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UPDATED ON 09 DECEMBER 2025
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British American Tobacco and Ashtead: Markets live blog

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© Investors’ Chronicle
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December 9 2025
²ú²âÌýErin Withey
British American Tobacco disappoints with buyback

Shares in British American Tobacco (BATS) dipped 4 per cent this morning after the cigarette maker announced a new buyback programme behind the £1.5bn expected by analysts. The company will buy back £1.3bn in shares, its second such programme in recent months. 

The FTSE 100 company also said it expects to achieve its targets for 2025, which include total revenue growth of 2 per cent on a constant currency basis. The board indicated full-year adjusted profit from operations growth should land at 2 per cent. 

BATS reported “stronger double-digit revenue growth†in its new categories division over the second half, driven by higher volumes. New categories include its ‘smoke-free’ Velo nicotine pouches and Vuse vape brands.

Meanwhile, its cigarettes unit – which still makes up four-fifths of group revenue – delivered a robust performance, with volumes broadly flat. The board reaffirmed its target of increasing revenue by 3 to 5 per cent for 2026, and boosting adjusted earnings per share growth to between 5 and 8 per cent. EW

December 9 2025
²ú²âÌýMark Robinson
Oxford Metrics boosted by Smart Manufacturing volumes

Oxford Metrics (OMG) delivered a 29 per cent increase in adjusted trading profits in FY2025 to £2.2mn. The increase was in line with expectations, and aided by rising Smart Manufacturing inorganic and organic volumes, and improved cost discipline. Indeed, Smart Manufacturing revenue rose by a whopping 341 per cent to £12.8mn.

Reported profitability was held in check due to reduced net finance income following increased shareholder returns and investment. £12.5mn was returned to shareholders through the year via dividends and share buybacks, although the total year-end distribution was flat at 3.25p a share.

Imogen O’Connor, chief executive of the smart sensing and software group, pointed to “a year of solid execution and strategic progressâ€, complete with a 21 per cent rise in in-year order intake.

December 9 2025
²ú²âÌýErin Withey
Moonpig boosts payout on solid interims 

Moonpig (MOON) has raised its interim dividend by a quarter as the card and gifting business reported higher revenue and profits in its half-year results. 

Revenue at the FTSE 250 company was up 7 per cent, driven by expansion into new markets in Ireland, Australia and the US, which delivered sales growth of almost a third. Profit before tax rose to £27mn, recovering from a loss this time last year.

Meanwhile, its Greetz business – a Dutch online platform for personalised cards and gifts acquired in 2018 – also returned to growth, with revenues rising 1.3 per cent year-on-year.

“Moonpig is as exposed as any to the moods of the consumer, so to deliver a bang-in-line print is pleasing,†said Jonathan Pritchard, an analyst at Peel Hunt.

The company also gave an update on its chief executive succession plan. Current boss Nickyl Raithatha will leave by the end of the year, with incoming chief Catherine Faiers starting on 2 March. Faiers is currently the chief operating officer at Auto Trader, and has previously worked at private-hire transport provider Addison Lee and Trainline. EW

December 9 2025
²ú²âÌýHolly McKechnie
Interactive Investor fee change prioritises multiple account holders 

Investment platform Interactive Investor has announced a new set of pricing plans, effective from 1 February 2026. Under the new fee regime, investors who hold several accounts on the platform, e.g, a personal pension, Isa and trading account, will pay a reduced fee compared to the old fee structure. 

However, investors who hold either a sole personal pension, Isa or trading account on the platform will experience a fee bump from February. For example, if you have a sole Isa account with less than £50,000 invested you will pay an additional £1 per month. If your portfolio is worth more than £100,000 you will pay an additional £3 a month. 

“The biggest winners are those with between £50,000 and £100,000 to invest as well as those investing for various family members and children,†said Holly Mackay from Boring Money. “This is a positive move for those who want a range of tax wrappers and investments, in a one-stop shop platform,†she added.

December 9 2025
²ú²âÌýValeria Martinez
Restore sells struggling division and lifts guidance

Shares in Restore (RST) jumped 8 per cent this morning after the business services provider raised profit guidance for both 2025 and 2026 and announced it had sold its underperforming corporate relocations arm, Harrow Green.

Pickfords Move Management will buy the division for £5.5mn in cash, although £2mn of that depends on how it performs in 2026.

Restore expects to book a non-cash loss of around £3mn, along with extra cash costs of £2mn tied mainly to exiting its head office site.

Stripping out Harrow Green, which was forecast to deliver a £1.6mn profit this year, adjusted pre-tax profits are now set to come in ahead of current market expectations of £39.6mn. As a result, the company is on track to hit its 20 per cent medium-term adjusted operating margin target this year. 

Restore also upgraded its 2026 outlook despite a £1mn hit from higher business rates announced in the Autumn Budget. Given the company runs mostly warehouse space to store boxes, the move will increase costs by 10 per cent, partially offsetting the savings from its property consolidation programme.

However, “good†organic growth in its digital scanning and outbound communications units mean management now thinks 2026 profits will be ahead of the average consensus estimate of £46.5mn, with a range of between £43.1mn to £49mn. VM

Read why we’re bullish on Restore here 

December 9 2025
²ú²âÌýAlex Hamer
Ashtead says mega projects supporting sales

Months out from its shift to a New York primary listing, equipment rental company Ashtead (AHT) posted record first-half free cash flow of $1.1bn (£820mn) as its capital spending dropped significantly on the year before. The free cash flow figure was more than double the $420mn posted in the first half of FY2024.

Ashtead operates Sunbelt Rentals, a US giant in the construction sector. Revenue in the first half was flat at $5.8bn, while higher operating expenses pushed down the cash profit by 3 per cent to $2.61bn. 

Chief executive Brendan Horgan said “mega project†work had maintained momentum in the period, although “non-residential†construction had been less of a contributor. Ashtead is moving its primary listing to New York next year due to its much greater exposure to the US in business terms, with over 90 per cent of its revenue coming from North America. AH