BT profits flatline, Smiths Group cuts outlook
By Benjamin Chiou
Date: Thursday 21 May 2026
(Sharecast News) - LONDON PRE-OPEN
The FTSE 100 is expected to open around 24 points (-0.2%) lower after closing Wednesday's session up 101.79 points (+1.0%) at 10,432.34.
STOCKS TO WATCH
UK telecoms giant BT Group on Thursday reported flat adjusted earnings as service revenue fell 1% on the back of lower business and consumer voice volumes. Core earnings for the year to March were £8.2bn. Adjusted UK service revenue was £15.4bn, with the decline offset by CPI-linked price increases and an improved broadband fibre-to-the-premises mix from its Openreach unit. The company expects 2026/27 adjusted UK service revenue of £15.1-£15.4bn and adjusted earnings of £8.2-8.3bn.
Smiths Group cut full-year guidance, as the conflict in the Middle East weighed on trading. The 175-year-old firm had previously forecast organic revenue growth of between 3% and 4% in the current year, excluding any impact from the war. However, updating on third quarter trading, the company confirmed that on the assumption disruption in the Middle East continues, annual revenue growth would now be curtailed to around 2%.
Commercial real estate investment trust LondonMetric Property reported a double-digit increase in rental income during the fiscal year ended 31 March, helped by last year's acquisition of Urban Logistics REIT, though statutory profits dropped. The company, which invests across the logistics, convenience, entertainment/leisure and healthcare sectors, said net rental income rose 16.6% to £455.3m, with underlying earnings up 13.9% at £305.3m. However, reported profit was down 15% at £295.7m, mainly due to the costs of corporate acquisitions and debt repayments, along with lower property revaluation gains.
NEWSPAPER ROUND-UP
Rachel Reeves is to promise free summer bus rides for children and cut tariffs on some food imports, as part of a package of measures aimed at easing the costs of the Iran conflict. The chancellor will give a statement in the House of Commons on Thursday, outlining her latest plans for cushioning the blow to consumers from an expected rise in inflation later this year. - Guardian
Manchester has recorded the biggest fall in inner-city deprivation in Britain, according to a report, as Andy Burnham stakes a claim that he could replicate the city's revival nationwide. As the frontrunner to replace Keir Starmer, the Greater Manchester mayor has placed the city's economic performance at the heart of his campaign, describing "Manchesterism" as a political philosophy for a more interventionist approach to the economy. - Guardian
Jeff Bezos has attacked Donald Trump's "crony capitalism" tax system and called for the bottom half of American earners to pay no tax at all. The Amazon founder said the US had encouraged "way too much corporate welfare, way too much corporate subsidy" and described taxes on people with low incomes "absurd". - Telegraph
Jaguar Land Rover (JLR) has signed a deal with the owner of Chrysler and Fiat that could see it build vehicles in the US to sidestep Donald Trump's import tariffs. Britain's biggest carmaker said the pact with Stellantis, which also owns Peugeot, opened the door for the two companies collaborating on product development for the US market. A source said the deal presented an opportunity for JLR to boost North American sales and that nothing was being ruled out, including the possibility of building cars at a US factory. - Telegraph
OpenAI is said to be preparing to file for an initial public offering in the coming days or weeks in a move that could value the ChatGPT maker at $1 trillion. The artificial intelligence start-up, which was last valued at $852 billion, is among a wave of anticipated blockbuster listings in the year ahead, along with Elon Musk's SpaceX. - The Times
US CLOSE
Falling bond yields and a sharp decline in oil prices pushed US stock indices firmly higher on Wednesday on the back of rising optimism that Washington and Tehran will soon reach a peace deal.
Expectations were also sky high for chip giant Nvidia to impress with its quarterly earnings after the closing bell, with shares in the world's biggest company rebounding slightly after sharp falls in recent days, boosting buying in the wider semiconductor sector.
The Dow finished 1.3% higher while the S&P 500 and Nasdaq snapped a three-day losing streak to rise 1.1% and 1.5% respectively.
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