Retailers and insurers dominated a busy morning of guidance upgrades, with Next raising full-year profit forecasts after a summer sales beat and Legal & General lifting its earnings outlook on strong asset management growth. Energy and commodity names offered a contrasting picture, with Tullow Oil and Glencore both flagging stronger trading conditions while Ferrexpo warned it may run out of cash within weeks after halting Ukrainian production. Elsewhere, results season brought a mixed bag across insurance, aviation and mining, with Beazley's profits halving even as Hiscox and Ryanair pointed to underlying momentum.
Next lifts full-year profit guidance after strong Q2 sales beat
Next (LSE:NXT), the UK clothing and homeware retailer, reported second-quarter full-price sales growth of 9.2%, more than double its own forecast of 4.0%, with sales coming in £70m ahead of plan. The beat has prompted the retailer to raise full-year pre-tax profit guidance by £25m to £1,243m, a 7.3% increase on last year, and follows a first quarter that Next itself had described as comparatively weak.
The overperformance split £19m in the UK and £51m overseas, which Next attributed to warm UK weather echoing last year's exceptional summer, pent-up demand released in the Middle East and Northern Europe, and higher-than-planned marketing spend. Of the £25m guidance increase, £15m reflects the additional full-price sales themselves, while £10m comes from a stronger-than-expected performance in the company's equity investments. Next kept its full-year full-price sales growth forecast unchanged at 5.0%, expecting UK growth of 2.8% in the second half and international growth moderating to 14% as comparatives toughen following last year's switch to ZEOS distribution services in its European aggregator business. The retailer also lifted its share buyback guidance by £14m to £524m for the year, having already repurchased £355m of shares at an average price of £127.69, reducing shares in issue by 2.3%.
The upgrade underscores how much of Next's earnings resilience now rests on factors outside core trading momentum, weather, regional demand timing and investment gains together account for the bulk of the raised guidance, rather than a structural acceleration in underlying retail demand. With full-price growth guidance for the remainder of the year left unchanged at 5.0%, the market will be watching whether the second-quarter tailwinds prove repeatable or simply a favourable one-off when Next reports first-half results on Thursday 17 September.
L&G raises profit guidance after 11% core EPS growth
Legal General Group (LSE:LGEN), the insurance and asset management group, reported core operating profit of £918m for the six months to 30 June, up 7% on the same period last year, with core operating earnings per share rising 11% to 12.15p. The results have prompted the company to guide full-year core operating EPS above the top end of its 6-9% target range. IFRS profit before tax jumped to £1,997m from £406m a year earlier, largely reflecting a £1,398m gain on the disposal of its non-retained US business.
Asset Management was the standout performer, with fee-related earnings up 37% to £169m on record annualised net new revenue and a cost-income ratio reduced to 71% from 76%. Institutional Retirement grew operating profit 5% to £646m, helped by asset optimisation income of £227m, while Retail rose 5% to £248m on stronger annuity and workplace pension performance. Workplace DC assets under administration climbed 27% year-on-year to £128bn.
The scale of the US disposal gain flatters the headline IFRS figure, but the more telling signal is the underlying operating momentum across all three divisions, particularly Asset Management's margin improvement. That combination gives the group room to guide EPS growth above its own target range just as it continues to reshape itself around fewer, more capital-efficient business lines.
4imprint lifts 2026 guidance despite margin squeeze
4imprint Group (LSE:FOUR), the direct marketer of promotional products, now expects full-year 2026 revenue and earnings to come in above the current range of analysts' forecasts, guiding revenue slightly above 2025's $1.35bn and adjusted pre-tax profit of approximately $130m. The upgrade accompanied half-year results showing revenue of $666.4m for the 26 weeks to 27 June, up 1% from $659.4m a year earlier.
Adjusted pre-tax profit fell 12% to $64.8m as gross margin slipped to 31.5% from 32.8%, driven by higher tariff-related supplier costs only partly offset by price increases. Reported profit before tax dropped 19% to $59.6m, with reported basic earnings per share down 21% at 155.1c. New customer orders fell 7% year-on-year to 202,000, though the decline narrowed through the period, from a 9% drop in the first quarter to 5% in the second. Cash and bank deposits stood at $136.9m at period end, up from $102.3m a year earlier, after paying $45.2m in 2025 final dividends. "The resilience and cash-generative nature of the business model is evident, and the Board remains confident in the Group's strategy, competitive position and long-term growth opportunity," said Paul Forman, chairman.
The guidance upgrade against a backdrop of falling profit and shrinking order volumes signals confidence that tariff pressures are peaking and that the narrowing order decline points to a turning point in customer demand. Investors will be watching whether the order trend continues improving into the second half, which would validate management's above-consensus guidance despite the near-term margin hit.
Tullow Oil lifts free cash flow guidance on strong first-half output
Tullow Oil (LSE:TLW), the Ghana-focused independent oil and gas producer, upgraded its full-year free cash flow guidance to $170-250m, up from a previous range of $70-175m, ahead of half-year results due 28 September. The upgrade reflects stronger production, higher oil price realisations of around $93 a barrel between January and the end of July, and progress recovering receivables owed by the Government of Ghana.
