¿Û¿Û´«Ã½

Shares in Intertek (ITRK) jumped 12 per cent after Swedish private equity giant EQT confirmed the testing and assurance group had rejected its takeover approach. 

The possible offer was put to Intertek’s board on Friday, just a few days before it announced a strategic review that could see its business split into two.

EQT now has until 14 May to either put in a firm offer or walk away.

Emerging markets asset manager Ashmore (ASHM) disappointed investors, as it returned to net outflows in its third quarter. Management pointed to a “wait and see� approach from clients amid market volatility and geopolitical uncertainty.

For the three months to 31 March, assets under management (AUM) fell 3 per cent to $50.7bn (£37.7bn) on net outflows of $0.9bn and negative investment performance of $0.9bn. Blended debt AUM fell by $2bn, impacted by an institutional redemption.

Chief executive Mark Coombs said investors were taking a more “measured stance� given the Middle East conflict, and were waiting to see the “implications for commodity prices, inflation, interest rates and currencies� before committing to emerging market stocks.

The company’s shares were down by more than 3 per cent in early trading.

Animal health company Animalcare Group (ANCR) has agreed to a cash acquisition by private equity firm Charterhouse Capital Partners at 336p per share. The shares jumped nearly 35 per cent to 333p.

The offer, which values the Aim-listed business at around £235mn, represents a 36 per cent premium to Tuesday’s closing price of 247p and has been unanimously recommended by the Animalcare board.

Irrevocable undertakings covering around 42 per cent of the share register have already been secured, including from major shareholder Harwood Capital and management. 

The deal will be implemented via a scheme of arrangement and is expected to complete later this year, subject to shareholder and regulatory approval.

Charterhouse, which manages around €7bn (£6bn) in assets, cited Animalcare’s animal health pharmaceuticals platform and its European and Australasian reach as key attractions. The company has roughly 165 brands across companion animal, equine and production animal markets.

Analysts at Cavendish said the bid landed almost exactly on their 335p target price at an enterprise value of around 14 times underlying Ebitda, describing it as “a fairly straightforward bid at full value�.

Those with larger holdings should be aware that an alternative rollover option exists, allowing eligible shareholders to reinvest at least 66 per cent of their proceeds into an unlisted vehicle, retaining indirect exposure to Animalcare under private ownership.

Harwood Capital has committed to rolling over a portion of its stake, and chief executive Jennifer Winter has irrevocably elected to take 80 per cent of her proceeds in this form.

However, the board’s own financial adviser Stifel was unable to assess whether the rollover terms are fair. The board is not recommending it, and most private investors are likely better served taking the cash.

StoneX (US:SNEX) has upped its proposed takeover offer for foreign exchange and payments services company CAB Payments (CABP), from 95p to 110p per share, raising the stakes in the acquisition battle with CAB’s former owner Helios Investments.

The offer values CAB Payments, which focuses on sub-Saharan Africa and other emerging markets, at around £287mn, and is a 29 per cent premium to the Helios consortium’s latest $1.15 bid. Helios Investments floated CAB Payments and still owns 46 per cent of the business.

CAB Payments’ board urged the consortium to “engage constructively� with it and StoneX. It believes the proposed deal is “in the best interests of the company’s shareholders as a whole, including minority shareholders�, and would recommend it to shareholders if a firm offer is made.

StoneX attempted to buy CAB Payments back in 2024 but ultimately walked away. Helios has not yet responded to the latest development.

Shares in newly-listed The Beauty Tech Group (TBTG) were flat this morning despite delivering a better than expected set of debut results.

The group, which manufactures and sells at-home beauty devices such as LED face masks, grew revenue by 39 per cent to £141mn and adjusted Ebitda by 64 per cent to £38mn last year. Its Ebitda result beat its January guidance by 5.6 per cent.

The Beauty Tech floated in October and has upgraded its profit guidance twice since then. But while management noted a strong start to 2026 – with expected revenue of £160mn and adjusted Ebitda of £38mn – the stock has been on a rollercoaster ride since its listing. 

Chief executive Laurence Newman said 2025 was a “transformational year� for the company, after its October listing raised proceeds of £29mn, allowing it to pay down debt.

Mitie (MTO) had a solid end to its financial year, with fourth-quarter revenues rising by around 13 per cent year on year to just over £1.5bn after a series of contract wins.

As a result, the outsourcer expects full-year revenues to climb 11 per cent to a record £5.6bn, including 6 per cent organic growth. Its bidding pipeline rose 29 per cent to around £31bn, with roughly 70 per cent set to be awarded in the next 18 months.

Operating profit is expected to be at least £260mn, a 12 per cent increase year on year. The margin is set to tick up slightly to 4.7 per cent despite higher National Insurance contributions and the National Living Wage, as well as lost contracts.

Free cash flow is anticipated to come in at £150mn, well ahead of the £120mn guidance. Following the acquisition of Marlowe, average daily net debt jumped from £264mn at the end of the 2025 financial year to £445mn, with leverage at 1.3 times Ebitda including leases.

