UK corporate earnings delivered a wave of upbeat updates led by market volatility and strong operational growth, with TP ICAP benefiting from heightened trading activity, International Workplace Group tightening its full-year guidance upwards, and Likewise Group expecting profit to materially exceed expectations. Infrastructure and energy took center stage as Drax Group partnered with Brookfield on a potential £20bn AI data centre project, while recruitment firm Gattaca doubled its dividend on the back of a 119% pre-tax profit surge driven by core energy and defense demand. Conversely, Associated British Foods reported a 13% drop in adjusted operating profit amid impairment charges, while capital moves saw TruFin declare a £17.5m special dividend alongside cost cuts, Convatec announce a leadership transition, and Allergy Therapeutics propose delisting from AIM due to market illiquidity.
Diversified retail and food group Associated British Foods ABF reported a 14% decline in adjusted pre-tax profit to £1.46bn for the 52 weeks ended 12 September 2026. Group revenue edged up 1% to £19.58bn, though constant currency revenues fell 1% amid mixed trading conditions across its divisions. Exceptional items totalled £113m for the year, primarily comprising non-cash impairment charges of £91m and £22m in restructuring expenses. Despite the drop in earnings, free cash flow remained stable at £652m, allowing the board to propose a final dividend of 42.3p per share, maintaining the full-year payout at 63.0p.
Energy provider Drax Group DRX has partnered with Brookfield and AI infrastructure platform Radiant to build a major AI data centre at its power station site in northern England. The proposed facility will utilise Drax Power Station's 4GW grid connection and 2.6GW dispatchable generation capacity. Brookfield estimates total investment across the multi-phase development could exceed £20bn, including an initial £2.5bn commitment for Phase 1. The first phase aims to deliver up to 100MW of operational capacity by the first quarter of 2028, with later phases scaling capacity beyond 600MW.
Workspace provider International Workplace Group IWG reported a 12% increase in third-quarter system-wide revenue to $1.26bn, pushing its annualised system revenue past the $5bn threshold. The group's network expanded past 5,000 centres worldwide, with managed and franchised fee revenue growing 28% year-on-year to $45m. Following the strong quarter, management stated that full-year 2026 adjusted EBITDA is expected to exceed the current market consensus of $599m. Net debt reduced slightly during the quarter to $874m, while capital returns via share buybacks reached $139m for the first nine months.
Floor coverings distributor Likewise Group LIKE reported an acceleration in growth, with October revenue increasing by 36.7% year-on-year. The strong monthly performance lifted year-to-date revenue growth to 22.8%, with positive momentum recorded across all business units. Strong operational gearing and improved profitability have prompted the board to upgrade guidance, stating full-year pre-tax profit will be materially ahead of market expectations at a minimum of £6m. Management added that preparations for further business acquisitions remain ongoing.
Interdealer broker TP ICAP Group TCAP delivered an 11% increase in third-quarter constant-currency revenue to £620m, taking nine-month revenue up 9% to £1.91bn. Growth was driven by the Global Broking division, where revenues climbed 16% in Q3 thanks to strong trading volumes across equities and interest rate products. Energy & Commodities revenue rose 7% in the quarter despite quiet conditions in crude oil futures, supported by expansion in power markets. Meanwhile, data business Parameta Solutions and institutional platform Liquidnet maintained stable performance year-to-date.
Specialist insurer Hiscox HSX reported a 9.5% increase in group insurance contract written premiums for the first nine months of 2026. Premium growth in the Retail division accelerated to 9.1% on a constant currency basis, keeping the unit on track to meet its upgraded full-year growth target. Loss experience for the third quarter remained within management expectations across big-ticket and specialty lines. The company also confirmed its operational efficiency program remains on track to deliver $75m in P&L savings for the full year.
Bottling giant Coca-Cola Europacific Partners CCEP generated third-quarter revenue of €5.76bn, up 5.8% on a constant-currency basis. Group volume expanded 3.6% during the quarter, supported by demand for zero-sugar beverages and growth across European and Asia-Pacific markets. Revenue per unit case increased 2.2%, reflecting favorable pricing and channel mix across both retail and away-from-home outlets. Chief Executive Officer Damian Gammell reaffirmed full-year financial guidance, pointing to balanced volume and price growth.
B2B services provider Franchise Brands FRAN delivered record third-quarter system sales, up 8.4% year-on-year as demand for essential maintenance services remained firm. The group's flagship Pirtek division recorded a noticeable pickup, with UK system sales rising 8.9% following efforts to broaden its customer base. North American operations also contributed positively through expansion in essential water and waste services. Management confirmed that trading remains on track to meet full-year adjusted EBITDA expectations of £36.5m to £38.0m.
Specialist recruitment firm Gattaca GATC posted a 119% increase in reported pre-tax profit to £5.7m for the financial year ended 31 July 2026. Group revenue grew 11% to £443.3m, while net fee income increased 11% to £43.2m, underpinned by a 16% rise in contract staffing income. Growth was particularly strong across core technical sectors, including infrastructure, defence, energy, and digital technology. Reflecting the balance sheet strength and net cash of £15.4m, the board doubled the total ordinary dividend to 6.0p per share.
Financial technology holding company TruFin TRU plans to return an additional £17.5m to shareholders via a special dividend of 32.48p per share. The announcement follows a £22.5m special dividend declared in July, taking total capital returns over the last 19 months past £110m. Management cited a disciplined approach to capital allocation after reviewing its pipeline of acquisition opportunities. Alongside the payout, TruFin will implement a cost restructuring initiative to lower corporate overheads while preserving operational capabilities at subsidiaries Oxygen Finance and Satago.
Biotechnology firm Allergy Therapeutics AGY has announced plans to cancel its admission to trading on AIM and convert to a private limited company. The board unanimously concluded that public market listing costs and low trading liquidity are suppressing the company's market valuation. Management noted that a restricted free float has limited institutional interest despite commercial progress in its allergy immunotherapy pipeline. A shareholder vote will be convened to approve the delisting proposal.
Medical products maker Convatec Group CTEC has selected Jill McConnell as its next Chief Financial Officer, effective 1 March 2027. McConnell will join the company as CFO Designate on 1 January 2027, succeeding Fiona Ryder who steps down following the release of full-year results in February. McConnell joins with extensive healthcare sector experience, most recently serving as CFO of US-listed contract research organization Fortrea and spending nearly two decades at GSK.