(Alliance News) - Barclays reports a rise in first-quarter profit and announces a new share buyback, BP delivers earnings growth and a higher dividend as it benefits from elevated oil prices driven by the Iran war, and Coca-Cola Europacific Partners posts revenue growth.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.1% at 10,310.19
GBP: lower at USD1.3518 (USD1.3549 at previous London equities close)
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BROKER RATINGS
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Exane BNP starts Diploma with 'outperform' - price target 8,100 pence
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UBS cuts SSP group to 'neutral' - price target 180 pence
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COMPANIES - FTSE 100
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Barclays reports first-quarter pretax profit rises 3% to GBP2.81 billion from GBP2.72 billion a year before, as total income increases 6% to GBP8.16 billion from GBP7.71 billion. Attributable profit rises 4% to GBP1.93 billion from GBP1.86 billion, while basic earnings per share improve 8% to 14.1 pence from 13.0p. Return on tangible equity slips to 13.5% from 14.0%, though Barclays says all divisions delivered double-digit returns. The cost-to-income ratio improves to 56% from 57%. Credit impairment charges increase to GBP823 million from GBP643 million, including a GBP228 million single-name charge in the investment bank. The loan loss rate rises to 74 basis points from 61bps. Barclays says litigation and conduct charges of GBP104 million primarily reflect a GBP105 million increase in the provision for the UK Financial Conduct Authority motor finance redress scheme, lifting the total provision to GBP430 million from GBP325 million at the end of 2025. It announces a new GBP500 million share buyback, to begin after completion of the current GBP1.0 billion programme. Barclays reiterates all 2026 and 2028 targets, including return on tangible equity of more than 12% in 2026 and more than 14% in 2028. It continues to expect 2026 total income of around GBP31 billion, a high-50s cost-to-income ratio, and a common equity tier 1 ratio within its 13% to 14% target range. CEO CS Venkatakrishnan says: "Barclays delivered another solid quarter with a 13.5% RoTE in Q126, and double-digit returns in all our businesses. This was despite a one-off charge and impairments in the quarter. Top line income grew 6% year-on-year, driven by broad based divisional performance including in the Investment Bank, where we generated over GBP4 billion quarterly income for the first time...The breadth and quality of our businesses mean we remain confident in delivering all our financial targets across a range of environments."
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Oil major BP says first-quarter profit attributable to shareholders rises to USD3.84 billion from USD687 million a year before, as underlying replacement cost profit increases to USD3.20 billion from USD1.38 billion. Operating cash flow edges up to USD2.86 billion from USD2.83 billion, while net debt falls to USD25.31 billion from USD26.97 billion. BP announces an average Brent oil marker price of USD81.13 per barrel for the first quarter of 2026, up 27% from USD63.73 in the fourth quarter and 7.1% higher than USD75.73 a year ago. Says an "exceptional" oil trading contributed to the more than doubling of profits as it benefits from high prices from the Iran war. BP declares a first-quarter dividend of 8.320 US cents per share, up from 8.000 cents a year before, or 6.226 pence, up from 6.176p. The firm says customers & products underlying RC profit before interest and tax jumps to USD3.20 billion from USD677 million, helped by stronger midstream performance, higher realised refining margins and an "exceptional" oil trading contribution. BP says it continues to expect 2026 capital expenditure of USD13.00 billion to USD13.50 billion and divestment proceeds of USD9.00 billion to USD10.00 billion, including approximately USD6 billion from the announced Castrol transaction, all "significantly" weighted to the second half. CEO Meg O'Neill says: "Overall, our business continues to run well." Further, BP says it expects second quarter reported upstream production to be lower than in the first quarter of 2026, citing seasonal maintenance and effects if disruption in the Middle East. The firm adds: "The heightened volatility in the oil and gas prices could also impact production sharing agreement contracts."
