(Alliance News) - discoverIE Group reports accelerating demand and strong order growth, while Workspace warns of a substantial profit decline next year, and Bank of Ireland Group plans to exit its London listing.
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 10,591.89
GBP: lower at USD1.3507 (USD1.3532 at previous London equities close)
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BROKER RATINGS
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Exane BNP cuts Shell to 'neutral' (outperform)
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Citigroup raises Standard Life price target to 840 (769) pence - 'buy'
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COMPANIES - FTSE 250
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discoverIE Group PLC says trading accelerated in the fourth quarter, with a sequential increase in demand driving strong order and sales growth. Fourth-quarter orders rose 16% at constant currency, up 15% organically, while sales increased 6%, or 5% organically. For the full year, the Guildford, Surrey-based customised electronics manufacturer and designer reports orders up 9% at constant currency, with sales rising 5%, as its order book strengthened. Gross margins remain robust, supported by its differentiated product offering, and the firm expects to deliver another year of adjusted earnings per share growth in line with market expectations.
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Workspace Group says it expects trading profit after interest for financial 2026 to be in line with market expectations, but warns of a "substantial" year-on-year decline in financial 2027 as it repositions the business amid a challenging backdrop. The London-based flexible workspace provider reports steady fourth-quarter trading, with 384 lettings completed at a total rental value of GBP8.2 million, down from GBP10.1 million a year earlier. Total rent roll declined 1.4% quarter-on-quarter to GBP127.3 million, reflecting disposals and lower pricing, while the company expects a further negative portfolio impact in the second half. Workspace says enquiries remain resilient and conversion rates improved, but client demand and pricing have softened, weighing on rental values. It adds that inflationary pressures, including higher energy costs, are expected to push operating expenses higher, alongside increased interest costs and reduced contributions from non-recurring items. CEO Charlie Green says: "The opportunity moving forward is to reposition and elevate our offering so that we fully address the changing needs of our customers. In doing so, we will own the value category and be the first-choice provider of space for the start-up, SME and scale-up market. This will require investment in our portfolio and our scale will then give us the platform to create a significant market advantage in how we provide for our customers." As part of its strategy, the firm plans to reposition its portfolio and invest in its offering, while continuing asset disposals. It also intends to restore dividend cover to 1.2 times earnings from financial 2026 onward, as it balances shareholder returns with investment needs.
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Greencoat UK Wind says the UK government's decision to remove carbon price support from April 2028 could lead to lower electricity prices and a hit to its valuation. The renewable energy investor notes that carbon price support, a tax on fossil fuels used in power generation, has historically supported electricity prices when carbon-emitting generators set the marginal price. While the company had already been forecasting a significant reduction in these rates over time, the policy change brings forward the expected decline. Greencoat estimates that electricity prices used in its net asset value assumptions could fall by around GBP4-5 per megawatt hour from April 2028 to the early 2030s, and by GBP2-3 thereafter as renewables increasingly dominate the energy mix. Based on initial analysis, the firm says this could reduce its net asset value by approximately 3 to 5 pence per share. It adds that further detail will be provided in its first-quarter factsheet later in April.
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OTHER COMPANIES
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ITM Power has entered a strategic collaboration with Rheinmetall to support the Giga PtX project, aimed at building a Europe-wide network of decentralised synthetic fuel plants for NATO forces. The partnership will combine ITM's electrolyser technology with Rheinmetall's Power-to-X expertise, initially focusing on the UK, with each facility expected to have up to 50 megawatts of electrolysis capacity and produce up to 7,000 tonnes of e-fuel annually. ITM says the project represents a significant growth opportunity for large-scale hydrogen production, as defence and other critical sectors seek more resilient and sovereign energy supply solutions.
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Bank of Ireland Group proposes exiting London, saying its listing is "no longer in the interests of the company". The Dublin-based lender says trading of its shares on the London Stock Exchange has been negligible relative to overall trading, with the group also listed on the Irish Stock Exchange. It plans to cancel its listing on the UK Financial Conduct Authority's Official List and its admission to trading on the LSE Main Market. Shareholders will vote on the proposal at the annual general meeting on May 21, with a special resolution to approve the delisting and authorise directors to take necessary steps to implement it.
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NewRiver REIT has agreed a new GBP240 million unsecured financing facility, returning the group to a fully unsecured debt structure and extending its debt maturity profile. The facility comprises a GBP120 million term loan, due to mature in 2030, and a GBP120 million revolving credit facility maturing in 2031, both with extension options. The term facility will be used, alongside existing cash, to refinance a GBP140 million secured Mall Facility, while delaying drawdown until 2027 is expected to deliver around GBP1.4 million in cost savings. The new revolving credit facility is GBP20 million larger than the one it replaces and comes at a lower margin, with all four existing lenders - Barclays, HSBC, NatWest and Santander - increasing their commitments. NewRiver says the refinancing reflects confidence in its investment-grade rating and portfolio, and positions it to focus on growth and the refinancing of its GBP300 million bond due in 2028.
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By Eva Castanedo, Alliance News reporter
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