Engineering Support Manager - Projects

Astra files US cancer NDA; Close Bros loss narrows. Published on 09/29/2026 at 03:00 am EDT Alliance News (Alliance News) - AstraZeneca submits a US regulatory application for a lung cancer treatment developed with Hutchmed. Close Brothers reports a narrowed annual loss but withholds its dividend amid motor finance uncertainty, while Zigup raises its annual profit expectations after a strong start to the year. FTSE 100: called up 0.3% at 10,713.98 GBP: lower at USD1.3242 (USD1.3256 at previous London equities close) BROKER RATINGS Morgan Stanley cuts Rentokil to 'equal-weight' - price target 420 pence Kepler Cheuvreux cuts Burberry price target to 1,400 (1,500) pence - 'buy' COMPANIES - FTSE 100 AstraZeneca submits a new drug application to the US Food & Drug Administration for Orpathys, or savolitinib, in combination with Tagrisso for certain patients with locally advanced or metastatic non-small cell lung cancer. Orpathys is being jointly developed by AstraZeneca and Hutchmed China and is commercialised by AstraZeneca. The application is supported by the global phase III Saffron trial, in which the combination demonstrated statistically significant and clinically meaningful improvements in progression-free and overall survival compared with doublet platinum-based chemotherapy. The treatment is aimed at patients with EGFR-mutated tumours with MET overexpression or amplification whose disease has progressed on or after EGFR-targeted therapy. Hutchmed Acting Chief Executive Officer & Chief Financial Officer Johnny Cheng says: "This filing is an important step toward potentially bringing Orpathys plus Tagrisso to patients in the US, after its approval in China based on the Sachi Phase III trial. The success of the global Saffron phase III trial reflects the long-standing collaboration between Hutchmed and AstraZeneca in addressing MET-driven progression in EGFR-mutated lung cancer." COMPANIES - FTSE 250 Close Brothers Group reports its pretax loss narrowed to GBP60.3 million in the financial year ended July 31, from GBP122.4 million, while its net loss narrowed to GBP63.4 million from GBP77.9 million. Adjusted operating profit fell 17% to GBP120.3 million from GBP144.3 million, as adjusted operating income declined 6% to GBP642.9 million. The merchant banking group says it will not pay a final dividend for financial 2026 due to continued uncertainty over legal challenges to the UK Financial Conduct Authority's motor finance consumer redress scheme and the potential financial impact. Close Brothers added GBP164.7 million to its motor finance commissions provision during the year, taking the total to around GBP320 million. Its common equity tier 1 capital ratio stood at 14.1% at July 31, with the introduction of Basel 3.1 expected to reduce this to 13.3%. Close Brothers expects the monetary impact on capital headroom to be minimal and continues to target a CET1 ratio of 12% to 13% over the medium term. Zigup raises its annual profit expectations after a strong start to the financial year, particularly in Spain and its FMG business. The vehicle mobility services provider now expects adjusted pretax profit to be at the top of the current market expectations range of GBP163.2 million to GBP170.0 million. Zigup says average vehicles on hire at the end of August were more than 5% ahead of a year earlier, with its Spanish fleet exceeding 80,000 vehicles. FMG volumes are also strong, benefiting from the recent re-awarding and expansion of a Motability contract by one of its largest insurance partners. Leverage remains within its target range of 1 to 2 times. AG Barr reports revenue rose 8.5% to GBP247.4 million in the first half from GBP228.1 million a year earlier, driven by growth in its core brands and contributions from recent acquisitions. Adjusted pretax profit increased 2.6% to GBP36.1 million from GBP35.2 million, while statutory pretax profit fell 3.7% to GBP33.9 million, primarily due to one-off costs related to the integration of Fentimans. The drinks maker raises its interim dividend by 11% to 3.82 pence per share from 3.44p. AG Barr says its core portfolio performed well despite supply constraints during peak summer trading, which have since been resolved, and it enters the second half with strong momentum and market share gains. It remains confident of meeting full-year market expectations, targeting around 10% revenue growth and an adjusted operating margin of around 15%. Company-compiled consensus for annual adjusted pretax profit is GBP71.5 million. Senior says all regulatory conditions for its takeover by Zeus UK Bidco have now been satisfied, with the acquisition remaining subject to court sanction and other conditions. The sanction hearing is scheduled for October 6, with the scheme expected to become effective on October 8. Senior agreed in April to a GBP1.28 billion cash takeover by Zeus UK Bidco, a company indirectly controlled by investment funds advised by affiliates of Tinicum Inc and Blackstone Inc. Subject to the remaining conditions, trading in Senior shares is expected to be suspended on October 8, with its London Main Market listing cancelled on October 9. The UK Takeover Panel sets an October 13 deadline for Waterland Private Equity Investments to clarify whether it intends to make an offer for Gamma Communications. Waterland must by 1700 BST either announce a firm intention to make an offer or confirm that it does not intend to bid. Gamma agreed in September to a recommended cash takeover by Epiris, with shareholder meetings to approve the offer scheduled for October 20. OTHER COMPANIES NewRiver REIT forms a new retail park capital partnership with Singapore-based