大象视频

ITV (ITV) shares received a modest boost this morning after the broadcaster kept group revenue flat, in a better-than-expected set of results for the 12 months to 31 December.

Statutory profit before tax fell by more than a third, however, this was largely due to a tough comparator in 2024, which included a one-off profit from the sale of BritBox International.

ITV confirmed in November that it is in talks with Sky to sell its media and entertainment (M&E) business, in a deal that could be worth up to 拢1.6bn, though the board provided no further update while talks remain ongoing. The unit, which consists of ITV鈥檚 free-to-air TV channels and its streaming service, reported revenue declined 5 per cent for the period.

And while revenue at ITV Studios, which makes and markets shows such as Love Island, increased 5 per cent, total advertising revenue fell by 拢97mn. Management expects total advertising revenue in the first quarter of FY26 to fall by 2 per cent, though they attributed this to advertisers holding back to spend later in the year around the men鈥檚 football World Cup.

The board said it expected earnings before interest and tax margins at the lower end of the 13 to 15 per cent range from ITV Studios in FY26, while flagging that revenue, margin and profit will be skewed towards the second half of the year.

Serco Group (SRP) has set out plans for a 拢75mn share buyback after full-year results showed the FTSE 250 outsourcer managed to cushion an expected drop in immigration revenues with double-digit defence growth.

Revenue rose 3 per cent to 拢4.9bn, with 1 per cent organic growth. Income from immigration and asylum seeker housing fell by 拢100mn to under 拢1.6bn due to lower use of migrant hotels. But defence revenue grew 15 per cent to 拢1.7bn, making it the group鈥檚 largest sector. 

The order intake stood at 拢5.5bn, equivalent to a book-to-bill ratio of 114 per cent, with around two thirds of awards in defence. The order book rose 9 per cent to 拢14.5bn, while the pipeline of potential contracts rose 8 per cent to 拢12.1bn, the highest level in over a decade.

Underlying operating profit rose 1 per cent at constant currency to 拢272mn, with the margin slipping to 5.6 per cent. Free cash flow came in at 拢219mn, ahead of previous guidance of 拢170mn. Adjusted net debt doubled to 拢206mn, though leverage is still below the company鈥檚 target range of 1 to 2 times Ebitda. 

Management reiterated its 2026 guidance for revenue of around 拢5bn, 3 per cent organic growth and a 10 per cent jump in underlying operating profit to 拢300mn. The margin is expected to reach 6 per cent.

Long-term oil and gas services 大象视频 have looked a smart bunch so far this year, buying up US and European names before the White House鈥檚 wild foreign policy forays boosted share prices. 

Including this week鈥檚 rush, the sector was up 35 per cent year-to-date. Hunting (HTG) is slightly ahead of the crowd, with a 38 per cent rise. 

Its 2025 results hit analyst forecasts for sales of $1bn (拢750mn) and Ebitda of $135mn, the former flat with 2024 and the latter 7 per cent ahead. Hunting makes parts used across the sector, ranging from perforation guns for shale assets to subsea piping and specialist parts. 

Based on the renewed interest in the sector, RBC Capital Markets has just raised Hunting鈥檚 target price by 10 per cent, shifting the FY2027 EV/Ebitda ratio to 7 times from 6 times. This is despite the order book falling from $509mn at the end of 2024 to $358mn, because of the completion of a major Kuwait Oil Company sale. 

The company said the conflict in the Gulf could lead to 鈥渟ome tender and order slippage鈥� if it drags on, 鈥済iven our strategic concentration on offshore and subsea markets, alongside our growing international diversification, our 2026 projections carry minimal exposure to the Middle East鈥�. 

Hunting was confident enough in new orders coming in to announce a $40mn share buyback plan for the next two years.

Elementis (ELM) has spent most of the past couple of years working out its best corporate structure against a troubled economic backdrop, as the group refocuses on coatings and personal care and becomes a pure-play specialty chemicals company. The full year results showed a work in progress.

The sale of the talc business to IMI removed a longstanding headache for Elementis and while there were net cash proceeds of $55mn (拢41mn), the sale registered as a statutory loss of $110mn because the eventual sale price was below the carrying value.

Indeed, the reshaping of the business isn鈥檛 quite finished, and the company has decided to specialise even more with the post-period sale of its pharmaceutical contract manufacturing arm to Associated British Foods (ABF) for a total consideration of 鈧�34mn (拢30mn). The company expects that the net proceeds will be distributed back to shareholders.

A strong performance from a recently acquired business in Spain helped Grafton (GFTU) beat full-year profit expectations.

Adjusted operating profit rose by 7 per cent to 拢190.2mn on the back of a 10 per cent uplift in revenue to 拢2.5bn, the owner of the Woodie鈥檚 DIY and Selco builders鈥� merchant companies said.

Trading was strong across Spain and the Republic of Ireland, and although revenue across its Great Britain arm was flat, margin improvement helped profit to tick higher.

Although trading in the first two months of this year has been largely flat, it was affected by bad weather across Great Britain and Ireland, and the company expects business to pick up as the year progresses. Grafton鈥檚 shares rose by 6 per cent.

