A mixed morning for corporate updates, with Vistry Group (LSE:VTY)'s profit warning the sharpest note of concern, while Babcock International absorbed a £140m Type 31 charge without disturbing its forward guidance. Elsewhere, steady trading statements from Marshalls (LSE:MSLH) and TP ICAP (LSE:TCAP), and a ratings upgrade for NatWest (LSE:NWG)'s banking subsidiaries, rounded out a busy pre-market slate.
Vistry accelerates home sales with discounts, denting first-half profit
Vistry Group (LSE:VTY) warned that first-half profit will be significantly lower than previously expected as the builder steps up the pace of finished-home sales through discounting. The stock was quoted at 347.0p ahead of the session. Full-year adjusted profit before tax is now expected to land towards the middle of analyst forecasts, suggesting management views the first-half shortfall as a timing and pricing effect rather than a structural deterioration in demand.
Babcock takes £140m Type 31 charge, FY27 guidance intact
Babcock International Group (LSE:BAB) reported strong underlying trading in its FY26 results, with Nuclear and Aviation the standout performers, but recognised a non-recurring £140m charge on the Type 31 frigate programme, booked entirely within FY26. The group was explicit that FY27 expectations are unchanged, framing the charge as a one-off programme provision rather than a signal of broader contract stress. Shares slipped 2.7% to 1,007.0p in early dealing.
Marshalls holds full-year guidance after flat four-month trading
Marshalls (LSE:MSLH) reported group revenue of £205m for the four months to 30 April, running 1% below the prior-year period, with the board describing trading as in line with expectations and leaving full-year guidance unchanged. The update offered no surprises, and the shares edged 0.9% higher to 147.7p, reflecting relief that the modest revenue shortfall has not prompted any revision to the outlook.
Fitch lifts NatWest banking subsidiaries to 'AA'
NatWest Group (LSE:NWG) disclosed that Fitch Ratings upgraded the long-term issuer default and senior unsecured debt ratings for several of its banking subsidiaries, including National Westminster Bank, The Royal Bank of Scotland, NatWest Markets, and NatWest Bank Europe, to 'AA' from 'AA-', with all outlooks held at Stable. The upgrade reflects Fitch's improved assessment of the group's creditworthiness at the subsidiary level. NatWest shares were off 3.2% at 562.8p, the broader move appearing unrelated to the ratings news.
TP ICAP posts record Q1 revenue, up 13% to £689m
TP ICAP Group delivered its strongest-ever first quarter, with total revenue rising 13% year-on-year to a record £689m, driven by Global Broking and Energy & Commodities. The board said it is comfortable with the outlook for the remainder of the year at current foreign-exchange rates, a notably confident read-across given the volatility in currency markets seen in recent months.