real estate investors Soilbuild Group Holdings and United Engineers. NewRiver holds a 25% interest in the partnership, which is intended to provide a scalable platform to increase its exposure to retail parks while generating recurring fee income. The partnership completes its first acquisition, buying The Springs retail and leisure park in Leeds from Legal & General for GBP73.5 million, reflecting a topped-up net initial yield of 7.0%. NewRiver makes a net equity investment of GBP9.3 million following completion of a loan facility and will provide acquisition, financing and asset management services to the partnership. The Springs comprises around 275,000 square feet and is 96% occupied, with tenants including M&S, Next, TK Maxx and Boots. NewRiver's pro forma loan-to-value ratio following the acquisition is 44%, within its 50% policy, and it continues to target a return towards 40%. Tribal Group's largest shareholder Jenzabar announces a possible takeover offer valuing Tribal at 111 pence per share. On Monday, Tribal had accepted a takeover offer of 105p per share from Thames Bidco, a company controlled by funds and accounts managed or advised by Main Capital Partners. Jenzabar has a stake of around 26.2% in Tribal and has until October 27 to announce a firm intention to make an offer. By Eva Castanedo, Alliance News senior economics reporter (C) Alliance News - 2026

Barr H1 revenue rises to £247m despite supply woes. A.G. Barr, the Cumbernauld-based owner of Irn-Bru, said its first-half revenue rose 8.5% to £247.4 million in the 26 weeks to August 1, 2026 - despite estimated lost revenue of £10 million "through customer delivery disruption and shelf availability." A.G. Barr's many other brands include Rubicon energy drinks, Boost Drinks, Funkin cocktail mixers, botanical brewing firm Fentimans, fruit juices company Frobishers Juices Ltd and MOMA porridge. Adjusted profit before tax rose 2.6% to £36.1 million, and interim dividend is up 11% to 3.82p per share. "Reported revenue growth was constrained by supply chain issues which have been resolved, with stock availability and customer service normalising through H2... " said the Cumbernauld firm. A.G. Barr shares fell as much as 3% to around £5.82 to give the company a stock market value of roughly £650 million. The firm's share are down about 14% for the past 12 months. A.G. Barr added: "Irn-Bru exited H1 with a growth rate ahead of the carbonates market in both England and Scotland, which follows the rebranding of Irn-Bru Xtra to Zero in H1. "Rubicon's positive performance strengthened as H1 progressed, led by its rebranding and new product development including new sparkling flavours (cherry and tropical) and our first entry into the dilutables market. "Boost made strong progress as it expanded into grocery and launched into the healthy hydration category through Boost Water+. "Growth in core brands was partly offset by weakness in Funkin and Barr Brands caused by category and competitive headwinds. The rest of the portfolio performed in line with expectations. "Whilst pleased with our trading performance in the market in the period, as Q2 progressed revenue was impacted by reduced stock availability, primarily from internal supply chain issues linked to our capability and capacity change programme, but also from external issues associated with third party manufacturing. "The issues, which are estimated to have resulted in lost revenue of £10m in H1 through customer delivery disruption and shelf availability, have been resolved with stock availability and customer service normalising through H2. "With the majority of our Cumbernauld operational change programme having been completed, and with our Milton Keynes manufacturing upgrade firmly on track, we are confident that we have a strong, stable and more efficient supply chain for H2 and beyond. "During H1 the business experienced externally driven cost pressures related to the Middle East conflict, most notably higher fuel costs. Whilst these higher costs were not fully reflected in customer pricing in H1, we have taken action to mitigate the impact of this. We are fully hedged on all commodities that can be hedged through the balance of 2026/27 and well into 2027/28. "In Q1 we experienced a quality issue related to our MOMA porridge product, caused by a third-party manufacturer. This resulted in a product recall from customers, which was managed swiftly and effectively. Upon identification of the issue we ceased trading with the existing supplier and transitioned to a new supplier. An insurance claim for the costs of the recall is pending and is expected to pay out in full." A.G. Barr CEO Euan Sutherland said: "We made strong progress against our strategic priorities during the first half of the year, with continued momentum across our brands and strong execution against our strategic growth drivers. "Despite supply constraints impacting customer service in the peak summer months, our core brand portfolio performed well in the market, supported by successful rebrands, innovation and marketing. "Our recent acquisitions have expanded our addressable market and investment in our manufacturing capabilities continues to significantly strengthen the business for the long term. "Looking ahead, we remain confident in the significant opportunities for the business and our ability to build on this momentum in the second half. "With our acquisitions now fully integrated and our investment programme progressing well, we remain on track to deliver full year performance in line with market expectations. "We will continue to focus on delivering above-market growth and creating sustainable long-term value for our shareholders."