AB Foods reports resilient H2 performance, Vistry maintains FY guidance
By Iain Gilbert
Date: Wednesday 10 Sep 2025
(Sharecast News) - LONDON PRE-OPEN
The FTSE 100 was expected to open 11.8 points higher ahead of the bell on Tuesday after wrapping up the previous session 0.23% higher at 9,242.53.
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Associated British Foods said on Wednesday that trading in the second half of its financial year had been resilient, with Primark gaining market share in the UK and delivering strong growth in the US, despite softer conditions in continental Europe. AB Foods said Primark's total sales growth for H2 was expected to be around 1%, with like-for-like sales down 2% year-on-year. In food, grocery sales were flat, with growth in Twinings and Ovaltine offset by weaker performance in Allied Bakeries and US oils.
House builder Vistry maintained its full-year guidance on Wednesday and said it expected to deliver a year-on-year increase in profits this fiscal year despite an uncertain economic environment and a 33% fall in interim earnings. Pre-tax profit came in at £80.6m for the six months to 30 June, with completions down 12% to 6,889 units. Vistry has pinned its hopes on Downing Street's £39bn social and affordable home programme.
Residential landlord Grainger has announced that its new Seraphina Apartments asset in Canning Town has experienced stronger-than-expected demand, with 50% of units leased out in under a month. The lease-up performance, which the company said was well ahead of expectations, was a "fantastic result and a clear demonstration of the demand for our high-quality rental homes", according to chief executive Helen Gordon.
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Vodafone has launched a fourth investigation into the historical conduct within its franchising division, which is at the centre of a £120m high court claim against the mobile phone group. Vodafone is also understood to have offered financial settlements to a selection of former franchisees who are outside the group of 62 currently suing the business. - Guardian
The boss of the Confederation of British Industry has suggested the chancellor should tear up Labour's manifesto pledge not to raise taxes on working people, in a significant intervention before the budget. Rachel Reeves is widely expected to present a package of tax rises in her 26 November statement to offset deteriorating economic forecasts. However, the chancellor has been hamstrung by Labour's promise not to increase the three main revenue-raisers for the Treasury: income tax, national insurance and VAT. - Guardian
Rachel Reeves has dismissed suggestions that Labour should introduce a wealth tax when challenged on the issue by a deputy leader contender. Ms Reeves said it would be a "mistake" to implement wealth taxes that were "unproven", even as she gave one of the clearest signals yet that she was preparing another round of tax rises. - Telegraph
Around 30 million car finance loans are under scrutiny by the City watchdog to see if they qualify for mis-selling compensation payments, according to its chief executive. On Tuesday, Nikhil Rathi, the Financial Conduct Authority chief executive, said the agency was examining the agreements - which were taken out between 2007 and 2020 - to see if they were mis-sold by banks and qualify for the FCA's mass redress scheme. - Telegraph
Companies, increasingly aware that they might have overdone their post-lockdown resizing, are wanting to move back into bigger, newer offices but are finding that there is next to no space like that available. The trend during the pandemic was to move to better but smaller offices, with bosses and workers expecting working from home to stick around. However, more businesses are now asking their staff to come back into the office more regularly, which has led to growing demand for bigger spaces. - The Times
Britain's legal services trade balance increased by more than half in the past four years, scotching fears that Brexit would harm solicitors' work for foreign clients. Figures from the Law Society, which represents solicitors in England and Wales, showed that the balance of legal services exports relative to imports rose from £4.8 billion in 2020 to slightly more than £7.4 billion last year. - The Times
US CLOSE
Major indices delivered tepid gains on Tuesday, but they were enough to send all three Wall Street benchmark indices to new highs, as speculation continues to build about an all-but-certain rate cut by the Federal Reserve next week.
At the close, the Dow Jones Industrial Average was up 0.43% at 45,711.34, while the S&P 500 advanced 0.27% to 6,512.61, and the Nasdaq Composite saw out the session 0.37% firmer at 21,879.49.
Reporting by Iain Gilbert at Sharecast.com
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