Key Moments
- FTSE 100 slipped 0.1% as of 0822 GMT, while GBP/USD traded flat at 1.33 after prior gains.
- Rio Tinto PLC (LON:RIO) raised its 2025 copper output guidance and cut unit cost expectations.
- AJ Bell PLC (LON:AJBA) delivered record annual results, with revenue up 18% and profit before tax up 22%.
Index Moves and Currency Snapshot
British equities traded slightly lower on Thursday morning, with the FTSE 100 down 0.1% as of 0822 GMT. The pound was unchanged against the dollar, with GBP/USD steady at 1.33 after strengthening the previous day.
Elsewhere in Europe, sentiment was firmer. Germany’s DAX index gained 0.8%, and France’s CAC 40 advanced 0.4%.
Rio Tinto Refines Strategy and Lifts Copper Guidance
Rio Tinto PLC (LON:RIO) increased its 2025 copper production guidance to a range of 860-875 kt, up from its prior outlook of 780-850 kt. At the same time, the group lowered its unit cost guidance to 80-100 c/lb from 110-130 c/lb.
The Anglo-Australian miner set out its restructuring plans at its 2025 Capital Markets Day. Chief Executive Simon Trott presented a strategy to simplify the group by consolidating its activities into three core divisions: Iron Ore, Copper, and Aluminium & Lithium.
“We are building from a position of strength for Rio Tinto’s next chapter, sharpening and simplifying the business to deliver leading returns,” Trott said in the notice to the Australian Securities Exchange and London Stock Exchange.
AJ Bell Posts Record Year
AJ Bell PLC (LON:AJBA) reported record annual performance, with revenue rising 18% to £317.8 million. Profit before tax increased 22% to £137.8 million, coming in slightly ahead of consensus expectations.
Earnings per share reached 25.6 pence, and the profit before tax margin improved to 43.4%, compared with 42% in the previous year.
| Company | Metric | Latest Period | Previous/Reference |
|---|---|---|---|
| AJ Bell PLC (LON:AJBA) | Revenue | £317.8 million | – |
| AJ Bell PLC (LON:AJBA) | Profit before tax | £137.8 million | – |
| Frasers Group PLC (LON:FRAS) | Half-year adjusted profit | £290.9 million | -2.8% vs prior half-year |
| Watches Of Switzerland Group PLC (LON:WOSG) | First-half pretax profit | £61 million | £41 million |
| Watches Of Switzerland Group PLC (LON:WOSG) | Revenue | £845 million | Up 10% at constant currencies |
| Balfour Beatty PLC (LON:BALF) | Expected 2025 order book | ~£22.1 billion | £18.4 billion (FY2024) |
| SSP Group PLC (LON:SSPG) | Revenue (FY 2025) | £3.64 billion | – |
| Baltic Classifieds Group PLC (LON:BCG) | H1 2025 revenue | €44.8 million | – |
Frasers Group Holds Guidance Despite Profit Dip
Frasers Group PLC (LON:FRAS) reiterated its full-year profit guidance of £550 million to £600 million. This came even as half-year adjusted profit declined 2.8% to £290.9 million.
The sporting goods retailer recorded an £82.3 million increase in impairments, while interest costs rose £11.3 million to £48.1 million. However, retail profit from trading climbed 12.2% to £411.4 million.
Watches Of Switzerland Delivers Strong First Half
Watches Of Switzerland Group PLC (LON:WOSG) reported stronger first-half results, with pretax profit rising to £61 million from £41 million a year earlier.
Revenue reached £845 million, representing a 10% increase at constant currencies. Adjusted EBITDA improved to £91 million from £87 million.
Balfour Beatty Targets Order Book Expansion
Balfour Beatty PLC (LON:BALF) indicated that it expects its order book to expand by around 20% in 2025 to approximately £22.1 billion, compared with £18.4 billion in FY2024. The company attributed much of this increase to strong momentum in the UK energy market, which contributed more than £3.5 billion of new orders over the year.
The London-based infrastructure group also upgraded its 2025 average monthly net cash guidance to the top end of its previously communicated range of £1.1 billion to £1.2 billion, up from £766 million in FY2024.
SSP Group Sees Growth in 2025 Fiscal Year
SSP Group PLC (LON:SSPG) reported a 6% year-on-year increase in revenue to £3.64 billion for fiscal year 2025. Underlying operating profit grew 8.4% to £223 million.
Like-for-like sales rose 3.7%, and earnings per share advanced 19% to 11.9 pence.
Baltic Classifieds Maintains High Profitability
Baltic Classifieds Group PLC (LON:BCG) posted revenue of €44.8 million for the six months ended October 31, 2025, marking a 7% increase. The company maintained a strong EBITDA margin of 78%.
Profit for the period climbed 22% to €26.4 million. The group declared an interim dividend of 1.3 € cents per share, an 8% increase compared with the prior year.
Morgan Advanced Materials Adjusts Margin Ambitions
Morgan Advanced Materials Plc (LON:MGAMM) reset its medium-term financial goals, now targeting EBITA margins of 12% by 2028. This is slightly below its previous medium-term target range of 12.5%-15%.
Ofgem Approves Major Energy Network Investment
Britain’s energy regulator Ofgem approved a £28 billion investment package aimed at reinforcing the country’s energy networks. Overall funding is projected to rise to an estimated £90 billion by 2031.
Within the package, £17.8 billion is earmarked for maintaining gas networks, while £10.3 billion is designated for strengthening the electricity transmission network.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
