The morning's corporate diary is dominated by first-half results from across the property, construction, logistics and gaming sectors, with several companies flagging currency and tax headwinds even as underlying trading held firm. Savills leads with a step-change in profitability following its Eastdil Secured tie-up, while Costain, DP World, Entain and Rank Group all reported growth despite pockets of disruption ranging from Middle East trade flows to a UK gambling tax rise. Corporate updates also came from Rio Tinto, Genel Energy and Mulberry.
Savills profit jumps following Eastdil Secured deal
Savills (LSE:SVS) reported underlying profit before tax up 47% to £34.3m for the six months to 30 June, against £23.3m a year earlier, as group revenue rose 9% to £1,225.5m with growth across every business segment. The improvement lands as the group completes its transformative move into US real estate investment banking, positioning Savills as a materially larger and more diversified advisory business heading into the second half.
Reported profit before tax fell to £7m from £15.8m, reflecting one-off costs tied to the acquisition of Eastdil Secured Holdings, which completed on 31 July and has since been rebranded Eastdil Secured Savills. Eastdil generated revenue of $302m in the six months to 30 June, up from $232m, with underlying EBITDA of $51m, and will contribute five months of results to the enlarged group's 2026 year-end figures. Commercial Transaction Advisory revenue climbed 19% to £317.8m on strong Capital Markets and Leasing activity across North America, Asia Pacific and the UK, while Property and Facilities Management revenue rose 7% to £489.5m with underlying profit up 15% to £21.9m. The board declared an interim dividend of 7.8p per share, up 5% from 7.4p.
"I am delighted with the significant improvement in Savills performance, confident that we are well positioned to deliver value to our clients, colleagues and shareholders," said Simon Shaw, Group Chief Executive.
The Eastdil integration reframes Savills as a genuine transatlantic force in real estate capital markets rather than a UK-centric agency business, and the narrowed Transactional loss suggests the prior restructuring is finally converting into operating leverage. With the board holding 2026 guidance for the enlarged group unchanged, the key swing factor now is the pace at which the Transactional pipeline converts amid continued macro volatility.
Costain lifts interim dividend as first-half profit rises
Costain Group (LSE:COST) reported revenue up 3.4% to £543.1m for the six months to 30 June, against £525.4m a year earlier, with adjusted operating profit rising 3% to £17.3m and adjusted operating margin held at 3.2%. Growth was driven by Natural Resources, where revenue rose 13.3% across water, energy, and defence and nuclear work, offsetting a 3.2% decline in Transportation as prior-year road framework projects rolled off.
Net cash stood at £164.4m, down from £189.3m at the end of the last financial year, after an £8.2m dividend payment and £7.6m spent on the share buyback programme. The board declared an interim dividend of 2.0p per share, double the 1.0p paid a year earlier, reflecting a new target dividend cover of 2.5 times adjusted earnings, reduced from 3 times previously.
Forward work remained at a record £7bn, unchanged from the last financial year end but up from £5.6bn a year earlier, underscoring the shift in mix toward higher-growth Natural Resources work as legacy Transportation contracts wind down. The doubled dividend and reduced cover target signal management's confidence in the durability of that pipeline.
DP World revenue rises despite Middle East trade disruption
DP World (LSE:91SN) reported revenue of $12.7bn for the six months ended 30 June, up 13.1% year-on-year, even as disruption to Middle East trade flows dragged adjusted EBITDA down 5.6% to $2.9bn. The Dubai-based ports and logistics operator said growth across its Logistics, Marine Services and international Ports and Terminals divisions offset weakness tied specifically to Jebel Ali Port, its flagship UAE hub.
Excluding Jebel Ali, gross container volumes rose 6.5% on a like-for-like basis, revenue increased 18.5%, and adjusted EBITDA grew 9.7%, with Africa, Asia Pacific, Europe and the Americas all contributing to the improvement. Jebel Ali's infrastructure remains fully operational with no physical damage, though the conflict has temporarily reduced vessel traffic, prompting the group to expand inland connectivity to keep critical cargo moving. Cash generated from operations held at $2.0bn, with total liquidity of $8.2bn including $5.5bn in cash and $2.7bn of undrawn facilities.
"Revenue increased 13.1% to $12.7 billion, reflecting the strength and diversity of our global portfolio," said the Chairman of the Jebel Ali ecosystem. The divergence between headline revenue growth and the EBITDA decline highlights how geographically diversified DP World's earnings base has become, even as its founding hub navigates a period of reduced traffic.
Entain H1 revenue beats forecasts as CEE exit begins
Entain (LSE:ENT) reported group net gaming revenue up 5% at constant currency for the six months to 30 June, ahead of expectations, with both its online and retail arms outperforming. Underlying EBITDA fell 2% year-on-year to £479m, as the revenue beat was more than offset by the impact of the UK's increased online gambling tax.
Online net gaming revenue rose 7% at constant currency, driven by 9% volume growth and stronger than expected performances in the UK and Ireland, up 13%, and Australia, also up 13%. The group swung to a loss after tax of £11.4m, an improvement of £74m year-on-year, largely reflecting a net benefit from financial instruments and foreign exchange movements. Entain declared an interim dividend of 10.3p per share, up 5% year-on-year, in line with its progressive dividend policy, while net debt stood at £3,599m with leverage flat year-on-year at 3.1 times.
"I am pleased with Entain's start to 2026 with strong momentum and volume growth continuing as well as strong player engagement across the Group throughout the World Cup tournament," said Stella David, Chief Executive. The UK tax hit is proving a persistent drag on margins even as underlying volumes accelerate, leaving the dividend progression and the improved bottom line as the clearest signals that the operating business itself remains in good health.
Rank Group profit jumps as digital growth offsets tax hit
The Rank Group (LSE:RNK) reported a rise in profit as growth in its digital business helped offset the impact of higher UK gambling taxation, with management pointing to further upside from optimising gaming machines across its Grosvenor venues.
"There is material growth runway ahead, most obviously for our Grosvenor casino venues where gaming machines optimisation is an area of sharp focus and significant opportunity," said Richard Harris. The comments frame venue-level machine optimisation as the next lever for earnings growth, distinct from the digital expansion that has already driven the improved result.
Rio Tinto secures Tomago smelter's power supply to 2038
Rio Tinto (LSE:RIO)'s Tomago Aluminium has agreed a 10-year power deal with government backing, underpinned by A$1.1bn of investment through to 2038, securing the long-term energy supply for one of Australia's largest aluminium smelters.
The agreement removes a key overhang for the New South Wales facility, whose future had been in question amid rising energy costs and the broader push to decarbonise heavy industry, giving the smelter a clear runway to continue operating through the next decade.
Genel confirms Tawke and Peshkabir output restarted
Genel Energy (LSE:GENL) confirmed that production has resumed at both its Tawke and Peshkabir fields in Kurdistan following the spring shutdown, restoring output at two of its core producing assets.
The company stressed that restoring access to export markets would more than double free cash flow generated from the Tawke field, underlining how much of the asset's economic potential remains contingent on export routes rather than production alone.
Mulberry appoints Dr. Martens ex-CEO and finance veteran to board
Mulberry Group (LSE:MUL) named Sara Dickinson and Kenny Wilson as independent non-executive directors, with both appointments effective from the company's AGM on 9 September.
Wilson previously served as chief executive of Dr. Martens, bringing brand turnaround and international retail experience to the board, while Dickinson adds finance expertise as Mulberry continues to reshape its leadership team.
