Additional European Equity News
Autotrader (AUTO LN) - FY 2026 (GBP): Revenue 624.3mln (prev. 601.1mln Y/Y), Op. Profit 392mln (prev. 376mln Y/Y). The Board believes the prevailing Autotrader share price does not reflect the Company's fundamentals or long-term prospects and is therefore updating its capital allocation policy. We will continue to invest in the business to support growth and continue with our existing dividend policy. Aims to return over GBP 1bln to shareholders over the course of 2026 and 2027. (Autotrader)
AJ Bell (AJB LN) - HY 2026 (GBP): Revenue 183mln (prev. 153.2mln Y/Y), PBT 92.8mln (prev. 68.8mln Y/Y). Interim dividend of 5.00 pence per share, +11% Y/Y. (AJ Bell)
Bayer (BAYN GY) - The US FDA grants Priority Review for finerenone in chronic kidney disease associated with type 1 diabetes. (Bayer)
BT (BT/A LN) - FY 2025/26 (GBP): Adj. Revenue 19.65bln (prev. 20.37bln Y/Y), Pre-tax profit 1.44bln (prev. 1.33bln Y/Y), reiterates guidance of sustained growth, guides FY27 Adj. Revenue between 19-19.5bln and Adj. EBITDA between 8.2-8.3bln. (BT Group)
Close Brothers (CBG LN) - Q3 2026 Trading Update (GBP): Loan Book 9.3bln (prev. 9.2bln Y/Y), NIM 7% (prev. 7.1% Y/Y). “we continue to expect the net interest margin to be slightly lower than 7% for the 2026 financial year, reflecting loan book mix impacts”. CEO: “We have delivered a solid performance in the third quarter and continue to execute our strategy through this important transitional year. We are progressing well with the delivery of our strategic objectives and targets”. Motor Finance: New update has resulted in an additional income statement charge of GBP 303mln in the quarter. (Close Brothers)
ConvaTec (CTEC LN) - AGM: Good start to the year, in line with expectations, and on track to deliver 2026 guidance, which has been reiterated. (Convatec)
easyJet (EZJ LN) - H1 2026 (GBP): Revenue 3.95bln (exp. 3.94bln), Loss Before Tax 552mln (exp. 540mln, prev. 394mln Y/Y), EBITDA 134mln (prev. 5mln Y/Y). Other Metrics: ASK Capacity +8% Y/Y (prev. +5% Y/Y). Commentary: “Demand for travel remained positive during the period”. “As set out in the April trading update, the second half of easyJet’s 2026 financial year will be impacted by the conflict in the Middle East, with higher fuel costs and near‑term uncertainty around customer demand. We continue to see positive late bookings since the conflict began, however overall bookings for the summer period are behind where they were at this point last year”. (EasyJet)
Investec (INVP LN) - FY 2026 (GBP): Revenue 2.28bln (prev. 2.19bln Y/Y), Adj. Op. Profit 951mln (prev. 920mln Y/Y), EPS 77.1p (prev. 72.8p Y/Y). The execution of our growth agenda outlined in May 2025 is on track. 2028: The Group is expected to deliver an improved ROE of 13.8% to 14.6% and ROTE of 15.8% to 16.6%. (Investec)
QinetiQ (QQ/ LN) - FY 2026 (GBP): Revenue 1.92bln (prev. 1.93bln Y/Y), Operating Profit 170mln (prev. -91mln Y/Y), Order intake 3.57bln (prev. 1.96bln Y/Y), guides FY27 revenue growth between 3-5%. (QinetiQ)
London Metric (LMP LN) - FY 2026 (GBP): Net Rental Income 455.3mln (prev. 390.6mln Y/Y), EPS 13.5p (prev. 13.1p Y/Y). Dividend 12.45p, +3.8% Y/Y. (London Metric)
Rentokil (RTO LN) - Co. appoints Rafael Carrasco as CEO for North America, effective August 3rd. (Rentokil)
Sage Group (SGE LN) - H1 2026 (GBP): Revenue 1.36bln (prev. 1.24bln Y/Y), Operating profit 293mln (prev. 255mln Y/Y), guides FY26 organic total growth above 9%. (Sage Group)
Tate & Lyle (TATE LN) - FY 2026 (GBP): EPS 0.404 (exp. 0.414), Revenue 2.01bln (prev. 1.74bln Y/Y), guides FY27 revenue growth as "modest" and "broadly flat" EBITDA before the USD 20mln impact of the rescheduling of the consolidation of bio-gums capacity. (Tate & Lyle)
Naturgy (NTGY SM) upgraded to Overweight from Equal Weight at Morgan Stanley