(Alliance News) - AstraZeneca says it has halted one trial but reports promising findings from two other ones, Telecom Plus maintains its annual outlook while AIM-listed Time Finance has agreed to a takeover.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 0.3% at 10,776.61
GBP: higher at USD1.3552 (USD1.3550 at previous London equities close)
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ECONOMICS
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Developers of the Rosebank oil field have welcomed the closure of a consultation as a "major step" ahead of a final decision from the UK government on whether the project can go ahead. Environmental activists fear the impact that extracting fossil fuels from the UK's largest remaining untapped oil field – which lies about 80 miles west of Shetland – would have on climate change. The decision on whether Rosebank and another planned North Sea development, the Jackdaw gas field off the coast of Aberdeen, can go ahead will be a key environmental test for Prime Minister Andy Burnham. The proposals are both now in the hands of ministers, with the consultation on Jackdaw having closed a week ago The company behind both projects is Adura, a joint venture between London-based oil major Shell and Stavanger, Norway-based Equinor.
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BROKER RATINGS
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Berenberg raises Aviva price target to 820 (800) pence - 'buy'
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Goldman raises Aviva price target to 767 (756) pence - 'buy'
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COMPANIES - FTSE 100
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AstraZeneca says it is discontinuing a trial probing the volrustomig drug in combination with chemotherapy in sufferers of a form of non-small cell lung cancer. The Independent Data Monitoring Committee found the drug tandem "was unlikely to meet either of the dual primary endpoints of progression-free survival or overall survival". Susan Galbraith, AstraZeneca executive vice president, Oncology Haematology R&D, says: "While we are disappointed, we will learn from this trial and are determined to continue pioneering new medicines from our industry-leading pipeline in our quest to improve outcomes for patients with lung cancer." Separately, it says a phase 3 trial shows its Tagrisso plus Orpathys treatment showed a "meaningful improvement" in progression-free survival and overall survival in sufferers of a form of non-small cell lung cancer. Overall survival is the length of time from the start of treatment until death, while progression-free survival is the time after treatment a patient lives without the condition getting worse. "By combining Orpathys and Tagrisso, with its established efficacy, safety profile and central nervous system protection, we aim to deliver the first biomarker-directed, all-oral option in this setting to patients across the globe. This further strengthens our leadership in EGFR-mutated lung cancer, reinforcing our strategy to improve patient outcomes across stages and through lines of therapy with novel combinations," Galbraith says. Hutchmed, also listed in London, noted the Orpathys and Tagrisso announcement. Finally, AstraZeneca says another phase 3 probe shows its Enhertu drug showed a "statistically significant and clinically meaningful improvement in progression-free survival" in a cohort of non-small cell lung cancer sufferers, compared to the global standard of care.
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COMPANIES - FTSE 250
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Telecom Plus says it has affirmed annual profit, with customer growth "running slightly ahead" of target. The provider of subscription-style services for essential household services says it still expects adjusted pretax profit between GBP80 million and GBP90 million for the year ending March 31, at best a decline of 32% from GBP132.2 million in financial 2026. In the first four months of the new financial year, annualised multiservice customer growth ran "slightly ahead of our 10% target for the full year", it explains. "The phasing of the investment programme will increase the weighting of profitability towards the second half of the financial year, with adjusted profit before tax expected to be split approximately 15%/85% between H1 and H2 respectively in FY27, compared with around 25%/75% last year," Telecom Plus adds. It adds that it has made an "encouraging start" to a five-year plan. In June, it said the plan necessitates around GBP55 million per year of investments. In financial 2031, it expects the plan to deliver adjusted pretax profit of around GBP175 million.
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OTHER COMPANIES
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Gulf Marine Services says it has won a contract extension for a vessel operating in the Gulf Cooperation Council region. The extension is awarded by a "major national oil company" in the Middle East, adding "183 days beyond the current contract period" with two further three-month extension options thereafter. "The extension will see the vessel continue to support the client's offshore maintenance operations without interruption, and reflects the continued strength of demand for GMS's vessels in the region," GMS adds. It says its backlog now stands at USD659 million.
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Occupational health services provider Optima Health hails a "strong" full-year performance and it looks to the future with confidence after sealing the "transformational acquisition" of PAM Healthcare. Pretax profit in the year to March 31 fell 4.0% to GBP2.5 million from GBP2.6 million, Optima says, despite revenue increasing 15% to GBP120.6 million from GBP105.0 million. Finance expenses climbed to GBP1.6 million from GBP665,000, hitting its bottom line. Adjusted pretax profit rises 11% to GBP14.2 million from GBP12.8 million. "The year was defined by the transformational acquisition of PAM Healthcare Ltd for total consideration of approximately GBP100 million, establishing Optima Health as the leading provider of occupational health and wellbeing services across the UK and Republic of Ireland. Integration is progressing well, with annualised cost synergies of GBP2.1 million delivered or, in progress, as at 31 July 2026, against a medium-term target of GBP5 million," Optima says. "FY27 has started with strong momentum, with clear alignment to long-term structural and policy drivers."
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Time Finance has agreed to a GBP55.1 million takeover from Bentley Park, the parent of asset-based lender Ultimate Finance. Bentley Park will pay 59.1 pence in cash per share in Time Finance, an asset, loan and invoice finance provider for small and medium enterprises. The price is a 13% premium to Time Finance's 52.50p closing price on Friday. "Bentley Park's interest in the acquisition is driven by the opportunity to create a further scaled, multi-product UK SME lending platform combining two businesses with complementary capabilities and geographic footprints," according to a statement. "Bentley Park believes that the combined Ultimate Finance and Time Finance business would be well-positioned as a significant independent alternative lender with a combined net loan book size of nearly GBP650 million." Bentley Park has received the backing from shareholders holding roughly 47% of Time Finance. Time Finance CEO Ed Rimmer says: "The Time Finance board has spent a great deal of time considering the offer from Ultimate Finance. Over the course of our discussions with the Ultimate Finance team, it became clear very early on that they genuinely respect what the Time Finance teams have built and that we share a lot of mutual ambitions for the continued growth of the business going forward."
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By Eric Cunha, Alliance News news editor
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