Group production averaged approximately 43.7 thousand barrels of oil equivalent per day in the first half, with gross output from both the Jubilee and TEN fields running above expectations at 70.8 and 14.8 thousand barrels of oil per day respectively. "We have delivered a strong operational performance in the first half of 2026, driven by our new wells performing ahead of expectations, production optimisation activities delivering tangible benefits and consistently high uptime across our assets," said chief executive Ian Perks.
The near-doubling of the free cash flow guidance range is as much a story of balance sheet repair as operational strength, given Tullow's history of debt-driven pressure, with receivables recovery from Ghana's government potentially unlocking cash that had previously been treated as a persistent risk to liquidity.
Hiscox lifts Retail growth guidance as ROTE hits 20.2%
Hiscox Di (LSE:HSX), the specialist insurer, upgraded its Retail division's constant currency growth guidance for 2026 to 9% for the full year, citing strong first-half momentum across a broad base of initiatives. "Strong growth in the first half, powered by a broad base of initiatives, gives us confidence to upgrade Hiscox Retail's constant currency 2026 growth guidance to 9% for the full-year," said chief executive Aki Hussain.
The upgrade points to Retail becoming an increasingly reliable growth engine for the group, reducing reliance on the more cyclical reinsurance and big-ticket lines that have historically driven swings in Hiscox's earnings.
Air Astana swings to first-half loss as costs outpace revenue growth
Air Astana (AIRA) reported an 18.3% jump in second-quarter revenue but slid to a net loss for the first half, as engine-related and fuel costs outran pricing gains.
The divergence between strong top-line growth and a bottom-line loss highlights the pressure that maintenance and fuel costs are placing on airline margins even where passenger demand remains robust.
Glencore earnings soar amid energy market disruption
Glencore (GLEN), the commodities group, saw its marketing division hit near-record levels as Middle East conflict-driven volatility across oil, LNG and freight markets created trading opportunities across its book.
The performance reinforces the value of Glencore's marketing arm as a hedge against physical commodity price swings, converting geopolitical disruption elsewhere into a direct earnings tailwind.
Ryanair traffic hits record 22m passengers in July
Ryanair (0RYA) carried more than 22m passengers in July, a 7% rise year-on-year, operating over 120,800 flights during the month.
The record traffic figures reaffirm Ryanair's continued capacity expansion and underline sustained demand for low-cost short-haul travel heading into the peak summer period.
Beazley profit halves as soft market and large losses bite
Beazley (BEZ), the Lloyd's of London insurer, reported profit halving in the first half as the group navigated softer pricing alongside a heavier burden of large losses. Chief executive Adrian Cox said the period saw "a return to an active large loss environment, compared to the more benign experience seen in recent years."
The comment signals a shift in the insurance cycle after several unusually benign years, with Beazley's results serving as an early indicator of how the broader specialty insurance market may be repricing risk.
Ferrexpo halts Ukraine production over Black Sea logistics crisis
Ferrexpo (FXPO), the iron ore pellet producer, has suspended mining and pelletising operations in Ukraine to preserve working capital as Black Sea export routes remain disrupted, warning that cash reserves could run out by mid-September.
The suspension marks a significant escalation in the operational risk facing Ferrexpo, turning a logistics disruption into an existential cash-runway question for the business within weeks.
Strategic Minerals expands Redmoor drilling to 22,500m
Strategic Minerals (SML) has expanded its drilling programme at the Redmoor tin-tungsten project to 22,500 metres. Executive Director Mark Burnett said the scale of the programme "reflects the opportunity at Redmoor" and the company's push to advance the project through feasibility studies "as expeditiously as possible".
The expanded programme signals management's intent to accelerate Redmoor toward a feasibility decision, adding to the resource definition work needed to underpin any future development case.
Orosur drilling extends Pepas West gold zone
Orosur Mining (OMI) reported drilling results extending the Pepas West gold zone. Chief executive Brad George said "the grade is there which in the end is all that matters".
The extension adds further encouragement to the exploration case at Pepas West, with grade continuity across the zone likely to shape the scope of follow-up drilling.
Avon Technologies wins $12m NATO respirator upgrade order
Avon Technologies (AVON) secured a $12m order from an existing European NATO customer for its next-generation CBRN respiratory protection systems, reinforcing guidance for the 2027 financial year.
The repeat order from an established NATO customer underscores the durability of Avon's defence relationships and supports confidence in the company's medium-term revenue visibility.
New Frontier identifies copper-nickel target at Harts Range
New Frontier Minerals (NFM) has identified a new copper-nickel exploration target at Harts Range, with independent modelling flagging the prospect near a district-scale system previously identified by BHP Xplor-backed research.
The proximity to a system already validated by a major mining group's exploration arm adds credibility to the target and positions New Frontier for follow-up exploration work.