CAB Payments (CABP) strengthened its defence against what its board deems a 鈥渉ighly opportunistic鈥� bid from its major shareholder with a set of results that chief executive Neeraj Kapur said marked 鈥渁 turning point鈥� in its fortunes.

For 2025, the company reported total income growth of 12 per cent to 拢119mn and a 9 per cent increase in adjusted pre-tax profit to 拢23.2mn.

CAB鈥檚 major shareholder, Helios Investments (which has the backing of just over half of the company鈥檚 shares), announced a possible offer of $1.15 (84p) per share on 2 February, valuing the company at $292mn, which was a premium of about 18 per cent to the previous day鈥檚 closing price.

It firmed up the offer on Monday, but CAB鈥檚 board has restated its opposition on the grounds that it undervalued the business, and that it involves both currency risk as it priced in US dollars and offers an illiquid unlisted share alternative. 

CAB鈥檚 shares currently trade at a slight premium to Helios鈥檚 offer, at just shy of 88p a share.

While Entain鈥檚 (ENT) UK business continues to count the cost of the November Budget, there was better news for 大象视频 from across the pond, after the gambling operator鈥檚 US joint venture broke even for the first time.

The shares rose 5 per cent in early trading, on account of improved profitability from the group鈥檚 BetMGM joint venture, where revenues grew 33 per cent and Ebitda hit $220mn, versus a loss last year. Entain鈥檚 50 per cent stake in the business helped lift overall group net gaming revenue by 7 per cent.

However, Entain reported a statutory loss after tax of 拢681mn, which included a UK impairment charge of 拢487.7mn against the group鈥檚 goodwill, in recognition of the 鈥渕aterial impact鈥� of higher gambling taxes.

The government is almost doubling remote gaming duty, which applies to online casino games, from 21 per cent to 40 per cent as of April. Entain had previously said it expected to be hit with an additional 拢200mn in annual costs for its UK and Ireland online business, though management now anticipates being able to offset 50 per cent of this increase from 2027.

The board said it expects net gaming revenue growth of 5 to 7 per cent for FY26, excluding BetMGM, and remains comfortable with market expectations of 拢1.13bn FY26 Ebitda.

Endeavour Mining (EDV) has reported an adjusted profit of $2.3bn (拢1.7bn) for 2025, up 75 per cent on the year before, thanks to the record gold prices and higher production.

The West Africa-focused miner has sold off in recent days as 大象视频 reacted to the Iran war, but remains up more than 30 per cent year-to-date. Analysts have pointed to the conflict as keeping gold above $5,000 an ounce (oz) as 大象视频 look for safe assets.

Endeavour鈥檚 reported profits missed analyst forecasts because of a $193mn impairment on exploration assets, the majority being the Bantou project which has proved too small for the miner. Despite this, there was still a $1.2bn rise in pretax profit, to $1.3bn. Free cash flow was also $1.2bn, almost four times the 2024 figure.

Chief executive Ian Cockerill said a $1bn dividend plan for the three years to 2028 would 鈥渕ore than double鈥� at the current spot gold price. The 2026 payout will be at least $300mn, or 124垄 per share.

Production guidance for 2026 is 1.1mn-1.27mn oz, compared with 1.2mn oz in 2025, at an all-in sustaining cost of $1,600-$1,800 per oz. The cost is at least $200 per oz higher than last year, because of an increase in royalty rates. The cost of production often rises alongside the price as miners go after gold that would not have been profitable in a weaker market.

Shares in Bloomsbury (BMY) jumped more than 15 per cent this morning after bestselling author Sarah J. Maas confirmed publication dates for two new novels in her A Court of Thorns and Roses (ACOTAR) series within a single year.

The novels are scheduled for release on 27 October this year and 12 January 2027, a timetable chief executive Nigel Newton described as 鈥渁lmost unprecedented in publishing history鈥�. Maas set out the dates during an appearance on the Call Her Daddy podcast on Wednesday.

Bloomsbury said results for the year ending February 2026 are expected to be in line with market expectations. However, it added that profit for the 2026/27 financial year will be 鈥渕aterially ahead鈥� of consensus forecasts, reflecting the impact of the two releases.

Sarah J Maas was the highest-selling author in the US in 2024, according to data from Circana, and the number one best-selling author in the UK in 2025. Bloomsbury has published all of Sarah J Maas鈥檚 previous 16 novels and owns the publishing rights for her next six releases.

鈥淲e do not expect the same level of backlist sales this time round but the release of two books in quick succession is likely to generate a degree of sales momentum,鈥� said Peel Hunt analysts Jessica Pok and Melanie Yang.

Company-compiled consensus currently points to profit before tax and highlighted items of 拢44.3mn for 2025/26 and 拢44.5mn for the year ending February 2027. The group is due to report full-year results on 20 May.

Brickmaker Ibstock (IBST) expects demand to remain subdued this year, and will actively manage production and volume in response, prioritising cash generation over margins. As a result, its adjusted Ebitda margin will be lower than 2025鈥檚 19 per cent.