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Coca-Cola Europacific Partners reports first-quarter revenue rises 6.7% to EUR5.00 billion from EUR4.69 billion a year before, driven by strong performance in Europe where revenue increases 9.1% to EUR3.55 billion. Asia-Pacific revenue rises 1.1% to EUR1.45 billion. The soft drinks bottler in over 30 markets including Australia, Germany, Great Britain and Spain says comparable volume growth was more modest at 1.6%, with reported volumes up 8.5% reflecting calendar effects including an earlier Easter. Coca-Cola Europacific declares an interim dividend of EUR0.82 per share, up from EUR0.79 a year before. It reaffirms full-year 2026 guidance, including revenue growth of between 3% and 4% and operating profit growth of around 7%. The company says it expects comparable free cash flow of at least EUR1.7 billion and continues its share buyback programme of up to EUR1.0 billion for the year. Chief Executive Damian Gammell says the group has made a "good start to the year". He added: "Although stronger volumes benefitted from calendar phasing and an earlier Easter, we delivered solid comparable volume growth and share gains driven by great execution."
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Mining company Anglo American reports mixed production in the first quarter, with copper output edging up to 170,000 tonnes from 169,000 tonnes a year before and diamond production rising to 7.1 million carats from 6.1 million carats. Manganese ore production more than doubles to 759,000 tonnes from 348,000 tonnes. However, iron ore production slips to 15.2 million tonnes from 15.4 million tonnes, while steelmaking coal output falls sharply to 1.5 million tonnes from 2.2 million tonnes and nickel production declines to 9,100 tonnes from 9,800 tonnes.
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COMPANIES - FTSE 250
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Taylor Wimpey says trading in the year to date has been "steady", with UK net private sales rate to April 26 at 0.74 per outlet per week, down from 0.77 a year before. The Buckinghamshire, England-based housebuilder reports a total order book value of GBP2.23 billion, down from GBP2.34 billion year-on-year, with pricing in the order book around 1% lower amid recent underlying pressure, particularly in areas with stretched affordability. The company expects build cost inflation to be in the low to mid single digits in 2026, citing rising energy costs and emerging supply chain pressures. Taylor Wimpey says it remains focused on cost control and operational discipline. Chief Executive Jennie Daly says: "Sales in the year to date have been steady and our teams continue to work extremely hard to support customers through their homebuying journeys against ongoing affordability challenges and an increasingly uncertain macro backdrop."
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WPP says first-quarter revenue falls 6.6% to GBP3.03 billion from GBP3.24 billion a year before, or 4.0% on a like-for-like basis. Revenue less pass-through costs declines 8.9% to GBP2.26 billion from GBP2.48 billion, or 6.7% like-for-like. The advertising agency says the quarterly performance is consistent with expectations, though it notes "ongoing uncertainty" in the near term given events in the Middle East. WPP reiterates its 2026 guidance, continuing to expect like-for-like revenue less pass-through costs to decline by mid to high-single digits in the first half, with an "improving trajectory" in the second half. It still expects a headline operating profit margin of 12% to 13%. Chief Executive Cindy Rose says WPP's Elevate28 strategy is "resonating with clients and driving strong new business".
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OTHER COMPANIES
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Canal+ reports first-quarter revenue rises 41% to EUR2.17 billion from EUR1.54 billion on a restated basis excluding MultiChoice, reflecting the impact of the acquisition, while revenue is broadly flat year-on-year, down 0.4%, when including a restated prior-year contribution from MultiChoice. Excluding MultiChoice, revenue increases 1.8% to EUR1.57 billion. The Paris-based media and entertainment group reiterates its full-year 2026 guidance, including flat revenue and adjusted Ebit of EUR735 million. Canal+ says its secondary listing on the Johannesburg Stock Exchange remains on track for June 3. CEO Maxime Saada says the company has made a "solid start" to the year. He added: ""We continue to deliver cost synergies resulting from the acquisition of MultiChoice, in line with our plans, and we reiterate our full-year 2026 guidance."
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Ferrexpo says it expects its shares to be suspended from trading from May 1 after delaying publication of its 2025 results beyond the April 30 deadline, due to a hold-up in securing funding. The Baar, Switzerland-headquartered iron ore pellets producer in Ukraine says it continues to view an equity fundraise of at least USD100 million as the only viable option to support its working capital and near-term operations. The company has received indicative, non-binding expressions of interest from institutional investors for more than USD100 million, though these remain conditional, and there is no certainty a transaction will be completed. Ferrexpo adds that its largest shareholder, which holds around 49% of shares, has indicated support for the proposed fundraise and would back the necessary resolutions. The firm says trading in its shares will remain suspended until audited accounts are published, which is dependent on completing a funding solution.
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By Eva Castanedo, Alliance News reporter
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