(Alliance News) – M&G swings to a first-half pretax loss attributable to equity holders as short-term investment fluctuations weigh on statutory results, while LondonMetric Property announces GBP105 million of investment activity. Elsewhere, Jet2 says trading remains strong and announces plans to move from AIM to London’s Main Market.
Here is what you need to know before the London market open:
———-
MARKETS
———-
FTSE 100: called higher 0.1% at 10,764.45
GBP: lower at USD1.3492 (USD1.3505 at previous London equities close)
———-
BROKER RATINGS
———-
Berenberg starts Prudential with ‘buy’ – price target 1,445 pence
———-
Citigroup raises AB Foods price target to 1,550 (1,330) pence – ‘sell’
———-
COMPANIES – FTSE 100
———-
M&G reports first-half adjusted operating profit before tax rises 15% to GBP435 million from GBP378 million, with net inflows from open business increasing to GBP2.4 billion from GBP2.1 billion and the Solvency II coverage ratio improving to 247% from 230% a year ago. However, the insurer and asset manager swings to a pretax loss attributable to equity holders of GBP213 million from a GBP333 million profit and a post-tax loss of GBP165 million from a GBP248 million profit, primarily due to GBP551 million of adverse short-term investment return fluctuations, including a GBP325 million pre-tax hit related to proposed UK ground rent reforms. M&G raises its interim dividend to 6.8p from 6.7p, says it remains on track to meet its 2025-2027 operating capital generation target and expects low double-digit adjusted operating profit growth for the full year.
———-
LondonMetric Property says it completes GBP105 million of investment activity since its July trading update, including the sale of seven assets for GBP85 million, in line with March book values. The disposals include two Ramsay Health Care hospitals for GBP59.1 million, reducing rental exposure to Ramsay to 8.4% from 9.1%, alongside logistics warehouses, a Lidl store and two Travelodge hotels. Year-to-date disposals total GBP175 million, while acquisitions reach GBP62 million, including a GBP20 million forward funding of a Tesco pre-let foodstore in Nuneaton. LondonMetric also says it is under offer on a further GBP140 million of acquisitions at yields above 6%.
———-
Hutchmed China says it has granted pharma firm GSK an exclusive licence to develop and commercialise its HMPL-A830 cancer therapy outside China in a deal worth up to USD1.30 billion. Hutchmed will receive a USD110 million upfront payment and is eligible for up to USD1.19 billion in development, regulatory and commercial milestone payments, plus tiered royalties on net sales. HMPL-A830 is a first-in-class KRAS-EGFR antibody-targeted therapy conjugate for colorectal, pancreatic and lung cancers, with phase I clinical development expected to begin in the second half of 2026. Under the agreement, Hutchmed will lead the global phase I programme before GSK takes over later-stage development and commercialisation outside mainland China, Hong Kong, Macau and Taiwan.
———-
FTSE Russell, the subsidiary of the London Stock Exchange Group that produces, maintains, licenses, and markets stock market indices, confirms easyJet and Ithaca Energy will join the FTSE 100, replacing Entain and Persimmon, with the changes taking effect from the start of trading on September 21. Pinewood Technologies Group and Volex are promoted to the FTSE 250, while Aston Martin Lagonda Global Holdings and GB Group are relegated.
———-
COMPANIES – FTSE 250
———-
Safestore Holdings reports third-quarter revenue of GBP62.2 million, up 4.4% from GBP59.6 million a year earlier and 4.1% at constant exchange rates. Like-for-like group revenue rises 1.9% at constant currency, with UK revenue also up 1.9% and Expansion Markets revenue up 11.6%, while Paris declines 2.5% amid new-store cannibalisation, unit partitioning and a subdued economic backdrop. Closing occupancy falls to 77.5% from 78.3%, while the average storage rate rises 2.3% to GBP30.66. Safestore says financial 2026 adjusted diluted EPRA earnings per share is now expected in the lower half of the analyst forecast range of 39.6p to 42.4p. The self-storage operator opens one new store in Watford during the quarter, adding 57,500 square feet, and says the remaining financial 2026 openings, totalling 167,100 square feet, remain on track. Given current trading conditions, however, Safestore says it is reviewing the phasing of its 2027-28 UK development pipeline in line with disciplined capital allocation, although the pipeline itself is unchanged.