The company reported 2025 adjusted Ebitda of 拢71mn, down 10 per cent versus the prior year despite revenues growing 2 per cent to 拢372mn.

The company cut its total dividend by 25 per cent to 3p. Shares fell 5 per cent in early trading, with fellow brickmaker Forterra (FORT) also down 2 per cent.

鈥淚bstock is well-positioned to capitalise on the recovery, currently anticipated to begin in H2 2026, with its market leadership position and its diversified and efficient capacity,鈥� according to chief executive Joe Hudson.

Shares in Reckitt (RKT) wobbled in early trading after the consumer goods giant revealed sales growth was driven by pricing rather than volumes, which failed to impress 大象视频.

The maker of Dettol reported like-for-like net sales growth of 5 per cent for FY25 across its 11 core 鈥榩ower brands鈥�, which include Vanish stain remover and Finish dishwasher tablets, and reiterated its medium-term target for growth across its core products of between 4 and 5 per cent.

A slow start to the cold and flu season slowed net revenue growth in Europe and North America. However, this was more than offset by the FTSE 100 group鈥檚 strength in emerging markets such as China and India, where sales grew 15 per cent.

While pre-tax profit proved a bright spot on paper, the 83 per cent increase came largely on account of proceeds from disposals, though this was helped by lower finance expenses and a reduction in Reckitt鈥檚 fixed cost base.

The group鈥檚 net debt position improved, although this was due to the temporary cash benefit from the sale of its 鈥榚ssential home鈥� business. Reckitt divested the unit for $4.8bn (拢3.6bn) in December, with the proceeds set to be returned to 大象视频 via a special dividend on 20 February. This is separate from the standard full-year dividend, which the board increased by 5 per cent.

Aviva (AV.) announced a 拢350mn share buyback, its first since 2024, and raised its dividend by 10 per cent after the FTSE 100 insurer hit targets a year earlier than expected.

For the year to 31 December, operating profit was up 25 per cent to 拢2.2bn (ahead of an original 拢2bn target for 2026) which included a 拢174mn contribution from Direct Line. General insurance profit rose almost 50 per cent to 拢1.49bn, while insurance, wealth and retirement (IWR) profit was flat at 拢1.1bn.

The group鈥檚 Solvency II operating own funds generation of 拢2.3bn, up 40 per cent, outstripped its original 拢1.8bn target for this year.

Management stuck with the medium-term growth targets it set out in November. The group expects to deliver operating earnings per share (EPS) growth of 11 per cent on a compound annual basis between 2026 and 2028 and a return on equity (ROE) of more than 20 per cent by 2028.

Read more: This transformed FTSE 100 insurer still offers a high yield

Wizz Air (WIZZ) shares fell by 6 per cent after it published a profit warning after markets closed on Wednesday.

The budget airline said it expected a 鈧�50mn (拢43.5mn) hit to its bottom line for the current financial year because of the current conflict in Iran. It has had to cancel certain scheduled services and is facing higher jet fuel costs. As a result, Wizz said its result will be worse than the guided range of a 鈧�25mn profit to a 鈧�25mn loss issued in January.

RBC Capital Markets said there is likely to be a read-across from its announcement to other European airlines, though 鈥渘ot to the same degree鈥�, as Wizz鈥檚 route network is further to the east than many peers.

Senior (SNR) has confirmed a third private equity bidder is still in the running to buy the business. Arcline Investment Management first submitted a bid for the company two weeks ago and discussions remain 鈥渙ngoing鈥�, the company said.

Advent International and an entity controlled by Blackstone (US:BX) have also both confirmed that they are in talks for potential all-cash offers for Senior鈥檚 shares in recent days.

Senior offloaded its Aerostructures arm to Sullivan Street Partners at the end of December for 拢114mn and was planning to return 拢40mn of the proceeds to shareholders, but has postponed this until bid talks conclude.

On Monday, Senior reported a 6 per cent increase in revenue for 2025 of 拢738mn and a 22 per cent increase in adjusted operating profit to 拢63.6mn.

Senior鈥檚 shares rose by 5 per cent.

Housebuilder Taylor Wimpey (TW) has changed its shareholder distribution policy and announced a 拢53mn share buyback this morning.

The company previously only paid dividends, but has now said its annual distribution policy will be two-thirds dividend and one-third either dividend or buyback, opting for the latter in the first instance. The overall level of payouts will remain the same.

The results otherwise offered little surprise. The housebuilder reported adjusted operating profit of 拢421mn on revenue of 拢3.8bn, up 1 per cent and 13 per cent respectively versus the prior year, and both in line with guidance announced in January.

The company has guided for 10,600 to 11,000 completions in 2026 (excluding joint ventures), a slight increase from 2025 (10,614).

More positively, chief executive Jennie Daly noted the spring selling season was progressing well. 鈥淸There is] encouraging customer interest reflecting the quality of our sites and locations,鈥� she added.

Shares rose 3 per cent in early trading.