(Alliance News) - Unite Group reports a valuation decline but says it will look to seal more disposals to put towards buybacks. AO World maintains its profit view.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: called up 0.1% at 10,616.58
GBP: lower at USD1.3417 (USD1.3437 at previous London equities close)
----------
ECONOMICS
----------
UK shopper footfall failed to meet expectations in March despite Easter and the school holidays falling earlier than usual, figures show. Total UK footfall was up by 2.4% year on year, although this was distorted by the month's inclusion of Easter, which fell in April last year, data from the British Retail Consortium and Sensormatic shows. High street footfall increased by 2% in March, up from a drop of 5.4% in February, while shopping centre visits were up by 2.6%, an improvement on the 5.5% fall seen the month before. BRC Chief Executive Helen Dickinson said: "With Easter and the school holidays falling earlier this year, retailers were expecting a stronger boost to footfall than March delivered.
Shopping centres outperformed other locations and cities like Manchester continued to do well but overall growth fell short of expectations. Warmer weather might help sustain footfall in the months ahead but, without an Easter uplift in April, momentum is far from guaranteed."
----------
BROKER RATINGS
----------
Berenberg starts Elixirr International with 'buy' - price target 1,060 pence
----------
COMPANIES - FTSE 250
----------
Unite Group says it is looking to speed up a "transition to a more focused, higher-quality portfolio", which the student accommodation provider believes would enable more funds to be put towards buybacks. The company, on track to seal a GBP100 million buyback by the end of June, says it expects to commit more to share repurchases. "At our upcoming AGM, we are seeking authority to repurchase up to 14.99% of share capital in anticipation of progressing disposals," it adds. Unite says it is on track for GBP300 million to GBP400 million of asset disposals in 2026, noting GBP130 million have been completed or are under offer and marketing, with a further GBP500 million sized up for sales over the next six to 12 months. Unite adds: "Advisers appointed to support acceleration of further asset disposals to reposition towards higher-quality portfolio aligned to the strongest universities." For the 2026/27 academic year sales cycle, 74% of beds have been reserved, compared to 76% a year prior. It backs guidance for occupancy and rental growth at lower end of 93-96% and 2-3% ranges for the 2026/27 academic year. It says the Unite UK Student Accommodation Fund is valued at GBP2.70 billion at March 31, down 1.7% like-for-like quarter-on-quarter. The London Student Accommodation joint venture is valued at GBP2.03 billion, a 2.4% like-for-like fall on-quarter.
----------
Online electricals seller AO World expects profit in line with previously upgraded guidance, "despite material cost headwinds". Adjusted pretax profit for the year to March 31 is expected to rise around 15% to the top end of a GBP45 million to GBP50 million range, from GBP43.5 million the year prior. Revenue growth expected to be 11%. All-in-all, it shows profit is "growing quicker than sales", despite AO World seeing "material cost headwinds". "The group had hedging arrangements in place in advance of recent geopolitical developments, covering approximately 80% of forecast fuel usage and 100% of electricity usage which cover the full FY27 trading period," it adds. AO World publishes annual results on June 17.
----------
OTHER COMPANIES
----------
Metals Exploration has been handed "four highly prospective exploration concessions adjacent to the La India gold project". The gold production, development and exploration company, with assets in the Philippines and Nicaragua, says the new concessions cover an area of around 64,000 hectares and have been granted at a 25-year term. "Securing these concessions adjacent to our La India gold project further consolidates our position within the historical La India mining district, and marks another important step in strengthening the company's long-term growth in Nicaragua. Our ongoing technical work has identified four high priority targets, with encouraging historical results indicating the potential for future gold resources," Chief Executive Officer Darren Bowden says.
----------
Impax Asset Management Group says "markets have been considerably more favourable" since January, though it has seen outflows continue. The asset manager focused on a "transition to a more sustainable economy", says assets under management at its March 31 second quarter end amounted to GBP22.31 billion, down from GBP24.24 billion in December. It reports net outflows of GBP2.01 billion. "Since January, after a difficult three-year period for investment managers like Impax that focus on actively managed thematic strategies, markets have been considerably more favourable. During the second quarter, 63.4% of our AUM outperformed, notwithstanding the more recent market turbulence," CEO Ian Simm says. "As many asset owners base their investment decisions on historical numbers over at least one year, we were not surprised to see a continuation in net outflows, driven principally by redemptions from a small number of institutional investors. By contrast, net outflows in our wholesale channel were lower and we continue to see an improving trend in flows via our largest distribution partner." Simm expects an exit tender offer plan at Impax Environmental Markets to "lead to the loss of most of the assets that we currently manage in this investment trust". "However, we aim to retain a meaningful percentage of those assets by offering a switch to the equivalent Impax UCITS fund, managed by the same team," Simm says. Impax Asset Management expects annual revenue in the region of GBP109 million and GBP113 million. In the year ended September 30, revenue amounted to GBP141.9 million.
----------
By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