———-
Watches of Switzerland Group says trading in the first 17 weeks of financial 2027 remains in line with the positive trends reported at its annual results, with strong trading in the US and further signs of market improvement in the UK. The luxury watch retailer says demand is broad-based across its key brands, while Luxury Jewellery, Certified Pre-Owned and Ecommerce continue to deliver diversified growth. The company reiterates full-year guidance for constant-currency revenue growth of 5% to 10% and adjusted Ebit margin expansion of 40 to 80 basis points. It also says the integration of Deutsch & Deutsch is progressing well and its showroom expansion programme remains on track, with several new openings planned before Christmas.
———-
Galliford Try Holdings says its Environment business wins a GBP110 million contract from Severn Trent Water to deliver the River Mease Improvement project. The scheme, commissioned under the Water Industry National Environment Programme, includes the construction of a 23-kilometre cross-country pipeline to transfer flows from the Packington and Measham treatment works. Galliford Try says the award strengthens its long-standing relationship with Severn Trent and reinforces its position in large-scale water and wastewater infrastructure projects.
———-
OTHER COMPANIES
———-
Jet2 says trading remains strong ahead of its annual general meeting, with sustained demand for its leisure travel products. Summer 2026 seat capacity is up 7.6% on-year at 19.9 million seats, while the number of booked passengers is 8.8% higher and the average load factor to the end of August is 1.5 percentage points ahead of last year. The company also reports a stronger-than-expected start at its London Gatwick base and has increased aircraft on sale there for Summer 2027 to seven. Separately, Jet2 announces its intention to move from AIM to the Main Market of the London Stock Exchange before the end of its current financial year which ends in late March 2027, saying the move reflects the group’s scale and long-term growth ambitions.
———-
Diversified Energy Co agrees to acquire Birch Permian Holdings from affiliates of Elliott Investment Management in a deal valued at around USD1.8 billion, marking the company’s largest acquisition to date. The Permian Basin oil and gas producer acquisition is expected to increase production by around 35% and adjusted Ebitda by about 55%, with completion targeted for the fourth quarter of 2026. The transaction will be funded primarily through a USD1.5 billion asset-backed securitisation originated by Carlyle, alongside existing credit facilities. Diversified also expands its strategic partnership with Carlyle, with the firms aiming to pursue up to USD10 billion of future acquisition opportunities.
———-
Crest Nicholson says it now expects year-end net debt of GBP70 million to GBP90 million, an improvement from previous guidance of GBP100 million to GBP120 million, helped by progress on its cash optimisation programme, a further fire remediation recovery from a third party and an additional land disposal. However, the housebuilder cuts its full-year outlook after weaker-than-expected summer trading, now forecasting 1,350 to 1,400 completions, down from prior guidance of 1,400 to 1,500, and an adjusted earnings before interest and tax loss of around GBP10 million instead of the previously guided GBP5 million to GBP10 million profit. Crest says affordability pressures, competitive pricing, and weaker open-market demand continue to weigh on sales, while discussions with lenders to amend its debt covenants continue but have slipped beyond the original timetable.
———-
By Eva Castanedo, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Commodities Forex Corporate News Economic News Market News 
M&G 
LondonMetric 
London Stock Exchange 
easyJet 
Ithaca Energy 
Entain 
Persimmon 
Pinewood Technologies Group 
Volex 
Aston Martin Lagonda 
Gb Group 
Safestore 
Severn Trent 
Galliford Try 
Watches Switz 
Diversified Energy 
Jet2 
Crest Nicholson 
Prudential 
AB Foods 
Hutchmed 
Glaxosmithkline