A busy morning for corporate news ahead of the open, led by SSE (LSE:SSE)'s full-year results landing at the upper end of guidance alongside a step-change in capital deployment, while Johnson Matthey (LSE:JMAT) moved to reshape its Clean Air Solutions division with a significant transatlantic acquisition. Cooks Coffee (LSE:COOK) added a consumer-facing data point with an outsized revenue jump driven by new site openings.
SSE full-year earnings top guidance range as capex reaches £3.6bn
SSE delivered full-year earnings at the upper end of its guidance range, with the group pointing to efficient operations and an accelerating electrification programme as the drivers of the outcome. Capital expenditure climbed to £3.6bn for the period, reflecting the scale of infrastructure investment the company is committing to as it builds out homegrown renewable capacity.
Chief executive Martin Pibworth framed the result as evidence that the strategy of expanding energy infrastructure is simultaneously strengthening energy security and reducing system costs over time, a dual mandate the company has leaned on heavily as the UK's energy transition gathers pace.
Johnson Matthey acquires US catalyst maker Cormetech for up to $460m
Johnson Matthey (JMAT) agreed to acquire Cormetech, a US-based maker of selective catalytic reduction catalysts, for $360m in cash on completion plus a further earn-out of up to $100m, bringing the maximum deal value to $460m. The transaction materially increases the scale of Johnson Matthey's Clean Air Solutions business and extends its footprint in the North American emissions-control market.
Cormetech's SCR catalyst technology is used primarily in industrial and power-generation applications to reduce nitrogen oxide emissions. The acquisition gives Johnson Matthey a stronger manufacturing and customer base in the US at a time when clean air regulation continues to tighten across major economies.
Cooks Coffee posts 84% revenue growth on accelerating Esquires rollout
Cooks Coffee Company reported an 84% jump in revenue as the group continued to open new Esquires-branded sites across its core markets. Chief executive Aiden Keegan said growth for the Esquires brand is significantly exceeding reported industry growth in both markets where the chain operates, pointing to the rollout pipeline as the primary engine behind the performance.