The company said the integration of Marlowe was progressing well and had created £5mn in cost synergies. Mitie has also spent another £15mn on four infill acquisitions. Full-year results are due on 4 June. The shares rose 3 per cent to 185p.

Rentokil Initial (RTO) made a steady start to the year, but not quite enough to keep expectations fully satisfied.

The FTSE 100 pest control group said it is on track to meet full-year market expectations after first-quarter revenues rose 4.3 per cent to $1.7bn (£1.4bn), despite disruption from poor weather in January and geopolitical uncertainty.

In the key North American market, where the group generates over 60 per cent of its sales, revenue grew 4.5 per cent to $995mn, while organic growth was 3.9 per cent. International revenues were up 4.1 per cent to $682mn.

The disappointment came in US pest control, where organic growth rose to 2.8 per cent from 2.6 per cent in the previous quarter, but missed consensus of 3.4 per cent. Staff retention ticked up to 82.6 per cent, while customer retention was stable at just over 80 per cent.

This was the first update under new chief executive Mike Duffy, who took over in March. Rentokil also confirmed that Thérèse Esperdy will replace Richard Solomons as chair in September.

The shares fell 1.9 per cent, but remain up 50 per cent over the past year.

LondonMetric (LMP) has shrugged off recent economic uncertainty, pointing to 4 per cent like-for-like rental income growth in the year to 31 March in a trading update. 

The Reit, which focuses on renting out its properties on ‘triple net’ leases  – where the tenant is responsible for insurance, property taxes and maintenance costs – also guided for a 4 per cent increase in dividends per share to 12.45p, equivalent to a 6 per cent yield.

LondonMetric has been active in managing its portfolio, buying £333mn worth of properties and selling £318mn during the year. Jones said the company had made “some excellent disposals and acquisitionsâ€�. It also refinanced £1.5bn of debt facilities in March. 

There was no mention of Picton Property Income (PCTN), Schroder Reit (SREI) or Value and Indexed Property Income (VIP) – three smaller Reits in which LondonMetric has either built stakes or confirmed takeover interest in recent months. The shares rose 1.4 per cent in early trading.

EasyJet (EZJ) disclosed a £25mn increase in fuel costs in March and softer forward bookings as the conflict in the Middle East weighs on the budget airline’s profits.

For the six months to 31 March, the group expects to post a headline pre-tax loss of between £540mn and £560mn, which compares to a loss of £394mn in the same period last year. 

Bookings for the third and fourth quarters were both down 2 per cent year on year. At the group’s holidays business, management now expects customer growth in the low double-digits this financial year against previous guidance of 15 per cent. 

The group has hedged 70 per cent of its jet fuel needs for the summer. 

Panmure Liberum analyst Gerald Khoo cut his earnings per share (EPS) forecasts for FY2026 and FY2027 by 70 per cent and 55 per cent, respectively. 

He said that recovering higher fuel costs through pricing is going to be “challenging in the short termâ€�, adding that “it seems more likely that price stimulation will be required to support demandâ€�. 

The shares fell 3 per cent in early trading.

Read more: Can Europe’s airlines survive the jet fuel surge?

Shares in Hays (HAS) rose 4 per cent in early trading after the recruitment services business said that it was on track to meet consensus expectations, despite macroeconomic uncertainty. Specifically, it expects to achieve an adjusted operating profit of £45mn for the 12 months ended June.

The company, whose shares have fallen more than 50 per cent in the past year, in part due to a slowing jobs market, said net fees fell 8 per cent on a like-for-like basis during the first three months of 2026. Performance was stronger in its contracting business but weaker for sourcing permanent roles.

Hays said it had made strong progress in its cost-cutting, with £30mn of annualised savings secured in the past nine months, and a further £45mn to come by June 2029.

Interim chief executive Mark Dearnley said that the company had taken “decisive actions to improve our portfolio and restore our financial performance�.

Entain (ENT) shares rose 5 per cent this morning after online gaming growth drove up first-quarter revenue at the bookmaker.

In a trading update, the Ladbrokes owner said its overall net gaming revenue (NGR) increased by 3 per cent year-on-year. This was driven by the group’s UK & Ireland digital business, although the period does not cover the introduction of higher duties on online gaming. The levy rose from 21 to 40 per cent this month.

Nonetheless, the FTSE 100 group reiterated its guidance of 5-7 per cent online NGR growth for FY26. Management said it was comfortable with market expectations for underlying Ebitda of £1.13bn.

Entain shares have almost halved since August, amid concerns about the rise of prediction markets in the US and the impact of higher UK taxes

Shares in Morgan Sindall (MGNS) jumped 9 per cent in early trading after the construction company raised 2026 guidance in an unscheduled trading update.

The company said that 2026 results would be significantly ahead of previous expectations, having already raised guidance back in February. Consensus currently expects 2026 profit before tax of £224mn.

Morgan Sindall attributed the upgrade to strong trading and better visibility for its construction and office refurbishment businesses. Specifically, it expects operating margins in both its construction and infrastructure businesses to be at the top end of their medium-term target ranges, and has guided for office refurb profits to be well above the £80mn-100mn medium-term target range.

Performance has been more subdued, although still reasonable, in its housing and urban partnerships businesses.