A busy morning of corporate news set the tone for Wednesday's open, led by a sharp guidance upgrade from CMC Markets (LSE:CMCX) and a profit warning from Associated British Foods (LSE:ABF) on mounting costs in its Sugar division. Elsewhere, deal activity dominated, with NatWest completing a major wealth management acquisition, Asos closing a transatlantic disposal, and Derwent London banking proceeds from two central London asset sales.
CMC Markets lifts full-year NOI target to at least £550m
CMC Markets (LSE:CMCX) upgraded its net operating income guidance for the full year to a minimum of £550m, a near-20% increase on the previous target range of £460m to £480m. The revision was driven by stronger-than-expected momentum in the group's B2B division, which provides white-label trading infrastructure to institutional and retail partners.
ABF warns Sugar division faces operating loss on Middle East gas costs
Associated British Foods (LSE:ABF) issued a profit warning for its Sugar division, now expecting an adjusted operating loss of between £25m and £60m for 2026. The deterioration reflects elevated gas costs in the Middle East, which have weighed heavily on the division's margins. The rest of the group's full-year guidance remains unchanged, leaving Sugar as the isolated pressure point in an otherwise stable outlook.
Time Out signs 10-year Hong Kong and Singapore franchise with ITP Media
Time Out Group (LSE:TMO) agreed a 10-year franchise arrangement with ITP Media Group covering Hong Kong and Singapore, extending a partnership that has run for two decades. Under the terms, local editorial teams transfer to ITP, while Time Out retains recurring franchise fee income from both markets. The deal adds a further strand of asset-light, fee-based revenue to the group's international franchise model.
Asos completes £48m Atlanta fulfilment centre sale
ASOS (LSE:ASC) completed the disposal of its Atlanta fulfilment centre, selling the lease and automation assets for £48m. The transaction cuts the group's net debt to approximately £180m and delivers £6m of annual cost savings by removing the facility from the cost base. The sale forms part of Asos's ongoing effort to streamline its logistics footprint and reduce leverage.
Chemring secures $48.8m sole-source US biological detection contract
Chemring Group (LSE:CHG) announced that its US subsidiary has been awarded a three-year sole-source production contract for a biological warfare detection system used by the US military, with a total value of $48.8m. An initial delivery order worth $36.3m is already in hand, providing near-term revenue visibility. The sole-source designation reflects Chemring's position as the exclusive qualified supplier for the system.
NatWest closes £2.7bn Evelyn Partners deal to scale UK wealth management
NatWest Group (LSE:NWG) completed its £2.7bn acquisition of Evelyn Partners, creating what the bank describes as a leading UK wealth management business. Chief executive Paul Thwaite characterised the deal as a unique opportunity to achieve unmatched scale and capabilities in a market with considerable growth potential. The transaction significantly expands NatWest's presence in the high-net-worth and professional client segments.
Derwent London banks £160m from two central London asset sales
Derwent London (LSE:DLN) confirmed proceeds of £160m from the completion of two central London property disposals, bringing total agreed or completed sales since the start of 2026 to £279m. The REIT is targeting £400m of disposals for the year, and chief executive Paul Williams said the group was making good progress towards that goal. The recycling of capital from mature assets is consistent with Derwent's strategy of actively managing its central London portfolio.
