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The FTSE 100 is trading up a touch at 9,622 in early trading as European stock markets are broadly risk-on following another rally on Wall Street. The Dow added more than 660 pts to rise for a third day, up 1.4 per cent, while the broader S&P 500 climbed 0.9 per cent to close above its 50-day moving average. Alphabet climbed some more, and Meta rose almost 4 per cent after the pair cosied up on AI. Nvidia, which stands to lose from this deal, fell another 2.6 per cent.

Gilt yields are tracking a bit higher this morning but have come down in the last few sessions, with the 10-year at 4.51 per cent from above 4.6 per cent at the end of last week. 

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Helical (HLCL) pointed to an improving outlook for London office development in its half-year results this morning. Specifically, the firm sees favourable supply and demand dynamics in the coming years.

“The lack of development activity underpins our decision to commit to a significant development programme,” said chief executive Matthew Bonning-Snook.

The London property developer reported profit after tax of ÂŁ1.79mn, down from ÂŁ4.65mn a year earlier, while net property income rose 7 per cent to ÂŁ9.18mn. Net asset value per share was broadly unchanged at 349p.

Helical’s interim dividend of 1.5p was flat, as were the shares in early trading.

Speedy Hire’s (SDY) shares rose 3 per cent in early trading after its agreement with Pro Service commenced earlier than analysts had expected. Under the agreement, which is now live, Speedy has a right of first refusal to supply HSS with core hire equipment for five years.

It estimates this to be worth ÂŁ50mn-ÂŁ55mn of revenue annually, equivalent to a quarter of sales for the six months ended September, which rose 1 per cent versus the prior year to ÂŁ205mn.

The company fell to a loss before tax of ÂŁ15.1mn, however, which it attributed to higher finance costs and subdued customer demand.

The board’s expectations for FY 2026, which assume improving revenues and profits in the second half of the year, are unchanged.

The interim dividend fell 60 per cent versus the prior year to 0.3p.

Mobico (MCG) warned that full-year adjusted operating profit will land at the lower end of its ÂŁ180mn to ÂŁ195mn guided range. The group blamed tougher competition in its UK coach business, fewer passengers on its UK buses and losses on a WeDriveU contract in the US.

Group revenue year-to-date is up 5.4 per cent year on year, thanks to strong trading at Spanish arm ALSA and its German Rail business. But that was partly offset by weaker performance in UK coaches.

With the UK Bus arm set to move to a franchised model in the West Midlands, which will replace earnings based on fares with fixed-fee contracts, Mobico said it is looking at ways to monetise assets in that division.

The National Express parent said it has launched a “comprehensive” cost-cutting programme and confirmed it would not redeem its hybrid bond at the first call date. That means the coupon will reset in February 2026. Panmure Liberum estimated a new rate of around 8.1 per cent, adding roughly £19mn a year in interest from 2027 onwards.

Mobico also announced it had appointed KPMG as its new auditor after the resignation of Deloitte, prompting an immediate shift of the financial year-end from 31 December to 31 March to give the firm more time to complete its work.

Unaudited results for the 12 months to December 2025 will be released by the end of March next year, followed by audited accounts for the 15 months to March 2026 by the end of July. The shares stayed broadly flat after the update, but are down more than 70 per cent over the past year.

Renishaw (RSW) said that the shares owned by the families of the company’s founders, Sir David McMurtry and John Deer, have been placed into a joint holding company, Deltam Holdings, which will own 50.25 per cent of the company.

The aim is to allow for “a generational transfer of the business within the families, reaffirming their commitment to Renishaw”, the company said in a statement.  

Sir David McMurtry died last year, and his shares had been passed into a trust. These have been exchanged for shares in Deltam. John Deer, who still serves on the Renishaw board as a non-executive, has also exchanged shares that he owns directly and jointly with his wife, plus shares held in a trust, for shares in Deltam.

On top of the Deltam shares, the McMurtry and Deer families still have personal holdings amounting to a further 2.64 per cent of the company.

David Cicurel, the founder and chief executive of Judges Scientific (JDG), is to step back from his role to become non-executive chair.

Cicurel, who founded Judges more than 20 years ago, has an enviable record of growing Judges at a compound annual rate of 22 per cent and delivering dividend growth of over 10 per cent for the past 18 years, although trading has been softer over the past two years. He will be succeeded as chief executive by the group’s business development director, Tim Prestidge, while current chair Ralph Elman will become deputy chair.

“Whilst choosing the perfect timing is never easy, particularly given the present trading environment and the company’s recent results, we have been preparing for this transition for several years, and I am delighted that Tim will be taking over the reins,” Cicurel said. He added that Prestidge was “highly intelligent, focused, hardworking, and has invaluable experience in our sector”.

Analysts had mixed views on how the market would react to the news, but investors seemed willing to give the company the benefit of the doubt. The shares rose by 2 per cent.