(Alliance News) - Standard Chartered set out new growth targets and announces a plan to cut some 15% of its corporate functions roles by 2030. Diploma has lifted its outlook, and Currys eyes better-than-expected yearly profit.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.6% at 10,380.95
GBP: lower at USD1.3405 (USD1.3408 at previous London equities close)
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ECONOMICS
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The UK jobless rate was slightly higher than expected in March, moving back to 5%, data on Tuesday showed, though average earnings were higher than forecast. The Office for National Statistics said the unemployment rate rose back to 5.0% in the three months to March, from 4.9% in the period to February. According to consensus cited by FXStreet, it had been expected to stay at 4.9%. Average earnings, including bonuses, rose 4.1% on-year in the three months to March, picking up speed from 3.9% in February and topping consensus of a slowdown to 3.8%. For regular earnings, pay growth cooled to 3.4% in the three months to March, from 3.6% in the three-month stretch to February. That figure was in line with consensus. For the private sector alone, total pay growth picked up to 3.9% in three months to March from 3.6% in the period to February. For regular pay in the private sector, it cooled to 3.0% from 3.2%. Meanwhile, the ONS says that vacancy estimates for the time between February and April fell by 3.9% on-quarter to 705,000, compared with November to January. This is the lowest level of vacancies in five years, the ONS adds.
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UK Prime Minister Keir Starmer will assemble his new-look Cabinet for the first time on Tuesday after insisting again that he would not "walk away" from Downing Street. Tuesday's regular Cabinet meeting will be the first since Wes Streeting resigned as health secretary and called on the UK prime minister to quit last week. It also follows Greater Manchester Mayor Andy Burnham's announcement that he intends to fight the Makerfield by-election. Burnham has said a vote for him would be a vote to "change Labour", while Starmer has insisted he will not set out a timetable for his departure even if the mayor returns to Parliament. If Starmer does not resign, Burnham would need to secure the backing of 81 Labour MPs to mount a leadership challenge, potentially setting up a contest with the prime minister for party members' votes. But on Monday evening, one of his supporters suggested the mayor would not seek an immediate leadership fight. Leeds MP Alex Sobel told LBC it was not his "expectation" that Burnham would immediately trigger a contest, saying he would "come back and potentially serve in the government, try and help us turn this government round".
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BROKER RATINGS
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Morgan Stanley raises J Sainsbury to 'equal-weight' - price target 345 pence
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COMPANIES - FTSE 100
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Standard Chartered announces that it will cut over 15% of its corporate functions roles by 2030, as the lender sets out new medium term financial targets after achieving its previous aim a year earlier than planned. StanChart expects to achieve a more than 15% return on tangible equity in 2028, building to around 18% in 2030. It had achieved a statutory RoTE of 11.9% in 2025. "We achieved our 2026 medium-term financial targets a year earlier than planned. We now have a more focused, streamlined and efficient organisation, positioning us strongly for the next stage of growth and to deliver our strategy at greater scale and pace," StanChart says. It adds: "We are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision‑making and enhance both client service and internal efficiency." The firm plans to cut over 15% of corporate functions roles by 2030. That would imply a reduction of around 7,000 jobs, Reuters reports. Chief Executive Bill Winters adds: "Our strategy is grounded in a simple belief: the world is becoming more connected, more complex and more cross-border. Clients need a bank that can help them navigate that environment with confidence - that is where Standard Chartered is distinctive. Our trusted ability to combine network and product capabilities to solve challenging cross-border problems is difficult to replicate. We are investing in the capabilities that will compound our competitive advantages and drive sustainable growth and higher quality returns over time, with clear targets in place."
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Technical products and services supplier Diploma reports a rise in half-year earnings and it lifts its interim payout. Pretax profit increases 14% to GBP139.4 million from GBP122.3 million. Revenue is 17% higher at GBP851.1 million from GBP728.5 million, with organic growth picking up to 15% for the half-year, from 9% a year prior. "It's been a great first half," CEO Johnny Thomson says. "The strong first half performance demonstrates how we balance ambitious earnings growth with disciplined returns – in good times and bad – to build on our long track record of sustainable quality compounding. We have strong positions in attractive, structurally growing markets, our acquisition pipeline is healthy, and our team is in great shape." The second half has "started well", the CEO says. It is "confident in our upgraded full year guidance". Diploma now sees organic revenue rising 12% in the full year, the guidance boosted from 9%. It expects adjusted operating profit growth of over 30%, which it says is a "6% upgrade to consensus". Diploma lifts its dividend by 5% to 19.1 pence per share from 18.2p.
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COMPANIES - FTSE 250
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Currys expects higher than forecast annual profit, and the electricals retailer is yet to see a hit from the Middle East conflict. Currys now expects adjusted pretax profit growth of 18% to GBP191 million for the year ended May 2, ahead of a prior guidance range of GBP180 million to GBP190 million. Annual like-or-like sales were up 4%, it adds. "Recent trading has been very solid; we've not yet seen an impact from the Middle East conflict, and our energy costs are well hedged for the coming year," CEO Alex Baldock says. "This performance, combined with our strong balance sheet, means we are well positioned to navigate any market volatility ahead, tap into exciting growth opportunities and continue returning capital to shareholders."
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Boot maker Dr Martens reports a sharp rise in annual profit, and says it up investment in the year ahead. Pretax profit in the year March 29 jumped to GBP32.7 million from GBP8.8 million, it says, though revenue eased 2.9% to GBP764.9 million from GBP787.6 million. CEO Ije Nwokorie says: "There is still work to do in pivoting the business, however in FY27 we will also enter the scale phase of our strategy. Desire for the Dr. Martens Brand continues to grow, with more collaborators approaching us, increased wholesale partner support, strong consumer response to new product families, and an excited reaction from the market to our first beacon store on Brewer Street, London." Nwokorie says Dr Martens will "lean in with increased investment in the brand" in financial 2027. This includes store upgrades. It plans for "further strong" profit growth in the new year. Dr Martens adds: "Over the last two years we have put in the hard work to set the business up for growth, and as we look forward there are significant benefits as a result, including the quality of our revenue base through reduced discounting, the strength of our wholesale order books, the benefit from pricing, continued tight management of costs and the improvement in speed of execution from our new market model. We have good visibility of our supply chain costs for the majority of FY27. We are currently navigating an unpredictable trading environment, with geopolitical uncertainty impacting consumer confidence, and against this backdrop are focused on executing our strategy. There is still ongoing work to complete in some areas of the business, including the execution of our retail strategy, which will represent a short-term revenue headwind. However, our business is materially more resilient than it was previously and this underpins our confidence in our medium-term targets."
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OTHER COMPANIES
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Mears Group has won a GBP240 million deal from Thurrock Council in Essex. The provider of services to the UK housing sector notes the council is a long-standing customer. "The new contract will see Mears extending its services to deliver all repairs, compliance and planned investment works and carries an annual value of GBP24 million over an initial 5-year term, with an extension option for a further 5 years, giving a total contract value of GBP240 million over the maximum 10-year term," Mears explains.
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By Eric Cunha, Alliance News news editor
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