Elevated mortgage rates and persistent macroeconomic uncertainty continued to weigh on the UK housing and media sectors today, as homebuilders Taylor Wimpey and Forterra reported falling demand and lower completions, while ITV announced cost cuts to counter weakening television advertising revenue. Conversely, strong consumer resilience benefited hospitality and retail operators, with pub group Fuller, Smith & Turner and used car seller Motorpoint delivering double-digit profit growth alongside dividend hikes. Elsewhere in corporate updates, specialty manufacturer James Cropper achieved a sharp profit rebound, industrial firm Spirax Group reaffirmed full-year guidance despite broader softness, and Vanquis Banking Group appointed Deputy CEO John Natalizia as its new Chief Executive with immediate effect.
UK housebuilder Taylor Wimpey TW. reported a subdued autumn selling season, citing higher mortgage rates and cost-of-living pressures on customer affordability. The company now expects full-year UK completions of around 10,500 homes, with adjusted operating profit anticipated at the bottom end of market consensus. Net private sales per outlet per week fell to 0.60 for the period from late June to November, compared with 0.63 in the prior year. Management highlighted progress on outlet openings and welcomed the government's first-time buyer scheme to help support future market activity.
Broadcaster and producer ITV ITV reported a slowing advertising market in its third-quarter update, pointing to broader macroeconomic headwinds, streaming platform competition, and restrictions on food advertising. Total streaming hours on ITVX rose 29% and digital revenues grew 7% over the nine-month period, while ITV Studios revenue dipped 1% ahead of a Q4-heavy delivery schedule. To counter soft linear advertising, the company is implementing temporary content and non-content cost savings in the final quarter. ITV maintained its full-year targets for digital revenue growth and ITV Studios performance.
Industrial engineering group Spirax Group SPX reported stronger organic sales growth and operating margins in the four months ended 31 October compared to the first half of the year. Performance was bolstered by orderbook execution in Steam Thermal Solutions alongside strong demand in Electric Thermal Solutions, supported by semiconductor sector recovery. Sales in China remained on track to match prior-year levels, representing roughly 15% of Steam Thermal Solutions revenue. Management expressed confidence in delivering mid-single-digit full-year organic revenue growth with operating margins higher than the 2025 margin of 20.0%.
Heavy building materials manufacturer Forterra FORT reported a further softening in market conditions, with UK brick industry despatches dropping 11% year-to-date. Group revenue for the ten months ended 31 October fell 11.9% on a like-for-like basis, representing an acceleration from the 9.3% decline reported at the half-year stage. Subdued activity in new housing and domestic repair and maintenance continued to constrain order volumes. In response, management is managing kiln output and tightening cost controls, aiming to deliver £1m of cost savings in the second half and £2m annually.
Bermudian reinsurer Conduit Holdings CRE reported continued portfolio rebalancing toward excess-of-loss protection in its third-quarter trading update. Managed investments grew 14% compared to the prior-year period, supported by elevated reinvestment rates, although rising treasury yields produced unrealised portfolio losses. Underwriting performance benefited from relatively light natural catastrophe activity globally, despite higher frequency across specialty lines. The group also confirmed the appointment of Mark Pickering as Chief Financial Officer, effective 30 November.
London-focused pub group Fuller, Smith & Turner reported strong operational momentum in its first-half financial results. Revenue and other income rose 6.5% to £220.9m, driving a 25% surge in adjusted profit before tax to £28.2m. Basic earnings per share increased to 40.77p, prompting the board to raise the interim dividend to 8.35p per share. Operating performance was supported by steady footfall across the managed pub estate and strict cost management across food and drink supply chains.
Automotive retailer Motorpoint Group MOTR achieved record sales volumes during the six months ended 30 September 2026, benefiting from expanded AI and digital retailing tools. First-half revenue rose 6.0% to £686.7m, while profit before tax climbed 80.6% to £6.5m. Gross profit expanded 11.9% to £55.4m as vehicle margins improved across the physical and online footprint. Based on the performance, the board doubled the interim dividend to 2.0p per share and reiterated plans to scale to over 120,000 units medium-term.
Engineering and foundry specialist Castings CGS experienced a sharp contraction in first-half profitability following an external power supply outage. Revenue for the six months to 30 September dropped slightly to £85.9m, while profit before tax fell to £2.0m from £5.0m in the previous period. The result was impacted by a 50% power restriction at its William Lee site, which forced premium-rate shifts and express transport costs to meet customer commitments. Underlying demand in the heavy truck sector remains firm, representing 70% of revenue, with management keeping full-year expectations unchanged.
Materials technology business James Cropper reported an operational recovery in the six months ended 26 September 2026. Group revenue increased 18.3% to £61.2m, led by a 28.7% revenue expansion in the Paper & Packaging division. Adjusted profit before tax jumped to £5.8m from £2.1m, while statutory pre-tax profit reached £5.0m. Financial deleveraging reduced net debt to £2.7m, enabling the board to reinstate an interim dividend of 5.0p per share.
Specialist electronics manufacturer Solid State SOLI announced that its subsidiary Steatite has received a $26.2m follow-on contract under Project CAIN for a UK government defence user. The contract covers the delivery of secure communication platforms and ruggedised technology systems, including Persistent Systems hardware. Deliveries under the award are scheduled to occur during the first half of 2027. The order strengthens the group's order backlog and position as a supplier to the UK Ministry of Defence.
Global customer engagement platform Ten Technologies Group TENG announced record financial results for the year ended 31 August 2026. Net revenue grew 6% to £69.7m, driven by expansion in corporate member platforms, while adjusted EBITDA increased 10% to £16.1m. Profit before tax rose to £3.4m, extending its profitable track record to four years, with net cash ending the year at £11.1m. Active platform membership rose 23%, reflecting ongoing adoption of its AI-driven lifestyle and concierge platform among institutional financial clients.
Specialist lender Vanquis Banking Group VANQ announced the appointment of John Natalizia as Chief Executive Officer, taking over from Ian McLaughlin who has departed the firm. Natalizia joined Vanquis in 2023 following the acquisition of fintech platform Snoop, which he co-founded, and previously served as Deputy CEO managing technology delivery. The appointment follows a board search process as Vanquis progresses its Gateway operational turnaround programme. McLaughlin stepped down from the board and executive duties on 10 November.