(Alliance News) - BP reports an "exceptional" oil trading performance in the first quarter, while Intertek launches a strategic review, and Imperial Brands reiterates full-year guidance after a positive start to its transformation plan.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called marginally higher at 10,586.16
GBP: lower at USD1.3515 (USD1.3521 at previous London equities close)
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BROKER RATINGS
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HSBC raises Glencore to 'buy' (hold) - price target 620 (510) pence
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*Exane BNP cuts Barclays to 'neutral' (outperform) - price target 485 (545) pence
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COMPANIES - FTSE 100
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BP expects an "exceptional" oil trading result in the first quarter, driven by the Iran war, compared with weak performance in the prior quarter, as stronger refining margins and higher oil prices support trading. The oil major says Brent averages USD81.13 per barrel in the quarter, up 27% from USD63.73 in the fourth quarter, while its refining indicator margin rises to USD16.9 per barrel from USD15.2, reflecting improved market conditions. BP says upstream production is expected to be broadly flat overall versus the fourth quarter of 2,344 mboe/d, with gas and low carbon energy output slightly higher and oil production slightly lower from 1,555 mboe/d. BP adds that volatility in commodity markets linked to geopolitical developments is expected to affect results and working capital, with net debt seen rising to between USD25 billion and USD27 billion at quarter-end, up from USD22.2 billion in the previous quarter.
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Imperial Brands reiterates full-year guidance and reports a positive start to its 2030 transformation strategy, with first-half trading in line with expectations. The company says it expects low-single-digit growth in net revenue from tobacco and next-generation products in the first half, supported by pricing and innovation, while adjusted operating profit is seen slightly higher year-on-year, with performance weighted towards the second half. Imperial continues to expect at least high-single-digit earnings per share growth and free cash flow of at least GBP2.2 billion for the full year, alongside 3-5% adjusted operating profit growth. The group says it has completed GBP700 million of its GBP1.45 billion share buyback programme for financial 2026 and notes no material impact so far from Middle East tensions, though uncertainty remains for the second half.
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Intertek Group reports a strong start to 2026 and launches a strategic review to assess a potential split of the business into two separate ATIC companies. The company says first-quarter revenue rises 3.7% to GBP838.5 million from GBP808.9 million a year prior, while like-for-like revenue increases 2.4% to GBP828.3 million. On a constant currency basis, like-for-like revenue is up 5.4%, reflecting what it describes as robust demand across its portfolio. Intertek says performance is driven by growth in Consumer Products, double-digit expansion in Corporate Assurance, and demand in Health & Safety and Industry & Infrastructure, while its World of Energy division remains "stable". The group reiterates its full-year outlook, targeting mid-single-digit like-for-like revenue growth at constant currency. Intertek also announces a strategic review to evaluate the potential separation of its Energy & Infrastructure division, including a possible sale or demerger, to create two independent global businesses. It says the review is aimed at unlocking value through more focused strategies, improved capital allocation and faster execution, and is expected to be implemented by mid-2027.
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COMPANIES - FTSE 250
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PageGroup reports a decline in first-quarter performance amid challenging market conditions, but says trading remains "resilient" despite macroeconomic and geopolitical uncertainty. The company says gross profit falls 4.9% year-on-year to GBP187.0 million on a constant currency basis, and is down 3.9% on a reported basis. It attributes the decline to subdued client and candidate confidence, which continues to weigh on hiring decisions and prolong recruitment processes. PageGroup highlights ongoing tough conditions in the UK and EMEA regions, where confidence remains weak, and activity levels are subdued. In contrast, the Americas and Asia Pacific continue to grow, supported by stronger demand, marking multiple consecutive quarters of expansion in key markets such as the US and Asia.
Looking ahead, the company warns that conflict in the Middle East is increasing geopolitical risks and creating a heightened degree of uncertainty for the remainder of the year.
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Oxford Instruments reports a resilient full-year performance for financial 2026, in line with market expectations, supported by a strong second half and continued order momentum. The company expects full-year order intake to rise around 8% on an organic constant currency basis, with a book-to-bill ratio of about 1.07, reflecting demand particularly in its Advanced Technologies division. Oxford Instruments says revenue in the second half is "significantly ahead" of the first half, although marginally below the prior year on a reported basis, moving to slight growth on a constant currency basis. Operating profit margin benefits from cost restructuring actions, particularly in its Belfast-based imaging business, as well as from stronger second-half revenue, resulting in improved profitability. The group notes strong order growth in Advanced Technologies, driven by demand in the semiconductor market and large commercial customers.
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HarbourVest Global Private Equity outlines a series of shareholder return initiatives, including plans to return at least USD500 million to investors in 2026. The company says it will distribute USD400 million via a tender offer in autumn 2026 and USD100 million through share buybacks, with all proceeds for the remainder of 2026 allocated to its distribution pool. HarbourVest adds that it will place new investment commitments on hold for the rest of 2026 to prioritise liquidity and capital returns. Looking ahead, the firm plans to distribute around 5% to 10% of net asset value annually through a combination of tenders and buybacks until its next continuation vote, expected no later than July 2029. This implies total shareholder returns of around USD1 billion over the period. The company says these measures are designed to enhance shareholder value and address the discount to NAV, while maintaining portfolio liquidity reviews.
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OTHER COMPANIES
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Mortgage Advice Bureau Holdings acquires HomeOwners Alliance Ltd for GBP1.4 million as it looks to expand its presence in the home-moving market. The Derby, England-based mortgage broker says the consideration will be paid 50% upfront, with the remainder due over two years, alongside surplus distributable reserves. HomeOwners Alliance is a UK consumer platform with millions of annual web visits, offering guidance, tools, and services to homeowners and prospective buyers. MAB says the acquisition will enable it to engage earlier with customers in the homebuying journey and broaden its offering beyond mortgage advice. The deal is expected to increase lead generation and strengthen links between mortgage advice and other home-moving services.
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ProCook Group reports fourth-quarter trading ahead of expectations, with growth driving improved full-year profitability. The company says fourth-quarter revenue rises 19% year-on-year to GBP18.5 million, with like-for-like growth of 9.9%, supported by strong performance across both retail and ecommerce. Retail revenue climbs 19%, marking an eleventh consecutive quarter of like-for-like growth, while ecommerce revenue increases 19%, driven by higher traffic. For the full year, revenue reaches a record GBP85.5 million, up 23% year-on-year and ahead of market expectations, with like-for-like growth of 12%. ProCook says it significantly outperforms the UK kitchenware market, gaining share throughout the year. The group expects full-year Ebitda to be slightly ahead of expectations, while operating profit and pretax profit are in line, reflecting investment in new store openings. Net cash strengthened to GBP4.4 million from GBP1.0 million a year prior, supported by strong cash generation.
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Gulf Marine Services reports higher revenue in 2025 but flags rising uncertainty due to geopolitical tensions, with its 2026 outlook under review. The company says revenue rises 12% to USD188.1 million from USD167.5 million, while pretax profit falls to USD35.8 million from USD43.2 million. Gulf Marine adds that escalating conflict in the Gulf region is increasing volatility in oil and gas markets and causing disruptions to offshore operations, including a customer's force majeure declaration. As a result, the group says its previously guided USD105 million to USD115 million adjusted Ebitda range for 2026 is now under assessment. Despite the uncertainty, the company notes improved day rates and a strong backlog, but cautions that the evolving geopolitical situation creates significant uncertainty over its operational and financial outlook.
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By Eva Castanedo, Alliance News reporter
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