit rose 2 per cent to 拢72mn, with revenues up nearly 6 per cent to 拢1.1bn in the year to 30 September. 

The company鈥檚 order book rose 3 per cent year on year to 拢915mn. Management didn鈥檛 provide specific guidance for the 2026 financial year but said it has 鈥渃onfidence in delivering against expectations鈥�. Analysts expect adjusted operating profit to rise 7 per cent to 拢77mn.

鈥淒espite well-documented headwinds in specific areas, our teams have worked tirelessly to deliver another year of record revenues and operating profit,鈥� said chief executive Paul Scott, in reference to the challenges the company鈥檚 rail business experienced at the start of the year. Net cash dwindled to just over 拢6mn, down from 拢26mn a year earlier.

The shares rose 2.6 per cent to 236p in early trading.

Kingfisher (KGF) shares rose 5 per cent this morning after the board lifted the group鈥檚 full-year profit guidance, in early signs of a DIY market recovery in the UK.

The B&Q owner said like-for-like sales rose 1.6 per cent in the year-to-date, on account of greater transaction volumes. Total sales for the third quarter hit 拢3.25bn, up from 拢3.22bn a year earlier.

The UK remained the standout region, with like-for-like third-quarter sales growth of 3 per cent on a constant currency basis driven by market share gains, as well as an uptick in what chief executive Thierry Garnier called 鈥渂ig-ticket鈥� categories. France and Poland saw continued 鈥渟ubdued consumer demand鈥�.

Adjusted profit before tax guidance for 2026 was upgraded to 拢540-570mn, from the previous 拢480mn to 拢540mn range. Its free cash flow target of 拢480-520mn was maintained. 

Kingfisher will report its final results in March.

Beazley (BEZ) shares dived by 10 per cent in morning trading after the speciality insurer revealed weaker than expected growth in its gross premiums, in a sign that slower growth is finally feeding through into the underwriting market. 

Chief executive Adrian Cox flagged the deflating numbers: 鈥淕rowth is running at the low end of our guidance and below the level we delivered in the first half.鈥� As a result, the outlook for premium growth was downgraded to flat to low single-digits. 

While the combined ratio was respectably in the low 80s, the trading statement showed that top line insurance written premiums growth had slowed to just one per cent to $4.62bn (拢3.53bn). The culprit was a major reversal for Beazley鈥檚 cyber security products, which saw an 8 per cent decrease in written premiums to $848mn (拢646mn). JH