Summary
UK stocks began Thursday on the back foot as rising crude prices and heightened Middle East tensions weighed on investor sentiment. The pound slipped below the $1.34 mark while several large UK-listed companies issued financial updates for the year, with mixed results across sectors.
Market snapshot
Oil jumped back above $100 per barrel after attacks on tanker ships in the Middle East, prompting fresh worries around supply and regional stability. Separately, Oman evacuated vessels from its primary oil export terminal as a precaution, a move that coincided with the upward pressure on crude prices.
At 08:22 GMT the FTSE 100 was down 0.5%. The British pound traded weaker against the US dollar, slipping 0.2% to 1.3385. Other European benchmarks were also in negative territory: Germany's DAX fell 0.2% and France's CAC 40 dropped 0.6%.
UK corporate round-up
Shell PLC reported adjusted earnings of $18.5 billion for 2025, down from $23.7 billion in 2024. Operating cash flow came in at $42.9 billion, compared with $54.7 billion the prior year, while free cash flow was $26.1 billion, down from $39.5 billion. Despite falls in earnings and cash flow, Shell maintained sizable shareholder returns. Total distributions reached approximately $22.4 billion for the year, made up of $8.5 billion in dividends and $13.9 billion in share buybacks. Those payouts represented roughly 52% of cash flow from operations and were at the top end of the company’s 40% to 50% target range.
Computacenter PLC released full-year 2025 results that matched previously announced guidance. Adjusted profit before tax reached A3272.0 million, representing 7.1% growth year-over-year. Revenue was A39.19 billion, up 32.0% year-over-year, fuelled by Technology Sourcing where gross invoiced income rose 37.8% in constant currency. The company highlighted strong momentum in North America while noting continued investment into group-wide initiatives.
Bridgepoint Group PLC reported full-year 2025 results ahead of expectations, with adjusted EBITDA beating forecasts by 4%. The outperformance was attributed to higher catch-up fees and stronger performance-related earnings. Underlying management fee income for the year ended December 31, 2025 was A3427.7 million, up 13.0% excluding catch-up fees from the prior year. Bridgepoint reiterated guidance that was already above analyst forecasts for revenue growth and margins.
Trainline PLC provided FY26 trading results showing total revenue of A3453 million, up 2% and at the upper end of guidance, and 1% above consensus estimates of A3449 million. Net ticket sales grew 6% on a constant currency basis, which was within the company’s guidance range of 6% to 9% but at the lower bound and marginally below consensus expectations. Ancillary revenue grew strongly, up 17%.
M&G reported net inflows from open business of A37.8 billion for full-year 2025, a reversal from net outflows of A31.9 billion in 2024 and an improvement of A39.7 billion year-over-year. Adjusted operating profit before tax was A3838 million, essentially flat versus A3837 million in 2024. Assets under management and administration rose to A3375.9 billion from A3345.9 billion at the end of 2024.
Halma PLC confirmed it remains on track to meet its upgraded fiscal 2026 expectations that were announced with its first-half results. The safety equipment and sensor maker said order intake continued to run ahead of both year-to-date revenue and the prior year, with solid progress seen in the second half of fiscal 2026.
Informa PLC released full-year 2025 results that met expectations and reaffirmed its 2026 outlook despite some travel disruptions in the Middle East. For 2025 the international B2B events and academic publishing group reported revenue of A34,041.4 million, up 13.7% on a reported basis and 6.3% on an underlying basis from A33,553.1 million in 2024. The company also increased its share buyback programme by A350 million to A3250 million.
Helios Towers Plc posted fourth-quarter results that beat expectations across new site additions, profits and free cash flow, according to a Jefferies note referenced in the company report. Revenue for the quarter rose 5.9% year-over-year, while EBITDA increased 15% year-over-year. Recurring free cash flow grew 2.4% during the period.
Separately, Tesla Energy Ventures Limited received a licence from the UK’s Office of Gas and Electricity Markets to supply electricity to domestic and non-domestic customers across Great Britain. The licence took effect on Wednesday and follows an assessment and approval process that ran from July 2025 to March 2026. The authorisation allows the business to supply electricity to both household and business customers in Great Britain.
Analysis
Rising crude prices and precautionary port actions in the Middle East coincided with a modest pullback in European equity indices and a weaker pound versus the dollar. Several UK-listed companies released full-year results or trading updates, delivering a mix of beats, inline results and confirmations of guidance. The earnings and cash flow details from major energy and financial groups such as Shell and M&G were notable elements of the corporate landscape on the day.
Key points
- Oil prices climbed above $100 per barrel following attacks on tankers and precautionary evacuations at an Omani export terminal, pressuring markets.
- Major UK indices opened lower - the FTSE 100 was down 0.5% and the pound fell to 1.3385 against the dollar as of 08:22 GMT.
- Corporate results were mixed across sectors: energy, IT services, alternative asset management, travel booking, asset management, industrial safety, events and telecom infrastructure companies all reported updates.
Risks and uncertainties
- Ongoing regional tensions and attacks on shipping could sustain volatility in oil markets, impacting energy sector earnings and input costs for broader markets.
- Precautionary measures at export terminals, such as the evacuation of vessels in Oman, create near-term supply uncertainty that can feed through to crude prices and market sentiment.
- Corporates with guidance tied to global operations or travel-sensitive revenue streams may face disruption due to regional instability, as noted in travel-related and events-focused companies.
Conclusion
Early market moves in the session reflected elevated crude prices and geopolitical uncertainty in the Middle East. A series of company results provided a mixed picture of performance across UK sectors, with some firms beating expectations and others reporting declines in key metrics such as earnings and cash flow. Investors monitoring the session continued to balance macro developments in energy markets with company-specific financial updates.